Velocity Minerals

What Velocity Minerals does

Velocity Minerals Ltd. is a Canadian-domiciled mineral exploration and development company listed on the TSX Venture Exchange (VLC) and OTCQB (VLCJF), headquartered in Vancouver, BC. The company focuses on acquiring and advancing gold and copper exploration properties in historically underexplored regions of Eastern Europe, primarily southeastern Bulgaria and, more recently, northern Greece. Its portfolio includes the Rozino gold project (Tintyava property), the Iglika copper-gold property, the Obichnik gold project, and the Makedontsi project, with exploration conducted using conventional techniques such as diamond drilling, soil geochemistry, trenching, and geophysical surveys (CSAMT, induced polarization, magnetic, and radiometric).

The company has pursued a "Hub and Spoke" development model in which multiple exploration projects feed concentrates to a central processing facility—in this case Gorubso's Kardzhali CIL plant, the only permitted cyanide-processing facility in Bulgaria—to produce doré. Velocity offsets its own capital requirements by entering earn-in option agreements with partners such as Dundee Precious Metals (Iglika) and Raiden Resources (Zlatusha), and by securing strategic cornerstone investment from Artemis Gold, which has deployed $13.9 million since 2019 and holds 25.7% of outstanding shares. In February 2025, Velocity agreed to sell all Bulgarian assets, including its 70% interest in Rozino, to Türker Global Madencilik for USD $59.0 million; the first tranche of US $16.5 million was received in June 2025, with closing contingent within 18 months. In March 2025, the company acquired a copper-gold property in Northern Greece as its first material asset outside Bulgaria.

Velocity is pre-revenue from operations and funds exploration primarily through small non-brokered private placements (CAD $1.38M–$1.5M per round in 2023), warrant exercises, and the Türker transaction proceeds. Its "customers" are effectively counterparties to asset transactions and earn-in partners, and its commercial motion is closer to junior resource M&A and project advancement than product sales.

Name

Velocity Minerals

Legal name

Velocity Minerals Ltd.

Website

https://velocityminerals.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Velocity Minerals Ltd. is a Vancouver-based mineral exploration company that acquires and advances gold and copper projects in Eastern Europe, primarily Bulgaria and northern Greece, using earn-in partnerships and asset sales to fund development.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Other Metal Ore Mining (21229), Copper, Nickel, Lead, and Zinc Mining (21223), Support Activities for Mining (2131)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Copper Exploration & Resource Development (IMAKADAA), Exploration & Production Drilling Services (RC, Core, Directional, Sonic, Auger) (IMAKAKAB)

Keywords

• Mineral exploration
• Gold exploration
• Copper exploration
• Mining development
• Junior mining

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mineral Property Sales / Transaction Fees: Velocity generates revenue by selling or optioning its mineral exploration assets. The company agreed to sell its 70% interest in the Rozino project and other Bulgarian assets to Türker Global Madencilik for USD $59.0 million (total transaction), receiving a first tranche payment of US $16.5 million in June 2025. Future tranche payments are contingent on closing conditions.
2. Equity Financings (Private Placements): The company raises capital through non-brokered private placements of equity. Examples include a $1.5 million private placement announced December 8, 2023, a $1.49 million close in December 2023, a $1.38 million close in May 2023, and a $1.5 million close in March 2023. Proceeds fund exploration and general working capital.
3. Warrant Exercises: The company generates proceeds from the exercise of share purchase warrants. In January 2026, Velocity received $1,316,387 from exercise of warrants expiring December 19, 2025, with 98% of outstanding warrants exercised at $0.18 per share.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Velocity Minerals is a junior mineral exploration and development company that acquires, explores, and advances gold and copper exploration properties primarily in southeastern Bulgaria and northern Greece. The company applies modern exploration techniques including diamond drilling, soil geochemistry, and geophysical surveys to identify and define mineral resources, using a Hub and Spoke processing model that centralizes ore processing at Gorubso's Kardzhali CIL plant in Bulgaria. Revenue is generated through mineral property sales (e.g., Türker Transaction USD $59.0M), earn-in option agreements with partners, and equity financings.

Product overview

Velocity Minerals is a precious metals and copper explorer focused on Eastern Europe, primarily Bulgaria. The company's business model centers on mineral exploration and development through a portfolio of projects including the pre-feasibility stage Rozino gold project, the Iglika copper-gold exploration property, the Obichnik gold project with the Durusu deposit, and the Makedontsi project. Velocity operated under a Hub and Spoke development strategy, targeting multiple projects that would produce concentrates for trucking to a central processing plant for doré production. The company is currently transitioning its asset base through the Türker Transaction, selling its Bulgarian assets, while simultaneously expanding into Northern Greece with a new copper-gold exploration property acquired in March 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Bulgaria Exploration Portfolio Portfolio of gold and copper mineral exploration properties in southeastern Bulgaria, including the Rozino, Obichnik, Makedontsi, Iglika, and Zlatusha projects, advanced under a Hub and Spoke development strategy targeting centralized ore processing.
• Rozino Gold Project Pre-feasibility stage gold deposit in southeastern Bulgaria, held through Velocity's 70% interest in the Tintyava property, with extensive drilling including hole RDD-040 which intersected 144.7m grading 1.52 g/t gold. The project is being sold to Türker Global Madencilik for USD $59.0 million as part of the broader Bulgarian asset sale.
• Iglika Copper-Gold Project 100%-owned copper-gold exploration property in southeastern Bulgaria with potential for porphyry, skarn, and epithermal deposit types. Under option agreement with Dundee Precious Metals, which has the right to earn a 75% interest by fully funding the drill program. Drill hole IDD-006 intersected 4.0m at 0.47% copper and 70.9m at 0.15% copper.
• Obichnik Gold Project Gold exploration project held through Velocity's 70% interest in the Momchil property, featuring the Durusu deposit with updated Inferred Mineral Resource estimate and metallurgical test-work indicating 95% gold recovery for combined oxide and transitional material, and 96% recovery for fresh/sulphide material.
• Makedontsi Project Gold exploration project held through Velocity's 70% interest in the Nadezhda property, contiguous with the Dangovo property, forming part of the broader Bulgarian exploration portfolio.
• Zlatusha Copper-Gold Property 195 km2 exploration property in Bulgaria under option agreement with Raiden Resources (through Zelenrok EOOD) to acquire up to 75% interest. Features seven known copper-gold occurrences with potential for epithermal gold, porphyry copper-gold, and skarn deposits. First option for 51% requires $350K cash, $200K cash or shares, 28,000m drilling, and an Inferred Mineral Resource.
• Northern Greece Copper-Gold Exploration Property Copper-gold exploration property acquired in northern Greece in March 2025, representing Velocity's geographic expansion beyond its traditional Bulgarian focus area into a new European jurisdiction.

Quantifiable outcome

• Rozino project: Drill hole RDD-040 intersected 144.7m grading 1.52 g/t gold including 24.0m grading 4.05 g/t gold. East Zone remains open for expansion.
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Türker Global Madencilik Sanayi ve Ticaret A.Ş. (Türker Mining)coreStrategic or Co-development Partner · 24 February 2025Türker Global Madencilik Sanayi ve Ticaret A.Ş. is a Turkish mining company that entered into a definitive share purchase and option agreement with Velocity in February 2025 to acquire Velocity's 70% interest in the Rozino project, together with associated licenses and tenures (the 'Türker Transaction'). The total transaction is valued at USD $59.0 million. Velocity received a first tranche payment of US $16.5 million in June 2025. Türker is responsible for funding 100% of all costs to keep assets in good standing, complete field work for the Feasibility Study (planned completion Q2 2026), and file the Environmental Impact Assessment (filed August 8, 2025). Closing occurs within 18 months from June 23, 2025.
• Dundee Precious Metals Inc. (DPM)coreStrategic or Co-development Partner · 12 June 2023Dundee Precious Metals entered into an option agreement with Velocity in June 2023 for the Iglika copper-gold property in southeast Bulgaria. DPM has the option to earn a 75% interest in the Iglika property by funding the exploration program. The drill program is fully funded by DPM. Phase II drilling at Iglika commenced in November 2023 and approximately 7,000m of drilling was planned to test 13 drill targets.
• Raiden Resources Limited / Zelenrok EOODminorStrategic or Co-development Partner · 24 January 2023Raiden Resources (through its wholly-owned subsidiary Zelenrok EOOD) entered into an option agreement with Velocity in January 2023 for the Zlatusha copper-gold property in Bulgaria. Velocity was granted an exclusive option to acquire up to 75% interest in two stages: first option for 51% (requiring $350K cash, $200K cash or shares, 28,000m drilling, and an Inferred Mineral Resource), and second option for additional 24% (requiring $350K cash, $100K cash or shares, 12,000m drilling, and a Preliminary Economic Assessment). A Kalabak option agreement (75% interest) was also in place but terminated in January 2024 due to negative surface geochemistry results. A Zlatusha amendment was approved by TSXV in April 2023.
• Gorubso Kardzhali A.D.coreStrategic or Co-development PartnerGorubso Kardzhali A.D. is an established and respected Bulgarian mining company and Velocity's local operating partner in Bulgaria. Gorubso operates the underground Chala Gold Mine (since 2006) and the Kardzhali Carbon In Leach (CIL) processing plant (since 2011), which produces gold doré. Gorubso is the first and only company in Bulgaria to have secured a permit for cyanide-related processing of gold ores. Velocity has option agreements with Gorubso covering multiple properties (Tintyava/Rozino, Momchil/Obichnik, Nadezhda/Makedontsi, Dangovo). Gorubso holds a 30% interest in the Rozino Project. Velocity arranged a standby letter of credit for US $16.5M in favor of Gorubso to secure obligations regarding the Türker Transaction.

Scale indicators6 records

Recent moves7 records

Direct peers

• Dundee Precious Metals: Mid-tier gold and copper producer operating the Chelopech mine in Bulgaria. Direct comparable to Velocity as both operate in the same Bulgarian jurisdiction with overlapping gold-copper assets; DPM is also Velocity's partner (earn-in operator on Iglika), making it both a peer and a strategic counterparty.
• Adriatic Metals: ASX/LSE-listed junior miner developing the Vares project in Bosnia and Herzegovina, with additional exploration in Serbia. Highly comparable as a Balkan-focused base and precious metals developer applying modern exploration to historically underexplored European jurisdictions.
• Mundoro Capital: TSX-V-listed junior explorer with a portfolio of copper-gold projects in Bulgaria, Serbia, and Turkey. Directly comparable as a small-cap exploration company pursuing the same underexplored Tethyan belt opportunities as Velocity.
• Raiden Resources: ASX-listed junior explorer with copper-gold projects in Bulgaria and Serbia. Direct comparable as Velocity's earn-in partner on the Zlatusha property, operating in the same jurisdiction with similar early-stage exploration plays.

Broad incumbents

• Eldorado Gold: Established gold producer with significant operations in Greece (Olympias, Skouries) and Turkey. Comparable as a major gold miner operating in the same Eastern European corridor where Velocity is now expanding, providing a benchmark for what an advanced-stage Greek gold project looks like.
• SSR Mining: Mid-tier precious metals producer with gold and copper operations globally. Comparable as a senior gold/copper peer whose M&A and project development activities set the bar for what mid-tier producers may pay for assets like Velocity's retained properties.
• Pan American Silver: Major silver and gold producer with diversified global operations. Comparable as a senior precious metals peer that periodically acquires exploration-stage assets like Velocity's portfolio, providing context for exit multiples and acquisition potential.

Emerging players

• Trigon Metals: TSX-V-listed junior copper-focused explorer and developer with assets in Africa and historically in Europe. Comparable as a small-cap copper-focused junior with a similar transaction-driven business model and commodity exposure.

Others

• Türker Global Madencilik: Turkish mining company that has agreed to acquire Velocity's Bulgarian portfolio for USD $59M. Comparable as a regional Turkish mining operator actively consolidating Tethyan-belt assets and as Velocity's primary strategic counterparty for the largest transaction in its history.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/velocitymineral
• LinkedInlinkedin.com/company/velocity-minerals-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Velocity Minerals