Approval of Warrant Extension

TSX-V Announcement

17 October 2024

Approval of Warrant Extension

Vancouver, British Columbia, October 17, 2024 – Velox Energy Materials Inc. (TSXV: VLX) ("Velox" or the "Company") announces that, further to its news release dated October 8, 2024, the TSX Venture Exchange has approved the extension of 13,715,281 post-consolidation common share purchase warrants (the "Warrants") to expire on December 31, 2024.

The Warrants were issued as part of the Company's private placement that closed on October 14, 2022. Post-consolidation, the Warrants are exercisable at a price of $0.144.

All other terms of the Warrants will remain the same.

Approved by the Board of Velox Energy Materials Inc.

Simon Coyle President & CEO +1 416-214-7577

Investor Relations Contact

Andrew Rowell Investor Relations – Australia M: +61 400 466 226 Email: [email protected]

About Velox Energy Materials

Velox Energy Materials is a publicly traded energy materials company developing and progressing highvalue assets in resource and research-friendly jurisdictions. The Company’s priority focus is the advanced NQV Project in Queensland, Australia. The NQV Project hosts the Cambridge Deposit with a CIM compliant Indicated Mineral Resource of 61.33 Mt @ 0.34% V2O5 and 234.6 ppm MoO3 along with an Inferred Mineral Resource of 144.87 Mt @ 0.33% V2O5 (cut-off grade of 0.25% V2O5) and 241.9 ppm MoO3 (Dufresne et al., 2022). The Company is targeting shallow, high-grade mineralization that can be developed using low-cost mining and processing options.

The Company additionally owns Kotai Energy and the option to acquire 100% of the intellectual property rights associated with the Solid-State Hydrogen Storage Project from Curtin University in Western Australia. Kotai is focused on the commercialisation of technology that can produce high-pressure hydrogen following transport as an inert powder.