EV Nickel Announces Maiden Mineral Resource Estimate for Gemini North Nickel Zone

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

• Distinct deposit to CarLang A with significant "Mt. Keith Style" primary sulphide mineralization with higher confirmed nickel recoveries

• Gemini North Zone Resources total 93.5M tonnes, averaging 0.23% Ni (US$7.35/t NSR cut-off), split between:

  • Indicated Resources of 9.5M tonnes at 0.27% containing 56Mlbs of nickel, and

  • Inferred Resources of 84.0M tonnes at 0.22% Ni containing 411Mlbs of nickel

• The Gemini North Zone contains a potential Pit Constrained Starter Zone of 25.5M tonnes grading 0.27% Ni and 0.34% S consisting of both Indicated and Inferred Resources

TORONTO, ON / ACCESS Newswire / February 26, 2026 / EV NICKEL INC. (TSXV:EVNI) ("EVNi" or the "Company") today announced a maiden mineral resource estimate for the "Gemini North Zone", part of its large-scale nickel target in the northeast of its Shaw Dome Project, referred to as the Carman-Langmuir or, "CarLang Area" (the "Property" or the "Project") (Figure 1). A Technical Report in support of the Mineral Resource Estimate will be filed on SEDAR+ (www.sedarplus.ca) within 45 days. The Mineral Resource Estimate is effective as of February 26, 2026.

After discovery of the Gemini North Nickel Zone (see News Release dated October 8, 2024), EVNi launched a diamond drilling program (23 holes totalling 6,682 m) to complete a maiden mineral resource estimate in accordance with National Instrument 43-101 ("NI 43-101") which shows Indicated Resources of 9.5M tonnes or 55.6M pounds of contained nickel and Inferred Resources of 84.0M tonnes or 410.7M pounds of contained nickel (Table 1 and Figure 2).

"The Gemini North Preliminary Resources Estimate demonstrates the great potential of the CarLang Trend," said Paul Davis, Vice President Exploration. "The identification of Mt. Keith Style, nickel-copper-PGM sulphide mineralization at Gemini North with better metallurgical recovery characteristics, only represents a small portion of the overall CarLang C area. When combined with the potential to identify multiple, proximal, large-scale deposits along the CarLang Trend (A, B, C, E and Gemini North), would allow for a single, centralized processing plant to process all the potential zones within the interpreted 10km strike length of peridotites and dunites."

Table 1 - Preliminary Mineral Resource Estimate for the Shaw Dome Project's Gemini North Nickel Zone.

Notes to Table 1:

1. The independent Qualified Person for the Mineral Resource Estimate, as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), is Dr. Scott Jobin-Bevans (P.Geo., PGO #0183) of Caracle Creek International Consulting Inc. The effective date of the Mineral Resource Estimate is February 26, 2025.

2. The quantity and grade of reported Inferred Mineral Resources in this MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

3. Estimation domains were built from geological data with the exception of high-grade domains which were constrained using grade thresholds based on statistical analysis of the core assays.

4. The Mineral Resource is reported at an NSR break-even cut-off of US$7.35/t based on commodity prices, metallurgical recoveries, selling costs, operating costs, and appropriate mine modifying factors.

5. Geological and block models for the MRE used data from a total of 23 surface drill holes, completed by EV Nickel in 2025. The drill hole database was validated prior to resource estimation and QA/QC checks were made using industry-standard control charts for blanks, core duplicates and commercial certified reference material inserted into assay batches by EV Nickel and by comparison of umpire assays performed at a second laboratory.

6. Estimates have been rounded to two significant figures.

7. The MRE was prepared following the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (November 29, 2019) and the CIM Definition Standards for Mineral Resources & Mineral Reserves (May 19, 2014).

8. A 10 m x 10 m x 10 m block model was created, and samples were composited at 1.5 m intervals. Grade estimation from drill hole data was carried out for Ni, Co, Pd, Pt, Fe and S using the Ordinary Kriging interpolation method in Micromine software.

9. The MRE has been constrained by a conceptual pit envelope that was developed using the following optimization parameters:

• Mining costs and revenues reported in US dollars (US$)

• Metal prices used were US$21,000/t nickel, US$40,000/t cobalt, US$325/t iron, US$3,860/t chromium, US$1,350/oz palladium, and US$1,150/oz platinum.

• Pit slope angle of 45 degrees was applied

• Processing costs and general and administration costs of US$7.35/t for 100 ktpd operation

• Recovery percentage for the metals are: Ni% is 171.63 × S% + 21.2; Co is 11%; Pt is 22%; Pd is 48%; and Fe is 53%.

10. The Mineral Resource statement reports pit-constrained resources using both NiEq and NSR calculated within an optimised open pit. Block value was calculated as:

• NSR ($/t) = NSR_Ni + NSR_Co + NSR_Pt + NSR_Pd + NSR_Fe

• NiEq (%) = Ni% + (Ni%×NSR_Co/NSR_Ni) + (Ni%×NSR_Pt/NSR_Ni) + (Ni%×NSR_Pd/NSR_Ni) + (Ni%×NSR_Fe/NSR_Ni)

The NSR values for each metal was determined using the metal prices and recoveries stated in point 9.

11. Grade estimation was validated by comparison of input and output statistics (Nearest Neighbour and Inverse Distance Squared methods), swath plot analysis, cross-plots of declustered samples against the nearest Ordinary Kriging estimate, and by visual inspection of the assay data, block model, and grade shells in cross-sections.

12. Density estimation is based on referential density information benchmarked from similar deposits and projects. Lithology-specific values were applied: the average estimated density for peridotite, komatiite, and pyroxenite is 2.76 g/cm³ (t/m³).

Figure 2: Isometric View Showing the pit shell (light grey) with respect to the modelled Indicated and Inferred Resources

Potential for the Gemini North Nickel Zone- Open along strike and at depth

The potential exists at Gemini North to sequence the potential extraction of the zone focusing on the higher-grade nickel and sulphur portions of the deposit. Table 2 summarizes the pit constrained Indicated and Inferred Resources and highlights the potential to sequence the open pit to extract higher nickel and sulphur grade material that appear to have better metallurgical recovery characteristics associated with nickel in sulphides as reported in a press release issued January 27, 2026. The Company will continue to explore the potential of the Gemini North, to define a starter open pit to maximize the economic value of the deposit and the potential to improved economic expectations for the area.

Additionally, the Gemini North Nickel Zone is still open along strike to the east, west and at depth as indicated by drill holes not included in the current resource, surface sampling and the extension of the modeled mineralization below the current pit constrained resource.

When taken into consideration that the Gemini North Nickel Deposit covers less than 10% of the overall CarLang C target area, the potential to expand the resources in this area is significant.

Drilling Data Detail

EV Nickel's Gemini North drill program targeted the Large-Scale potential of the Gemini North Nickel Zone, forming only the northern portion of the CarLang C target area, and was completed in 2024 and 2025. The maiden mineral resource estimate consists of 23 holes totalling 6,682 m (see Tables 3 & 4 and Figure 3). The Gemini North Nickel Zone is defined across a strike length of 990 metres, a width of 580 metres and a depth of 360 metres. Nickel mineralization extends below 300 metres vertical depth with a number of drill holes bottoming in nickel mineralization.