Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES CHANGE TO ITS BOARD OF DIRECTORS

Sheldon Inwentash has stepped down from his position as a director of Premium Nickel Resources Ltd., effective immediately.

Mr. Inwentash has served as a director of the former Premium Nickel Resources Corp. since 2019. The company wishes to thank Mr. Inwentash for his years of service and contributions during his tenure as a director of the company and Premium Nickel Resources Corp.

About Premium Nickel Resources Ltd.

PNRL is a Canadian company dedicated to the exploration and development of high-quality nickel copper and cobalt resources. PNRL 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.

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

PNRL maintains a skilled team which 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. PNRL'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, PNRL closed the acquisition of PNRL'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, 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, PNRL is evaluating direct and indirect nickel asset acquisition opportunities globally, and also: (i) holds a 100-per-cent interest in the open-pit 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 and 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 100-per-cent ownership of a property in the Quetico region near Thunder Bay, Ont.; and (v) is expanding its area of exploration interests into Morocco.

We seek Safe Harbor.