EV Nickel - Technical Analysis & Due Diligence

• EV Nickel is focused on exploring for nickel sulfides southeast of Timmins, Ontario. The company has a substantial land package near historic production areas. Their strategy combines exploiting high-grade mineralization for near-term production with seeking large-scale targets for long-term gains.
• EV Nickel was derived from another company, Rogue Resources. The nickel asset, which hadn't been worked on since 2010, was spun out in March 2021 and went public in December 2021. Since then, they've added more land packages to their portfolio.
• Much of the exploration is centered around the W4 deposit and the CarLang area. Recent results from W4 drilling indicate consistent width and grade, with some significant nickel hits. The CarLang area has favorable stratigraphy over a 10-kilometer stretch, with recent infrastructure developments making it more accessible.
• The primary geological interest is in the dunnite body, a rock composed mainly of olivine. As olivine serpentinizes, it releases its nickel, which can be captured if sulfur is present. This mechanism might explain the elevated nickel content in their findings.
• EV Nickel plans to continue drilling, targeting an updated indicated resource on W4 and a maiden resource on CarLang in 2023. The company anticipates a steady flow of reports and assay results in the coming months.

EV Nickel Presents Opportunity in Historic Canadian Nickel Mining District

EV Nickel is a Canadian exploration company focused on nickel deposits in the Shaw Dome area southeast of Timmins, Ontario. The company is exploring a large land package covering favorable geology across the historic mining district, with the goal of delineating high-grade nickel resources for near-term development as well as large-scale, lower-grade mineralization that could be economic in the future.

Interview with Sean Samson, President & CEO, and Paul Davis, VP Exploration

High-Grade Deposit Offers Potential Near-Term Production

The company's flagship property is the historic Langmuir project, which contains the W4 zone. W4 hosts a 2010 historic resource estimate of 677,000 tons at 0.99% nickel. The deposit is unique due to its mineralogy, consisting almost entirely of the nickel sulfide mineral pentlandite with 35-45% nickel content.

EV Nickel has recently completed a Phase 2 drill program at W4, targeting depth and strike extensions of the historic resource. Results were positive, extending mineralization over 400 meters down-plunge from the original 250 meters. The company believes the zone now appears to be one continuous body rather than a series of lenses. Highlights include intercepts of 20 meters at 0.85% nickel and 5 meters at nearly 2% nickel.

The company is planning an additional drill program at W4 by year-end 2022 to support an updated resource estimate in 2023. The target is to achieve an Indicated resource supporting a potential construction decision. W4 is located just 7 km from a permitted, idle mill that could potentially be restarted to process ore from W4 and other nearby deposits.

Large-Scale Targets Offer Substantial Optionality

In addition to the high-grade W4 deposit, EV Nickel is also exploring a large-scale, lower-grade target at its CarLang project, located on the Shaw Dome layered ultramafic complex. Historic studies have shown CarLang contains dunite layers with strong mineralization potential and nickel grades of 0.25-0.4%.

An 8,500 meter drill program is nearing completion at CarLang, with assays pending. The drilling aims to test 1.2 km of a prospective dunite unit with approximately 10 km of potential strike length identified. The company is targeting an initial resource in excess of 500 million tons for the project. Like W4, CarLang offers easy access and proximity to infrastructure.

Seasoned Team Applying Specialized Knowledge

EV Nickel benefits from the decades of specialized nickel exploration experience of its VP Exploration Paul Davis in the Shaw Dome area. Historic exploration focused on buried conductors, but Davis recognized nickel deposits in the district often have strong remnant magnetism that persists when power is off. Reprocessing historic data with new techniques has revealed priority targets.

The company feels it is still early days of exploring for "Cambalda-style" high-grade nickel sulfide deposits hosted in channelized komatiite flows across the Shaw Dome. Over 100 km of prospective stratigraphy has been identified, providing substantial upside on the large land package assembled through recent acquisitions.

Plans Focused on Delineating Resources

With a Phase 3 drill program starting at CarLang and another phase planned at W4, EV Nickel anticipates steady news flow over the coming months. The focus is on generating maiden resources to establish scale potential for its projects. Once initial resources are outlined, the company can evaluate development options and additional exploration opportunities across the prospective Shaw Dome land package.

EV Nickel offers investors exposure to both high-grade nickel deposits and large-scale nickel mineralization in a proven Canadian mining district. Near-term catalysts include drill results from CarLang and an updated resource at the W4 zone. The experienced exploration team recognizes the potential for significant discoveries across its Shaw Dome properties. Their specialized knowledge of the district's complex geology provides a competitive edge as the company unlocks value.

Risks to Consider

• As a small exploration company, EV Nickel is likely reliant on external financing to advance projects. Share dilution could occur if unable to fund internally.
• Fast-tracking projects can jeopardize thorough studies or engineering. However, the company notes it is focused on delivering resources first before making any production decisions.
• The location in an established mining region mitigates some execution risk, with access to infrastructure and skilled labor.
• Strong results from the experienced VP Exploration provide confidence in the geologic model and deposit potential.
• Pending drill results will provide insight into whether the projects can demonstrate sufficient scope. Conservative assumptions may be prudent until scale is proven.
• Engaging with management on their development philosophy could provide a helpful perspective on strategy and risk management.

EV Nickel presents conceptual upside if exploration is successful, but typical risks facing junior explorers would apply. As with any investment at this stage, position sizing and patience for fundamental progress are warranted.