EV RESOURCES LTD — Capital/Financing Update 2024

Jan 1, 2024

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ASX: EVR

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Advancing Copper Exploration In The Americas
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JORC Code”) and available for viewing at https://evresources.com.au/. EVR confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. These announcements are as follows: •

Parag Project - 4th May 2023; 13[th ] June 2023; 3[rd ] August 2023; 9[th ] October 2023

Don Enrique Project – 30[th ] August 2022, 21[st ] November 2022, 28[th ] March 2023, 30[th ] May 2023, 12[th ] July 2023

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Project Commodity

Drill Status

Review of old data and drill core completed resulting in a revised geological model. Drill permit granted (Oct 2023). Mapping, sampling, geophysics

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PARAG: COPPER-MOLYBDENUM

• The substantial body of drilling to date at Parag provides a clear direction for drilling in 2024

• EVR’s plan is to move rapidly towards defining a shallow resource on the breccias whilst developing a

• AK Drilling International, located in Lima, have been appointed as Drilling Contractor and will mobilise to site after the New Year, and commence an initial 8,000 metre programme of diamond drilling.

• Past exploration, including 18,470 metres of historical drilling (21 Holes for 10,170 metres and a further 56 historical but unreported holes for 8,300 metres), suggests the presence of an economic copper-molybdenum

• EVR has the strong support of its local communities (Caujul and Navan) and has committed to a multi year

PARAG

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Parag Project – High Grade Copper-Molybdenum
•
EVR holds 70% of the Parag project, and the original owner retains a
30% free carried interest to a Bankable Feasibility Study, with a non
diluted interest of 12% at production.
•
76 Diamond Core holes have been drilled in Parag. We have the drill
core for 10,170 metres (21 holes).
•
Mineralization at Parag/Viento project is hosted in different lithological
units including different types of breccia, hornfels and in felsic
igneous bodies.
•
High-grade Cu-Mo mineralization is hosted in breccia bodies that is
evident from the surface and tested in areas by drilling.
•
Identified porphyry mineralization includes:
•
Rounded fragments of felsic igneous rock with porphyritic texture in
matrix supported breccia with Mo cementing, with quartz-sericite
alteration and type A/B veins with chalcopyrite and bornite that
suggests the presence of a porphyry mineralized body at depth.
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PARAG

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Major Mining Groups View The Region As Highly Prospective
•
Parag is surrounded by major
mining groups drawn to the
cluster of porphyry orebodies
in a largely unexplored region
of recent focus.
•
EVR has initiated discussions
with their counterparts to
attain a better understanding
of the prospectivity of
neighbouring permits and the
potential impact, if any,
on EVR's geological model for
Parag
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PARAG

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geophysics and is the focal point of the Company’s copper-focused activities.

• During Q3, EVR’s team reviewed core, did additional mapping of the project and reevaluated the previous data and model for Parag, and EVR is now planning its next programme around the assumption of a mineralised porphyry system below the shallow high grade and partially drilled breccia zone.

• • The focus remains on a strategy of moving quickly towards defining a shallow resource on the breccia zone whilst developing a deeper, longer-term,

• Based on 18,470m of historical drilling (76 Holes), and a reinterpretation of this and other geological data, EVR has expanded its original drill campaign.

• EVR plans to twin previous holes but also extend this programme to include new targets designed specifically to test for this deeper, longer-term, porphyry

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Exceptional Grades Warrant Further Exploration

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The revised geological model reflects the impact of exceptionally high molybdenum grades which is to raise the grade of ore on a copper equivalent basis. Molybdenum will provide substantial by-product credits that reduce the costs of copper production, At left, see selected historical drill holes in a table that shows copper equivalent assays, calculated and based on the average value of the Mo/Cu ratio for prices recorded on April 30th and October 26[th ] 2023

•

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Photographs of selected samples from these holes are shown in the following slides for illustrative purposes of the geology encountered in logging, sampling and assaying

•

Note: a Full list of Drill Holes and Assays from Parag is contained in the ASX Announcement “EVR Acquires High Grade Parag Copper-Molybdenum Project in Peru” dated 4[th ] May 2023. EVR has excluded the small quantities of contained gold and silver from this calculation

PARAG

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Parag – Plan View and Cross Section (Copper Equivalent)

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Plot of historical drill holes in a SW-NE section shows Cu-Mo mineralization over a 1200m strike, a 500 m width, and open at depth with substantial targets for extensional and infill drilling.

Note: The figures are generated with Cu Eq (Copper Equivalent) values calculated based on the average of the Mo/Cu ratio calculated on April 30[th ] and October 26[th ] 2023 (6.365:1). The ratio is subject to variance with the relative prices of the commodity and no prediction is made as to future pricing

PARAG

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worlds largest producer, with 40% of the market supply.

• Molybdenum is priced on the London Metals Exchange.

• Declining grades at aging mines in the Americas come at a time of steadily growing demand. Usually, the grade of Molybdenum in copper orebodies is 0.01-0.025%, and Mo is separated to a concentrate in the flotation circuit.

• Molybdenum has a very high melting point, which enables it to form strong, stable carbon compounds in alloys such as ultra-strong steel with resistance to corrosion and wear, used in missile and aircraft parts, nuclear reactor condenser tubes, engines, heating elements, drills and saw

• Molybdenum is a critical mineral required for a range of low-carbon technologies, especially wind and geothermal.

“The greatest share of demand for molybdenum from electricity generation and energy storage technologies comes from wind (47.3 percent) and geothermal (41.7 percent), with all the other generation and energy storage technologies together accounting for only a small share (11 percent),” according to a World Bank report.

PARAG

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Copper and Molybdenum Grades shown in Cross Section
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Parag – Hole VIE-01 – Sample Point A

The core sampled at point A) is a monomictic breccia clast supported, with strongly altered quartz-sericite (green)-chlorite hornfels clasts. Spaces filled with chalcopyrite, molybdenite, pyrite and granular silica . Interval 4.5m-6.4m assays 1.9m @ 3.33%Cu, 0.598%Mo. (See a full list of assays in the ASX announcement of 4th May 2023)

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Parag – Hole VIE-01 – Sample Point B

The core Sampled at point B) is a polimictic breccia clast supported, with strongly altered quartz-sericite (green)-chlorite angular hornfels and rounded felsic porphiritic clasts. Spaces filled with molibdenite cement, chalcopyrite, traces of bornite and granular silica .

Interval 150m-154m assays 2m @ 0.08%Cu, 0.759%Mo. (See a full list of assays in the ASX announcement of 4th May 2023)

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Parag – Hole VIE-01 – Sample Point C

occur cutting the breccia as a late event.

(See a full list of

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Parag – Hole VIE-03 – Sample Point D

The core shown at Sample point D) demonstrates crackle breccia in hornfels, chalcopyrite, pyrite, traces of bornite in veins and disseminated molybdenite. Strong to pervasive quartz-sericite-chlorite alteration and strong silicification in patches. Centimetric massive quartz veins occur sporadically. Interval 23.7m-25.5m assays 1.8m @ 1.685%Cu, 1.215%Mo. (See a full list of assays in the ASX announcement of

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Parag – Hole VIE-03 – Sample Point E

The core at Sample Point E) shows clast-supported breccia dominated by hornfels and sporadic fragments of felsic intrusive with porhyritic texture, filled with molybdenite and chalcopyrite and rock flour matrix. Strong silicification. Interval 51.9m-53.9m assays 2m @ 0.671%Cu, 0.339%Mo. (See a full list of assays in the ASX announcement of 4th May

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Parag – Hole VIE-03 – Sample Point F

The core sampled at point F) shows Clast-supported breccia dominated by quartz monzonite equigranular intrusive and some fragments of hornfel, filled with molybdenite and chalcopyrite and rock flour matrix. Strong silicification and quarz-sericite pervasive alteration. Interval 46m-48m assays 2m @ 0.145%Cu, 1.835%Mo. (See a full list of assays in the ASX announcement of 4th May

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Panoramic View of the Parag Project

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• The blue polygon corresponds to the Viento mining right, which is where Phase 1 of drilling will be carried out (EV Resources).

• Red polygons of the 3 additional mining concessions that are part of the Parag/Viento Project

SOURCE: GOOGLE EARTH

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The Parag Project - Numerous Undrilled Targets

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• Areas shown in orange correspond to areas of mineralized breccia that have not yet been evaluated or explored – and are considered future targets within the white dotted lines

• Red dots are the location of planned drill holes

• Substantial areas of the licence are yet to be mapped, and an IP Survey will be scheduled in 2024

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The Parag Project location relative to communities

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SOURCE: GOOGLE EARTH
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DON ENRIQUE

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• EV Resources commenced exploration at the Don

• The Project is owned by EVR’s 50% owned subsidiary,

• In total, 14 licenses cover 1,800Ha in an area 30km

• EVR holds an option to purchase the remaining 50% of

• EVR has applied successfully for a small miner’s license

• Water and power are available in the area, and good

DON ENRIQUE

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• An Induced Polarisation Survey carried out at the end of 2022 and at the beginning of 2023 has defined a compelling chargeability anomaly to be

• The chargeability anomaly is plunging towards SW, and appears open towards the NW and at depth – the correlation to the surface anomaly and testing of an exploration cross cut is well understood.

• • Extensive preparatory work successfully completed during 2023 to ensure all the documentation necessary to be granted a drilling permit under the

• Permits to drill from an initial 20 drill platforms received in October 2023.

• Agreements for land access and support signed with the Quero community who are supportive and valued partners, with EVR committing

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• Channel sample results show elevated copper results

• 28 of the 108 samples demonstrated copper values greater

• 17 of the samples recorded silver values greater than

• An Induced Polarisation Survey of 28.8 line kilometres

• This chargeability high is interpreted to be open below the

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ASX: EVR