Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES EXTENSION OF CAD $7 MILLION PROMISSORY NOTE

Premium Nickel Resources Ltd. has entered into an amended and restated (A&R) promissory note extending the maturity of its previously issued $7-million promissory note from March 22, 2023, to Nov. 24, 2023. The promissory note is held by Pinnacle Island LP, an arm's-length limited partnership formed under the laws of Ontario. All other terms of the promissory note remain as previously announced (see news release of the company dated Nov. 21, 2022).

In connection with the extension and entry into of the A&R promissory note, the company paid an amendment and restatement fee of $225,000 and issued 350,000 non-transferrable common share purchase warrants to the lender. Each warrant is exercisable to acquire one common share of the company at a price of $1.75 per common share for a period of one year from date of the A&R promissory note. In connection with the extension and issuance of the warrants, the 119,229 common share purchase warrants previously issued to the lender in connection with the initial issuance of the promissory note have been cancelled concurrently with the extension.

The warrants and any common shares issuable on exercise of the warrants are subject to a statutory four-month hold period under applicable Canadian securities laws from the date of issue.

The extension, A&R promissory note, and the warrants are subject to the final acceptance of the TSX Venture Exchange.

In addition, further to the news release of the company on Feb. 24, 2023, announcing the closing of Premium Nickel's $7.8-million best efforts brokered private placement, the company wishes to confirm that a total of 221,448 broker warrants were issued to the agents of the private placement. For further details of the private placement, please refer to the material change report dated March 6, 2023, which is available on SEDAR under the company's issuer profile.

About Premium Nickel Resources Ltd.

Premium Nickel is a mineral exploration and development company that focuses on discovering and advancing high-quality nickel, copper and cobalt resources. It 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.

We seek Safe Harbor.