Velocity Minerals Ltd. | Reserves and Resources

Reserves and Resources

Rozino Project – Mineral Resource Estimate

(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.

Rozino Project – Mineral Reserves

(effective date August 30, 2020)

Probable Mineral Reserves
Ore Type	Reserve Category	Tonnes (Mt)	Gold Grade (g/t)	Contained Metal (koz Gold)	Metallurgical Recovery (%)	Recoverable Metal (koz Gold)
Oxide	Probable	1.9	1.07	64	67.4	43
Transitional	Probable	1.8	1.15	68	70.7	48
Sulphide	Probable	8.1	1.27	332	83.3	277
Total	Probable	11.8	1.22	464	79.3	368

Click to expand Notes
- The Mineral Reserve disclosed herein has been estimated in accordance with CIM Definition Standards.
- Mineral Reserves discard cut-off grade was 0.5 g/t gold.
- Mineral Reserves are based on a $1,500/oz gold price.
- Mineral Reserves account for mining dilution and ore loss.
- Probable Mineral Reserves were based on Indicated Mineral Resources.
- Sum of individual amounts may not equal due to rounding.

Obichnik Project - Mineral Resource Estimate

(effective date December 6, 2021)

Within US$1,500/oz pit shell
Inferred Mineral Resource Estimate
Cut-off Grade (g/t)	Tonnes (Mt)	Gold Grade (g/t)	Contained Gold (koz)
0.3	3.2	1.2	123

Click to expand Notes
- The selected base case Mineral Resource is reported at a cut-off grade of 0.3 g/t gold.
- Mineral resources that are not mineral reserves do not have demonstrated economic viability.
- The mineral resource disclosed herein has been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum “CIM Definition Standards for Mineral Resources and Mineral Reserves” (CIM, 2014).
- 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.
The Mineral Resource Estimate has been approved for disclosure by Jonathon Abbott, BASc, MAIG, a member of the Australian Institute of Geoscientists and employee of MPR Geological Consultants Pty Ltd. Mr. Abbott is a Qualified Person, as defined by NI 43101. Mr. Abbott is independent of the Company.

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