Mr. Sean Samson reports

EV NICKEL UPDATES RESOURCE ESTIMATE ON THE HIGH-GRADE W4 DEPOSIT- MORE THAN DOUBLES 2010 HISTORICAL ESTIMATE

EV Nickel Inc. has provided an updated mineral resource estimate (MRE) for the W4 deposit, a high-grade nickel deposit in the southeast of its Shaw Dome project.

EV Nickel completed diamond drilling on the W4 deposit between 2021 and 2023, combining these new data with historical drilling completed on the W4 zone by Golden Chalice Resources (see technical report filed on SEDAR dated April 12, 2021) to complete an updated MRE in accordance with National Instrument 43-101. The updated MRE reports measured resources of 490,000 tonnes or 11.5 million pounds (Mlb) of contained nickel, indicated resources of 960,000 tonnes or 19.8 Mlb of contained nickel, and inferred resources of 560,000 or 12.1 Mlb of contained nickel. This updated MRE was modelled to approximately 500 metres from surface while the 2010 historical resource estimate was to approximately 400 m from surface. The W4 deposit remains open at depth and along plunge.

"This is a major step on our mission to accelerate the clean energy transition with our Clean Nickel," said Sean Samson, president and chief executive officer. "Expanding the total measured, indicated and inferred resources to more than 43 Mlb of nickel sets up our two-track strategy of defining near-surface, high-grade nickel resources and combining them with the large-scale projects in the Shaw Dome. We have the best of both worlds, including an avenue to potentially be in production in the next three to four years from W4 and continue advancing the transformational, large-scale CarLang. From here, this updated MRE will be the basis for a preliminary economic assessment, to present the economic potential of the deposit."

"More than doubling the size of the 2010 historical resource for the W4 deposit confirms that it has the grade and the size to be considered a near-term source of nickel production," said Paul Davis, vice-president, exploration. "The significant expansion of the W4 resource remains open at depth and along plunge and the company interprets that the W4 deposit has further room to grow. The Shaw Dome represents one of the best places in the world to be exploring for nickel and EVNi has an incredible property position with more known high-grade mineralization plus large-scale targets."

A technical report in support of the MRE will be filed on SEDAR within 45 days of the date of this news release. The MRE is effective as of June 9, 2023.

On a nickel equivalent basis (NiEq), this measured and indicated resource of 31.3 Mlb at 0.98 per cent Ni, works out to 33.2 Mlb NiEq (2.2 times the 2010 historical estimate on an NiEq basis) and the inferred resources of 12.1 Mlb at 0.98 per cent Ni works out to 12.9 Mlb (3.8 times the 2010 historical estimate on an NiEq basis).

Core handling and assay -- quality assurance/quality control procedures

Drill core samples from EV Nickel drilling at the W4 nickel deposit were cut or whole core sampled and bagged at the core logging facility located near the Shaw Dome project and transported to ALS Canada Ltd. for analysis. Samples, along with certified standards and blanks, included by the company for quality assurance and quality control, were prepared and analyzed at ALS. Samples were crushed at ALS to 70 per cent less than two millimetres. A riffle split was pulverized to 85 per cent passing 75 microns. Nickel, copper, cobalt and sulphur are analyzed by sodium peroxide fusion with an inductively coupled plasma finish and platinum, palladium and gold by fire assay and an inductively coupled plasma atomic emission spectroscopy finish. These and future assay results may vary from time to time due to reanalysis for quality assurance and quality control purposes.

About EV Nickel Inc.

EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focused on the Shaw Dome project, south of Timmins, Ont. EV Nickel has over 30,000 hectares to explore across the Shaw Dome and has identified greater than 100 kilometres of additional favourable strike length. The Shaw Dome includes the high-grade W4 deposit -- with a resource which defined two million tonnes at 0.98 per cent Ni for 43.3 Mlb of Class 1 nickel across measured, indicated and inferred and the large-scale CarLang area with more than 10 km of mineralization and where the first 20 per cent contains the A zone -- with a resource which defined one billion tonnes at 0.24 per cent Ni for 5.3 billion lb of Class 1 nickel across indicated and inferred. EV Nickel owns the trademark for Clean Nickel and plans to grow and advance a Clean Nickel business, targeting the growing demand from the electric vehicle battery sector. The company is focused on a two-track strategy: track 1 -- to produce high-grade Clean Nickel (starting with W4) and track 2 -- an integrated carbon capture and storage project with large-scale Clean Nickel production (starting with CarLang).

Qualified persons

The qualified person for the MRE reported herein and as defined by NI 43-101 is Simon Mortimer, FAIG No. 4083, principal geoscientist at Atticus Geoscience Consulting SAC, working with Caracle Creek International Consulting Inc.

The company's projects are under the direct technical supervision of Mr. Davis, PGeo 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.

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