Vela Minerals to Change Name to Arbor Metals

VELA MINERALS LTD.

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

NEWS RELEASE

VELA MINERALS TO CHANGE NAME TO ARBOR METALS

August 6, 2019 – Vancouver, British Columbia – Vela Minerals Ltd. (the “Company”) (TSXV: VLA) announces that it intends to undertake a corporate rebranding, and will be seeking shareholder approval for a change of name at the annual general and special meeting of shareholders to be held on August 9, 2019. Subject to approval of shareholders, and the TSX Venture Exchange, the Company intends to change its name to “Arbor Metals Corp.” The Company will provide additional information regarding the change of name once the required approvals have been obtained.

The Company also announces that it has completed its non-brokered private placement through the issuance of 10,009,000 units (each, a “Unit”), at a price of $0.12 per Unit, for gross proceeds of $1,201,080. Each “Unit” consists 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.

In connection with completion of the placement, the Company paid a cash finders’ fee of $15,872.40 to a brokerage firm which assisted the Company in introducing subscribers to the placement. All securities issued in connection with the placement are subject to a four-monthand-one-day statutory hold period in accordance with applicable securities laws.

For further information, contact Alex Klenman at [email protected].

On behalf of the Board,

Vela Minerals Ltd.

Alex Klenman, 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 contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to regulatory and shareholder approvals, completion of a corporate rebranding and change of name, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Such risk factors may include, among others, the risk that the Company is unable to secure the regulatory and shareholder approvals necessary to complete a change of name. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.