Kotai Hydrogen Project - Clarification

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TSX-V Announcement

30 August 2024

Kotai Hydrogen Project - Clarification

Toronto, Ontario, August 30, 2024 – Velox Energy Materials Inc. (TSXV: VLX) (“Velox” or the

“Company”) notes a recent social m edia post concerning potential collaboration on the Kotai

Hydrogen Project with the EU-funded South Marmara Hydrogen Project in Turkey.

The Kotai Hydrogen Project (“Kotai” or “the Project”) is a collaboration project with experts from Curtin

University, Perth. Velox holds an option over 100% of the IP of the project. The research project is

investigating the feasibility of using Sodium Borohydride (NaBH4) as a safe ‘carrier’ of hydrogen that can

be deployed on demand.

While Velox has engaged in preliminary discussions with various parties regarding the potential

development of the Kotai Hydrogen Project, no formal agreements or partnerships have been

established at this time.

Please visit our website at www.veloxenergymaterials.com.au for further information.

Approved by the Board of Velox Energy Materials Inc.

Simon Coyle

President & CEO

+1 416-214-7577

Investor Relations Contact

Amalie Schreurs

Investor Relations – Australia

M: +61 431 636 033

Email: [email protected]

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TSX-V Announcement

30 August 2024

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.

Forward Looking Statements

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

This news release may contain forward -looking statements that are based on the Company’s

expectations, estimates and projections regarding its business and the economic environment in which

it operates. Statements about the closing of the transaction, expe cted terms of the transaction, the

number of securities of Velox Energy Materials that may be issued in connection with the transaction,

and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward -

looking information. These statements are not guarantees of future performance and involve risks and

uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ

materially from those expressed in these forward -looking stateme nts and readers should not place

undue reliance on such statements. Statements speak only as of the date on which they are made, and

the Company undertakes no obligation to update them publicly to reflect new information or the

occurrence of future events or circumstances, unless otherwise required to do so by law.