EV Resources : Quarterly Activities and Cash Flow Report

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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 drilling3

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

• 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

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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.

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

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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, ofeconomic 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.

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 within100km 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

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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 largesthard 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.

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

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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.

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

E45/5879and E45/5717host 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

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