Ms. Jaclyn Ruptash reports

PREMIUM NICKEL EXTENDS SELEBI MINES STUDY PHASE AND PROVIDES OPERATIONAL UPDATE

Premium Nickel Resources Ltd. has extended the study phase (as defined under Section 43 of the Botswana Mining Act) for the Selebi mines project pursuant to the terms of the asset purchase agreement (Selebi APA) with the BCL liquidator. This extension follows successful completion by the company of the work and investment milestones required by the Selebi APA. It provides the company with an additional one year, to Feb. 1, 2026, to complete an economic study and make the next milestone payment, in the amount of $25-million (U.S.), under the Selebi APA.

On Jan. 31, 2022, the company closed the Selebi APA, and ownership of the Selebi mines transferred to the company. The Selkirk mine licence and exploration permits were acquired in August, 2022. Included in the Selebi APA, are contingent milestone payments which apply in aggregate to both the Selebi mines and the Selkirk mine as the assets are derisked.

Selebi mines

The company is advancing its resource characterization drilling program at Selebi North, which is expected to be completed by the end of 2024. The underground development team has mobilized to the Selebi Main deposit to support underground exploration drilling starting in 2025. Initial drill bays will be established enabling drill testing of large borehole electromagnetic conductors located below the legacy Selebi mine horizons.

The work at the Selebi mines is focused on advancing key activities that will support an economic study prepared in accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects). In addition to the underground exploration drilling, the company is completing engineering trade-off studies and advancing metallurgical studies. The company is evaluating advancing to a preliminary economic assessment (NI 43-101 PEA) versus moving directly to a prefeasibility study. The benefits include less time and cost and the ability to publish an initial economic model, including a broad range of development options.

Selkirk mine

The company recently published results from 17 historic drill cores for nickel, copper, cobalt and platinum group elements, providing additional data needed for the Selkirk deposit's mineral resource estimate (MRE) which is expected imminently. A proposed work plan for the Selkirk deposit will be defined following receipt and review of the completed MRE.

Company name change

At the annual general and special meeting of shareholders held on Oct. 29, 2024, shareholders approved of the company changing its name to Premium Resources Ltd. The company is in the process of effecting the name change and expects to complete that process in the coming weeks.

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.

We seek Safe Harbor.