Mr. Nicholas Konkin reports

EV MINERALS HIGHLIGHTS HISTORIC NORTH ZONE RESULTS PROVIDING COMPELLING DRILL TARGETS AT EV NICKEL PROJECT IN SAGUENAY-LAC-SAINT-JEAN REGION, QUEBEC

EV Minerals Cor. has identified compelling North zone drill targets and the potential for resource expansion by infill drilling from additional phase 1 desktop compilation at the EV nickel-copper-cobalt project in the Saguenay-Lac-Saint-Jean region, Quebec.

EV Minerals also anticipates 2023 drilling results from its inaugural 13-hole drill program completed on Jan. 24, 2024, where initial exploration encountered semi-massive to massive sections of sulphide mineralization to be returned from the assay lab shortly. The company will also test results from the historic compilation for a 2024 follow-up drill program.

Initial desktop compilation highlights in the North zone:

• Highlights include North zone composites leaving strong potential for resource expansion by infill drilling and the zone being open to the north.
• Highlights in the North zone include hole 89-MCN-132, which intersected two wide zones that graded 0.03 per cent cobalt, 0.11 per cent copper and 0.38 per cent nickel over 14.00 metres from 25.00 m, and 0.04 per cent Co, 0.15 per cent Cu and 0.29 per cent Ni over 21.60 m from 48.20 m, which includes 0.09 per cent Co, 0.49 per cent Cu and 1.17 per cent Ni over 2.40 m from 48.20 m.
• Further high-grade pockets of nickel were intersected, including hole 89-MCN-133, which graded 0.10 per cent Co, 0.11 per cent Cu and 1.64 per cent Ni over 2.30 m from 34.80 m, and 0.08 per cent Co, 0.06 per cent Cu and 1.47 per cent Ni over 0.70 m from 47.60 m.
• Copper was intersected in 89-MCN-134, which graded 0.02 per cent Co, 1.17 per cent Cu and 0.16 per cent Ni over 0.50 m from 85.00 m.
• Multiple holes revealed opportunity for further multielement potential, such as hole 89-MCN-129, which graded 0.78 per cent Cu, 0.86 per cent lead and 0.52 per cent zinc over 1.00 m from 30.00 m, and hole 89-MCN-141, which graded 2.00 per cent Pb over 1.00 m from 9.70 m.
• A total of 160 drill holes, drilled in 1989, are reported in assessment reports. All holes have been captured into a properly structured database and verified to enable the generation of an interactive 3-D model of the deposit. This is an essential step toward planning the next drill program and resource update.
• Analysis of the historic logs indicate that the Northern zone mineralization appears as massive sulphides (pyrrhotite, pyrite and chalcopyrite), often exhibiting strong tectonic-sheared textures, within anorthositic gabbro to gabbro.

"Modern digitization of historic exploration on the property has given us excellent insight into multiple areas for resource expansion. It is clear that there is a strong potential to expand the main historic resource through infill drilling and multielement exploration at the EV nickel project," commented EV Minerals president and chief executive officer Nicholas Konkin. "With the completed digitization, we are better equipped to model our follow-up drilling around the many [greater-than]-1-per-cent nickel intercepts encountered on the property. This compilation has also given us a strategic approach to evaluating metallurgical testing, which will be our next phase of analysis."

About EV nickel-copper-cobalt project

The 1,792-hectare EV nickel-copper-cobalt project has been a source of continuing enthusiasm for the EV Minerals technical team. This project is north of Saguenay, Que., and is easily accessible by numerous forest service roads. The EV nickel project has an undeveloped resource of 5,585,000 tonnes with grades of 0.21 per cent Ni, 0.11 per cent Cu and 0.03 per cent Co (non-National Instrument 43-101-compliant resource)*. The EV nickel project (formerly the McNickel deposit) was discovered in 1987, with a major drilling campaign completed in 1989 by a junior explorer.

The claims host a magmatic sulphide deposit consisting of disseminated, stringer and massive nickel, copper and cobalt mineralization in a gabbro-leucogabbro host rock. It is likely a sill which has intruded anorthositic rocks of the expansive Lac-St-Jean anorthosite complex, the largest of its kind in the world. The property lies on the far western edge of the complex, which is a major Proterozoic-age intrusive consisting of a differentiated mafic body intruding the high-grade gneisses and granitic. In 1998, the Quebec government produced a detailed report on the property in the publication, "Etude du gite De Cu-Ni-Co de McNickel, Suite Anorthositique De Lac Saint-Jean, Thomas Clark, Claude Hebert, ET 98-02."

Qualified person

Morgan Verge, an independent qualified person as such term is defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the geological information reported in this news release. Ms. Verge is accepted into L'Ordre des geologues du Quebec (OGQ) with special authorization AS-10716.

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 is composed of 32 mineral claims covering approximately 1,792 hectares located in the Saguenay area in the province of Quebec. This deposit contains a non-current historical resource of 5,585,000 tonnes with grades of 0.21 per cent Ni, 0.11 per cent Cu and 0.03 per cent Co (non-NI 43-101-compliant resource), which is to be re-evaluated with the consideration of using either bioleaching or acid leaching and electrowinning for nickel, cobalt and copper recovery.

* The foregoing historical resource estimates presented were completed in 1989, prior to the implementation of the requirements of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). The company is not treating the historic resources as current. However, given the abundance and quality of the historic drill work completed, the company is confident that a mineral resource could be generated on the deposit through sufficient confirmation drilling.

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