EV Minerals Corporation announced that, further to its press release of February 6, 2024, the Company has entered into a purchase agreement with Graycliff Exploration Limited pursuant to which the Company will acquire 100% of the Baldwin and Lunge Projects from the Vendor. As partial consideration for the Sudbury Projects, the Company shall issue the Vendor an aggregate of 2,000,000 common shares in the capital of the Company, at a deemed issuance price of $0.05 per Common Share. In addition, as partial consideration for the Sudbury Projects, the Company made a one-time cash payment of $25,000 to the Vendor on February 6, 2024, upon signing of the letter of intent dated February 6, 2024 between the Company and the Vendor.

The Company acknowledges that there is an existing 2% net smelter return royalty on the Sudbury Projects. Upon closing of the Acquisition, the Company will assume the Vendor's obligations of the NSR and will have the right to buy back 1% of the NSR for $1 million (reducing such NSR to 1%).