Mr. Keith Morrison reports

PREMIUM NICKEL REPORTS 52.45 METRES OF 2.02% NIEQ OR 3.59% CUEQ (1.26% NI, 1.17% CU, 0.06% CO) & 35.60 METRES OF 2.45% NIEQ OR 4.35% CUEQ (1.54% NI, 1.38% CU, 0.08% CO) AT SELEBI NORTH UNDERGROUND

Premium Nickel Resources Ltd. has released additional high-grade polymetallic assay results for a further 10 holes from drilling at its past-producing nickel-copper-cobalt sulphide Selebi North underground (SNUG) mine in Botswana.

"These assays are the last underground drill holes to be included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("MRE"). The MRE will incorporate drilling data from both Selebi North and Selebi Main and is expected in the coming weeks. The delay is predominantly due to the lag time in receiving the assays from drill hole SNUG-24-105." - CEO, Keith Morrison

Highlights include:

• SNUG-24-094 (N2 Limb, 400 metres down plunge of historic N2 resource): 52.45 metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06% Co) incl. 10.40 metres of 2.93% NiEq or 5.21% CuEq (1.73% Ni, 1.89% Cu, 0.09% Co)
• SNUG-24-105 (South Limb / N2, within the historic resource): 35.60 metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08% Co) incl.16.15 metres of 3.03% NiEq or 5.38% CuEq (1.86% Ni, 1.80% Cu, 0.10% Co) and 5.30 metres of 2.39% NiEq or 4.25% CuEq (1.61% Ni, 1.15% Cu, 0.09% Co) and 5.80 metres of 3.38% NiEq or 6.00% CuEq (2.23% Ni, 1.72% Cu, 0.12% Co)
• SNUG-24-098 (South Limb, within historic resource): 9.55 metres of 2.84% NiEq or 5.03% CuEq (1.78% Ni, 1.63% Cu, 0.09% Co)SNUG-24-101 (South Limb, 175 metres down plunge of historic resource): 4.55 metres of 2.78% NiEq or 4.94% CuEq (1.96% Ni, 1.19% Cu, 0.10% Co)
• SNUG-24-104 (South Limb, 100 metres down plunge of historic resource): 7.00 metres of 3.29% NiEq or 5.84% CuEq (2.19% Ni, 1.64% Cu, 0.12% Co)

Previously, results for 53 holes were released in eleven separate news releases between November 14, 2023 and May 16, 2024. Details of the assay results are shown below along with accompanying visuals (Figure 1, Figure 2 and Figure 3). Drill core photos for all highlighted 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.premiumnickel.com. To view the 3D modeling, please visit the following link https://vrify.com/decks/16249.

Keith Morrison, CEO of PNRL, commented: "These assays are the last underground drill holes to be included in the first Selebi National Instrument 43-101 compliant Mineral Resource Estimate ("MRE"). The MRE will incorporate drilling data from both Selebi North and Selebi Main and is expected in the coming weeks. The delay is predominantly due to the lag time in receiving the assays from drill hole SNUG-24-105. Additional BCL mine development data from the lower Selebi Mines levels has also been included, to extend the resource upwards to the existing mine infrastructure. The ongoing underground drilling, along with remaining pending assay results, will support the future classification of inferred resources to indicated resources. An upgrade in classification would enable their inclusion in a future NI 43-101 compliant Prefeasibility Study ("PFS"), thereby optimizing initial mine life estimates."

Assay results are provided below in Table 1 for SNUG-24-088, 094, 095, 097, 098, 101, 102, 104, 105 and 108; hole collar details are provided in Table 2.

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 needed to properly determine true width of mineralization on each limb and define the folded mineralization. Figures 1 through 3 show the location of the holes relative to the historic resource and underground infrastructure.

Drilling and BHEM Continues

Three drills are currently active on the 810-metre level exploration drift. The two drill bays, located at the southern most extent of this drift, allow for the evaluation of areas further down plunge and outside of the known historic resource estimate. The third drill is positioned approximately 130 metres east, orthogonal to the main 810-metre level exploration drift, allowing for optimal intersection angles on South Limb and N2 Limb.

As of June 24, 2024, a total of 41,836 metres in one hundred and seven (107) drillholes have been completed from seven underground drill bays with three of those drillholes currently in-progress. Due to the extensive drilling that has intersected mineralization, the Company has released assay results for the most significant intercepts. Drilling continues, and new assay results will be published as they are received and verified by the Company. However, these forthcoming assays may not all be included in the initial MRE, which is based on the data available at this time. If warranted, the remaining results and future drilling will support the project's progression towards a PFS.

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 1.0 to 1.5 metre intervals or less at the discretion of the site geologists. Sample preparation and lab analysis was completed at 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 three component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). 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, 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.

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.