EV Nickel Inc. — Investor Presentation 2021

Nov 19, 2021

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Advancing Ontario’s Langmuir Nickel Project

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EV Nickel Inc. November 19, 2021

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Disclaimer

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This presentation contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws, including statements that relate to future events or to future performance, business prospects or opportunities of EV Nickel Inc. (“EV Nickel”, “EVNi”, or the “Company”).

Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those contained in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company’s ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with such laws and regulations, the Company’s ability to obtain required shareholder or regulatory approvals, dependence on key management personnel and general competition in the mining industry.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. Given the aforementioned uncertainties, readers are cautioned not to place undue reliance on any of these forward-looking statements. All of the forwardlooking statements contained in this presentation speak only as of the date of this presentation and are expressly qualified by the foregoing cautionary statements.

This presentation includes market and industry data obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information.

A final prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in all of the provinces of Canada, other than Quebec. A copy of the final prospectus, and any amendment, is required to be delivered with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available

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Disclaimer

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Historical Information

The information in this presentation has been reviewed and approved by Dr. Scott Jobin-Bevans, P.Geo., who is a Qualified Person for the Company under the definitions established by National Instrument 43-101 (“ NI 43-101 ”). Historical mineral resources for the Langmuir Nickel Property were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated June 28, 2010 (the “ Historical Repor t”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates and presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

The Issuer is not using the Historical Report and any historical estimate therein in an economic analysis or as the basis for a production decision, it will not be adding on or building on the historical estimate or adds the historical estimate to current mineral resource or mineral reserve estimates.

US Distribution

This presentation/document has been prepared by EV Nickel Inc. solely for discussion purposes. By accepting delivery of this presentation/document, the recipient agrees to treat the contents as strictly confidential and shall not distribute, publish, reproduce (in whole or in part) by any medium or in any form, or disclose to any other person without prior consent of EV Nickel.

This presentation/document is not an offer or solicitation of offers to buy interests or shall it constitute or form part of an offer or solicitation to sell or an invitation to invest, to purchase or nor may it or any part or it, nor the fact of its distribution, for the basis of, or be relied upon in connection with, any contract relating thereto. This presentation/document is furnished to the recipient with the express understanding, which recipient acknowledges, that it is not an offer, recommendation or solicitation to buy, hold or sell, or a means by which any security may be offered or sold.

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Why EV Nickel?

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Growing and Advancing the Langmuir, Ontario Nickel Project, Near Timmins, Ontario

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• Definitive Agreement with Rogue Resources Inc. (TSXV:RRS) to acquire 100% of the Langmuir Nickel Project

• Includes W4, the basis of the 2010 historical estimate of 677K tonnes @ 1% Ni, ~ 15M lbs of Class 1 Nickel[(a)(1)]

• Significant land position , almost 9,100 Ha to explore; identified 30km of additional strike length

• Accessible by road and is approx. 30 km southeast of Timmins, Ontario, Canada (6 hours from US border)

• Favorably located for end-users of Nickel (for example: Tesla, Detroit peers, Nio, SBE, Rivian, etc.)

• Permitting in Canada is more streamlined than other jurisdictions hosting nickel deposits[(3)]

• Electric Vehicles (“EV”) driving demand in Ni[(3)]

• Global primary nickel demand expected to grow at a 4.1% CAGR (2.25Mtpa 2020 to over 5.00Mtpa by 2040)[(4) ]

• EV sales expected to grow at a CAGR of 18.8% , from 1.7mm in 2020 to an estimated 54mm in 2040[(5)]

• Fundamentals are strong, Ni Battery segment driving growth, reaching over 1.8Ktpa in 2040 (13.5% CAGR)[(6)]

• EVs want to source the “cleanest” metals (Langmuir – Canada, hydro power, high-grade sulphide)[(7)]

• Nickel production declining with limited pipeline of new projects[(8)]

Note: (a) Historical mineral resources for the Langmuir Nickel Property were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated June 28, 2010 (the “Historical Report”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates and presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

Sources: (1) LaCole, G., Montgomery, K., Bernier, S., and Couture, J-F., 2010. Mineral Resource Evaluation Langmuir W4 Project, Ontario, Canada. Prepared for Golden Chalice resources Inc. by SRK Consulting (Canada) Inc. June 28, 2010, (2) Fraser Institute: Annual Survey of Mining Companies, 2019 (3,4,6) Roskill, 2021: Study on future demand and supply security of nickel for electric vehicle batteries, (5) BloombergNEF: Electric Vehicle Outlook 2020, (7) Mining Technology: Elon Musk pledges “giant contract” for sustainable nickel miners, (8) BNN Bloomberg: Elon Musk Is 4 Going To Have a Hard Time Finding Clean Nickel, Mining Global: Global nickel production to decline by 7.4 percent in 2020, Kitco: A Perfect Storm Is Brewing For Nickel - Michael Beck

Timeline Overview and Upcoming Catalysts

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Complete Future Milestones
2007: 2010: April 2021: May 2021: June-Sept 2021: Into 2022: Later 2022:
Discovery W4 SRK Historical Caracle Geophysics Initial Drilling Cont’d Drilling + Identified
Deposit Tech. Report [(a)] Report (>4000m) Met Testing Resource
Q1 2021 – Acquired Langmuir Project Asset November 2021 – Go-Public Transaction
& Closed Successful Financing
 Acquired Langmuir Nickel Project from Rogue Resources  Application for listing TSX Venture Exchange and
Inc. (TSXV:RRS) for $150K, 6.6M common shares of the proposed Initial Public Offering
Company, plus a maximum of a $5M payment
 March 2021: Closed financing for >C$2.0M
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Notes: (a) Historical mineral resources for the Langmuir Nickel Property were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated June 28, 2010 (the “Historical Report”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates and presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

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Langmuir Project: Location and Geology

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Timmins, ON District[(1)]

Langmuir Property, Shaw Dome[(2)]

• Historic gold mining district

• Regional population of >85K

• Timmins Sudbury  Well developed mining service centre with Toronto 20 operating mines and advanced development projects

• 9,079 Ha of prospective geology, alongside a horizon which has hosted multiple mines and deposits

• 20km long and 4 km wide of favourable komatiitic units

• Easy access to all season gravel road and power lines and located within 50km of Timmins

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Timmins, Ontario Regional Geology
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Note: The above noted figure with respect to the Langmuir #1, Langmuir #2, McWatters and Redstone Mine are projects with historical production. The Hart Deposit and the W4 Deposit are historical estimates. Historical mineral resources for the Langmuir Nickel Property were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated June 28, 2010 (the “Historical Report”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates and presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

Sources: (1) Timmins Economic Development Corporation – Mining Supply and Services Opportunities in Timmins, Ontario, Canada, (2) Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Report, Timmins Regional map- Ontario Geological Survey. Shaw Dome Map - modified from Houlé and Hall (2007).

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Langmuir W4: Deposit Targeting and Core

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• (Prior to Q1-2021 acquisition) 22,152 metres of diamond drilling within W4 area

• Mineralization subcrops to surface, ranges from 0 to 20m overburden

• The main mineralized channel is open at depth with known zones of additional nickel mineralization associated with the same basal contact along strike to the east

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E View looking south W
Massive Sulphides
Disseminated Sulphides
Fracture-filling Sulphides
View looking east
Semi-massive Sulphides
Blebby Sulphide Texture
Local Massive Sulphide Veinlet
Looking South
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Sources: Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Report.

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Langmuir W4: 2010 Historical Estimate[(a)]

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• Approximately 15M lbs of Indicated Nickel in the historic estimate, with high-grade 1.0% Ni[(a)]

• 9,079 Ha of prospective land to explore

• Mineralized zone open at depth with excellent exploration potential

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Grade [(a)] Metal
Quantity
Type Category
Tonnes [(a)]
Ni % Cu % Ni lbs 000’s Cu lbs 000’s
Indicated 590,000 0.99 0.06 12,816 840
Open Pit [(1)]
Inferred 125,000 0.88 0.06 2,43-7 157
Indicated 87,000 1.04 0.08 1,997 149
Underground [(2)]
Inferred 46,000 0.91 0.05 923 53
Indicated 677,000 1.00 0.06 14,813 989
Combined
Inferred 171,000 0.91 0.06 3,360 210
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Notes: (a) Historical mineral resources for the Langmuir Nickel Property were estimated by SRK Consulting (Canada) Inc., as documented in a report entitled, “Golden Chalice Resources Inc., Mineral Resource Evaluation, Langmuir W4 Project, Ontario, Canada”, dated June 28, 2010 (the “Historical Report”). A qualified person, as defined by NI 43-101, has not done sufficient work to verify the historical assay results and technical information reported herein. The Company is not treating the Historical Report as current. The reader is cautioned not to rely upon any of the historical report, or the estimates therein. The historical estimates and presented herein as geological information only, as a guide to follow-up technical work, and for targeting of confirmation and exploration drilling.

(1) Open pit mineral resources are reported at a cut-off of 0.40% nickel inside a conceptual pit shell.

(2) UG mineral resources are reported at 0.70% nickel and include resource blocks above cut-off outside the conceptual pit shell. Cut-off grades are based on a nickel price of US$8/lb and a metallurgical recovery of 87%, without considering revenues from other metals.

Source: Cole, G., Montgomery, K., Bernier, S., and Couture, J-F., 2010. Mineral Resource Evaluation Langmuir W4 Project, Ontario, Canada. Prepared for Golden Chalice resources Inc. by SRK Consulting (Canada) Inc. June 28, 2010

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Shaw Dome Comparison to Kambalda Dome, Western Australia

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• Studies have compared the Komatiite-associated deposits of the Shaw Dome with the Kambalda Dome[(1)]

• Kambalda Dome mined ~51Mt grading 3.1% Ni from 1968 to 2020[(2)]

• Komatiite-associated nickel sulphide deposits tend to occur in clusters associated with a defined stratigraphic horizon[(3)]

• 80km2 of historical favourable komatiitic units within EV Nickel’s property[(4)]

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Shaw Dome Kambalda Dome
Ontario, Canada Western Australia
Past Producers/Deposits
N
Note: Dotted box in Shaw Dome equal in size to Kambalda Dome
10 km
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Sources: (1) See Lesher, Michael & Keays, Reid. (2002). Komatiite-associated Ni-Cu-PGE deposits: Geology, mineralogy, geochemistry and genesis. The Geology, Geochemistry Mineralogy and Mineral Beneficiation of Platinum Group Elements. 54, in addition to Houlé, Lesher, et al. (2020). Overview of Ni-Cu-(PGE), Cr-(PGE), and Fe-Ti-V magmatic mineralization in the Superior Province: Insights on metallotects and metal endowment. As published in Bleeker, W. and Houlé, M.G. (ed.), 2020. Targeted Geoscience Initiative 5: Advances in the understanding of Canadian Ni-Cu-PGE and Cr ore systems; Geological Survey of Canada. (2) Mincor Resources Nl: Our Projects, Overview (3,4) Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Report.

Sources: Shaw Dome Map- Hiebert, Bekker, Houlé, et al. (2016). Tracing sources of crustal contamination using multiple S and Fe isotopes in the Hart komatiite-associated Ni–Cu–PGE sulfide deposit, Abitibi greenstone belt. Mineralium Deposita. Kambalda Map- Staude, S, Barnes, S.J. & Markl, G. Interspinifex Ni sulfide ore from Victor South-McLeay. Mineralium Deposita

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Leadership Team: Track-Record of Unlocking Value

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Sean Samson - President, CEO and Director

Mr. Samson is a mining executive with more than 20 years of management and financial experience. He was most recently VP & Head of Corporate Development at FNI Mining for four years, including a period of six months as interim COO, responsible for safety, mine development and operations at a 250 person underground mine near Sudbury, Ontario. In 2012, he won the Canadian Young Mining Leader award from the CIM. Prior to FNI, he was VP Commercial Development at Kinross Gold Corporation for five years where he had diverse, multi-functional responsibilities including: supply chain, energy, merger integration, enterprise risk and capital approvals, leading a team of more than 300 people across eight countries. Before Kinross he was a management consultant at Bain & Company and traded for investment banks in New York and Europe. Sean received his A.B. from Harvard University, an MBA from Cambridge and has completed his Surface Miner Common Core in Ontario. He is a past elected PDAC board member and a Cleantech advisor at MaRS, a Toronto based Innovation Centre.

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Travis Gingras - CFO

Mr. Gingras has more than twenty years of experience in finance, strategic planning, project management, accounting policy and financial reporting. Travis previously held CFO and executive level positions in a number of publicly traded exploration and mining companies including as CFO of Integra Gold Corp (formerly TSXV:ICG, purchased by Eldorado Gold in 2017). Travis is a CPA, CMA and received his B.Comm and MBA from UBC.

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Paul Davis - VP, Exploration

Mr. Davis has over 30 years of executive, exploration and mine management experience for large multinational and junior companies. Most recently, Mr. Davis was VP Exploration at FNI Mining and over his career he has headed mining and exploration teams in the discovery, development and mining of projects in Canada, Finland, Australia and Peru. His responsibilities include scoping and feasibility studies; project and mine permitting, environmental compliance and reporting, off-take and acquisition agreement negotiation, implementation and monitoring, corporate development, asset evaluation, due diligence analysis and economic models. Mr. Davis also has direct experience in other corporate functions including budgeting, financing, investor relations and regulatory reporting and compliance. Mr. Davis graduated from the University of Western Ontario (BSc- Honours Geology) and the University of Alabama (MSc- Economic Geology).

Mike Silver - Director, Business Development

Mr. Silver has more than fifteen years of experience in finance and investment banking, working in executive roles at Canadian and foreign banks and brokers. Mike has extensive transaction experience and contacts across the mining business and graduated from Dalhousie University (B.Comm) and RSM Erasmus (MBA).

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Leadership Team: Track-Record of Unlocking Value

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Linda Byron - Director

Ms. Byron owns Blue Heron Environmental, based out of Timmins. Linda is a professional Environmental Scientist with more than 30 years of experience. She has been instrumental in the implementation of Certified Environmental Management Systems at large base-metal mining companies in Northern, assisted industries with permitting efforts as well as the development and implementation of compliance and training programs for mining operations in Canada and abroad. Ms. Byron has extensive operational expertise in the practical, real-life environmental issues encountered in the mining industry and graduated from Laurentian University (BSc – Honours).

Michael Fox - Director

Mr. Fox is President of Indigenous Community Engagement, based out of Fort William First Nation, in northwestern Ontario. Michael has dedicated his career to building Aboriginal participation and partnerships. He obtained an honours degree in Political Science with a focus on Aboriginal Law & Resource Development from Lakehead University and an MBA from the University of Fredericton. Mr. Fox is a past elected PDAC board member and is originally from Weenusk First Nation

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Gadi Levin - Director

Mr. Levin has been an Officer and Director of many publicly-traded Canadian resource companies. He began his career in public accounting at Arthur Anderson and Ernst & Young and is a certified chartered accountant in South Africa. Gadi holds undergraduate degrees from the University of Cape Town and the University of South Africa and an MBA from Bar Ilan University.

Stephen Delaney - Director

Mr. Delaney is a Managing Director and the Head of Investment Banking at Eight Capital, an independent Canadian investment dealer. Prior to joining Eight Capital he was Managing Director, Investment Banking at Beacon Securities and before that worked at Paradigm Capital and GMP Securities. Mr. Delaney holds a Bachelor of Arts from Dalhousie University.

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Capitalization and Estimated Use of Proceeds

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Capitalization

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|||
|---|---|
|Current Capital Structure|(Shares)|
|Common Shares Outstanding|23,313,467|
|Warrants (C$0.30)|2,000,002|
|Total Fully Diluted Shares Outstanding|25,313,469|
|Public Offering|
|Min. $5,000,000 financing|
|5,000,000|
|(Combination Units and Flow-Through)|
|Est. Pro Forma|37,497,593|
|Total Fully Diluted Shares Outstanding|
|Valuation:|
|Pre-IPO|Post-IPO|
|C|
|~$19M|~$24M|
|Fully Diluted, In The Money|

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Notes:

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|||
|---|---|
|Est. Use of Proceeds|
|(C$M)|
|Gross Proceeds|$5,000,000|
|Agents’ Fee, Corporate Finance Fee and the|$1,532,500|
|estimated expenses of the Offering|
|Available working capital as at October 31,|$151,278|
|2021|
|Total Funds Available|$3,618,778|
|Completion of Phase 1 of the recommended|$199,116|
|exploration program on the Langmuir Project|
|Completion of Phase 2 of the recommended|$1,350,900|
|exploration program on the Langmuir Project|
|Estimated general and administrative expenses|$500,000|
|for 12 months|
|Working Capital and General Corporate|$1,568,762|
|Purposes|[(1)]|

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(1) Working capital and other general corporate purposes may include: (i) future general and administrative expenses ($500,000 per year for up to two years); (ii) future acquisition activities in the area of the Langmuir Project (approximately $250,000 to $1,000,000); and (iii) other capital investment in relation to the Langmuir Project, following the results of the initial Phase 1 and Phase 2 recommended work program, as deemed to be required by the Company (approximately $250,000 to $1,000,000).

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Use of Proceeds – Langmuir Nickel Project Work Program NI 43-101 Two-Phased Approach over 12-months

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• Two-phased Langmuir Nickel Project work program has been assessed

• Takes into consideration geophysical surveys, diamond drilling, environmental studies and reporting

Phase 1 – Langmuir Project(1) Expense Category Milestone Tech Report Budget Expected Timeline to Complete Actual Costs (as of September 30) Projected Spending to Complete Phase 1 Fixed Costs(2) Salaries, room & board, core storage / core shack, vehicle rentals $180,000 Continuing until end of Phase 1 $202,044 $300,000 Geophysics(2) (3) Borehole TEM Surveys (~20 holes) $85,000 Complete $11,719 $11,719 Diamond Drilling(2) (3) 3,000m,~14 holes $600,000 Complete $839,476 $839,476 Analytical Work Core assays $67,500 Calendar Q4 2021 Nil. $67,500 Environmental Studies $3,600 Calendar Q4 2021 None $3,600 NI 43-101 Reports Reporting $30,060 To be completed following analytical results Calendar Q1 2022 None $30,060 Total(P1) $966,160 $1,053,239 $1,252,355 ~~Notes:~~ (1) The Technical Report had an effective date of July 25, 2021. This budget has been updated to reflect work completed to date on the Langmuir Project. (2) The Company has incurred higher than expected Phase 1 costs than originally budgeted due primarily to its drilling program as a result of increased demand in the area. (3) Certain geophysics costs were incurred by the diamond drilling program.	Phase 1 – Langmuir Project(1) Expense Category Milestone Tech Report Budget Expected Timeline to Complete Actual Costs (as of September 30) Projected Spending to Complete Phase 1 Fixed Costs(2) Salaries, room & board, core storage / core shack, vehicle rentals $180,000 Continuing until end of Phase 1 $202,044 $300,000 Geophysics(2) (3) Borehole TEM Surveys (~20 holes) $85,000 Complete $11,719 $11,719 Diamond Drilling(2) (3) 3,000m,~14 holes $600,000 Complete $839,476 $839,476 Analytical Work Core assays $67,500 Calendar Q4 2021 Nil. $67,500 Environmental Studies $3,600 Calendar Q4 2021 None $3,600 NI 43-101 Reports Reporting $30,060 To be completed following analytical results Calendar Q1 2022 None $30,060 Total(P1) $966,160 $1,053,239 $1,252,355 ~~Notes:~~ (1) The Technical Report had an effective date of July 25, 2021. This budget has been updated to reflect work completed to date on the Langmuir Project. (2) The Company has incurred higher than expected Phase 1 costs than originally budgeted due primarily to its drilling program as a result of increased demand in the area. (3) Certain geophysics costs were incurred by the diamond drilling program.	Phase 1 – Langmuir Project(1) Expense Category Milestone Tech Report Budget Expected Timeline to Complete Actual Costs (as of September 30) Projected Spending to Complete Phase 1 Fixed Costs(2) Salaries, room & board, core storage / core shack, vehicle rentals $180,000 Continuing until end of Phase 1 $202,044 $300,000 Geophysics(2) (3) Borehole TEM Surveys (~20 holes) $85,000 Complete $11,719 $11,719 Diamond Drilling(2) (3) 3,000m,~14 holes $600,000 Complete $839,476 $839,476 Analytical Work Core assays $67,500 Calendar Q4 2021 Nil. $67,500 Environmental Studies $3,600 Calendar Q4 2021 None $3,600 NI 43-101 Reports Reporting $30,060 To be completed following analytical results Calendar Q1 2022 None $30,060 Total(P1) $966,160 $1,053,239 $1,252,355 ~~Notes:~~ (1) The Technical Report had an effective date of July 25, 2021. This budget has been updated to reflect work completed to date on the Langmuir Project. (2) The Company has incurred higher than expected Phase 1 costs than originally budgeted due primarily to its drilling program as a result of increased demand in the area. (3) Certain geophysics costs were incurred by the diamond drilling program.	Phase 1 – Langmuir Project(1) Expense Category Milestone Tech Report Budget Expected Timeline to Complete Actual Costs (as of September 30) Projected Spending to Complete Phase 1 Fixed Costs(2) Salaries, room & board, core storage / core shack, vehicle rentals $180,000 Continuing until end of Phase 1 $202,044 $300,000 Geophysics(2) (3) Borehole TEM Surveys (~20 holes) $85,000 Complete $11,719 $11,719 Diamond Drilling(2) (3) 3,000m,~14 holes $600,000 Complete $839,476 $839,476 Analytical Work Core assays $67,500 Calendar Q4 2021 Nil. $67,500 Environmental Studies $3,600 Calendar Q4 2021 None $3,600 NI 43-101 Reports Reporting $30,060 To be completed following analytical results Calendar Q1 2022 None $30,060 Total(P1) $966,160 $1,053,239 $1,252,355 ~~Notes:~~ (1) The Technical Report had an effective date of July 25, 2021. This budget has been updated to reflect work completed to date on the Langmuir Project. (2) The Company has incurred higher than expected Phase 1 costs than originally budgeted due primarily to its drilling program as a result of increased demand in the area. (3) Certain geophysics costs were incurred by the diamond drilling program.
Phase 2 – Langmuir Project
Expense Category	Milestone	Budget	Expected timeline to complete
Fixed Costs	Salaries, room & board, core storage / core shack,vehiclerentals	$371,400	The Company expects to begin the Phase 2 exploration following completion of Phase 1. The Company believes phase 2 will occur throughout 2022.
Geophysics	Borehole TEM Surveys(~20 hoes)	$50,000
Diamond Drilling	2,500m,~10 holes	$445,500
Analytical Work	Core assays	$81,000
Metallurgical Testwork / PEA		$249,000
Environmental Studies		$4,000
NI 43-101 Reports	Reporting	$150,000
Total(P2)		$1,350,900

~~Source: Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Report~~ 13

Escrow and Lock-up of Current Common Shares Outstanding

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	Shareholder Category	(Shares)	Schedule
			10% on the listing date
			15% 6 months following the listing date
			15% 12 months following the listing date
	Founders & Rogue Resources	16.5M	15% 18 months following the listing date
			15% 24 months following the listing date
			15% 30 months following the listing date
			15% 36 months following the listing date
			20% on the listing date
	Participants in March 2021 Private		20% 1 months following the listing date
	Financing	6.8M	20% 2 months following the listing date
	At $0.30/share		20% 3 months following the listing date
			20% 4 months following the listing date
	Common Shares Outstanding	23.3M

14

Nickel Fundamentals Remain Strong For the Foreseeable Future

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EV Growth, Technological Advances and Shortage of Quality Ni Projects to Drive Continued Ni Price Appreciation

• 1 Electric vehicles, evolving battery technologies, and green transportation

• The global primary nickel demand is expected to grow at a CAGR of 4.1% from 2.25Mtpa in 2020 to over 5.0Mtpa by 2040[(1)]

• Battery segment driving growth of nickel demand, reaching over 1.8Ktpa in 2040, growing at a 13.5% CAGR from 2020[(1)]

• Global electric vehicle sales expected to grow at a CAGR of 18.8%, from 1.7mm in 2020 to an estimated 54mm in 2040[(2)]

• 2 Quality class 1 nickel (battery grade) deposits are scarce

• Demand-supply misalignment for the foreseeable future, potential significant deficit as early as 2023 as demand picks up[(3)]

• 3 Nickel continues to re-rate as the “market/public” understands the fundamentals and importance of this strategic metal  103% nickel price appreciation over the past five years[(4)]

Five Year Nickel Price Performance, US$/lb

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$9.50
$8.50
$7.50
$6.50
$5.50
$4.50
$3.50
2016 2017 2018 2019 2020 2021
Ni Price (US$/lb)
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Source: (1) Roskill, 2021: Study on future demand and supply security of nickel for electric vehicle batteries, (2) BloombergNEF: Electric Vehicle Outlook 2020, (3) Bloomberg Hyperdrive: Musk Says Nickel Is ‘Biggest Concern’ For Electric-Car Batteries (4) FactSet, priced as of May 20, 2021

15

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EV Nickel Inc. 200-150 King St West, Toronto, ON M5H 1J9, Canada info@evnickel.com

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