Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. CLOSES PRIVATE PLACEMENT FINANCING

Premium Nickel Resources Ltd. has closed its previously announced best efforts brokered private placement offering, under which 4,437,184 common shares of the company were issued at a price of $1.75 per common share for gross proceeds of $7,765,072.

Keith Morrison, chief executive officer, commented: "The company is continuing financing strategies, along with this placement, to secure strong, long-term capital partners that will support our development, while also obtaining favourable financing terms. The proceeds from this offering will be used to fund further resource drilling at the Selebi and Selkirk nickel-copper-cobalt-PGE [platinum group element] deposits in Botswana, with the intention of advancing both mines to a PEA [preliminary economic assessment] maiden resource status prepared in accordance with NI [National Instrument] 43-101."

Paradigm Capital Inc. acted as lead agent and sole bookrunner of the offering on behalf of a syndicate of agents. In connection with the offering, the company (i) paid to the agents a cash commission equal to 6 per cent of the gross proceeds (other than on certain president's list purchasers, on which a cash commission of 3 per cent was paid), and (ii) issued to the agents that number of non-transferable broker warrants of the company, as is equal to 6 per cent of the number of common shares sold under the offering (other than on common shares issued to president's list purchasers, on which broker warrants equal to 3 per cent were issued). Each broker warrant is exercisable to acquire one common share at an exercise price of $1.75 per common share until Feb. 24, 2025.

The net proceeds from the offering will be used to support the continuing exploration and redevelopment work on the company's flagship Botswana assets, being its 100-per-cent-owned Selebi and Selkirk mines, and for general corporate purposes. The company has initiated work on upgrading the Selebi North shaft and preparing for underground predevelopment work in anticipation of the upcoming underground drilling program. With the net proceeds from the offering, the company aims to accelerate the mobilization of drills on site to define a 43-101-compliant PEA maiden resource at Selebi North.

All securities issued in connection with the offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

Insiders of the company subscribed for a total of 230,284 common shares under the offering. Each subscription by an insider of the company is considered to be a related party transaction for purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The company is exempt from the formal valuation requirement in Section 5.4 of MI 61-101 in reliance on Section 5.5(a) of MI 61-101 as the fair market value of the offering, insofar as it involves interested parties, is not more than the 25 per cent of the company's market capitalization and Section 5.5(b) of MI 61-101 insofar as no securities are listed on the specified markets enumerated in MI 61-101. Additionally, the corporation is exempt from the minority shareholder approval requirement in Section 5.6 of MI 61-101 in reliance on Section 5.7(a) insofar as the fair market value of the offering, insofar as it involves interested parties, is not more than the 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days prior to the closing of the offering, as the details of the participation of insiders of the company was not settled until shortly prior to the closing of the offering and the company wished to close the offering on an expedited basis for sound business reasons.

About Premium Nickel Resources Ltd.

Premium Nickel Resources is a mineral exploration and development company that focuses on discovering and advancing high-quality nickel, copper and cobalt resources. The company is driven by its belief that the demand for these metals will continue to grow in the medium to long term as a result of global urbanization and the increasing adoption of electric motors over internal combustion engines. These metals are vital for achieving a low-carbon future.

The company's global strategy is to identify the most promising Ni-Cu-Co-PGE projects and acquire or invest in opportunities that offer high prospectivity in mining-friendly jurisdictions located in low-risk countries with supportive foreign investment and resource acts, as well as rule-of-law. The company's portfolio includes various global projects (Botswana, Greenland, Canada and Morocco) that complements the company's flagship Selebi Ni-Cu-Co-sulphide mine located in Selebi-Phikwe, Botswana.

Premium Nickel Resources is committed to governance through transparent accountability and open communication within the company's team and its stakeholders. The company's skilled team has collectively worked 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 Resources's team members have, on average, more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.

We seek Safe Harbor.