Mr. Keith Morrison reports

PREMIUM NICKEL ANNOUNCES APPOINTMENT OF JAMES GOWANS AS NEW BOARD CHAIRMAN

Premium Nickel Resources Ltd. has appointed James (Jim) Gowans as a director and as new independent chairman of the board of the company, effective as of Jan. 1, 2024.

Mr. Gowans is a seasoned corporate director and brings over three decades of expertise as a senior executive in the mining industry, with notable roles at Debswana Diamond Company in Botswana, DeBeers SA, DeBeers Canada Inc., PT Inco and Placer Dome Ltd. 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 chairman. He was also chief executive officer and interim president of Trilogy Metals Inc., held roles as CEO, president and director at Arizona Mining Inc., and served as co-president of Barrick Gold Corp. before becoming a senior adviser to the chairman of the board at Barrick Gold Corp.

The addition of Mr. Gowans to the company will bring with it the advantages of his extensive operational background in Botswana, his profound insights into the local and regional dynamics relevant to the revitalization of PNRL's mines, and the value of his established connections within the mining sector in that region.

John Hick, lead director, commented: "On behalf of the PNRL board and management I would like to extend a warm welcome to Jim as he joins our team. This is a strategic step for the growth of PNRL and the company will greatly benefit from Jim's wealth of experience as we advance the company's Botswana mines. I would also like to thank Keith Morrison for acting as interim chairman of the board while the company underwent the search for a new independent director to serve as chairman of the board."

About Premium Nickel Resources Ltd.

PNRL 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 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.

PNRL is committed to governance through transparent accountability and open communication within its team and stakeholders. Its skilled team has worked 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. PNRL's 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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