EV Nickel Inc. reported 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. 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.

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 andEVMET23-02. 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.

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 Second Quarter 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. 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 by infrared detection on LECO instrumentation.

These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.