EV Minerals Outlines 2023 Exploration and Drilling Plan at EV Nickel Project in Saguenay-Lac-Saint-Jean Region, Quebec

Toronto, Ontario--(Newsfile Corp. - November 9, 2023) - EV Minerals Corporation (CSE: EVM) (FSE: RLC) (the "Company" or "EV") is pleased to announce plans for the 2023 exploration activities at the EV Nickel-Copper-Cobalt ("EV Nickel Project") Project in the Saguenay-Lac-Saint-Jean Region, Quebec.

Exploration activities for 2023 are expected to commence during the first week of November and will include both confirmatory and exploratory drilling across the 1,792-hectare property which hosts a historically drilled non-43-101 compliant resource of 5.855 Mt grading 0.21% Nickel ("Ni"), 0.11% Copper ("Cu"), 0.03% Cobalt ("Co")* (See Figure 1).

2023 Exploration Highlights

• Comprehensive desktop program - analysis focused on known historical drill data and regional geology to produce detailed near-term and long-term exploration plans and targets. Desktop work also includes re-interpretation of historical metallurgical testing and analysis of flight line data from the AirTem Mag and EM survey flown in late 2022 which was interpreted by Condor Consulting, Denver, Colorado and MB Geosolutions, Quebec.
• Confirmatory drilling - commence upgrading historical resource numbers to NI 43-101 standard.
• Exploratory drilling - fence drilling program focused on the previously identified Eastern airborne time domain electromagnetic (TDEM) anomaly that included a sole drill hole, DH-158, returning 0.80% Ni, 0.33 Cu%, 0.06% Co over 6.52 metres including 1.3% Ni, 0.29% Cu, 0.08% Co over 2.50 metres from 27.92 metres depth (See Figure 2).
• Metallurgical testing - focused on a follow-up program including drafting of preliminary process design flow charts, which will be based on historical test work and assessing best processes for Ni recovery for the current deposit.

"In last months, our efforts were to re-confirm the historically identified mineralized zones and reinterpret additional TDEM anomalies on trend with the only drill hole on the eastern trend which returned the best historical Nickel values. The conclusion of interpretation outlines several high-priority drill targets which we will now test," commented EV Minerals President and CEO Nicholas Konkin. "We will be able to cover a fair amount of ground through the drill program due to the shallow dipping nature of the historically identified deposit. The program aims at drilling 16 holes in average 75 metres in depth and we will use the results of the program to springboard into a larger program in 2024. We look forward to the results."

Figure 1: Regional Map and Historical Non-Compliant Resource Location

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Figure 2: TDEM Conductivity Map and Anomalous Zone Locations

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Figure 3: Proposed Drill Hole Location Map

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About EV Nickel-Copper-Cobalt Project

The 1,792-hectare EV Nickel-Copper-Cobalt Project has been a source of ongoing enthusiasm for the EV Minerals technical team. This Project is north of Saguenay Quebec and is easily accessible by numerous forest service roads. The EV Nickel Project has an undeveloped 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 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-Saint-Jean anorthosite complex which covers most of southern Quebec. The property lies on the far western edge of the complex which is a major Proterozoic age formation consisting of high-grade gneisses and granitic intrusives. 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

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 area, the Province of Quebec. This deposit is reputed 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), 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 above were completed in 1985, 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.

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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