EV Minerals Presents Corporate Review

Toronto, Ontario--(Newsfile Corp. - November 8, 2023) - EV Minerals Corporation (CSE: EVM) (FSE: RLC) (the "Company" or "EV") is pleased to provide a corporate review ahead of announcing plans for 2023 exploration activities at the EV Nickel-Copper-Cobalt Project in the Saguenay-Lac-Saint Jean Region, Quebec.

The Company recently completed a flow-through private placement offering and will now begin to activate the depth of its board and advisors to begin planning for diamond drilling on the many high-priority targets at site.

Notable Corporate Highlights

• Top-tier leadership - Board and advisors with long-standing Nickel and Copper backgrounds, complete with a history of successful economic resource development
• Running start - historically explored, near-surface, resource-stage Nickel-Copper-Cobalt project in the Saguenay-Lac-Saint Jean Region, Quebec
• The right jurisdiction - Quebec Government is "all-in" on Critical and Battery Metals development

"We have completed the necessary funding to embark on our initial exploration program commencing soon. The details of the program will be released to investors shortly. One of our strongest attributes is that EV Minerals has a running start with a previously explored near-surface nickel asset in a critical and battery metals hotspot jurisdiction. We further de-risk the asset through the invaluable experience that the Company's Board and advisors bring with their long and successful history in the nickel/mineral sector. We look forward to getting to work in what should be a very exciting balance of the year," said Company CEO Nicholas Konkin.

Top-Tier Leadership

Peter Ball, Technical Advisor: Experienced public resource company CEO with 30+ years in mining and public market finance. Previous senior executive roles in South American publicly listed companies in Argentina, Peru, Brazil and French Guiana leveraging engineering, finance, brokerage and marketing leadership roles. Involved in corporate financings in excess of $200M.

Scott Hand, Technical Advisor: Scott is an experienced mining executive with 47+ years in the mining industry including former Chairman and CEO of INCO Ltd before its acquisition by Vale for US$19B in 2007. Scott has held directorships with several resource companies including as Lead Director of Karora Resources (formerly Royal Nickel Corporation and now in gold mining in Western Australia), Fronteer Gold (sold to Newmont in 2011 for US$2.3B), and China state-owned Chinalco Mining Corp. International (Toromocho Copper Mine in Peru).

Dr. Colin Hunter, Technical Advisor: Dr. Hunter is a published and experienced metallurgical engineer with over 35 years managing mill and flotation operations around the world including large nickel operations. Currently, Dr. Hunter is the Executive Director of Pacific Ore Limited, which develops bacterial leaching technology called BioHeapTM. Dr. Hunter will consult EV Minerals on upcoming metallurgical test work.

Tom Griffis, Technical Advisor: Tom Griffis is the founder of Griffis Capital that has focused the majority of its activities on natural resource, technology and healthcare companies requiring early to mid-stage financing. The focus of past activities has been in resource-based assets located in Ghana, Argentina, Kazakhstan, USA and Canada, and technology and healthcare companies with a primarily North American focus. Mr. Griffis has founded and served on the Board of Directors of several private and publicly traded companies. Previously, Mr. Griffis was a pilot in the Canadian Armed Forces. During his 20 years of service, he held several positions of command including as pilot and commander of the Canadian national aerobatic team the Snowbirds.

Paul Mattinen, Technical Advisor: Mr. Mattinen has over thirty-seven years of base and precious metals exploration experience in the U.S. and Canada. His technical expertise covers epigenetic gold, volcanogenic massive sulfide, copper and tungsten skarns, porphyry gold and copper, placer gold, and magmatic nickel and copper sulfide and deposit models. He worked 19 years in junior and senior positions with Falconbridge including being heavily involved in the exploration and development of the Winston Lake Property in Ontario. Mr. Mattinen was also responsible for exploration and resource development of the Bucko Lake nickel deposit and has been involved in deals such as Royal Nickel and Asher Resources Corp.

Dino Titaro, Chairman: Dino has 35+ years of international experience having been involved in project management, feasibility studies, reserve estimation, due diligence studies, valuation studies, social and environmental permitting processes for mine construction and development and related risk management. He was the founder of Carpathian Gold Inc and is a registered Geologist in Ontario. Currently, Dino sits on the board of directors of Allied Gold Corporation which is a new producing gold company formed by the former leadership of Yamana Gold where Dino had served as an independent director. Yamana earlier this year was bought by Agnico Eagle and Pan American Silver for US$ 4.8 billion.

Nicholas Konkin, President & CEO, Director: Nicholas has extensive business experience with over a decade of developing successful private and public resource and technology start-ups combined with a strong background in wealth management and investor relations spanning resources, technology and medical services sectors. Mr. Konkin is currently Director of Capital Markets for Grove Corporate Services and serves as a Director of Graycliff Exploration Ltd.

Guy Charette, Director: Mr. Charette is a corporate finance lawyer with over thirty years of experience in the areas of securities, corporate finance, and mergers and acquisitions in Toronto and Montreal. Although primarily involved in the resource sector, he has also been involved in other areas such as medical technologies, industrial companies, as well as having acted for many underwriters on various types of securities offerings. His corporate finance activities have included projects in many parts of the world, including Africa, Europe, and South America. Mr. Charette has a particular expertise in developing innovative financial structures designed to match the needs of both issuers and investors. In addition, he has also served on many boards of directors over the years, as well as presented lectures on corporate and project finance to law students. Mr. Charette completed his Bachelor of Laws from the University of Ottawa in 1981 and was admitted to the Quebec Bar in 1982.

Rob Montemarano, Director: Rob has been involved in corporate and project financing activities in real estate, mineral exploration, hospitality and a variety of other industries. He is a director of Drone Delivery Canada and Armada Data Corporation. He was also a director of Ontex Resources from 1995 to 2010, which changed its name to Goldstone Resources and was bought by TSX listed company, Premier Gold, in June 2011 for $90 million. He has also been a director of several other publicly traded companies in the past 15 years.

Chris Irwin, Director: Chris practices securities and corporate/commercial law and is the President of Irwin Professional Corporation. He advises a number of public companies on a variety of issues including continuous disclosure and regulatory issues, reverse-takeover transactions, initial public offerings and takeover bids. Mr. Irwin is a director and/or officer of several public companies in the medical, tech, and mining sectors. Mr. Irwin is a former director of Trelawny Mining and Exploration Inc., a company acquired by IAMGOLD Corporation in a $608 million transaction, and a former director of Southern Star Resources Inc., which was formerly listed on the TSX prior to becoming Gold Eagle Mines Ltd. and being taken over by Goldcorp Inc. in a $1.5 billion transaction.

EV Nickel Project - A Running Start

The 1,792-hectare EV Minerals Nickel-Copper-Cobalt Project has been a source of ongoing enthusiasm for the EV Minerals technical team. This project is nestled in the western sector of the Lac Saint-Jean Anorthosite complex, a distinguished feature of the Precambrian age Grenville Province. The deposit, which hosts a historical resource of 5.585 million tonnes with grades of 0.21% Ni, 0.11% Cu and 0.03% Co (NI 43-101 non-compliant resource)*, was first discovered in 1987 with a major drilling program completed in 1989, and is marked by Proterozoic-age anorthosite formations, gently dipping at an angle of approximately 25 degrees to the east. This anorthosite intrusion ran parallel to the foliation of the adjacent gneisses, inducing a west-verging overturned fold in the rock layers.

The primary rocks in this region are gabbroic anorthosite to gabbro, with intersecting pyroxenites and localized granitoids. The geological history includes early ductile shearing and later ductile-brittle faulting, resulting in the repetition of the rock strata multiple times, as noted in historic drilling.

The mineralization within this project takes the form of stratabound sulphides, encompassing disseminated pyrrhotite, pyrite with traces of pentlandite and chalcopyrite, as well as extensive massive to disseminated sulphide lenses and fracture fills. These sulphide deposits are believed to have originated as magmatic cumulate sulphides. Bench-scale metallurgical testing proved these sulphides to be ammeable to bioleaching of nickel.

Opportunities for exploration and analysis abound, with convenient access to near-surface depths for efficient drilling and ample surface sampling where mineralized units emerge. Moreover, significant prospects exist at greater depths to the east, where mineralized zones incline eastward at a 25-degree angle. In addition to the forthcoming confirmatory drilling in the main zone, there is substantial exploration potential to the north and south of the primary zone, and around the continuous eastern magnetic anomaly, which has undergone limited drill testing with only five of the 159 historically drilled holes. Furthermore, several other magnetic anomalies in the region remain unexplored.

Quebec - The Right Jurisdiction

The province has always been a premier jurisdiction for mineral exploration highlighted by its abundance of key EV minerals (such as lithium, nickel, cobalt, and graphite), political stability including strong framework for investment in exploration, educated workforce, and its proximity to major markets.

Recently, Quebec has boosted its profile further with its plan to earmark over $100 million for the development of critical and strategic metals and investment into "Green Technologies", research and innovation, and partnerships and collaboration with the intention of being a North American hub for battery and EV technology development. On August 17, 2023, Ford and EcoProBM announced a $1.2 billion investment into Quebec with the development of a cathode plant.

EV Minerals is located in the right jurisdiction to potentially be a future supplier of Nickel for the EV market in North America.

Figure 1: Conductive Zone and Anomalous Zone Locations

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7111/186602_278f709c545bf8fc_001full.jpg

Additionally, EV Minerals announces that it has engaged bullVestor Medien GmBH ("bullVestor") and its general manager, both arm-length parties to the Company, to provide digital marketing services to the Company for a one-year term. The services will include the creation of content, strategic planning, digital advertisement placement, and overseeing progress and results of digital campaigns. The Company has agreed to pay bullVestor $250,000 every four months in three installments for a term of up to one year. Consideration offered to bullVestor does not include any securities of the Company as is only comprised of cash payment.

Qualified Person

Rejean Girard, an Independent Qualified Person ("QP") 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.

About EV Minerals Corporation

EV Minerals Corporation 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 comprised of 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 million tonnes with grades of 0.21% Ni, 0.11% Cu and 0.03% Co (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.

For more information, please contact:

Nicholas Konkin
President and CEO, Director
nick@evmineralscorp.ca
416-642-1807 Ext 305

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

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