Mr. Paul Davis reports

EV NICKEL REPORTS STRONG PILOT-SCALE BIOLEACH RESULTS WITH OVER 90% NICKEL EXTRACTION AND SUCCESSFUL NICKEL SULPHATE PRODUCTION

EV Nickel Inc. has released positive results from a continuous pilot-scale bioleaching and downstream metals recovery test program conducted on flotation concentrates from its W4 nickel project near Timmins, Ont. (see press releases dated May 2, 2023, and Sept. 26, 2023).

Highlights:

• 90.1-per-cent nickel and 89.6-per-cent cobalt extraction achieved at day 6;
• Pilot circuit operated continuously for 11 days, followed by five days of batch operation;
• Greater-than-99-per-cent recovery of Ni and Co as a mixed hydroxide precipitate (MHP) from pregnant leach solution;
• Successful precipitated nickel sulphate (NiSO4.6H2O) with a purity of up to 98.2 per cent;
• Effective iron removal (greater than 99 per cent) with minimal nickel and cobalt losses;
• Magnesium recovered as a saleable byproduct.

Bioleaching is a processing technology that eliminates the need for expensive smelters, roasters, autoclaves and acid plants required for other processing operations. This significantly reduces upfront capital costs and lowers operating expenses by avoiding high energy consumption, maintenance and complex materials handling. Traditional processing requires shipping concentrate long distances to third party facilities whereas bioleaching can be performed on site, reducing transportation costs and allowing producers to retain the smelting margin rather than paying treatment and refining charges.

Bioleaching uses naturally occurring bacteria to extract nickel at ambient temperatures and pressures, producing substantially lower greenhouse gas emissions than the current energy-intensive alternatives, avoiding sulphur dioxide emissions, slag generation and high acid consumption.

Bioleaching produces intermediate products such as nickel sulphate and nickel MHP (which are suitable for conversion into battery-grade materials) and creates a more direct and transparent pathway to electric vehicle battery manufacturers. EV Nickel's advances in nickel bioleaching are now demonstrating scalability and reliability, positioning it as a compelling alternative for future nickel projects.

"After more than four years of development and testing, the results being reported today demonstrate that EV Nickel is ready to advance towards a full-scale bioleaching facility at the W4 project," said Paul Davis, vice-president, exploration. "In addition, the company is now positioned to work with other project owners to advance bioleaching solutions across the nickel sector."

The batch, semi-continuous and bioleaching pilot programs, completed by RPC Metallurgical Services in collaboration with EPCM Services Ltd. (located in Fredericton, N.B., and Oakville, Ont., respectively), successfully validated the company's flotation-bioleach processing flow sheet and demonstrated high Ni and Co extractions under continuous operating conditions.

In batch and semi-continuous bioleaching testing, Ni extraction of up to 98.9 per cent and Co extraction of up to 98.8 per cent were achieved. The Ni and Co extractions were nearly complete within four days under semi-continuous conditions at low solids density with successful large-batch bioleach tests at 5 per cent and 10 per cent solids, achieving approximately 95-per-cent nickel extraction within 10 days. Results indicate that the process is amenable to 15- to 20-per-cent solids density with estimated continuous retention times of four to six days, supporting future scale-up. Bench-scale optimization demonstrated that nutrient requirements can be reduced to 25 per cent of baseline levels without materially impacting bioleach performance. Indigenous bacterial cultures were successfully scaled up from laboratory volumes to 600 litres, confirming their suitability for larger-scale bioleach operations.

The pilot program utilized blended flotation concentrates grading approximately 6.4 per cent nickel tested in the bioleach reactors demonstrating robust bacterial activity and confirmed the technical viability of scaling the bioleach process to commercial operations. The pilot circuit operated continuously for 11 days, followed by five days of batch operation, resulting in 90.1 per cent Ni and 89.6 per cent Co extraction at day 6 of the pilot program, displaying a significantly lower acid consumption than reported for other hydrometallurgical extraction processes.

Comprehensive metals recovery testing was completed on the bioleach pregnant leach solution, including staged precipitation of iron, copper, nickel, cobalt and magnesium. Results of the metal recovery testing include greater-than-99-per-cent recovery of Ni and Co as a mixed hydroxide precipitate (MHP), greater-than-99-per-cent iron removal with minimal Ni and Co losses, and successful precipitation and recovery of magnesium as a saleable byproduct. Subsequent process development work demonstrated that the MHP product can be further refined into battery-grade nickel sulphate (NiSO4.6H2O) with a purity of up to 98.2 per cent. Nickel not captured in the nickel sulphate is not lost and is recycled back into the MHP circuit for future recovery.

Development work confirmed the ability to produce high-purity nickel sulphate suitable for battery supply chains.

"The successful completion of this continuous pilot program is a major technical milestone for EV Nickel," said Mr. Davis. "Achieving over 90-per-cent Ni extraction while also demonstrating a clear pathway to high-purity nickel sulphate reinforces the strategic value of our Shaw Dome project and its potential to supply responsibly produced nickel into the electric vehicle market."

The program findings support the technical viability of EV Nickel's flotation-bioleach flow sheet and reinforce the potential for a low-carbon, environmentally responsible processing route capable of producing battery-relevant Ni and Co products while recovering magnesium as a potential byproduct. Preliminary design criteria were developed for a bioleach circuit based on processing 800 tonnes per day of W4 nickel ore, providing a foundation for future engineering and economic studies.

Based on the encouraging pilot results, the company plans to continue optimization work focused on improving oxygen transfer efficiency, increasing pulp density and further refining the nickel sulphate crystallization process. These enhancements are expected to improve recoveries and reduce capital intensity ahead of future development studies.

About EV Nickel Inc.

EV Nickel's mission is to provide the world with clean nickel from Tier 1 jurisdictions. The company's projects are located within 30 kilometres of Timmins, a developing hub of clean critical minerals for the North American battery and stainless steel markets as well as an important emerging critical mineral district for North American efforts to bring onshore the full vertical integration of electric batteries and vehicles.

EV Nickel aims to play an integral part of the North American onshoring initiative as the company's clean, low-carbon deposits can be an important source of supply to support the Inflation Reduction Act (IRA) and Ontario and federal policies and initiatives, which strive to bring clean critical mineral production from Canada into the North American supply chain and globally.

In further support of this initiative, the company has and will continue to partner with environmentally responsible and ethical organizations from around the province and around the world to assist in developing these essential critical minerals. EV Nickel is also eager to collaborate with all stakeholders and leading sustainable engineering, mining, automotive and battery companies to provide this key input to support global decarbonization initiatives. The governments of Ontario and Canada are also providing significant legislative, policy and financial support to help ensure that the Timmins region becomes a leading participant in the developing North American supply chain for the clean energy transition.

Qualified person

The company's projects are under the direct technical supervision of Paul Davis, PGeo, 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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