Mr. Sean Samson reports

EVNI CLEAN NICKEL(TM) R&D- BIOLEACHING SUCCESSFULLY PRODUCES END-PRODUCT FOR BATTERY PLANTS - PROGRESSING NOW TO PILOT PLANT TESTING

EV Nickel Inc. has released the continuing results of the optimization phase of the bioleaching application on its high-grade W4 sulphide zone, located in the Shaw Dome project, just outside Timmins, Ont.

Building on the preliminary results (see news release dated May 3, 2023), the optimization phase has successfully produced nickel and cobalt mixed hydroxide precipitate (MHP) and advanced the research to prepare for development of a pilot plant, to demonstrate the technology in an operational environment.

"Producing MHP is a very positive result for the bioleaching test program, a key part of EVNi's Clean Nickel strategy --this is one of the products the battery and car companies are trying to source," said Sean Samson, president and chief executive officer. "The tank bioleach process could allow EVNi to skip sending concentrate to foreign-owned smelters and refiners and produce a finished product for domestic battery plants, from our site. This would have clear commercial and environmental advantages, plus develop a revolutionizing technology for mineral processing in Ontario."

Three cultures were selected for bulking up and adaptation with two adaptation tests prepared using the rougher concentrates and one adaptation test using the cleaner concentrate. The adaptation test programs were complete in August and were monitored to determine the metal concentrations of the leach liquor, pH, temperature, oxidation-reduction potential and bacterial activity. The research has continued with EV Nickel's technical partners at RPC (Research and Productivity Council).

Results of this adaptation program indicated that greater than 90 per cent of the Ni and Co were extracted from the concentrates within a seven-day period during the batch bioleach set-up. Measurements of the concentration of nickel, cobalt, copper, iron and magnesium were monitored through the process and the resulting solution has been interpreted by RPC as being ideal for Ni and Co recovery and iron removal.

Precipitation tests completed on the leach liquor successfully extracted Ni and Co as an MHP and a precipitate of magnesium hydroxide representing potentially saleable products into the battery manufacturing industry and chemical/manufacturing industries. Preliminary results demonstrate that 99.8 per cent of the Ni, 99.9 per cent of the Co and 99.9 per cent of the Mg can be precipitated and captured from the PLS.

The results of the optimization phase have been incorporated into the development of the flowsheet design utilizing the process parameters and conditions observed during the program. Given the continuing success of the test work to date, EV Nickel will now advance to the pilot plant phase, under the supervision of EPCM Engineering of Oakville, Ont.

Commercial opportunity to change the current nickel value chain

If successful, the tank bioleach scenario could facilitate a small-footprint, localized production of a product directly required by the planned battery plants. This potentially avoids the need to send concentrate to foreign-owned smelters and refiners plus cuts down on the distance material currently travels, before reaching the state which the battery plants require -- a current challenge for the industry. The tank bioleach scenario could precipitate the end product to match the input specifications of the customers, a huge benefit to the new buyers of nickel.

It should be recognized that the nature of this research is experimental and continued successful results are not a certainty.

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. The Shaw Dome includes the 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 1.25 million indicated and 1.16 million inferred tonnes of contained nickel, and the W4 zone deposit, the basis of a 2010 historical estimate of 677,000 tonnes at 1 per cent Ni, approximately 15 million pounds of contained nickel. EV Nickel plans to grow and advance a Clean Nickel business, targeting the growing demand from the electric vehicle battery sector. EV Nickel has over 30,000 hectares to explore across the Shaw Dome and has identified greater than 100 km of additional favourable cumulative strike length. 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(TM) Research and development program.

Qualified person

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 National Instrument 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.

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