Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES EXTENSION OF WARRANTS ISSUED IN APRIL 2021

Premium Nickel Resources Ltd. has made an application to the TSX Venture Exchange to extend to Oct. 16, 2023, the expiry date of a total of 643,299 common share purchase warrants of the company, which are scheduled to expire on April 16, 2023. Each of the Subject Warrants entitles the holder thereof to purchase one common share of the Company at a price of CDN$1.75 per share (on a post-consolidation basis).

The Subject Warrants were issued pursuant to a private placement consisting of an aggregate 8,290,665 common shares in the capital of the Company and one-half of one common share purchase warrant totalling 4,145,331 share purchase warrants with an original exercise price of $0.35 (see news release of the Company dated April 20, 2021). The Company subsequently completed a 5:1 consolidation in August 2022. Since then, 185,766 out of 829,064 warrants (on a post-consolidated basis) have been exercised.

Other than the proposed extension of the Subject Warrants from April 16, 2023, to October 16, 2023, all other terms and conditions of the Subject Warrants remain unchanged. The extension of the Subject Warrants remains subject to the approval of the TSX Venture Exchange.

About Premium Nickel Resources Ltd.

PNRL is a mineral exploration and development company that focuses on discovering and advancing high-quality nickel, copper and cobalt resources. We are driven by our 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.

Our 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. Our portfolio includes various global projects (Botswana, Greenland, Canada and Morocco) that complements our flagship Selebi Ni-Cu-Co sulphide mine located in Selebi-Phikwe, Botswana.

PNRL is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our 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. PNRL'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.