Velox Energy Materials Inc. announced the drilling results from its Phase 1 diamond drill program at the Company's Cambridge Vanadium deposit, its 100% owned North Queensland Vanadium Project ("NQVP") located in Queensland, Australia. A total of ten (10) infill large diameter (100mm) 4C diamond core drill holes totaling 333 m were completed at the Cambridge Vanadium deposit on EPM26494 located in central northern Queensland, Australia (Table 1). The drilling was designed to increase overall stratigraphic knowledge for the deposit and provide ample representative material for metallurgical testwork as well as additional data for future mineral resource definition.

The Cambridge Vanadium Deposit currently hosts a CIM compliant Mineral Resource Estimate (MRE) consisting of an 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) and the recent program covered a representative portion of the currently defined deposit Drilling was undertaken by J&S Drilling Pty Ltd. (Queensland) using a Fraste FS400 drill rig. Downhole gamma and density geophysical logs were completed by Weatherford International PLC using equipment to the American Petroleum Institute (API) standards First Quarter and 14A, and logs recorded to international Logging Ascii Standards (LAS). A detailed geological assessment, sample selection and Toolebuc Formation correlation was completed by John T Boyd Company.

A total of 201 samples were selected for testing. Sample intervals were determined by stratigraphic lithological changes with sample intervals ranging from 0.10 m to 2.7 m thick (averaging 1.0 m). Drill cores were dispatched to Mitra PTS Laboratory in Gladstone, Queensland for sample preparation and dispatched to Bureau Veritas, Perth, Australia, for analysis.

Assay results for 201 samples have been received from the 10 diamond core drillholes drilled within the defined Cambridge deposit with the overburden depth ranging from 2.5 m to 21.0 m. Drillhole NQVP23_010 returned no significant vanadium results. The hole was collared in the basal section of the Toolebuc Formation and drilled into the underlying (barren) Willumbimba Formation.