Approval of Warrant Extension

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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 t he 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 high-

value 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% V 2O5 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.