EV Resources : Presentation - Drill Programme Update

ASX: EVR

Advancing Copper Exploration In The Americas

Drill Programme Update:

Peru Projects

January 2024

Disclaimer

This presentation has been prepared by EV Resources Limited ("EVR"). The information contained in this presentation is a professional opinion only and is given in good faith. The material in this presentation ("material") is not and does not constitute an offer, invitation or recommendation to subscribe for or purchase any security in EVR, nor does it form the basis of any contract or commitment. EVR makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. EVR, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from, this material, except liability under statute that cannot be excluded. Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of EVR, industry growth or other trend projections are, or may be, forward looking statements.

Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties, many of which are outside the control of, and may be unknown to, EVR. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

Recipients of this presentation are cautioned to not place undue reliance on such forward- looking statements. EVR does not take responsibility to release publicly any revisions or updates to any forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority. This presentation is a visual aid and is not intended to be read as a stand-alone document. The material contains selected and abbreviated summary information about EVR and its subsidiaries and their activities current as at the date of this presentation. The material is of general background and does not purport to be complete.

EVR does not take responsibility for updating any information or correcting any error or omission which may become apparent after the date of this presentation.

Compliance Statement

This presentation contains information extracted from ASX market announcements

reported in	accordance	with	the	2012 edition of the "Australasian Code for
Reporting of Exploration	Results, Mineral Resources and Ore Reserves" ("2012
JORC Code")	and available	for	viewing at https://evresources.com.au/. EVR

confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. These announcements are as follows: •

Parag Project - 4th May 2023; 13th June 2023; 3rd August 2023; 9th October 2023

Don Enrique Project - 30th August 2022, 21st November 2022, 28th March 2023, 30th May 2023, 12th July 2023

Peru - two drill permitted projects central to EVR's overall copper strategy

Project	Commodity	Drill Status
		Drill permit granted (Dec 2023).
PARAG	Copper-	Review of old data and drill
	Molybdenum	core completed resulting in a
		revised geological model.
		Drill permit granted (Oct 2023).
DON ENRIQUE	Copper-Silver	Mapping, sampling, geophysics
completed and the "Small
		Miners Licence" (PPM) is
		awarded to allow drilling

PARAG: COPPER-MOLYBDENUM

Parag Project permitted to drill - December 2023

• The drill permits allow EVR to drill multiple holes from 20 platforms which will provide a year of constant work in 2024 while the company permits a larger programme.
• The substantial body of drilling to date at Parag provides a clear direction for drilling in 2024
• EVR's plan is to move rapidly towards defining a shallow resource on the breccias whilst developing a deeper, longer-term, porphyry copper target at Parag.
• AK Drilling International, located in Lima, have been appointed as Drilling Contractor and will mobilise to site after the New Year, and commence an initial 8,000 metre programme of diamond drilling.
• Past exploration, including 18,470 metres of historical drilling (21 Holes for 10,170 metres and a further 56 historical but unreported holes for 8,300 metres), suggests the presence of an economic copper-molybdenum orebody underlying high grade, outcropping breccias.
• EVR has the strong support of its local communities (Caujul and Navan) and has committed to a multi year partnership and investment programme with our valued local partners

PARAG

Parag Project - High Grade Copper-Molybdenum

• EVR holds 70% of the Parag project, and the original owner retains a 30% free carried interest to a Bankable Feasibility Study, with a non diluted interest of 12% at production.
• 76 Diamond Core holes have been drilled in Parag. We have the drill core for 10,170 metres (21 holes).
• Mineralization at Parag/Viento project is hosted in different lithological units including different types of breccia, hornfels and in felsic igneous bodies.
• High-gradeCu-Mo mineralization is hosted in breccia bodies that is evident from the surface and tested in areas by drilling.
• Identified porphyry mineralization includes:
• Rounded fragments of felsic igneous rock with porphyritic texture in matrix supported breccia with Mo cementing, with quartz-sericite alteration and type A/B veins with chalcopyrite and bornite that suggests the presence of a porphyry mineralized body at depth.

PARAG

Major Mining Groups View The Region As Highly Prospective

• Parag is surrounded by major mining groups drawn to the cluster of porphyry orebodies in a largely unexplored region of recent focus.
• EVR has initiated discussions with their counterparts to attain a better understanding of the prospectivity of neighbouring permits and the potential impact, if any,
  on EVR's geological model for Parag

PARAG

Parag Project: A new geological model defined

• The high-gradeParag Copper-Molybdenumproject in Peru is an advanced copper project with substantial historical drilling, sampling and geophysics and is the focal point of the Company's copper-focused activities.
• During Q3, EVR's team reviewed core, did additional mapping of the project and reevaluated the previous data and model for Parag, and EVR is now planning its next programme around the assumption of a mineralised porphyry system below the shallow high grade and partially drilled breccia zone.
• The focus remains on a strategy of moving quickly towards defining a shallow resource on the breccia zone whilst developing a deeper, longer-term, porphyry copper target.
• Based on 18,470m of historical drilling (76 Holes), and a reinterpretation of this and other geological data, EVR has expanded its original drill campaign.
• EVR plans to twin previous holes but also extend this programme to include new targets designed specifically to test for this deeper, longer-term, porphyry copper target.

Exceptional Grades Warrant Further Exploration

• The revised geological model reflects the impact of exceptionally high molybdenum grades which is to raise the grade of ore on a copper equivalent basis. Molybdenum will provide substantial by-product credits that reduce the costs of copper production,
• At left, see selected historical drill holes in a table that shows copper equivalent assays, calculated and based on the average value of the Mo/Cu ratio for prices recorded on April 30th and October 26th 2023
• Photographs of selected samples from these holes are shown in the following slides for illustrative purposes of the geology encountered in logging, sampling and assaying

Note: a Full list of Drill Holes and Assays from Parag is contained in the ASX

Announcement "EVR Acquires High Grade Parag Copper-Molybdenum Project in

Peru" dated 4th May 2023. EVR has excluded the small quantities of contained

gold and silver from this calculation

PARAG

76 Diamond Holes Drilled To Date In Two Campaigns

Parag - Plan View and Cross Section (Copper Equivalent)

Plot of historical drill holes in a SW-NE section shows Cu-Mo mineralization over a 1200m strike, a 500 m width, and open at depth with substantial targets for extensional and infill drilling.

Note: The figures are generated with Cu Eq (Copper Equivalent) values calculated based on the average of the Mo/Cu ratio calculated on April 30th and October 26th 2023 (6.365:1). The ratio is subject to variance with the relative prices of the commodity and no prediction is made as to future pricing