An anonymous director reports

EV NICKEL ISSUES SHARES TO ROGUE AND, ROGUE UPDATE

EV Nickel Inc. has issued to Rogue Resources Inc. the final part of the EV resource payment (as defined herein) pursuant to the 2021 asset purchase agreement (the APA). Pursuant to the APA, EV Nickel was required to complete a future payment (the EV resource payment) based on the size of an updated new mineral resource estimate (MRE). The MRE was filed by EV Nickel on July 26, 2023, and now EV Nickel has issued 3,267,016 common shares to Rogue, each of which include customary fourth month hold (for further detail see EV Nickel's Sept. 14, 2023, news release).

Early warning disclosure

Rogue, a corporation incorporated pursuant to the laws of British Columbia, acquired 3,267,016 common shares in the capital of EV Nickel (for the purposes of this disclosure, the issuer) at a deemed price of 11.88 cents per common share (an aggregate value of $388,121.50) pursuant to the APA dated March 4, 2021, as amended. Rogue is providing the following disclosure pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues as Rogue's ownership over the shares of the company is more than 10 per cent of the issued and outstanding shares.

Rogue beneficially owns, and has control and direction over, 9,933,683 common shares, representing approximately 11.5 per cent of the issuer's issued and outstanding common shares. The common shares were issued as consideration pursuant to the APA. An early warning report has been filed by Rogue pursuant to NI 62-103 on SEDAR+ under the profile of EV Nickel. To obtain a copy of the report, please contact Rogue, addressed at 150 King St. W. suite 200 Toronto, Ont., M5H 1J9, or by telephone 1-647-243-6581.

Rogue Stone update

Rogue filed its Q1 2024 financial statements last week, which included operational results for Rogue Stone for the quarter (May to July, 2023). Rogue sold 1,697 tons sold, with an average realized price per ton of $164 and cost of goods sold (COGS) of $86/ton.

As outlined in the MD&A (management's discussion and analysis), this quarter was another very challenging quarter for Rogue Stone operations and Rogue has now suspended quarry operations for the winter season given low seasonal demand during the period.

As has been noted before (see Rogue disclosure on SEDAR+, including the news release dated April 29, 2022) -- Rogue has continued to feel the impact of macro inflation, with higher fuel and relative labour costs. Rogue believes that inflation has a compounding impact on labour productivity, with the team easily distracted by increasing cost pressure in all parts of their lives.

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).

We seek Safe Harbor.