EV RESOURCES LTD — Interim / Quarterly Report 2021

Jan 27, 2022

ASX ANNOUNCEMENT

28 January 2022

Quarterly Activities Report For the period ending 31 December 2021

Highlights

Shaw River Lithium, Tin and Tantalum

• Due diligence and acquisition completed.

• A number of pegmatite outcrops were observed and 31 samples were collected within accessible portions of the tenement, with only 20% of the tenement accessed.[1]

Pilbara Lithium Projects

• Footprint expanded in the lithium rich Pilbara region through signing of agreement to acquire 100% interest in four exploration licenses.

• Preliminary field assessment completed with several areas of pegmatite outcrop over zones of several hundred metres observed.[2]

Khartoum Tin-Silver Project

• Known drill targets re-assessed and confirmed for immediate drilling with a focus to further delineate significant tin (Sn) mineralisation intersected in previous drilling[3]

New Standard Copper Project

• Geological team mobilised to commence reconnaissance mapping and sampling as part of its 3 month due diligence campaign.

• Project contains historic mine workings mapped over 1,500 metre strike.[4]

Weinebene Lithium Project

• EVR and European Lithium established Technical Advisory Committee.

• Review of previous drilling has commenced under the direction of the Technical Advisory Committee in order to appropriately plan follow up programs.

• Recent upgrade of Measured and Indicated resource to 9.7Mt at 1.03 % Li2O at Wolfsberg, provides increased confidence of potential extensions into EVR tenure.[5]

Corporate

• EVR completed its maiden Sustainability Plan, which sets the foundations and framework for sustainability in respect of the Company’s future development activities.[6]

• Completed change of company name and ASX ticker from Jadar Resources Limited (ASX:JDR) to EV Resources Limited (ASX:EVR).[7]

• EVR signed a non-binding Memorandum of Understanding (“MOU”) to negotiate the supply of tin concentrate to Thailand Smelting and Refining Co. Ltd, known as “THAISARCO”, the sixth largest smelter in the world.[8]

• EVR signed a non-binding MOU with Yahua International Investment and Development Co Ltd (“Yahua”) for the development of lithium projects and for the supply of spodumene concentrates.[9]

• Strategic investment by Yahua who subscribed for 80m fully paid Ordinary shares in the Company at an issue price of A$0.045 per share to raise proceeds of A$3.6 million.[10]

1 ASX Announcement 23 December 2021 – Results Received For Shaw River Reconnaissance Sampling 2 ASX Announcement 29 November 2021 - Preliminary Pilbara Field Assessment Completed 3 ASX Announcement 26 October 2021 - Field Work and Drilling Program Planned for Khartoum Project 4 ASX Announcement 25 October 2021 - Commences Work at New Standard Copper Project 5 ASX Announcement 19 November 2021 - Technical Committee Established to Grow Lithium Project 6 ASX Announcement 22 October 2021 - Jadar Commits to Sustainability 7 ASX Announcement 8 December 2021 - Change of Company Name and ASX Ticker

8 ASX Announcement 15 November 2021 - MOU Executed With Globally Significant Smelter, THAISARCO 9 ASX Announcement 1 December 2021 - Jadar Executes MOU with Yahua to Acquire & Develop Projects 10 ASX Announcement 15 December 2021 - Strategic Investment by Yahua

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600

info@evresources.com.au

EV Resources Limited (ASX:EVR) (“ EVR ”, the “ Company ”) is pleased to provide an update on its activities for the December 2021 Quarter. The Company’s focus for the reporting period has been on the finalization of the acquisition of the Khartoum Project, acquisition of the Shaw River Project, acquisition of additional Pilbara lithium tenements, signing of non-binding MOU’s with THAIARCO and Yahua, and acquisition of the New Standard Copper Project.

Shaw River Lithium, Tin and Tantalum Project (EVR 80% interest)

During the quarter the Company announced that due diligence had been completed on the Shaw River Project and the Company is moving towards completion of the acquisition. The Shaw River Exploration Licence 45/5849 comprises 22 sub-blocks or 70 square kilometres and covers several areas of historic tin-tantalum workings, located 220km from Port Headland and 70km from Marble Bar.

The area has a strong history with successful mining of alluvial tin and tantalum as part of the Shaw River Tin Field and demonstrated potential for lithium and rare earth minerals.

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Figure 1 – Shaw River sample locations

Samples collected were predominantly from outcropping pegmatite, with four stream sediment and one float sample also collected. Maximum lithium value was 212ppm in two samples, both collected from outcropping mica-rich pegmatite.

Lithium minerals are susceptible to surface weathering, with outcrop sampling often producing results that may not be representative of lithium content in the fresh portions of the host rock. In lithium exploration, k/Rb ratios are utilised as geochemical and metallogenic markers to determine fractionisation of the pegmatite host and location within the magmatic–hydrothermal transition zone. Fractionisation, or element zonation within the magmatic melt, is critical for the formation of economic pegmatite-hosted lithium mineralisation. As fractionisation of the parent melt increases, pegmatitic–hydrothermal evolution is characterised by increased substitution of K with Rb in micas and feldspars. Ratios of <30 and <20 in pure Feldspar and Muscovite respectively are considered as Rare Element Pegmatite and Spodumene-Subtype Pegmatite

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

respectively. A cluster of k/Rb ratio values around 30 in the sample group in the western part of the tenure may be indicative of a highly fractionated pegmatite. A high Caesium value of almost 100ppm in sample Sh00024 and Sn to 267ppm in Sh00001 is also considered as evidence for a Rare Element Pegmatite.

Based on minimal sampling, with only 10 to 20 percent of the tenement visited to date, and the observed presence of numerous pegmatite occurrences in zones to over 15 metres width in conjunction with sample analyses that indicate fractionisation of pegmatite, with fractionisation of pegmatite important for lithium mineral concentration, the Company considers the Shaw River Project to have considerable potential to host lithium-tantalum mineralisation. It should be noted the results to date, whilst extremely encouraging, indicate potential, but do not confirm the presence, of economic lithium mineralisation.

The next stage of exploration at Shaw River will comprise geological mapping and systematic channel sampling across pegmatite outcrop, particularly in the Hillside and Upper Five Mile Creek areas where elevated K/Rb ratios were recognised. Satellite imagery will be utilised to determine the presence of pegmatite outcrop in other areas of the tenement that have not been visited, and mapping and detailed sampling of any observed pegmatite will also be undertaken.

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Figure 2 – Traditional model of regional zonation/fractionisation and rare metal enrichment of pegmatites

Pilbara Lithium Project (EVR acquiring 100% interest)

During the quarter EVR announced that it has entered into an agreement to acquire 100% of four exploration licenses in the East Pilbara region of Western Australia from private company Calatos Pty Ltd (“ Calatos ”, “ Vendor ”). The acquisition strategically expands EVR’s portfolio of critical green metal assets to service the battery technology and high growth electronics sectors. Acquisition consideration totals the issuance of 8,500,000 EVR shares.

The four tenements being acquired, E45/6088, E45/5717, E45/5821 and E45/5879 are located within 100km of the Shaw River Tin-Tantalum-Lithium Project on which EVR has acquired an 80% interest.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

The East Pilbara region of Western Australia is renown as a world-class lithium province also with potential for associated tantalum and REE mineralisation. The region already hosts two of the largest hard rock lithium deposits in the world at Wodgina and Pilgangoora with several other resources defined by other companies.

During the quarter EVR completed a preliminary field assessment on the four exploration licenses in the East Pilbara region of Western Australia. The field assessment was undertaken as part of the Company’s due diligence process and involved geological reconnaissance and the collection of samples to determine the prospectivity of the tenements.

==> picture [404 x 265] intentionally omitted <==

Figure 3 – East Pilbara Tenements Location

E45/5821 – located immediately north from the Pilgangoora Lithium Project. Although not all of the tenement could be accessed due to wet conditions, the observed areas in the south and west were noted as being richly endowed with pegmatite as initially recognised as potential target areas on aerial imagery. At several sample points significant extent of pegmatite was recorded, in zones stretching to over two hundred metres visible width. Amblygonite, a mineral composed of lithium, sodium, and aluminum phosphate and exploited as a lithium ore, was tentatively recognised at one location. Similar pegmatite targets recognised through assessment of aerial images are present in the eastern portion of the tenement and will be visited when vehicle access is possible.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

==> picture [596 x 139] intentionally omitted <==

Figure 4 – Pegmatite sample from E45/5821, with possibly amblygonite as white secondary layer on quartz and feldspar (microcline) from southern part of tenure.

E45/6088 – located immediately east from the Wodgina Lithium Project, is mostly covered by residual sands however the visit confirmed the presence of well-developed pegmatite within Numbana Monzogranite, a member of the Split Rock Supersuite that hosts a number of known Sn, Ta and Li occurrences including the Shaw River Project mineralisation and the Pippingarra Lithium Project.

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Figure 5 – Pegmatite samples from E55/6088, relative fresh and weathered

E45/5879 and E45/5717 host historic gold and base metal workings including the historic Glen Herring gold, Sharks North copper-lead zinc mines and Spring Gully alluvial gold mines. All sites were visited including a few historic mining areas not previously noted on Mindex, and samples were collected at all sites. Evidence of previous prospecting, predominantly shallow trenches, was also noted. Mineralisation appears to be associated with basalt/komatiite contacts and shears-jogs in basalts, cherts and banded iron formation. A number of locations were noted hosting brecciated quartz veining and chert.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

==> picture [596 x 139] intentionally omitted <==

Figure 6 – Alluvial mining within E45/5717, not documented in Mindex.

The preliminary reconnaissance visit has confirmed the prospectivity of the tenure visited with all tenements either displaying evidence of mineralisation via historic working and/or evidence of targeted lithology, particularly pegmatite in the western tenements. All samples have been submitted to the laboratory and results are awaited.

Khartoum Tin-Silver-Tungsten Project (EVR 100% Interest)

The Khartoum Project comprises five granted Exploration Licence for Minerals (EPM) and one EPM application covering 390 square kilometres.

An early-stage reconnaissance field trip has been conducted throughout the region. The aim of the work was to inspect regional access roads and tracks to finalise the upcoming proposed field work and drilling program. The reconnaissance field trip was limited to public access tracks only whilst statutory notice period timeframes for site access are passing.

The initial proposed area of focus for the field work and drilling program is the Boulder-Ahmets area which comprises a 9km by 3km zone of anomalous tin defined by surface geochemistry and geological mapping. The Boulder-Ahmets area was the focus for detailed geological investigation by Auzex Resources for greisen-style bulk-tonnage tin mineralisation based on the presence of numerous vein- hosted historic tin mines (targeting higher-grade tin mineralisation, previous results from outcrop sampling, and the presence of numerous zones of exposed strong greisen alteration. Initial mapping and rock chip sampling identified strong greisen alteration primarily along two sub-parallel, NNW-SSE trending ridges, each zone extending for over five kilometres.

Follow-up channel sampling, comprising continuous 5 metre composite rock chip samples across the extent of the more strongly identified greisen targets, returned numerous anomalous results including:

• 35m at 0.34% Sn

• 49m at 0.22% Sn

• 10m at 0.31% Sn

• 4m at 1.0% Sn

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

The rock chip sampling results subsequently led to a drilling programme to determine the significance of the surface sampling results, comprising 5 RC holes and one diamond hole. All holes intersected significant tin mineralisation including:

Hole	From(m)	Interval	Sn %
BARC07-01	39	12	0.2
BARC07-02	44	3	1.22
BARC07-03	82	4	0.11
BARC07-03	99	30	0.28
BARC07-04	30	23	0.14
BARC07-06	39	3	0.24
BARD07-05*	12	104	0.21

* Diamond hole

Table 1 – Boulder-Ahmets previous drilling significant intercepts at 0.1% Sn cut off

Apart from broad, lower-grade tin mineralisation, the drilling also intersected individual highergrade vein hosted tin mineralisation up to 3.0% Sn in BARC07-02, likely the target for historic miners. Hence, the greisen alteration also hosts higher-grade vein-style tin mineralisation that will increase the overall grade of potential resources. Only the western greisen trend was tested by drilling as this area provided easier access from the existing track. Of significance was the correlation in grade between the surface channel samples and the drill intersections, providing a simple method to target with drilling the better zones as indicated from surface sampling.

Further drilling is required to determine the depth of greisen development and associated tin mineralisation, and the lateral extent of the potentially economic tin-greisen mineralisation, along the defined greisen alteration trends. The proposed drilling program will be step out drilling from previous significant intercepts to further delineate the extent of mineralisation. In parallel to this work an additional drilling program will be defined to test the other known mineralised outcropping greisen bodies within the prospect area.

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311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

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Figure 7 – Boulder-Ahmets previous rock chip sample locations, previous 5m composite channel locations, and previous drilling locations

The Boulder-Ahmets area is made up of Carboniferous – Permian granitoids of the O’Briens Creek Super Suite (Elizabeth Creek Granite) along with lesser volcanic equivalents dominate the geology of the Boulder-Ahmets Prospect. The intrusives host a range of Mo, Bi, Au, Ag, W and Sn deposits. Almost all rock-chip samples containing high-grade tin were collected from zones of greisen alteration. The greisen zones may be flat-lying/shallow dipping, steeplydipping and traceable for up to 1km in length, or forming sub-vertical ‘pipes’ (average width of approximately 50m) and exposed as prominent topographical features. Indications were that tin occurs as disseminated cassiterite in greisen and to a lesser extent in quartz veins.

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Locally, sericite alteration increases in the vicinity of greisen zones and major fault-fracture zones. Small (<0.01km2), discrete strong greisen altered zones occur throughout the BoulderAhmets prospect. Almost all rock-chips containing high- grade tin were collected from within these zones, which is also partly reflected in the tin-in-soil data. Greisen alteration zones occur in 3 main structural styles or types:

• Type 1 - As 5-50cm fracture selvedge zones. These selvedges are relatively planar and continuous features, with dominantly flat-lying to shallow dips.

• Type 2 - Steeply-dipping ≤15m wide planar alteration zones. These zones all have a dominant NW trend (± local bends/kinks up to 30°) and are traceable for up to 1km.

• Type 3 - Larger alteration zones form prominent topographical features throughout the Boulder-Ahmets area. The geometries of these zones are interpreted as subvertical ‘pipes’ with average width of ~50m and average aspect ratio of 2.3. The dominant long axis is NW trending.

EVR are continuing the assessment of the numerous greisen zones in the Boulder Ahmets area through rock chip sampling to determine the lateral extent of tin mineralisation and to define additional drill targets.

New Standard Copper Project (EVR acquiring 100% Interest)

During the quarter EVR announced that it had reached terms with a private owner to acquire the New Standard Project in the Cienega Mining District of La Paz County, Arizona, USA (refer ASX announcement 14 October 2021). Arizona has a strong history of mining and hosts some of the largest copper discoveries in the world, such as Bagdad and Miami, and one of the largest undeveloped copper resources in the Resolution deposit.

Following an agreement being reached EVR mobilised a geology team to the New Standard Copper Project (“ Project” ) to commence geological mapping and sampling to commence due diligence in Arizona, as well as to define targets for immediate drill permitting and testing once the Project is acquired. Samples will be collected by a veteran professional geologist, for analysis at local laboratories, and planning will start for intensive geological programmes.

The Project comprises 6 lode claims covering 120 contiguous acres, in a district of considerable old workings dating back to the 19th century. Historic workings provide evidence of copper mineralisation over a 1.5 kilometre extent. It appears from desktop studies of historical reports that mining and processing continued to approximately 1922. Historic shafts are reported to 365 feet (112 metres) depth with development on at least four levels. No modern exploration has been undertaken in the area and EVR intends to commence a programme of geological mapping, outcrop and mine sampling, and geophysics to define highgrade copper targets before moving rapidly to drill testing.

An historical description of the workings was detailed in reports lodged with the Arizona Geological Society. EVR has made an initial site inspection which confirmed promising geology and provided information for definition of potential drill targets.

EVR is working closely with SRK Consulting, a leading international mining consultancy firm providing focused services to clients in the resource industry.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

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Figure 8 - Location of New Standard Project

Weinebene and Eastern Alps Lithium Projects (EVR 80% interest)

In May 2021 EVR and European Lithium Limited entered into Collaboration Agreement in order to progress the Company’s Weinebene and Eastern Alps Lithium Projects (EVR 80% interest), located in Austria.

Under the Collaboration Agreement it was proposed that a Technical Advisory Committee be established for the purpose of jointly collaborating in connection with the Weinebene and Eastern Alps Projects and sharing information to identify the best options to advance those assets and operations. This includes making recommendations for exploration programs, budgets and development scenarios in relation to the assets and operations.

During the quarter the company proceeded with the establishment of the Technical Advisory Committee which was proposed under the Collaboration Agreement between the Company and European Lithium Limited (ASX:EUR) (FRA:PF8) (OTC:EULIF) in order to grow and expand the world class Wolfsberg Lithium Project.

The Technical Advisory Committee comprising of Mr. Tony Sage of European Lithium and Mr. Luke Martino of EVR has now been established and has commenced joint efforts to expand the Wolfsberg Lithium Project and look for potential extensions to the mineralisation that may continue into the Weinebene Project. Review of the previous drilling has commenced under the direction of the Technical Advisory Committee in order to appropriately plan follow up programs.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

Mapping, rock chips and soil sampling undertaken in the area to date have identified numerous spodumene bearing pegmatites with very high lithium values up to 3.39% Li2O. The project area has significant exploration potential.

The Company is working with the EUR technical team to co-ordinate the proposed drilling program for the extension of the Wolfsberg Mine.

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Figure 9 - Weinebene Lithium Project Location

Yanamina Gold Project (EVR 100% interest)

EVR continues to work with the local representatives to understand the potential impacts on the community from mining activities however, progress has been hindered by restrictions in place due to the COVID pandemic.

Tierra Blanca (EVR option to acquire 100% interest)

No further work was carried out during the quarter.

Serbian Permits (EVR 22% interest)

EVR continues to hold 22% in Balkan Mining and Minerals (ASX:BMM) who holds 100% of the licenses.

Mt Wells and Maranboy Projects

During the quarter the Mt Wells and Maranboy Project acquisition was terminated. The acquisition was terminated on the basis that EVR has been unable to enter into a suitable sale and purchase agreement with the private vendor, Outback Metals Limited.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

Corporate

• EVR completed its maiden Sustainability Plan, which sets the foundations and framework for sustainability in respect of the Company’s future development activities across its suite of projects.

• The Company signed a non-binding Memorandum of Understanding (“MOU”) with tin smelter, Thailand Smelting and Refining Co. Ltd, known as “THAISARCO” to negotiate the supply of tin concentrate from EVR’s Khartoum Project including a right of first refusal for all other tin projects (subject to the final offtake agreement), including any joint venture projects between the Parties.

• EVR signed a non-binding Memorandum of Understanding (“MOU”) with Ya Hua International Investment and Development Co. Ltd (“Yahua”) for the development of lithium projects and for the supply of spodumene concentrates.

• A strategic investment in the Company was made by Yahua who subscribed for 80m fully paid Ordinary shares at an issue price of A$0.045 per share to raise proceeds of A$3.6 million. The shares were issued and the proceeds received in January 2022.

• The Group’s cash balance as 31 December 2021 was $3.4m

• During the quarter the aggregated amount of payments made to related parties and their associates totaled $193k comprising director fees, company secretarial fees and accounting fees.

• $399k was spent on exploration expenditure during the quarter and further details of the exploration activity during the quarter are set out in this report.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

2021 December QUARTER – ASX ANNOUNCEMENTS

This Quarterly Activities Report contains information extracted from ASX market announcements reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). Further details (including 2012 JORC Code reporting tables where applicable) of exploration results referred to in this Quarterly Activities Report can be found in the following announcements lodged on the ASX:

01/10/2021	Field Work Commences at Shaw River Project
05/10/2021	Acquisition of Khartoum Tenements Complete
07/10/2021	Shaw River Tenement Granted
08/10/2021	Mt Wells and Maranboy Project Acquisition Terminated
14/10/2021	Jadar to Acquire Copper Project in World Class Precinct
22/10/2021	Jadar Commits to Sustainability
25/10/2021	Commences Work at New Standard Copper Project
26/10/2021	Field Work and Drilling Program Planned for Khartoum Project
10/11/2021	Jadar Expands Lithium Footprint in Pilbara Region
15/11/2021	MOU Executed With Globally Significant Smelter, THAISARCO
16/11/2021	Technical Committee Established to Grow Lithium Project
19/11/2021	Jadar Field Team Back in the Pilbara
29/11/2021	Preliminary Pilbara Field Assessment Completed
30/11/2021	Shaw River Project Due Diligence Completed
01/12/2021	Jadar Executes MOU with Yahua to Acquire & Develop Projects
08/12/2021	Change of Company Name and ASX Ticker
15/12/2021	Strategic Investment by Yahua
23/12/2021	Results Received For Shaw River Reconnaissance Sampling

These announcements are available for viewing on the Company’s website - under the Investors tab.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

SCHEDULE OF TENEMENTS

Project	Tenement ID	**Indirect Interest ***
**SERBIA PERMITS ***
Rekovac	2224	22%
Pranjani	2427	22%
Dobranja	2428	22%
Ursule	2429	22%
Siokovac	2430	22%
AUSTRIA – WEINEBENE PROJECT
Weinebene	82/16(001/16)– 141/16(060/16)	80%
AUSTRIA – EASTERN ALPS PROJECT
Glanzalm-Ratzell-Poling	01/19/JDR – 17/19/JDR	80%
Millstätter Seerücken	18/19/JDR – 23/19/JDR,55/16(FS 13)	80%
Thalheim(Judenburg)	43/16(FS 1)- 44/16(FS 2)	80%
Hohenwart	56/16(1083/16)– 81/16(1181/16)	80%
Mitterberg	45/16(FS 3)– 49/16(FS 7)	80%
St. Radegund - Garrach	51/16(FS 9)– 53/16(FS-11)	80%
Mittereck	24/19/JDR - 36/19/JDR	80%
PERU – YANAMINA PROJECT
MaluI	RJ. N°5721-95-RPM	100%
Malu II	R.P. N° 1294-2010	100%
MaluIII	R.P.N° 4646-2010	100%
MonicaT	R.P.N°6057-2008	100%
Gladys E	R.P. N°4152-2009	100%
AUSTRALIA - KHARTOUM PROJECT
Khartoum	EPM19112	100%
Khartoum	EPM19113	100%
Khartoum	EPM19114	100%
Khartoum	EPM19203	100%
Khartoum	EPM14797	100%
Khartoum	EPM27892-Application	100%
AUSTRALIA – PILBARA LITHIUM PROJECTS
Shaw River**	E45/5849	80%

• Designates EV Resources Limited’s interest in permits held through the following entities:

• Serbia Permits - Balkan Mining and Minerals (ASX:BMM) of which EVR holds a 22% interest;

• Austria Permits - Subsidiary Jadar Lithium GmbH incorporated in Austria and owned 80%;

• Peru Permits - Coripuquio SAC (formerly Minera Wealth Peru S.A.C) incorporated in Peru and owned 100%;

• Khartoum Project - Jadar Silver Pty Ltd incorporated in Australia and owned 100%; and

• Shaw River Project – EV Resources NT incorporated in Australia and owned 100%.

** During the quarter the Company acquired an 80% interest in the Shaw River Project licences. Tenements are undergoing transfer to EVR.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

ENDS

For further information, please contact:

Luke Martino Adrian Paul Non-Executive Chairman Executive Director Tel: +61 8 6489 0600 Tel: +61 8 6489 0600 E: luke@evresources.com.au E: adrian@evresources.com.au

This ASX announcement was authorised for release by the Board of EV Resources Limited.

Compliance Statement

Shaw River Lithium, Tin and Tantalum Project

This quarterly report contains information on the Shaw River Lithium, Tin and Tantalum Project extracted from an ASX market announcement dated 1 October, 7 October, 30 November, and 23 December 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Pilbara Lithium Project

This quarterly report contains information on the Pilbara Lithium Project extracted from an ASX market announcement dated 10 November and 29 November 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Khartoum Tin-Silver-Tungsten Project

This quarterly report contains information on the Khartoum Tin-Silver-Tungsten Project extracted from an ASX market announcement dated 5 October and 26 October 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

New Standard Copper Project

This quarterly report contains information on the New Standard Copper Project extracted from an ASX market announcement dated 14 October and 25 October 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Austrian Lithium Project

This quarterly report contains information on the Weinebene and Eastern Alps Projects extracted from an ASX market announcements dated 16 November 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Forward Looking Statements

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be nо assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. Therе can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral

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311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forwardlooking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward- looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 info@evresources.com.au

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity EV Resources Limited ABN Quarter ended (“current quarter”) 66 009 144 503 31 December 2021

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(6 months)
			$A’000
1.	Cash flows from operating activities
1.1	Receipts from customers
1.2	Payments for
	(a) exploration & evaluation
	(b) development
	(c) production
	(d) staff costs	(288)	(540)
	(e) administration and corporate costs	(474)	(851)
1.3	Dividends received (see note 3)
1.4	Interest received
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Government grants and tax incentives
1.8	Other (provide details if material)
1.9	Net cash from / (used in) operating	(762)	(1,391)
	activities
2.	Cash flows from investing activities
2.1	Payments to acquire or for:
	(a) entities
	(b) tenements
	(c) property, plant and equipment	(2)	(2)
	(d) exploration & evaluation	(399)	(564)
	(e) investments
	(f) other non-current assets

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(6 months)
			$A’000
2.2	Proceeds from the disposal of:
	(a) entities
	(b) tenements
	(c) property, plant and equipment
	(d) investments
	(e) other non-current assets
2.3	Cash flows from loans to other entities
2.4	Dividends received (see note 3)
2.5	Other (provide details if material)
2.6	Net cash from / (used in) investing	(401)	(566)
	activities
3.	Cash flows from financing activities
3.1	Proceeds from issues of equity securities
	(excluding convertible debt securities)	1,750	3,500
3.2	Proceeds from issue of convertible debt
	securities
3.3	Proceeds from exercise of options	-	-
3.4	Transaction costs related to issues of equity	(127)	(210)
	securities or convertible debt securities
3.5	Proceeds from borrowings
3.6	Repayment of borrowings
3.7	Transaction costs related to loans and
	borrowings
3.8	Dividends paid
3.9	Other (Balkan Mining and Minerals Limited	-	397
	IPO financing)
	Other	(15)	-
3.10	Net cash from / (used in) financing	1,608	3,687
	activities
4.	Net increase / (decrease) in cash and
	cash equivalents for the period
4.1	Cash and cash equivalents at beginning of	2,957	1,675
	period
4.2	Net cash from / (used in) operating	(762)	(1,391)
	activities (item 1.9 above)
4.3	Net cash from / (used in) investing activities	(401)	(566)
	(item 2.6 above)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Consolidated statement of cash flows	Current quarter	Year to date
		$A’000	(6 months)
			$A’000
4.4	Net cash from / (used in) financing activities	1,608	3,687
	(item 3.10 above)
4.5	Effect of movement in exchange rates on	(6)	(9)
	cash held
4.6	Cash and cash equivalents at end of	3,396	3,396
	period
5.	Reconciliation of cash and cash	Current quarter	Previous quarter
	equivalents	$A’000	$A’000
	at the end of the quarter (as shown in the
	consolidated statement of cash flows) to the
	related items in the accounts
5.1	Bank balances	3,396	2,957
5.2	Call deposits	-	-
5.3	Bank overdrafts	-	-
5.4	Other	-	-
5.5	Cash and cash equivalents at end of	3,396	2,957
	quarter (should equal item 4.6 above)
6.	Payments to related parties of the entity and their		Current quarter
	associates		$A'000
6.1	Aggregate amount of payments to related parties and their		193
	associates included in item 1
6.2	Aggregate amount of payments to related parties and their		-
	associates included in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7.	Financing facilities	Total facility	Amount drawn at
	Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity.	amount at quarter end $A’000	quarter end $A’000
7.1	Loan facilities	-	-
7.2	Credit standby arrangements	-	-
7.3	Other	10,000	-
7.4	Total financing facilities	10,000	-
7.5	Unused financing facilities available at quarter end		10,000

• 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

$10M Mint Finance Facility

The Company executed a Standby Placement Agreement (SPA) with US based Mint Capital Advisors Ltd (Mint) for a financing facility of up to $10 million over a two year term. The key terms of the Facility are summarised below.

• EV Resources Limited (EVR) may elect at its sole discretion to drawdown funds in consideration for the issue of shares to Mint in accordance with the terms of the Facility.

• Any shares issued to Mint following a request for drawdown made by EVR will be issued at a price per share equal to 90% of the average of the 15 trading day daily VWAP of EVR’s shares as published by Bloomberg for the 15 trading days following the date of issue of EVR’s drawdown notification.

• The number of shares to be issued to Mint will be that number of shares equal to 5 times the average daily traded volume of shares on ASX for the 15 trading days following the date of issue of EVR’s drawdown notification to the total value of the drawdown requested by EVR.

• EVR may drawdown up to $300,000 per month (Maximum Drawdown) (or such larger amounts as agreed by the parties).

• EVR will only be able to drawdown funds if the issue price that is calculated on notification of the drawdown is above a floor price of $0.04 per share. No notification of a drawdown is able to occur if 90% of the average of the 15 daily VWAPs for the actual trading days immediately prior to the drawdown notice, is below $0.04 per share. However, if the actual issuance price calculated according to the terms of the Facility is less than the floor price, the drawdown will still proceed unless both parties agree otherwise.

• Mint shall not be entitled to own more than 9.99% of the shares in EVR, either pursuant to the terms of the Facility or via one or more on-market acquisitions, at any given time. If Mint’s shareholding was to increase above 9.99%, then Mint would need to use its reasonable endeavours to sell down part of its shareholding to ensure compliance with the terms of the Facility or a respective drawdown would be reduced accordingly.

• All issuances of shares under the Facility are subject to compliance with the Corporations Act 2001 and the ASX Listing Rules. Drawdowns will be undertaken in reliance on Listing Rules 7.1 or 7.1A – if the Company does not have sufficient placement capacity under Listing Rule 7.1, then it will not undertake a drawdown and no shares will be issued until such time as the Company has capacity to do so

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.	Estimated cash available for future operating activities	$A’000	$A’000
8.1	Net cash from / (used in) operating activities (item 1.9)		(762)
8.2	(Payments for exploration & evaluation classified as investing		(399)
	activities) (item 2.1(d))
8.3	Total relevant outgoings (item 8.1 + item 8.2)		(1,161)
8.4	Cash and cash equivalents at quarter end (item 4.6)		3,396
8.5	Unused finance facilities available at quarter end (item 7.5)		10,000
8.6	Total available funding (item 8.4 + item 8.5)		13,396
8.7	Estimated quarters of funding available (item 8.6 divided by item 8.3)		11.53
	Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7		as “N/A”.
	Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8	If item 8.7 is less than 2 quarters, please provide answers to the following questions:
	8.8.1 Does the entity expect that it will continue to have the current	level of net operating
	cash flows for the time being and, if not, why not?
	Answer:
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise		further
	cash to fund its operations and, if so, what are those steps and how likely does it
	believe that they will be successful?
	Answer:
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business
	objectives and, if so, on what basis?
	Answer:
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 28 January 2022

Authorised by: The Board

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

ASX Listing Rules Appendix 5B (17/07/20)

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• See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

2. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

3. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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