EV NICKEL INC. announced the completion of a National Instrument 43-101 technical report supporting the updated mineral resource estimate ("MRE") for the W4 Nickel Deposit ("W4 Deposit"), a High-Grade nickel deposit in the southeast of its Shaw Dome Project. EVNi completed diamond drilling on the W4 Nickel Deposit between 2021 and 2023, combing this new data with historical drilling completed on the Langmuir W4 Zone by Golden Chalice Resources to complete an updated MRE in accordance with NI 43-101. The updated MRE reports Measured Resources of 0.49Mt or 11.5M pounds of contained nickel, Indicated Resources of 0.96Mt or 19.7M pounds of contained nickel, and Inferred Resources of 0.56Mt or 12.1M pounds of contained nickel.

This Updated MRE was modeled to ~500 m from surface while the 2010 historical resource estimate was to ~400 m from surface. The W4 Nickel Deposit remains open at depth and along plunge. For context - equivalent number of EVs in the Resource's contained nickel: It is estimated that the average electric vehicle battery requires ~145 pounds of nickel (Bloomberg New Energy Finance ("BNEF") estimate, for 100kWh battery1) and based on this, the Contained Nickel in this Updated Mineral Resource Estimate represents the equivalent nickel which would be used in roughly 300K electric vehicles.

On a Nickel Equivalent basis, the Measured & Indicated Resources of 31.3M pounds at 0.98% Ni, works out to 33.0M NiEq pounds (2.16x the 2010 historical estimate) and the Inferred Resources of 12.1M pounds at 0.98% Ni works out to 12.7M pounds (3.71x the 2010 historical estimate). Core Handling and Assay-QA/QC Procedures: Drill core samples from EVNi drilling at the W4 Nickel Deposit were cut or whole core sampled and bagged at the core logging facility located near the Shaw Dome Project and transported to ALS Canada Ltd. ("ALS") for analysis. Samples, along with certified standards and blanks, included by the Company for quality assurance and quality control, were prepared and analyzed at ALS.

Samples were crushed at ALS to 70% less than 2 millimetres. A riffle split was pulverized to 85% passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an ICP finish and platinum, palladium and gold by fire assay and an ICP-AES finish.

These and future assay results may vary from time to time due to re?analysis for quality assurance and quality control purposes. Calculation of the New Resource Payment: As part of the original consideration paid to Rogue Resources for vending the Langmuir Project to EVNi in 2021, Rogue is owed a future payment based on the size of an updated new mineral resource estimate (the "New Resource Payment"). This Updated MRE now triggers this payment by EVNi and it is due within 60 days of this Technical Report being filed.

The payment has a calculation formula, and is capped at $5,000,000, to be paid in cash, EVNi shares, or a combination thereof to be determined by EVNi. Originally due in 2021, Rogue amended the Langmuir Asset Purchase Agreement, granting until the end of 2023 for EVNi to complete the Updated MRE. In exchange for this amendment, EVNi agreed to provide Rogue with access to an advance on the New Resource Payment, and as of July 31, 2023, that will total $375,284, including the interest due.

This advance will be subtracted from the New Resource Payment amount due. EVNi has indicated to Rogue that it plans to settle the remaining value of the New Resource Payment completely in shares and independent directors of both companies will be in communication about the specifics.