Mr. Gadi Levin reports

EV NICKEL ANNOUNCES PRO-RATA PARTICIPATION BY STRATEGIC INVESTOR AND UPSIZE TO PRIVATE PLACEMENT

Further to its press release dated March 4, 2024, EV Nickel Inc. has upsized its previously announced private placement of flow-through common shares from $3.5-million to $5,119,750.

The offering will comprise: (i) up to 1,705,000 premium flow-through common shares at a price per premium flow-through share of 95 cents for aggregate gross proceeds of up to $1,619,750; and (ii) up to 4,666,667 flow-through common shares at a price per flow-through share of 75 cents for aggregate gross proceeds of up to $3.5-million.

The upsize in the offering is a result of one of the company's strategic investors electing to exercise its right to maintain its pro rata interest in the company as set out in the investor rights agreement between the company and the strategic investor. See the company's press release dated Sept. 14, 2023, for further details with respect to the investor rights agreement.

The premium flow-through shares and the flow-through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds from the offering will be used by the corporation to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures (as both terms are defined in the Income Tax Act (Canada)) related to the company's Shaw Dome assets located south of Timmins, Ont. The qualifying expenditures will be renounced in favour of the subscribers with an effective date no later than Dec. 31, 2024, and in the aggregate amount of not less than the total amount of the gross proceeds raised from the offering.

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 project and has identified greater than 100 kilometres of additional favourable strike length. The Shaw Dome project includes the high-grade W4 deposit -- with a combined resource of 2.0 million tonnes at 0.98 per cent nickel for 43.3 million pounds of Class 1 nickel consisting of measured and indicated resources of 1.45 million tonnes at 0.98 per cent nickel and inferred resources of 600,000 tonnes at 0.98 per cent nickel 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 combined resource of 1.1 billion tonnes at 0.24 per cent nickel for 5.3 billion pounds of Class 1 nickel consisting of indicated resource of 500 million tonnes at 0.25 per cent nickel and an inferred resource of 500 million tonnes at 0.23 per cent nickel. EV Nickel owns the trademark for clean nickel and plans to grow 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);
• Track 2 -- an integrated carbon capture and storage project with large-scale clean nickel production (starting with CarLang).

We seek Safe Harbor.