Velocity Provides Update on Sale of Bulgarian Assets

US$38.5 million remains payable at closing, while a separate US$4.0 million asset purchase option remains unexercised.

Rhea-AI Summary

Velocity Minerals (VLCJF) received written notice that Türker Mining elected to proceed with acquiring its Tintyava Exploration Assets in Bulgaria.

The US$55.0 million sale includes Velocity's interest in the Rozino gold project and related rights. Velocity has received US$16.5 million; the remaining US$38.5 million must enter escrow before closing and be released at closing. Closing is anticipated on or about December 14, 2026, subject to applicable conditions and funding requirements.

A separate option to acquire other Bulgarian mineral assets for US$4.0 million remains unexercised. If exercised, the aggregate purchase price would be US$59.0 million.

4 points · 1 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointTürker Mining's written election to proceed advances the US$55.0 million Tintyava asset sale. 2× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.The separate asset option offers US$4.0 million additional consideration if exercised. 15% of market cap
• Minor pointVelocity has already received US$16.5 million of the purchase price.
• Minor point. Forward-looking: it has not happened yet and may not happen.The US$38.5 million completion payment is payable to Velocity at closing.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Closing anticipated on or about December 14, 2026 remains subject to applicable conditions and funding requirements.
• Minor pointThe separate asset purchase option remains unexercised; Türker Mining's October 15, 2026 notice did not exercise it.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Vancouver, British Columbia--(Newsfile Corp. - October 19, 2026) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) ("Velocity" or the "Company") provides an update on its previously announced transaction with Türker Global Madencilik Sanayi ve Ticaret A.Ş. ("Türker Mining") pursuant to a share purchase and option agreement dated February 24, 2025 (the "Definitive Agreement") for the sale of the Company's interest in the Rozino gold project, together with certain other licences, licence applications and associated tenures and rights (collectively, the "Tintyava Exploration Assets"), and the grant to Türker Mining of an option (the "Non-Tintyava Exploration Assets Purchase Option") to acquire the Company's interests in certain other Bulgarian mineral property assets (the "Non-Tintyava Exploration Assets"). The sale of the Tintyava Exploration Assets and the grant of the Non-Tintyava Exploration Assets Purchase Option are collectively referred to herein as the "Transaction".

The Company advises that it has received written notice from Türker Mining of its election to proceed to closing of the acquisition of the Tintyava Exploration Assets in accordance with the terms of the Definitive Agreement. Under the terms of the Definitive Agreement, closing of the sale and purchase of the Tintyava Exploration Assets ("Closing") is anticipated to occur on or about December 14, 2026, subject to the satisfaction or waiver of the applicable conditions precedent to Closing and the funding requirements of the Definitive Agreement.

The total purchase price for the Tintyava Exploration Assets is US$55.0 million, of which US$16.5 million has previously been received by the Company. The remaining US$38.5 million (the "Completion Payment") is to be paid to the escrow agent prior to Closing and released to the Company at Closing in accordance with the Definitive Agreement. Closing is to occur five business days after Türker Mining provides written notice to the Company confirming that the Completion Payment has been paid to and received by the escrow agent (the "Funding Completion Notice"), subject to the other terms and conditions of the Definitive Agreement. Of the US$55.0 million purchase price, US$38.5 million (70%) will be received by Velocity at Closing.

Separately, Türker Mining may exercise the Non-Tintyava Exploration Assets Purchase Option for an additional US$4.0 million in accordance with the terms of the Definitive Agreement. Türker Mining's October 15, 2026 notice does not constitute an exercise of the Non-Tintyava Exploration Assets Purchase Option, which remains exercisable in accordance with the terms of the Definitive Agreement. If exercised, the aggregate purchase price for the Tintyava Exploration Assets and the Non-Tintyava Exploration Assets would be US$59.0 million.

Further particulars concerning the Transaction and its terms are contained in the Company's previous news releases dated October 1, November 29 and December 17, 2024, February 28, April 16 and June 9, 2025, and November 4, 2025, available under the Company's profile on SEDAR+ at www.sedarplus.ca.

On Behalf of the Board of Directors

"Keith Henderson"
President & CEO

For further information, please contact:

Keith Henderson
Phone: +1-604-484-1233
E-mail: info@velocityminerals.com
Web: www.velocityminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated timing and completion of the Transaction, the payment and receipt of the Completion Payment, the satisfaction or waiver of the conditions precedent to Closing, and the potential exercise by Türker Mining of the Non-Tintyava Exploration Assets Purchase Option, are forward-looking statements.

Although Türker Mining has delivered notice of its election to proceed to Closing, Closing remains subject to the satisfaction or waiver of the conditions precedent set forth in the Definitive Agreement, including, as applicable, the accuracy of certain representations and warranties of the parties, compliance by the parties with their respective covenants and obligations, the receipt or continued effectiveness of required governmental and third-party approvals and the absence of any applicable legal prohibition preventing Closing. In addition, Closing is subject to Türker Mining delivering the Completion Payment to the escrow agent and providing the required Funding Completion Notice in accordance with the Definitive Agreement. There can be no assurance that the conditions to Closing will be satisfied or waived, that the Completion Payment will be made or received when anticipated, or that Closing will occur within the anticipated timeframe or at all. There can also be no assurance that Türker Mining will exercise the Non-Tintyava Exploration Assets Purchase Option.

Forward-looking statements are typically identified by words such as "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.

In making the forward-looking statements in this news release, the Company has made certain material assumptions, including that the parties will comply with their respective obligations under the Definitive Agreement, the conditions precedent to Closing will be satisfied or waived within the anticipated timeframe, all necessary governmental and third-party approvals will be obtained or remain effective, and Türker Mining will deliver the Completion Payment and Funding Completion Notice in accordance with the Definitive Agreement.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These include, among others, the risk that the conditions precedent to Closing will not be satisfied or waived, delays in obtaining or maintaining required governmental or third-party approvals, the failure of either party to perform its obligations under the Definitive Agreement, the failure of Türker Mining to fund the Completion Payment when required, delays in or failure to complete the Transaction, changes in applicable laws, regulations or government policies, and other risks associated with mineral exploration and development, as well as the risk factors described in the Company's annual and quarterly management's discussion and analysis and other filings with Canadian securities regulatory authorities available under the Company's profile at www.sedarplus.ca.

Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements contained in this news release, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319562

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When is Velocity Minerals' Bulgarian asset sale expected to close?

Closing is anticipated on or about December 14, 2026, subject to applicable conditions and funding requirements.

How much will Velocity Minerals receive for its Bulgarian assets?

The Tintyava Exploration Assets purchase price is US$55.0 million, including US$16.5 million already received and US$38.5 million payable at closing. If Türker Mining exercises the separate US$4.0 million option for other Bulgarian mineral assets, the aggregate purchase price would be US$59.0 million.

What funding step triggers closing of Velocity Minerals' Tintyava asset sale?

Closing is to occur five business days after Türker Mining gives Velocity written confirmation that the escrow agent has received the completion payment. This timing remains subject to the agreement's other terms and conditions.