VELOCITY MINERALS LTD ORD - VLCJF STOCK NEWS

Velocity Minerals has provided an update on the previously announced USD $59.0 million cash sale of its Rozino gold project and other Bulgarian assets. The buyer, Türkerler, has completed due diligence and confirmed its intention to proceed with the transaction. The parties have selected an escrow agent for the USD $2.95 million break fee. A special shareholders meeting is scheduled for January 17, 2025, with a record date of December 9, 2024. The transaction closing is expected by January 31, 2025, subject to shareholder, board, and regulatory approvals.

Velocity Minerals (TSXV: VLC) (OTCQB: VLCJF) has announced a binding agreement to sell its Bulgarian assets to Türkerler, a Turkish company, for USD $59.0 million. The deal includes the Rozino gold project and other Bulgarian mineral properties. The purchase price will be paid in two tranches: USD $15.0 million at closing and USD $44.0 million within 18 months. Closing is expected by January 31, 2025, subject to due diligence and approvals. Velocity's CEO, Keith Henderson, expressed enthusiasm for the deal and its potential benefits for the Ivaylovgrad region. The company plans to seek new acquisition opportunities in Europe following this transaction.

Velocity Minerals (TSXV: VLC) has entered into a binding letter agreement to acquire a 100% interest in the Toledo gold-silver property in Western Bulgaria. The property boasts a historical resource of over 500,000 ounces of gold, with extensive exploration including 27,500m of drilling. Key highlights include:

- Historical drill results of 80.7m grading 3.52 g/t gold from surface
- Six known mineralized bodies with exploration upside
- Option agreement requires US$4 million in cash payments over six milestones
- Upon exercise, Velocity will grant a 2% NSR royalty, with buyback options

The Toledo property shows geological similarities to gold deposits in the Yukon-Alaska Tintina Gold Belt. Velocity will have six years from the issuance of the mining concession to exercise the option fully.

Velocity Minerals (TSXV: VLC) has released its fourth annual ESG Report, detailing its commitment to environmental stewardship and community leadership. The report is accessible on the company’s website.

The company also amended its financial advisory agreement with Leede Jones Gable Inc., extending it by six months, issuing an additional 100,000 shares, and adjusting the success fee to 0.5% under certain conditions. This agreement helps Velocity explore strategic alternatives without guaranteeing specific outcomes or timelines. The amendment awaits TSX Venture Exchange acceptance.

Velocity Minerals (TSXV: VLC) announced the results of its 2024 Annual General Meeting (AGM) held on June 18, 2024, in Vancouver, British Columbia. At the AGM, all motions were successfully approved by shareholders. A total of 149,815,984 shares were voted, representing 76.36% of the issued and outstanding shares as of the record date. Key approvals included the election of directors Keith Henderson, Mark Cruise, Daniel Marinov, Gerrie van der Westhuizen, and Michelle Roth, each securing approximately 99.82% of the votes. Gerrie van der Westhuizen received a notably high approval rate of 99.99%. Additionally, the appointment of the auditor was approved with 100% of the votes, and the stock option plan was ratified with a 99.63% approval rate.

Velocity Minerals provided updates on its corporate strategies and exploration initiatives. The company is evaluating strategic alternatives, including the possible sale of its Rozino gold deposit, currently in the prefeasibility stage. Sensitivity analysis based on gold prices indicates the deposit's high responsiveness to price fluctuations, with an after-tax NPV5% ranging from $35.4M at $1,125/oz to $218M at $1,875/oz. Velocity owns 70% of Rozino and has an agreement to sell the asset on a 100% basis.

Velocity also announced that Dundee Precious Metals will terminate their Option Agreement on the Iglika property effective July 30, 2024. DPM has invested $3.5M in exploration, including significant copper and gold drill intersections. Velocity plans further drilling at Iglika, with 15 new drill holes awaiting permits and is seeking a new partner for further exploration.

Velocity Minerals has amended its Zlatusha Project Option Agreement with Raiden Resources, granting an exclusive option to acquire a 75% interest in the Zlatusha prospecting license. The company has announced management changes, appointing Ms. Dani Palahanova as Chief Financial Officer, replacing Mr. Darren Morgans. In addition, Velocity has granted 280,000 common share stock options and issued 125,000 common shares to Leede Jones Gable Inc. under the Advisory Agreement.

Velocity Minerals Ltd. provides an update on the ongoing exploration program at the Zlatusha copper-gold project, highlighting the completion of detailed mapping, soil and rock sampling, ground radiometric survey, and drone magnetic survey. The Company plans Phase I drill testing in Q2 2024 to explore priority copper-gold target areas. The Zlatusha Property, located in a prolific Tethyan Belt, shows potential for significant discoveries. The Company aims to build on the successful 2023 exploration program with a 3,000m diamond core drilling program in 2024.

Velocity Minerals Ltd. announces receipt of drill results from the Iglika copper-gold property in Bulgaria. The company intercepted significant copper and gold mineralization, including 4.0m at 0.47% copper and 71m at 0.15% copper, along with 7.8m grading 2.37 g/t gold. A second drill rig has been mobilized to the project, and the drill program is funded by Dundee Precious Metals Inc. Phase II drilling is planned to test 13 drill targets, with 1,735m drilled in Q4 2023. The remaining 5,000m is scheduled to be completed in Q1 2024.