Vela Minerals to Conduct Private Placement

VELA MINERALS LTD.

Suite 2200, 885 West Georgia Street Vancouver, British Columbia V6C 3E8

NEWS RELEASE

VELA MINERALS TO CONDUCT PRIVATE PLACEMENT

March 27, 2019 – Vancouver, British Columbia – Vela Minerals Ltd. (the “Company”) (TSXV: VLA) announces that it will conduct a non-brokered private placement of up to 10,000,000 units (each, a “Unit”), at a price of $0.12 per Unit, for gross proceeds of up to $1,200,000. Each “Unit” will consist of one common share and one common share purchase warrant, each of which is exercisable to acquire an additional common share at a price of $0.15 for a period of thirty-six months.

The Company may pay finders’ fees to eligible parties who have introduced subscribers to the placement. All securities issued in connection with the placement will be subject to a fourmonth-and-one-day statutory hold period in accordance with applicable securities laws. Completion of the placement remains subject to the final approval of the TSX Venture Exchange.

For further information, contact Richard Grayston at [email protected].

On behalf of the Board,

Vela Minerals Ltd.

Richard Grayston, Chief Executive Officer

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 may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.