Mr. Keith Morrison reports

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

Premium Nickel Resources Ltd. has upsized its previously announced non-brokered private placement offering of units of the company at a price of 78 cents per unit from approximately $15-million to aggregate gross proceeds of up to approximately $27.5-million, in response to very strong interest in the offering, largely from the company's existing shareholders. The company has received committed subscriptions for the entire $27.5-million.

Other than the upsize of the offering, all other details of the non-brokered equity financing remain as disclosed in the news release of the company issued on June 5, 2024.

The initial tranche of the offering for aggregate gross proceeds of approximately $15-million is expected to close on or about June 14, 2024, and the final tranche of the offering for the remaining units is expected to close on or about June 21, 2024, subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

We seek Safe Harbor.