Mr. Keith Morrison reports

PREMIUM NICKEL RESOURCES LTD. ANNOUNCES UPSIZE TO PREVIOUSLY-ANNOUNCED EQUITY FINANCING

Further to the news release issued on Dec. 4, 2023, Premium Nickel Resources Ltd., together with Cormark Securities Inc., on behalf of BMO Capital Markets, as co-lead agent, and a syndicate of agents, has agreed to increase the size of its previously announced best effort private placement of common shares of the company at a price of $1.20 per common share for aggregate gross proceeds of up to approximately $17-million.

After giving effect to the upsize of the offering, the company's proposed equity and debt financing package of $22-million comprises:

• Brokered private placement: a best effort private placement offering of up to 14,166,700 common shares at a price of $1.20 per common share for aggregate gross proceeds of up to approximately $17-million;
• Amended term loan: a second amended and restated commitment letter between the company and Cymbria Corp. to, inter alia, amend the terms of their existing term loan to increase the principal amount of the loan from $15-million to $20,882,353, which, upon closing of the amended term loan, would result in additional gross proceeds to the company of $5-million.

Other than the upsize of the offering, all other details of the proposed debt and equity financing remain as disclosed in the news release of the company issued on Dec. 4, 2023, and entitled "Premium Nickel Resources Ltd. Announces Proposed $20 Million Equity and Debt Financing Package."

The offering is expected to close on or about Dec. 14, 2023, or such other date as the company and the agents may agree, and remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

We seek Safe Harbor.