EV Nickel Reports Positive Metallurgical Results From Gemini North Project

The most recent news (January 28, 2026) reports interim metallurgical results from the Gemini North Nickel Sulphide Zone. Key findings include rougher flotation nickel recoveries of 81.4% to 85.2% and sulphur recoveries exceeding 97%. These tests were conducted under non-deslimed conditions, which simplifies the flowsheet. The final cleaner concentrate grades exceeded 5% nickel, reaching as high as 9.70% in variability testing. These grades are specifically targeted to meet the requirements for downstream bioleaching.

This news is materially positive for the Gemini North zone but must be viewed critically within the broader company context. - Technical De-risking: Recoveries of >80% at the rougher stage and the ability to produce a >5% Ni concentrate are vital for the company’s "CleanTech" bioleaching strategy. It confirms that Gemini North mineralization is more responsive to flotation than the larger, lower-grade CarLang A deposit. - Resource Pivot: Gemini North is emerging as a higher-grade, more metallurgically favorable target. With the 2025 drill program confirming a 750m strike length, these results support the upcoming Preliminary Mineral Resource Estimate (MRE). - Efficiency Gains: The high sulphur recovery (97%) is a critical indicator for magmatic sulphides, suggesting that the nickel is indeed contained in recoverable sulphide forms rather than silicate-hosted (which is harder to recover). - The Catch: While rougher recoveries are high, the cleaner flotation recoveries range from 47% to 70%, indicating significant nickel loss during the cleaning stages to achieve higher grades. This suggests the flowsheet still requires optimization to maintain both grade and high total recovery.

EV Nickel focuses on the Shaw Dome Project near Timmins, Ontario. The flagship project was historically the CarLang A Deposit, a massive low-grade nickel resource. However, the company is now prioritizing the Gemini North and W4 zones. - CarLang A: 1.0 Billion tonnes @ 0.24% Ni (Measured & Indicated). PEA shows a $1.48B NPV but requires a massive $2.3B initial capex. - Gemini North: A newer discovery of disseminated nickel sulphides with higher grades and better metallurgy than CarLang A. - W4: A high-grade deposit with a 21-year mining lease recently granted.