Mr. Sean Samson reports

EV NICKEL ANNOUNCES COMPLETION OF NI 43-101 TECHNICAL REPORT FOR PREVIOUSLY ANNOUNCED UPDATED RESOURCE ESTIMATE ON THE HIGH-GRADE W4 DEPOSIT

EV Nickel Inc. has completed a National Instrument 43-101 technical report supporting the updated mineral resource estimate for the W4 nickel deposit, a high-grade nickel deposit in the southeast of its Shaw Dome project.

The technical report was prepared in accordance with Canadian Securities Administrators' NI 43-101 (Standards of Disclosure for Mineral Projects) and Form 43-101F1, is available on the company's website for review, and will soon be posted to SEDAR, once today's SEDAR+ rollout is completed.

"The completion of this updated mineral resource for our high-grade W4 deposit is another major milestone for EV Nickel," said Sean Samson, president and chief executive officer. "More than doubling W4's total measured, indicated and inferred resources to over 43 million pounds of nickel sets up our two-track strategy of defining near-surface, high-grade nickel resources and combining them with the large-scale projects in the Shaw Dome."

"The W4 nickel deposit is an excellent example of the high-grade nickel potential of the Shaw Dome project," said Paul Davis, vice-president, exploration. "The Shaw Dome has many analogies with the Kambalda district of Western Australia, including the host rocks, sulphur sources and the clustering of high-grade nickel deposits along defined stratigraphic horizons. The Shaw Dome has to be considered one of the top prospects in the world to host additional high-grade nickel as demonstrated by the current and historical exploration success. I am confident, with additional exploration, that more high-grade nickel deposits will be defined within the EVNI property."

EV Nickel completed diamond drilling on the W4 nickel deposit between 2021 and 2023, combing these new data with historical drilling completed on the Langmuir W4 zone by Golden Chalice Resources (see technical report filed on SEDAR dated April 12, 2021) to complete an updated mineral resource estimate in accordance with NI 43-101. The updated MRE reports measured resources of 490,000 tonnes or 11.5 million pounds of contained nickel, indicated resources of 960,000 tonnes or 19.7 million pounds of contained nickel, and inferred resources of 560,000 tonnes or 12.1 million pounds of contained nickel. This updated MRE was modelled to approximately 500 metres from surface while the 2010 historical resource estimate was to approximately 400 metres from surface. The W4 nickel deposit remains open at depth and along plunge.

For context, equivalent number of electric vehicles in the resource's contained nickel

It is estimated that the average electric vehicle battery requires approximately 145 pounds of nickel (Bloomberg New Energy Finance) (estimate for 100-kilowatt-hour battery), and based on this, the contained nickel in this updated mineral resource estimate represents the equivalent nickel which would be used in roughly 300,000 electric vehicles.

On a nickel equivalent basis, the measured and indicated resources of 31.3 million pounds at 0.98 per cent nickel, works out to 33.0 million NiEq pounds (2.16 times the 2010 historical estimate) and the inferred resources of 12.1 million pounds at 0.98 per cent Ni works out to 12.7 million pounds (3.71 times the 2010 historical estimate).

Core handling and assay/quality assurance and quality control procedures

Drill core samples from EV Nickel 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. 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 per cent less than two millimetres. A riffle split was pulverized to 85 per cent 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 reanalysis 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 EV Nickel in 2021, Rogue is owed a future payment based on the size of an updated new mineral resource estimate. This updated MRE now triggers this payment by EV Nickel, and it is due within 60 days of this technical report being filed. The payment has a calculation formula and is capped at $5-million to be paid in cash, EV Nickel shares or a combination thereof to be determined by EV Nickel. Originally due in 2021, Rogue amended the Langmuir asset purchase agreement, granting until the end of 2023 for EV Nickel to complete the updated MRE. In exchange for this amendment, EV Nickel 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.

EV Nickel 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.

About EV Nickel Inc.

EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focused on the Shaw Dome project, south of Timmins, Ont. EV Nickel has over 30,000 hectares to explore across the Shaw Dome and has identified greater than 100 kilometres of additional favourable strike length. The Shaw Dome includes the high-grade W4 deposit -- with a resource which defined 2.0 million tonnes of 0.98 per cent nickel for 43.3 million pounds of Class 1 nickel across measured, indicated and inferred and the large-scale CarLang area with more than 10 kilometres of mineralization and where the first 20 per cent contains the A zone -- with a resource, which defined 1.0 billion tonnes of 0.24 per cent nickel for 5.3 billion pounds of Class 1 nickel across indicated and inferred. EV Nickel owns the trademark for Clean Nickel and plans to expand and advance a Clean Nickel business, targeting the growing demand from the electric vehicle battery sector. The company is focused on a two-track strategy: track 1: to produce high-grade Clean Nickel (starting with W4) and track 2: an integrated carbon capture and storage project with large-scale Clean Nickel production (starting with CarLang).

The company acknowledges the financial contributions being provided by the Province of Ontario's Critical Minerals Innovation Fund (CMIF) and the government of Canada through the industrial research assistance program (IRAP) in assisting with the implementation of EV Nickel's Clean Nickel research and development program.

Qualified person

The qualified person for the mineral resource estimate reported herein and as defined by National Instrument 43-101 is Simon Mortimer, FAIG No. 7795, principal geoscientist at Atticus Geoscience Consulting SAC, working with Caracle Creek International Consulting Inc.

The company's projects are under the direct technical supervision of Paul Davis, PGeo and vice-president of the company. Mr. Davis is a qualified person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.

We seek Safe Harbor.