Mr. Keith Morrison reports

PREMIUM NICKEL DRILLS 30.45M OF 2.88% NIEQ AND 9.55M OF 3.94% NIEQ AT SELEBI NORTH UNDERGROUND

Premium Nickel Resources Ltd. has released additional assay results at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana. Previous results for 23 holes were released, November 14, November 27 and December 19, 2023, respectively, and January 18, 2024. Results for a further three holes are set out below. To date a total of 26 holes have been released representing an aggregate of approximately 9,093 metres including the holes and metres released herein. Details of the assay results are shown below along with accompanying visuals via Figure 1, Figure 2 and Figure 3. Drill core photos for all holes released to date, including the holes reported herein, are accessible by Clicking Here and can also be found on the Company's website at www.premiumnickelresources.com. To view the 3D modeling, please visit the following link https://vrify.com/decks/15076.

Highlights include:

SNUG-23-056 (South Limb):

30.45 metres of 2.88% NiEq (1.78% Ni; 1.81% Cu; 0.09% Co)

including 15.80 metres of 3.00% NiEq (1.73% Ni; 2.15% Cu; 0.09% Co)

and 12.10 metres of 3.14% NiEq (2.06% Ni; 1.73% Cu; 0.11% Co)

SNUG-23-057 (N3 Limb): 9.55 metres of 3.94% NiEq (2.72% Ni; 1.81 Cu; 0.16% Co)

SNUG-23-058 (N2 Limb): 12.95 metres of 2.47% NiEq (0.74% Ni; 3.23% Cu; 0.04% Co)

including 10.40 metres of 2.78% NiEq (0.69% Ni; 3.94% Cu; 0.04% Co)

Keith Morrison, CEO of PNRL, commented: "These are excellent results that add additional definition to the multiple zones that comprise the historic resource at the Selebi-North deposit. Importantly, they extend beyond the historic resource estimate, highlighting new mineralization between the N2 and N3 folds not captured in the historic resource. These assays also continue to demonstrate the balanced poly-commodity nature of the ore with excellent nickel, copper and cobalt grades. Furthermore, recent borehole electromagnetic survey results from underground drillholes indicate that the mineralized zones extend further down plunge from the deepest mineralized intersections drilled to date."

The purpose of this drill program is to define mineralization down plunge of the existing workings that will be used to complete a Mineral Resource Estimation ("MRE") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Assay results are provided below in Table 1 and hole collar details are provided in Table 2. Figures 1, 2 and 3 show the location of holes relative to the historic resource and underground infrastructure.

The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon. Additional drilling is required to estimate true width and define the folded mineralization.

The highlighted results from SNUG-23-057 returned multiple mineralized intervals including intervals outside the historic resource estimate. SNUG-23-057 intersected mineralization corresponding to the N2 and N3 Limbs, but also intersected additional mineralization located between the N2 and N3 historic resources that is outside the historic SAMREC resource (see Figure 3). In addition, the 9.55 metre interval grading 2.72% Ni and 1.81% Cu is situated in a local fold linked to the historically mined N3 Zone in the upper levels of the mine.

Drilling and Borehole Electromagnetic ("BHEM") Surveys Continue

Two drills have been mobilized to the 810 metre level exploration drift, permitting testing areas further down plunge of the three mineralized zones with the aim to demonstrate upside potential that will support a future MRE.

BHEM surveys are currently underway, with surveys completed in five 2023 drillholes and two holes drilled from the 810 exploration drift. Results indicate that the mineralized zones continue down plunge of current drilling.

As of January 28, 2024, a total of 20,298 metres in 55 drillholes have been completed from five underground drill bays. Assay results for completed holes will be released as they are received and confirmed by the Company.

Quality Control

The underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Ontario, Canada, who have provided three Zinex U-5 drills for purchase and training of local operators. Drill core samples are BQTK (40.7 mm diameter). All samples are one-half core cut by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally at 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at the ALS Chemex in Johannesburg, South Africa. Commercially prepared blank samples and certified Cu/Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples or a minimum of one set per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (ME-ICP81).

Holes are numbered as follows: SNUG (Selebi North Underground) + year + hole number starting at 013.

BHEM Surveys

The BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5Hz). The data has been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be invaluable because of the size of the highly conductive mineralized system.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, P. Geo, Vice President Exploration of the Company, who is a "qualified person" for the purposes of NI 43-101.

Technical Report

Scientific and technical information relating to the Selebi Mine is supported by the technical report titled "Technical Report on the Selebi Mines, Central District, Republic of Botswana, Report for NI 43-101", dated June 16, 2022 (effective date of March 1, 2022) (the "Selebi Technical Report"), and prepared by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Technical Report, including the assumptions, limitations and data verification therein relating to the historic data compilation presented in this news release, which was prepared in accordance with NI 43-101 and is available electronically on SEDAR+ (www.sedarplus.ca) under PNRL's issuer profile.

Historic Resource Estimate

The historical mineral resource estimate referenced herein (the "Historic Resource") was calculated for the Selebi North, Selebi Main, Phikwe South and Southeast Extension deposits in accordance with SAMREC, in 2016, and does not comply with NI 43-101. To that end, the Historic Resource is considered to be historical in nature and should not be relied upon as a current mineral resource estimate. While management believes that the Historic Resource could be indicative of the presence of mineralization on the deposits, a qualified person for purposes of NI 43-101 has not completed sufficient work to classify the historical mineral estimates as current mineral resource estimates and PNRL is not treating the historical mineral estimates as current mineral resource estimates.

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. 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.

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

We seek Safe Harbor.