Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) announced on October 19, 2026 that it has received written notice from Türker Global Madencilik Sanayi ve Ticaret A.Ş. ("Türker Mining") electing to proceed to closing on the acquisition of the Tintyava Exploration Assets, which include Velocity's interest in the Rozino gold project in Bulgaria. The total purchase price for the assets is US$55.0 million, of which US$16.5 million has already been received by Velocity. Closing is anticipated on or about December 14, 2026, subject to conditions precedent and funding requirements set out in the Definitive Agreement.

Key Points

  • Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) is a Vancouver-based mineral company with Bulgarian gold exploration assets
  • Türker Mining delivered written notice on October 15, 2026 electing to proceed to closing on the Tintyava Exploration Assets acquisition
  • Total purchase price is US$55.0 million; US$16.5 million already received, with US$38.5 million remaining as the Completion Payment due at closing
  • A separate option for Non-Tintyava Exploration Assets at US$4.0 million remains unexercised but still available under the Definitive Agreement

Rozino Gold Project Sale Moves Toward a December 2026 Closing

Velocity disclosed that under the Definitive Agreement dated February 24, 2025, closing of the Tintyava Exploration Assets sale is anticipated on or about December 14, 2026. Closing is scheduled to occur five business days after Türker Mining provides the required Funding Completion Notice confirming the Completion Payment of US$38.5 million has been deposited with an escrow agent. The release states that closing remains subject to satisfaction or waiver of conditions precedent, including governmental and third-party approvals and the absence of any legal prohibition preventing closing.

Velocity's US$55.0 Million Purchase Price Breakdown for the Tintyava Assets

Of the total US$55.0 million purchase price for the Tintyava Exploration Assets, Velocity has already received US$16.5 million. The remaining US$38.5 million, representing 70% of the total consideration, is to be paid to an escrow agent prior to closing and released to Velocity at closing. The company noted there can be no assurance the Completion Payment will be made when anticipated, or that closing will occur within the expected timeframe or at all, reflecting the conditions and obligations remaining outstanding under the Definitive Agreement.

Non-Tintyava Option Remains Separate and Unexercised

The announcement clarifies that Türker Mining's October 15, 2026 election notice applies solely to the Tintyava Exploration Assets and does not constitute an exercise of the Non-Tintyava Exploration Assets Purchase Option. That option, which carries an additional purchase price of US$4.0 million, remains exercisable in accordance with the Definitive Agreement's terms. If Türker Mining were to exercise it, the aggregate consideration across both asset packages would reach US$59.0 million. Investors tracking Velocity's full Bulgarian portfolio disposition may note this option remains outstanding.