Velocity Minerals Ltd. | Reserves and Resources

(effective date April 15, 2020)

Within US$1,500/oz pit shell
Indicated Mineral Resource Estimate
Cut-off Grade (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Contained Gold (koz)
0.2	27.2	0.72	630
0.3	20.5	0.87	573
0.4	15.5	1.04	518
0.5	12.0	1.22	471
0.6	9.42	1.40	424

Inferred Mineral Resource Estimate
Cut-off Grade (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Contained Gold (koz)
0.2	0.49	0.7	11
0.3	0.38	0.8	10
0.4	0.29	0.9	8
0.5	0.23	1.0	7
0.6	0.17	1.2	7

Click to expand Notes
- The selected base case Mineral Resources are reported at a cut-off grade of 0.3 g/t gold.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- The Mineral Resources have been classified and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards - For Mineral Resources and Mineral Reserves” ("CIM Definition Standards").
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically in nature to enable them to be categorized as Mineral Reserves and there can be no certainty that all or any part of an inferred mineral resources will ever be upgraded to Indicated Mineral Resources or Measured Mineral Resources.

(effective date August 30, 2020)

Reserves and Resources