Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES THE FORMATION OF PREMIUM NICKEL RESOURCES INTERNATIONAL METALS GROUP AND CHANGE TO ITS BOARD OF DIRECTORS

Premium Nickel Resources Ltd. has created Premium Nickel Resources International Metals Group, a new metals division of the company.

Keith Morrison, chief executive officer, commented: "PNR International Metals will develop direct relations with end consumers in the base metals markets, including electric vehicle (EV) battery manufacturers, with the intent to bridge information gaps and provide the company with critical access to world markets and real-time information that will aid in decisions involving the production and sale of the nickel, copper, cobalt and platinum group elements (Ni-Cu-Co-PGE) that potentially could be produced principally from our 100-per-cent-owned Selebi and Selkirk mines in Botswana."

PNR International Metals is made up of internationally recognized individuals, including Neil Jamieson, Simon Grant-Rennick and Christopher Messina. This globally positioned team brings a wealth of experience, leadership and a diverse knowledge of the capital and metals market, including industrial metals, pricing and trading, supply chain, international relations, and nickel and copper mining and processing operations. The extensive expertise of PNR International Metals will be leveraged to provide insight on technological developments and potential new product iterations of nickel and copper with the added benefit of constant flow of information to the company as to the requirements and characteristics of new battery developments, commodity pricing and related commodity deal structures.

Mr. Jamieson, president of PNR International Metals, commented: "The substitution of electric motors for internal combustion engines and the integration of batteries in renewable energy platforms are primary strategies for the world to transition to a decarbonized-energy-dependent future and reduction in greenhouse gas emissions. The success of the EV market and electrification is expected to drive new demand growth in copper, nickel and cobalt for the next few decades. PNR International Metals believes that new sources of supply to meet this increased demand are limited due to a low investment level in exploration for base metals, increasingly complicated regulatory environments, deeper, lower-grade orebodies and inflation in both capex and opex. However, automotive manufacturers have been quick to begin transitioning to EVs to align themselves with global social expectations and are actively sourcing a new and direct supply of the key commodities required to commercialize the technologies supporting electrification, including EVs. PNR International Metals will produce real-time data from end-users that will refine our understanding of manufacturer requirements and PNRL's ability to use this data when shaping its scoping studies. Ultimately this will reduce volatility and mitigate risk while increasing revenue and enhancing shareholder value."

Mr. Jamieson is an experienced Canadian financial executive who has successfully advised an extensive list of operating companies for over 30 years on their strategic financial relationships, including with private equity investment, public asset managers, capital markets advisory, corporate finance services and investment banking. Mr. Jamieson provides, as a resident of Barbados and through a partnership with Merlin Partners LLP in London, England, assistance to a broad range of private and public companies in respect of international financing opportunities and incorporating bonafide strategies to maximize efficiencies and tactical benefits in their strategic financial management.

Mr. Grant-Rennick is a mining engineer with over 40 years experience in exploration, mining and sales with a special interest in industrial minerals. Mr. Grant-Rennick holds various directorships among an array of private and publicly listed companies. He is an experienced chairperson skilled in negotiation, business planning, mergers and acquisitions, start-ups, and risk management. He was the co-founder and principal of IMFH, a United Kingdom-based industrial minerals consultancy group. He has had many years of arranging offtake agreements and dealing with logistics in Africa.

Mr. Messina is an experienced investment banker with over 20 years experience in the capital markets. He has advised multiple global exchanges, commodity producers and traders, private equity firms, corporations, and sovereign wealth funds. He is currently an adviser to artificial intelligence and big data software companies focused on applying advanced computational techniques to the global capital and national security markets. He has an AB in anthropology from the University of Chicago, where he was a National Merit Scholar, and an MBA in finance from the Australian Graduate School of Management.

Corporate update

Effective immediately, John Chisholm has resigned from his position as director of the Premium Nickel board of directors and intends to continue his support as a member of the advisory board and as a shareholder of the company. Mr. Chisholm served as a director of the former Premium Nickel Resources Corp. since 2019. The company would like to thank Mr. Chisholm for his leadership and insight during his tenure as director which served the company very well, enabling the transition to Premium Nickel and broadening its relationships with key strategic partners in the mining industry.

About Premium Nickel Resources Ltd.

Premium Nickel is a Canadian company dedicated to the exploration and development of high-quality nickel-copper plus cobalt resources. Premium Nickel believes that the medium- to long-term demand for these metals will continue to grow through global urbanization and the increasing replacement of internal combustion engines with electric motors. Importantly, these metals are key to a low-carbon future.

Premium Nickel maintains a skilled team with strong financial, technical and operational expertise to take an asset from discovery to exploration to mining.

Premium Nickel has focused its efforts on discovering world-class nickel sulphide assets in jurisdictions with rule of law that fit strict criteria that comply with the company's values and principles which stand up and surpass the highest acceptable industry standards. Premium Nickel is committed to governance through transparent accountability and open communication within its team and its stakeholders.

On Jan. 31, 2022, Premium Nickel closed the acquisition of Premium Nickel's flagship asset, the Selebi mine. The Selebi mine includes two shafts (Selebi and Selebi North shafts) and related infrastructure (rail, power and water). Shaft sinking and plant construction started in 1970. Mining concluded in October, 2016, when the operations were placed on care and maintenance due to a failure in the separate and off-site processing facility. The Selebi mine was subsequently placed under liquidation in 2017.

The proposed work plan for the Selebi mine includes diamond drilling, which is expected to be continuing for up to 18 months. During that time, additional metallurgical samples will be collected and sent for more detailed studies. The underground infrastructure at Selebi North will be upgraded to support an underground drilling program as well as improve health and safety.

In addition, Premium Nickel is evaluating direct and indirect nickel asset acquisition opportunities globally, and also: (i) holds a 100-per-cent interest in the Selkirk mining licence and four prospecting licences in Botswana; (ii) holds a 100-per-cent interest in the Maniitsoq property in Greenland, which 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; (iii) holds a 100-per-cent interest in the Post Creek/Halcyon property in Sudbury, Ont., which is strategically located adjacent to the past-producing Podolsky copper-nickel-precious-metal sulphide deposit of KGHM International Ltd.; (iv) holds a 100-per-cent ownership of property in the Quetico region near Thunder Bay, Ont.; and (v) is expanding its area of exploration interest into Morocco.

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