EVNI.V · 2023-05-15 12:00:00

EV Nickel W4 Met Sample Drill Results Include- 71.9m Grading 0.97% Ni with 4.0m Grading 4.00% Ni and 13.0m Grading 1.87% Ni

Drill Results

May 15th, 2023 TSX-V: EVNI

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

EV Nickel W4 Met Sample Drill Results Include- 71.9m Grading

0.97% Ni with 4.0m Grading 4.00% Ni and 13.0m Grading 1.87% Ni

• EVMET23-01 intersected 71.9m grading 0.97% Ni, including 29.9m grading 1.44% Ni & 4.0m grading 4.00% Ni

• EVMET23-02 intersected 61.3m grading 0.81% Ni, including 13.0m grading 1.87% Ni

• Both holes will be used by SGS to generate nickel concentrate for the Bioleaching Test Program

• Updated W4 Resource Estimate expected next month, including the recently defined W4 Extension

TORONTO, ON – EV Nickel Inc. (TSX-V: EVNI) (“EVNi” or the “Company”) is pleased to report the assay results for two holes

completed as part of the 2023 Drill Program, within the upper portion of the W4 Zone. The holes were designed to provide

a 1,000 kg composite sample to be used for the generation of a representative nickel concentrate sample to be used in

the Clean Nickel™ Bioleaching Test Program (for more detail on Bioleaching please see the News Release dated May 3,

2023). Each of these metallurgical analysis holes intersected high-grade nickel sulphide mineralization consistent with the

W4 Zone. The two holes were submitted to SGS Canada Inc. (“SGS”) for analyses and processing and to provide a suitable

quantity and quality of material for the development of the nickel concentrate, scheduled for completion in July.

Holes EVMET23-01 and EVMET23 -02 contain impressive intercepts of high -grade nickel. Hole EVMET23-01 intersected

71.9 metres grading 0.97% Ni, including 29.9 metres grading 1.44% Ni and 4.0 metres grading 4.00% Ni ; and Hole

EVMET23-02 intersected 61.3 metres grading 0.81% Ni , including 13.0 metres grading 1.87% Ni . Table 1, below,

summarizes the assay results for the metallurgical drill hole program.

“These two holes, while drilled to advance our Clean Nickel™ research, once again confirm the continuity of the high-grade

nickel mineralization hosted in the W4 Zone,” states Paul Davis, EVNi’s Vice President of Exploration. “The intersection of

over 70 metres of 0.97% Ni in hole EVMET23 -01 along with the higher -grade intervals up to 4.00% nickel really

demonstrates how the W4 Zone is one of the best, undeveloped nickel zones in the Timmins Area. The updated W4 Zone

resource estimate including the W4 Extension, all within approximately 400 metres of surface, will highlight W4’s potential.

I am very excited to see the results of the updated resource estimate and have been encouraged by the continuity and

grade of the mineralization observed in the zone.”

The results of the Shaw Dome –W4 2023 Metallurgical Holes are included in Table 1:

Detailed location and depth details Program – Shaw Dome W4 2023 Metallurgical Holes are in Table 2:

2023 Concentrate Generation – Bioleach Testing

The Concentrate Generation program is being completed by SGS to produce a nickel concentrate from an approximately

1,000 kilogram composite sample comprised of material from holes EVMET23-01 and EVMET23-02. The nickel concentrate

will then supply the material needed for the Company’s continued Clean Nickel ™ Bioleaching Test Program. Production

of the concentrate is scheduled for completion in July 2023.

Updated W4 Resource Estimate on Schedule for Q2 2023

The Company has engaged Caracle Creek International Consulting Inc. to complete an updated Resource Estimate on the

W4 Zone and this is on schedule for completion in Q2 2023. The updated resource estimate will encompass the entirety

of the mineralized zone from surface , including the diamond drill holes from the 2023 diamond drilling program on the

W4 Extension, down to approximately 400 metres vertical depth and representing a near doubling of the vertical depth

of mineralization in comparison to the 2010 Historic Resource Estimate.

Assay QA/QC

Whole drill core samples from hole EVMET23-01 and EVMET23-02 were bagged at the core logging facility located near

the property and transported to SGS for preparation and analysis. Certified standards and blanks are included for quality

assurance and quality control at the laboratory. All Samples are crushed to minus 6 mesh and then subsampled and

pulverized in preparation for analysis for head assay in duplicate with all remaining material to be drummed and stored

in freezer storage until required for the concentrate generation . Nickel, copper and cobalt are analyzed by sodium

peroxide fusion with an ICP finish , platinum, palladium and gold by fire assay and ICP -OES finish and sulphur is analyzed

Drill hole From

(m)

Length

(m)

(%)

(ppm)

EVMET23-01 31.10 103.00 71.90 0.97 0.07 0.01 1.12 0.04 0.11 0.27

incl. 31.10 61.00 29.90 1.44 0.15 0.01 1.89 0.01 0.16 0.40

incl. 41.00 60.00 19.00 1.70 0.19 0.02 2.13 0.01 0.18 0.49

incl. 44.00 47.30 3.30 4.00 0.46 0.04 4.68 0.02 0.38 1.26

EVMET23-02 31.40 92.70 61.30 0.81 0.03 0.01 0.84

incl. 46.00 59.00 13.00 1.87 0.08 0.02 2.05

incl. 71.30 78.20 6.90 0.97 0.06 0.01 0.98

Table 1: Shaw Dome W4 2023 Metallurgical Drill Holes

1) Drill Intercepts represent drill widths and true widths have not been calculated

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

4) Sulphur (S) by LECO with ICP-AES Finish

2) Nickel (Ni), Copper (Cu), Cobalt (Co) by sodium peroxide fusion with an ICP finish

pending

Drill Hole UTM Easting

(mE)

UTM Northing

(mN)

Elevation

(m)

Dip

(°)

Azimuth

(°)

Depth

(m)

EV23MET-01 497352 5349482 289.15 -83 180 120

EV23MET-02 497351 5349473 289.32 -89 360 141

Table 2: Shaw Dome W4 2023 Metallurgical Holes - Locations and Depth

by infrared detection on LECO instrumentation . These and future assay results may var y from time to time due to re‒

analysis for quality assurance and quality control.

About EV Nickel Inc.

EV Nickel’s mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed

on the Shaw Dome Project, south of Timmins, Ontario. The Shaw Dome includes the CarLang Area with more than 10 km

of mineralization and where the first 20% contains the A Zone - with a Resource which defined 1.25M Indicated and 1.16M

Inferred tonnes of Contained Nickel and the W4 Zone Deposit - the basis of a 2010 historical estimate of 677K tonnes @

1% Ni, ~15M lbs 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 >100 km of additional favourable cumulative strike length. The Company is focused on a 2 -track strategy:

Track 1 - to produce High-Grade Clean Nickel ™ (starting with W4) and Track 2- an integrated Carbon Capture & 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 Criti cal Minerals

Innovation Fund (“CMIF) and the Government of Canada through the Industrial Research Assistance Program (“IRAP”) in

assisting with the implementation of EVNI’s Clean Nickel™ Research and Development Program.

Qualified Person

The Company’s Pro jects 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 the Langmuir project’s 2010 historical estimate:

Historical mineral resources for Langmuir were estimated by SRK Consulting (Canada) Inc., as documented in a report

entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated

June 28, 2010 (the “Historical Report”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify

the historical assay results and technical information reported herein. The Company is not treating the Historical Report

as current. The reader is cautioned not to rely upon any of the Historical Report, or the estimates therein. The historical

estimates are presented herein as geological information only, as a guide to follow-up technical work, and for targeting of

confirmation and exploration drilling.

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 p lans 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 "proposed", "expects", "intends", "may", "will", and sim ilar

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 EV Nickel 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 requi red 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, the Company’s ability to obtain required shareholder or regulatory

approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID -19 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 E V Nickel 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.

Contact Information

For further information, visit www.evnickel.com

Or contact: Sean Samson, Chief Executive Officer at [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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