EVNI.V · 2026-01-20 12:00:00

Ev Nickel Reports Results of 2025 Diamond Drill Hole Program – Extension of Nickel Mineralization ON Gemini North

Drill Results

January 20, 2026 TSX-V: EVNI

EV NICKEL REPORTS RESULTS OF 2025 DIAMOND DRILL HOLE

PROGRAM – EXTENSION OF NICKEL MINERALIZATION ON GEMINI

NORTH

• Highlights include 0.36% Ni over 12.00m and 0.44% Ni over 3.0m from Gemini North

• 114.0m grading 0.27% Ni from Carlang C Area

• Elevated sulphur content intersected in 4 holes drilled on the western extension and southeast portion of the

Gemini North Zone

• Preliminary Mineral Resource Estimate anticipated in Q1 2026 for Gemini North Zone

TORONTO, ON – EV NICKEL INC. (TSX-V: EVNI is pleased to announce assay results from 15 diamond drill holes completed

as part of its 2025 diamond drill program at the Shaw Dome Project. The program was designed to test the western

extension of the Gemini North Zone (10 holes) and evaluate regional targets associated with the CarLang C Area (5 holes).

Assay results have been received for all 15 holes drilled on the Shaw Dome Project (see Tables 1, 2, 3 and 4 and Figure 2).

Fourteen of the 15 drill holes intersected nickel mineralization associated with dunite and peridotite host rocks within the

CarLang Trend. The Gemini North Zone is located at the northeastern end of the CarLang Trend (see Figures 1 and 2) and

represents an interpreted dunite/peridotite body measuring approximately 1,000 metres by 500 metres.

“Continuing to confirm the large -scale nickel potential of the Gemini North and CarLang C zones, EVNi is uniquely

positioned to take advantage of increasing nickel prices given the balance of both large -scale and higher -grade nickel

mineralization,” said P aul Davis, Vice President of Exploration. “Preliminary metallurgical test work indicates that the

nickel mineralization associated with Gemini North responds better to sulphide flotation than other similar deposits,

offering improved recovery potential and processing simplicity. As part of the Company’s strategy to advance the Gemini

North Project, EVNi is currently completing a preliminary mineral resource estimate, which is anticipated for release later

this quarter.”

Gemini North – Western Extension

All ten drill holes completed as part of the 2025 Phase 2 diamond drill program (see Table 1 and Figure 2) intersected

nickel mineralization, confirming a western extension of the previously announced Gemini North nickel zone (see press

releases dated March 19, 2025 and May 26, 2025).

The Phase 2 program successfully extended nickel mineralization approximately 300 to 350 metres west of the Phase 1

drill results, increasing the interpreted strike length of the host dunite/peridotite body to approximately 750 metres from

east to west. Results from both Phase 1 and Phase 2 drilling will form the basis of a Preliminary Mineral Resource Estimate

for the Gemini North Zone, anticipated in Q1 2026.

Drill hole Target Area From

(m)

Length

(m)

(%)

(ppb)

17.00 300.00 283.00 0.19 0.001 0.008 0.03 4.97 9.6 3.5 4.3

incl. 41.00 134.00 93.00 0.22 0.002 0.009 0.04 5.40 27.6 4.1 4.9

incl. 95.00 105.50 10.50 0.26 0.008 0.010 0.16 6.42 1.7 11.9 18.9

21.00 96.00 75.00 0.25 0.004 0.011 0.02 5.95 0.2 8.7 12.9

incl. 30.00 72.00 42.00 0.29 0.006 0.012 0.03 5.98 0.3 13.1 22.3

incl. 55.50 67.50 12.00 0.36 0.016 0.012 0.06 6.01 0.4 36.9 70.5

2.30 171.50 169.20 0.24 0.002 0.011 0.02 5.79 4.4 7.1 11.9

incl. 102.50 105.50 3.00 0.44 0.009 0.015 0.11 5.94 3.6 51.0 89.5

incl. 116.00 119.00 3.00 0.32 0.001 0.013 0.01 5.70 0.2 18.5 28.5

10.63 48.35 37.72 0.23 0.001 0.012 0.01 5.69 13.8 10.8 16.4

incl. 18.00 24.00 6.00 0.30 0.001 0.012 0.01 5.73 1.6 19.0 26.3

22.34 50.50 28.16 0.22 0.001 0.010 0.01 5.42 4.0 1.0 1.7

129.00 175.50 46.50 0.20 0.001 0.009 0.10 5.34 5.4 3.1 3.5

EV25-GN18 Gemini North 7.00 300.00 293.00 0.24 0.001 0.009 0.08 4.06 1.3 0.7 1.1

26.58 162.00 135.42 0.21 0.001 0.008 0.03 4.46 0.6 1.9 1.2

and 249.00 300.00 51.00 0.22 0.001 0.008 0.02 3.83 5.5 1.7 2.2

229.93 300.00 70.07 0.24 0.001 0.008 0.04 3.57 78.4 1.0 0.5

incl. 274.50 297.00 22.50 0.26 0.001 0.008 0.01 3.64 196.1 1.8 0.5

EV25-GN21 Gemini North 12.25 240.00 227.75 0.23 0.001 0.009 0.02 4.34 22.8 2.0 2.3

109.00 178.35 69.35 0.23 0.005 0.010 0.16 6.30 1.1 6.9 12.1

incl. 171.00 177.00 6.00 0.37 0.035 0.015 0.25 6.19 2.8 23.5 57.3

Gemini North

3) Platinum (Pt), Palladium (Pd) and Gold (Au) by fire assy and ICP-AES finish

Table 1: Shaw Dome - Gemini North Drill Holes

1) Drill Intercepts represent drill widths only; true widths are unknown and have not been calculated

2) Nickel (Ni), Copper (Cu), Cobalt (Co), Iron (Fe) and Sulphur (S) by sodium peroxide fusion with an ICP finish

EV25-GN13

EV25-GN14

EV25-GN15

EV25-GN16

EV25-GN17

EV25-GN19

EV25-GN20

EV25-GN22

Gemini North

Drill Hole UTM Easting

(mE)

UTM Northing

(mN)

Elevation

(m)

Dip

(°)

Azimuth

(°)

Depth

(m)

EV25-GN13 498493 5359383 303.2 -68 150 300

EV25-GN14 498460 5359447 304.9 -87 155 302

EV25-GN15 498425 5359519 305 -67 330 299

EV25-GN16 498388 5359580 304.6 -45 330 174

EV25-GN17 498540 5359320 302.2 -44 150 300

EV25-GN18 498275 5359369 301.5 -86 330 300

EV25-GN19 498234 5359439 300.5 -70 330 300

EV25-GN20 498197 5359501 300.3 -44 330 300

EV25-GN21 498312 5359303 304.4 -67 150 300

EV25-GN22 498348 5359233 301.4 -46 150 241

Table 2: 2025 Drill Program - Gemini North -Location and Depth

Notably, intercepts containing elevated sulphur contents associated with higher nickel grades were encountered,

including:

• EV25-GN22: 6.0 metres grading 0.37% Ni and 0.25% S

• EV25-GN15: 3.0 metres grading 0.44% Ni and 0.10% S

These results indicate that higher -grade, sulphide -bearing peridotite and dunite units may be continuous across the

Gemini North Zone.

CarLang C – Gemini North Regional Drilling

Five additional diamond drill holes were completed on the eastern and southern margins of the Gemini North Zone and

within the eastern portion of the CarLang C Area (see Table 3 and Figure 2). Four of the five holes intersected broad zones

of nickel mineralization ranging from 0.22% to 0.27% Ni.

Significant intercepts include:

• EV25-CAR12: 73.5 metres grading 0.25% Ni and 0.21% S

• EV25-CAR11: 114.0 metres grading 0.27% Ni and 0.07% S

• EV25-CAR14: 16.5 metres grading 0.30% Ni and 0.05% S

These results confirm the potential for additional large -scale nickel mineralization hosted within dunite and peridotite

units in both the Gemini North and CarLang C areas.

Hole EV25-CAR13 tested an isolated magnetic anomaly east of the CarLang C and Gemini North zones and intersected a

thick sequence of iron formation, interpreted to be the source of the strong magnetic response.

Drill hole Target Area From

(m)

Length

(m)

(%)

(ppb)

16.00 300.00 284.00 0.22 0.002 0.010 0.08 5.95 11.1 6.9 8.8

incl. 174.00 190.50 16.50 0.30 0.019 0.011 0.05 6.28 23.3 20.7 32.0

incl. 205.50 241.50 36.00 0.26 0.001 0.010 0.09 5.33 27.8 17.7 24.6

EV25-CAR12

Southern

Extension

Gemini North

31.50 205.00 173.50 0.25 0.001 0.011 0.21 5.91 36.3 1.6 1.1

EV25-CAR13

42.00 300.00 258.00 0.24 0.001 0.011 0.06 5.87 2.0 4.7 3.8

incl. 186.00 300.00 114.00 0.27 0.001 0.012 0.07 5.44 4.0 3.2 1.3

EV25-CAR15 CarLang C 18.00 300.00 282.00 0.24 0.001 0.010 0.06 4.96 4.9 0.7 0.5

1) Drill Intercepts represent drill widths only; true widths are unknown and have not been calculated

2) Nickel (Ni), Copper (Cu), Cobalt (Co), Iron (Fe) and Sulphur (S) by sodium peroxide fusion with an ICP finish

3) Platinum (Pt), Palladium (Pd) and Gold (Au) by fire assy and ICP-AES finish

Eastern

Extension

Gemini North

NSR

CarLang C

EV25-CAR11

EV25-CAR14

Table 3: Shaw Dome - CarLang Trend Exploration Drill Holes

Drill Hole UTM Easting

(mE)

UTM Northing

(mN)

Elevation

(m)

Dip

(°)

Azimuth

(°)

Depth

(m)

EV25-CAR11 498914 5359753 299.1 -60 240 300

EV25-CAR12 498868 5359322 297 -60 325 300

EV25-CAR13 499434 5359475 288.6 -60 210 300

EV25-CAR14 499202 5358471 289.4 -60 215 300

EV25-CAR15 499124 5358322 289.2 -60 215 300

Table 4: 2025 Drill Program - CarLang Trend Regional -Location and Depth

Core Handling and Assay-QA/QC Procedures

NQ-sized drill core from the Phase 2 Diamond Drill Hole Program, part of the Shaw Dome Project, was sawn in half at the

Company’s core logging facility located near the project site. One half of the core was retained for reference, and the

remaining half was bagged and transported to Activation Laboratories Limited (“Actlabs”) in Timmins, Ontario, for sample

preparation and analysis.

Certified reference materials and blanks were inserted into the sample stream by the Company as part of its quality

assurance and quality control (“QA/QC”) program. At Actlabs, samples were crushed to 80% passing 2 mm, with a riffle

split pulverized to 95% passing 105 microns. Nickel, copper, cobalt, iron, and sulphur were analyzed by peroxide fusion

with an ICP-OES finish. Gold, platinum, and palladium were analyzed by fire assay with an ICP-OES finish.

Assay results may vary from time to time due to re-analysis conducted as part of ongoing QA/QC procedures.

Granting of Share-Based Compensation

The Company also announces that it has granted 272,728 restricted share units (“RSUs”) to directors of the Company.

Each RSU entitles the holder to receive one common share of the Company upon vesting. The RSUs vest in equal tranches

as follows: one-third after 12 months from the date of grant, one-third after 24 months, and the remaining one-third after

36 months.

The RSUs were issued pursuant to the Company’s equity incentive plan, the applicable RSU agreements, and the policies

of the TSX Venture Exchange.

About EV Nickel Inc.

EV Nickel’s mission is to provide the world with clean nickel from Tier 1 jurisdictions. Our projects are located within 30

km 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 on -shore the full vertical

integration of electric batteries and vehicles.

EV Nickel aims to play an integral part of the North American on -shoring 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 Nick el 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 pro viding 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, P.Geo., 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.

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking information. Such forward-looking statements or information are provided

for the purpose of providing information about management's current expectations and plans relating to the future.

Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-

looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects",

"intends", "plans", "may", "will", and similar expressions. Forward-looking statements or information are based on a

number of factors and assumptions which have been used to develop such statements and information, but which may

prove to be incorrect. Although EVNi believes that the expectations reflected in such forward-looking statements or

information are reasonable, undue reliance should not be placed on forward-looking statements because the Company

can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ

materially from those described in such forward-looking information include, but are not limited to, changes in business

plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise

sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and

concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes

in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of

metals and other commodities, environmental challenges and risks, the Company's ability to obtain the necessary

permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and

consents in a timely fashion relative to the Company's plans and business objectives, changes in environmental and

other laws or regulations that could have an impact on the Company's operations, compliance with such laws and

regulations, dependence on key management personnel, and general competition in the mining industry. These risks, as

well as others, could cause actual results and events to vary significantly. The forward-looking information in this press

release reflects the current expectations, assumptions and/or beliefs of EVNi based on information currently available to

the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be

required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking

information, whether as a result of new information, future events or results or expressly qualified by this cautionary

statement.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the " U.S. Securities

Act "), or any applicable state securities laws and may not be offered or sold to, or for the account or benefit of, persons

in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act,

absent registration or an exemption from such registration requirements. This press release shall not constitute an offer

to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such

offer, solicitation or sale would be unlawful.

Contact Information

For further information, visit www.evnickel.com

Or contact: Paul Davis

E-mail: [email protected]

EV Nickel Inc.

200 – 150 King St. W

Toronto, ON M5H 1J9

www.evnickel.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.

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