Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES PENDING APPOINTMENT OF NEW BOARD CHAIR

Premium Nickel Resources Ltd. will appoint James (Jim) Gowans as a director and as independent chair of the board of the company.

Mr. Gowans is a corporate director. He has over 30 years of experience as a senior executive in the mining industry, including holding executive positions at Debswana Diamond Company in Botswana, DeBeers SA, DeBeers Canada Inc., PT Inco in Indonesia and Placer Dome Ltd. He served as interim president and chief executive officer of Trilogy Metals Inc. from August, 2019, to May, 2020. He was president, CEO and a director of Arizona Mining Inc. from January, 2016, to August, 2018. Prior to that, he was senior adviser to the chair of the board of Barrick Gold Corp. from August to December, 2015, and co-president from July, 2014, to August, 2015.

Mr. Gowans has served on the boards of numerous Canadian publicly traded mining companies, including Cameco, Arizona Mining, Trilogy Metals, Detour Gold, New Gold, Marathon Gold, Paycore Minerals and Treasury Metals (where he currently serves as board chair). He holds a bachelor of applied science in mineral engineering degree from the University of British Columbia and has attended the Banff School of Advanced Management. He is a past chair of the Mining Association of Canada.

Mr. Gowans's appointment as a director and as independent chair of the Premium Nickel board is expected to be effective in mid-January. Pending his formal appointment, Keith Morrison, CEO of Premium Nickel, will continue to act as chair of the board and John Hick will continue as lead director.

Mr. Gowans commented: "I am delighted to have the opportunity to work with management and the board of PNRL to advance the redevelopment of the company's historically producing nickel, copper, cobalt and platinum group element properties in Botswana. I have a great affection for Botswana and its people, and I am very excited about the prospects for the company's redevelopment projects, and its commitment to modern mining practices, community development and sustainability."

Mr. Morrison commented: "Jim Gowans will bring to PNRL a lifetime of experience in leadership roles in the international mining sector, including in mining operations, operational excellence and safety, sustainability, capital transactions, and stakeholder relations. He will also bring to the company the benefit of his years of operating experience within Botswana, his knowledge and understanding of the local and regional context for the redevelopment of our mines, and the benefit of his relationships within the mining sector there. We are very fortunate to have him join our company in this critical leadership role."

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.

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