Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD ANNOUNCES ADDITION TO ITS BOARD OF DIRECTORS

Premium Nickel Resources Ltd. has appointed Don Newberry to its board of directors.

Mr. Newberry was appointed to the board on Oct. 12, 2022, to fill an existing vacancy. Mr. Newberry has over 20 years of experience in a variety of senior financial and project management leadership roles and is currently the chief financial officer at Ohio Trucks Sales. He has spent most of his career working internationally in the mining industry for various companies, including Diavik diamond mines, Cleveland Cliffs and Nyrstar. He is experienced in overseeing large mining projects from development studies through to execution, risk management, merger and acquisition, integration, and implementation of financial controls and oversight of corporate assets. He is a chartered professional accountant/certified management accountant (CPA, CMA).

About Premium Nickel Resources Ltd.

Premium Nickel is a Canadian company dedicated to the exploration and development of high-quality nickel-copper-cobalt-PGM (platinum group metal) resources. Premium Nickel believes that the medium-term 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.

The company has focused its efforts on discovering world-class nickel sulphide assets in jurisdictions with rule of law that fit strict criteria that comply with Premium Nickel'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, the company closed the acquisition of its 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 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-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.

We seek Safe Harbor.