Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES FILING OF Q2 2023 INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Premium Nickel Resources Ltd. has filed its unaudited interim financial statements and related management discussion and analysis (MD&A) for the three and six months ended June 30, 2023, on SEDAR+ and on the company's website.

Selected financial information

The amounts in the attached table are derived from the company's unaudited condensed interim consolidated financial statements prepared under IFRS (international financial reporting standards).

Recent highlights include:

• The company initiated the mobilization of three drills to carry out its 2023 underground drilling program at Selebi North.
• On June 28, 2023, the company closed its financings with Cymbria Corp., EdgePoint Investment Group Inc. and certain other entities managed by it for aggregate gross proceeds of $33,999,200.
• On June 28, 2023, the company repaid its indebtedness to Pinnacle Island LP in full, including accrued interest and restatement fee, in an aggregate amount of $7,637,329.
• The company entered into a binding commitment letter with the liquidator of BCL Ltd., which is subject to customary final documentation, to acquire a 100-per-cent interest in two additional deposits (Phikwe South and Southeast Extension) located adjacent to and immediately north of the Selebi North historical workings.
• The company strengthened its management team and board of directors with the addition of key personnel with experience in mining operations, finance and corporate governance.

About Premium Nickel Resources Ltd.

Premium Nickel Resources is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and cobalt resources mines owned by the company in the Republic of Botswana. The company is driven by its belief that the demand for these metals will continue to grow in the medium term 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.

Premium Nickel Resources is committed to governance through transparent accountability and open communication within its team and the company's stakeholders. Premium Nickel Resources' skilled team has worked on over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects like the company's Selebi and Selkirk mines. Premium Nickel Resources' senior 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.