Mr. Nicholas Konkin reports

EV MINERALS ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Further to EV Minerals Corp.'s press release of July 12, 2023, the company has closed the first tranche of its non-brokered private placement through the issuance of 1,470,600 flow-through units at a price of 17 cents per FT unit for gross proceeds of $250,000.

Each FT unit comprises one common share, issued on a flow-through basis and one-half of one common share purchase warrant, issued on a non-flow-through basis. Each FT warrant shall entitle the holder thereof to acquire one common share in the capital of the company at a price of 25 cents per common share for a period of two years from date of issuance. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada), which also qualify for the Canadian government's Critical Mineral Exploration Tax Credit.

In connection with the offering, the company paid certain eligible finders an aggregate of $17,500.14 and issued 102,942 finders' warrants. Each finder warrant entitles the holder thereof to acquire one common share at a price of 17 cents per common share until the date that is two years from the date of issuance.

All securities issued pursuant to the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The gross proceeds from the sale of the FT units will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada).

About EV Minerals Corp.

EV Minerals is a Canadian exploration company focused on mineral exploration and development. The current focus is the EV nickel project, host of the nickel-copper-cobalt McNickel deposit. The project comprises 32 mineral claims covering approximately 1,792 hectares located in the Saguenay mining district in the province of Quebec. Containing a historical resource of 5,585,000 tonnes with grades of 0.21 per cent nickel, 0.11 per cent copper and 0.03 per cent cobalt (NI 43-101 non-compliant resource), the deposit was first discovered in 1987 with a major drilling program completed in 1989.

The foregoing historical resource estimates presented above were completed prior to the implementation of the requirements of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects; however, given the quality of the historic work completed and the respective mining companies' reputations, the company believes the historical resource estimates to be both relevant and reliable. A qualified person has not completed sufficient work to classify these historic mineral resources as current mineral resources; and the company is not treating the historic resources as current.

We seek Safe Harbor.