Mr. Keith Morrison reports

PREMIUM NICKEL FILES NI 43-101 TECHNICAL REPORT: INITIAL MINERAL RESOURCE ESTIMATE OF 27.7 MT FOR THE SELEBI MINE IN BOTSWANA

Premium Nickel Resources Ltd. has filed an initial mineral resource estimate (MRE), titled "Technical Report, Selebi Mines, Central District, Republic of Botswana" and dated Sept. 20, 2024 (with an effective date of June 30, 2024), on its past-producing copper-nickel-cobalt (Cu-Ni-Co) sulphide Selebi Main and Selebi North deposits in Botswana.

The technical report has been prepared by SLR Consulting (Canada) Ltd. in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and is available electronically on the company's website and on SEDAR+ under Premium Nickel's issuer profile.

There are no material differences between the technical report and the information presented in this news release and the results disclosed in the company's news release dated Aug. 8, 2024, and titled "Premium Nickel Resources Ltd. Announces Its Initial Mineral Resource Estimate of 27.7 MT for the Selebi Mines in Botswana."

Highlights:

• Selebi Main deposit MRE tonnage is 67 per cent larger than the historic resource inferred mineral resource estimate of 18.89 million tonnes at 3.51 per cent copper equivalent (CuEq) or 1.70 per cent nickel equivalent (NiEq):
  • Contained metal inferred -- 165,000 tonnes nickel and 319,000 tonnes copper.
• Selebi North deposit MRE tonnage is 90 per cent larger than the historic resource indicated mineral resource estimate of three million tonnes at 2.92 per cent CuEq or 1.42 per cent NiEq:
  • Contained metal indicated -- 29,000 tonnes nickel and 27,000 tonnes copper.
• Inferred mineral resource estimate of 5.83 million tonnes at 3.11 per cent CuEq or 1.51 per cent NiEq:
  • Contained metal inferred -- 62,000 tonnes nickel and 52,000 tonnes copper.
• While not included in this initial MRE, cobalt, which may offer additional economic value, is undergoing analysis as part of external studies to assess its payability.

Chief executive officer Keith Morrison commented: "The response to the initial MRE in Botswana has been extremely positive. The support for the redevelopment of the Selebi mines from the national government to local stakeholders is ongoing and has been widely encouraging. Drilling at Selebi North underground is ongoing and is designed to upgrade the inferred resources to indicated, while exploration drilling and BHEM surveys continue to highlight expansion potential downdip and downplunge of the existing resources which will be included in an updated MRE. The company is also carrying out trade-off studies which will be used to support a future prefeasibility study (PFS)."

Qualified persons

The MRE described in this news release has been reviewed and approved by Valerie Wilson, MSc, PGeo (Ontario) and a principal resource geologist at SLR Consulting Ltd., who is independent of Premium Nickel and a qualified person for purposes of NI 43-101.

Verification included a site visit to inspect mineralization in underground workings, active drilling, mineralized core, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition, 100 per cent of samples collected by Premium Nickel have been verified against independently accessed assay certificates and a random selection of historical database results have been compared against original paper and digital records.

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

The MRE on the Selebi mine is supported by the technical report. Reference should be made to the full text of the technical report for the assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ under Premium Nickel's issuer profile.

Historic resource estimate

The historical mineral resource estimate referenced herein was calculated for the Selebi North, Selebi Main, Phikwe South and Southeast Extension deposits in accordance with the South African Mineral Resource Committee (SAMREC), in 2016, and does not comply with NI 43-101. Premium Nickel is not treating the historical mineral estimates as current mineral resource estimates. To that end, the historical resource is considered to be historical in nature and should not be relied upon as a current mineral resource estimate. In addition, the historical resource has been superseded by the technical report.

About Premium Nickel Resources Ltd.

Premium Nickel 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.

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