EV Nickel Inc. — Investor Presentation 2021

Nov 19, 2021

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Advancing Ontario’s Langmuir Nickel Project

EV Nickel Inc. ~~May 25,N~~ ovember 19, 2021

Disclaimer

~~A preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada, except Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.T~~ his 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 forward-looking 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.

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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

Disclaimer

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 ”) ~~. A qualified person, as defined by NI 43-101, has not done sufficient enough work to verify the historical assay results and technical information reported herein.~~ 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, ~~2010.2~~ 010 (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 ~~historical mineral resources were calculated by constructing a series of 3D wireframes for lithologies and the nickel sulphide mineralization. After review, SRK composited all assay data to one metre lengths and sub-divided the sulphide mineralization into three grade domains for geostatistical analysis and grade estimation and seven sub-domains for variography. Appropriate top cuts were selected for each metal in each domain after review of cumulative probability curves. Variography was conducted for nickel, copper and cobalt in each domain. Variography was completed on capped composited domainal data to generally produce two structure isotropic variograms (within the X-Y plane). Nickel, copper and cobalt grades were estimated in each of the domains separately using ordinary kriging, with estimation parameters derived from variography. Platinum and palladium grades in all three domains were estimated using an inverse distance algorithm. Two estimation passes were used for assigning grades to each domain, considering appropriate estimation parameters and search neighbourhood sizing. Parent block model size was set at five by five by five metres, which were sub-blocked within Datamine Studio Version 3 to ensure that wireframe volumetrics were honoured. Mineral resources for the Langmuir W4 deposit were classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (December 2005) by Sebastien Bernier, P.Geo (OGQ#1034) and Glen Cole, P.Geo (APGO#1416), appropriate independent qualified persons for the purpose of National Instrument 43-101. The mineral resources are classified as Indicated and Inferred, primarily based on block distance from the nearest informing composites and on variography results. Classification is based on nickel data alone.~~

~~In order to determine the quantities of material offering~~ “ ~~reasonable prospects for economic extraction~~ ” ~~by an open pit, SRK used the Lerchs-Grossman optimizing algorithm within Whittle to evaluate the profitability of each resource block and adjusted optimization parameters in collaboration with Golden Chalice and by benchmarking with similar projects. The optimization also considered conceptual metallurgical recoveries and a nickel price of US$8 per pound. The conceptual pit shell drives to a maximum depth of 170 metres below the surface. Resource blocks above this depth were considered by SRK to be amenable to open pit extraction and blocks below this depth amenable to underground mining methods and are reported as such. The mineral resources were reported on the basis of nickel content only. Copper, cobalt and platinum and palladium grades were estimated in the block model, however, cobalt and platinum and palladium do not contribute significantly to the value of the nickel sulphide mineralization. Open pit mineral resources are reported at a cut-off of 0.40% Ni, whereas underground mineral resources are reported at 0.70% Ni.~~

~~In order to determine the quantities of material offering~~ “ ~~reasonable prospects for economic extraction~~ ” ~~by an open pit, SRK used the Lerchs Grossman optimizing algorithm within Whittle to evaluate the profitability of each resource block and adjusted optimization parameters in collaboration with Golden Chalice and by benchmarking with similar projects. The optimization also considered conceptual metallurgical recoveries and a nickel price of US$8 per pound. The conceptual pit shell drives to a maximum depth of 170 metres below the surface. Resource blocks above this depth were considered by SRK to be amenable to open pit extraction and blocks below this depth amenable to underground mining methods and are reported as such. The mineral resources were reported on the basis of nickel content only. Copper, cobalt and platinum and palladium grades were estimated in the block model, however, cobalt and platinum and palladium do not contribute significantly to the value of the nickel sulphide mineralization. Open pit mineral resources are reported at a cut-off of 0.40% Ni, whereas underground mineral resources are reported at 0.70% Ni.~~

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~~There are no recent estimates or data available to the Company. Verification of the historical mineral resources would require twinning of historical drill holes and resampling of associated drill core in order to generate a statistically significant number of samples within the area of the historical resources. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. Investors should not rely on the historical estimates as current mineral resources until they have been verified and supported in a technical report in accordance with NI 43-101.I~~ ssuer 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.

Why EV Nickel?

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

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

• Includes W ~~4 Deposit4~~ , the basis of the 2010 historical estimate of 677K tonnes @ 1% Ni, ~ 15M lbs of ~~High-Grade~~ Class 1 Nickel ~~already in NI 43-101 indicated category resource~~ (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[(] ~~[2] 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)~~Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Resource Report,~~ ~~L~~aCole, 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 Going To Have a Hard

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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

U comin Catal sts p g y

Notes: ~~(1) SRK Consulting Canada Inc.~~

~~Sources: Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Resource Report, Timmins Regional map- Ontario Geological Survey. Shaw Dome Map-modified from Houlé and Hall (2007).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 Geolo gy

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 43-10 ~~1 Resource~~ Report, Timmins Regional map- Ontario Geological Survey. Shaw Dome Map - modified from Houlé and Hall (2007).

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Langmuir W4: De osit Tar etin and Core p g g

• (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

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

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Langmuir W4: ~~Historic Resource*2~~ 010 Historical

Estimate (a)

• ~~W4 is the first NI 43-101 Resource on the Langmuir Nickel Project~~

• Approximately 15M lbs of Indicated Nickel ~~already i~~ n the ~~NI 43-101 Resourceh~~ istoric estimate, with high-grade 1.0% N ~~i with open pitable mineralization~~

• ~~9,079 Ha of prospective land to explore~~ (a)

• 9,079 Ha of prospective land to explore

• Mineralized zone open at depth with excellen ~~t Mineralized zone open at depth with excellent exploration potential~~ exploration potential

Type	Categor~~y(1)~~	Quantity Tonnes(a)	Grade(a)	Grade(a)	Metal	Metal
			Ni %	Cu %	Ni lbs 000’s	Cu lbs 000’s
Open Pit(~~2~~ ~~1~~ )	Indicated	590,000	0.99	0.06	12,816	840
	Inferred	125,000	0.88	0.06	2,43-7	157
Underground(~~3~~ 2 )	Indicated	87,000	1.04	0.08	1,997	149
	Inferred	46,000	0.91	0.05	923	53
Combined	Indicated	677,000	1.00	0.06	14,813	989
	Inferred	171,000	0.91	0.06	3,360	210

Notes:~~(1) Mineral resources are reported in relation to optimized pit shells. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figure~~ ~~are~~
~~rounded to reflect the relative accuracy of the estimate. All assays have been capped where appropriate.~~
~~(2~~ ~~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.

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~~(32~~ ) 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: Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Resource Report.~~

• 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

Shaw Dome Comparison to Kambalda Dome Western Australia ,

• 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)]

~~NoteS~~ ources: (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

~~(2) Mincor Resources Nl: Our Projects, Overview~~

~~(3,4) Langmuir Nickel Project, April 2021, Caracle Creek International Consulting Inc. NI 43-101 Resource Report~~

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Leadership Team: Track-Record of Unlockin Value g

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.

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.

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 Unlockin Value g

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

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.

~~Chris WolfenbergS~~ tephen Delaney - Director

Mr. ~~WolfenbergD~~ elaney is a ~~Partner with the law firm of Fasken Martineau LLP since 2015 and prior thereto a Partner with Norton Rose Fullbright since 2010. Mr. Wolfenberg holds a Bachelor of Social SciencesM~~ anaging 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 ~~the University of Ottawa, a Bachelor of Laws from Queen's University and a Master of Laws from Cornell Law School. Mr. Wolfenberg is a member of the Law Society of Alberta~~ Dalhousie University.

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Capitalization and Estimated Use of Proceeds

	Capitalization	Capitalization	Capitalization	Capitalization		Est. Use of Proceeds
	Current Capital Structure (Shares)					(C$M)
	Common Shares Outstanding 23,313,467					Gross Proceeds $5,000,000
	Warrants (C$0.30) 2,000,002					Agents ’ Fee, Corporate Finance Fee and the $1,532,500 estimated expenses of the Offering
	Total Fully Diluted Shares Outstanding 25,313,469					Available working capital as at October 31, 2021 $151,278
	Public Offering					Total Funds Available $3,618,77
	Min. $5,000,000 financing 5,000,000 (Combination Units and Flow-Through)					Completion of Phase 1 of the recommended $199,116 exploration program on the Langmuir Project
	Est. Pro Forma 37,497,593 Total Fully Diluted Shares Outstanding					Completion of Phase 2 of the recommended $1,350,900 exploration program on the Langmuir Project
		Valuation Pre-IPO Post-IPO ~$19M ~$24M Fully Diluted, In The Money				Estimated general and administrative expenses $500,000 for 12 months
						Working Capital and General Corporate $1,568,762 Purposes (1)
	Notes: (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 A roach over 12-months pp

• Two-phased Langmuir Nickel Project work program has been assessed ~~for approximately C$2.25M over a 12-month period~~

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

								Phase 1	Phase 1	– Langmuir Project (1)	– Langmuir Project (1)	– Langmuir Project (1)	– Langmuir Project (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
																	September
Fixed Costs (2)		Salaries, r	oom & board, core core shack, vehicle				$180,000				Continuing until end of Phase 1								$202,044		$300,000
		storage /
		rentals
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.	(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	Phase 2 – Langmuir Project	Phase 2 – Langmuir Project
Expense Category		Milestone				Budget			Expected timeline to complete
	Salaries, room & board, core		storage / core				$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.
	shack, vehicle rentals
	Borehole TEM Surveys (~20 hoes)						$50,000
	2,500m,~10 holes						$445,500
	Core assays							$81,000
							$249,000
							$4,000
	Reporting						$150,000
				Total (P2)		$1,350,900

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

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~~Nickel Fundamentals Remain Strong For the Foreseeable Future~~ Escrow and Lock-up of Current Common Shares Outstanding

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

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Nickel Fundamentals Remain Strong For the Foreseeable Future

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)]

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

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~~Nickel Project Comparables~~

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~~Notes: (1) Priced as of May 21, 2021. (2) Based on 28.8M shares outstanding multiplied by expected IPO issue price of $0.75. (3) Based on 45.3M pro-forma shares outstanding multiplied by $0.70 issue price of last financing. (4) Measured and Indicated resource grade. (5) Pre-resource exploration stage. Source: Company disclosure, FactSet.~~

EV Nickel Inc.

~~44 Victoria Street, Suite 1612,2~~ 00-150 King St West, Toronto, ON M ~~5C 3Y2,H~~ 1J9, Canada info@evnickel.com

~~20~~

Document comparison by Workshare 9.5 on Friday, November 19, 2021 7:43:35 PM

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