Mr. Keith Morrison reports

NORTH AMERICAN NICKEL AND PREMIUM NICKEL RESOURCES ANNOUNCE: SHAREHOLDER APPROVAL OF RTO; FILING OF FILING STATEMENT; EXPECTED CLOSING OF RTO

Premium Nickel Resources Corp. and North American Nickel Inc. have released the following updates, further to their joint news release of July 21, 2022, in respect of their previously announced reverse takeover transaction (RTO):

• Shareholder approval of RTO: The disinterested shareholders of North American Nickel have approved the RTO by way of a resolution passed in writing, pursuant to the policies of the TSX Venture Exchange (TSX-V).
• Filing of filing statement: North American Nickel and Premium Nickel Resources have finalized and filed a filing statement dated July 22, 2022, on Exchange Form 3D2, which provides full particulars about the RTO, the resulting issuer and its business, including relevant historic and pro forma financial information and technical information in respect of the Selebi project located in Botswana, which will be the only material property of the resulting issuer. Readers are encouraged to review the filing statement in its entirety, which is available electronically on SEDAR under North American Nickel's issuer profile and on its corporate website.
• Closing of RTO: Subject to the satisfaction or waiver of the remaining conditions precedent to the RTO, North American Nickel and Premium Nickel Resources expect the RTO to close during the first week of August, 2022. Following closing of the RTO and subject to the final acceptance of the exchange, the common shares of the resulting issuer will commence trading on the exchange under the trading symbol PNRL and will carry on the businesses of Premium Nickel Resources and North American Nickel as the combined company.

Note: In this news release, references to the resulting issuer are to North American Nickel after the closing of the RTO. As certain directors and officers of North American Nickel are also directors and officers of Premium Nickel Resources, the amalgamation agreement is considered as a non-arm's-length agreement, pursuant to the policies of the exchange.

Keith Morrison, chief executive officer and director of North American Nickel and Premium Nickel Resources, commented: "We are eager to be moving towards closing of the RTO transaction, having received the required shareholder and stock exchange approvals. In the coming weeks, we expect to commence trading under the Premium Nickel Resources Ltd. banner under the ticker symbol PNRL. We are equally as eager to begin providing meaningful updates on our projects and operations in Botswana, Greenland and Canada. We are deeply encouraged and grateful for the ongoing support of our shareholders and stakeholders and we thank you for your patience as we work to get PNRL over the finish line."

Additional background to RTO

The RTO will be completed by way of a three-cornered amalgamation between a wholly owned subsidiary of North American Nickel and Premium Nickel Resources to form one corporation. North American Nickel will change its name to Premium Nickel Resources Ltd. and will be the resulting issuer. The securityholders of Premium Nickel Resources will receive securities of the Resulting Issuer in exchange for their securities of Premium Nickel Resources at an exchange ratio of 1.054 common shares of the resulting issuer for each outstanding share of Premium Nickel Resources, after giving effect to the consolidation event of North American Nickel's common shares on the basis of one postconsolidation common share for each five preconsolidation common shares. The transactions will result in a RTO of North American Nickel in accordance with the policies of the exchange, all in the manner contemplated by, and pursuant to, the terms and conditions of the amalgamation agreement dated April 25, 2022 providing for the amalgamation. A copy of the amalgamation agreement is available electronically on SEDAR under North American Nickel's issuer profile.

About North American Nickel Inc.

North American Nickel is a mineral exploration company with 100-per-cent-owned properties in Maniitsoq, Greenland, and Ontario, Canada. In 2019, North American Nickel became a founding shareholder in Premium Nickel Resources to provide direct exposure to nickel-copper-cobalt opportunities in the southern African region. Simultaneously, North American Nickel is expanding its area of exploration interest into Morocco.

The Maniitsoq property in Greenland is a camp-scale permitted exploration project comprising 3,048 square kilometres covering numerous high-grade nickel-copper-plus-cobalt-sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland norite belt (GNB). The over-75-kilometre-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM (platinum group element) deposits and producing mines within the Sudbury camp.

North American Nickel acquired 100-per-cent ownership of property near the southern extent of the Lingman Lake greenstone belt in Northwest Ontario known as Lingman Nickel, and in the Quetico region near Thunder Bay, Ont. The acquisition of these properties is part of North American Nickel's strategy to develop a pipeline of new nickel projects. North American Nickel is evaluating direct and indirect nickel asset acquisition opportunities globally.

We seek Safe Harbor.