Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES CHANGE OF AUDITOR

Premium Nickel Resources Ltd. has appointed MNP LLP as auditor of the company, effective immediately. MNP is one of the largest full-service chartered professional accountancy and business advisory firms in Canada, with more than 100 offices across Canada, from Victoria to St. John's.

Premium Nickel is the continuing company resulting from the reverse takeover transaction (the RTO) completed on Aug. 3, 2022 (see news release of Premium Nickel dated Aug. 3, 2022), which resulted in the combination of publicly traded North American Nickel Inc. (formerly TSX Venture Exchange: NAN) and privately owned Premium Nickel Resource Corp.

Immediately prior to the RTO, the auditor of NAN was Dale Matheson Carr-Hilton Labonte LLP (DMCL), a British Columbia-based firm. Upon completion of the RTO, the company commenced a search process to engage a new auditor for the continuing company, in anticipation of the resignation of DMCL.

The resignation of DMCL as auditor of the company was not the result of any reportable event (within the meaning of National Instrument 51-102 -- Continuous Disclosure Obligations. The reporting package relating to the appointment of MNP LLP will be available on SEDAR under Premium Nickel's issuer profile within the time period prescribed by NI 51-102.

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 focuses its efforts on discovering world-class nickel sulphide assets in jurisdictions with rule of law that comply with Premium Nickel's values and principles which surpasses the highest industry standards. Premium Nickel is committed to governance through transparent accountability and open communication within its team and its stakeholders.

Premium Nickel maintains a skilled team that has worked on over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects like Selebi and Selkirk. Premium Nickel's team has on average more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.

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 offsite 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, as well as the delivery of a compliant preliminary economic assessment by the end of 2023. 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 mine which was acquired in August, 2022, as well as four adjacent 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.

We seek Safe Harbor.