Premium Nickel Resources Ltd. provided an update on activities and reports additional assay results from drilling at its past-producing nickel-copper-cobalt sulphide (Ni- Cu-Co) Selebi North underground (SNUG) mine in Botswana. Previous results for 42 holes were released in eight separate news releases between November 14, 2023 and March 5, 2024. This release highlights results for a further one hole and also summarizes results to-date including a summary of all drillholes released thus far, for an aggregate total of 18,120 metres in 50 holes.

Details of the assay results are shown below along with accompanying visuals. Highlights to-date include: Completion of $21.6 million financing to fund initial Mineral Resource Estimate (MRE) on Selebi Main and Selebi North (see news release December 2023). More than 28,000 metres of drilling completed as of the date of this news release from seven underground drill bays at Selebi North.

Repeatedly encountering massive sulphide mineralization when drilling within the historic resource (see historic resource). SNUG-23-053 (South Limb): 6.05 metres of 2.76% NiEq (1.95% Ni; 1.23% Cu; 0.11% Co). SNUG-23-054 (N3 Limb): 6.85 metres of 3.97% NiEq (2.72% Ni; 1.97% Cu; 0.15% Co).

SNUG-23-055 (South Limb): 15.30 metres of 2.95% NiEq (1.84% Ni; 1.85% Cu; 0.10% Co). incl. 8.45 metres of 3.04% NiEq (2.15% Ni; 1.40% Cu; 0.11% Co).

and 3.00 metres of 2.98% NiEq (2.13% Ni; 1.28% Cu; 0.12% Co). SNUG-23-056 (South Limb): 30.45 metres of 2.85% NiEq (1.78% Ni; 1.81% Cu; 0.09% Co). and 12.10 metres of 3.12% NiEq (2.06% Ni; 1.73% Cu; 0.11% Co) SNUG-23-057 (N3 Limb): 9.55 metres of 3.90% NiEq (2.72% Ni; 1.81 Cu; 0.16% Co).

SNUG-23-058 (N2 Limb): 12.95 metres of 2.45% NiEq (0.74% Ni; 3.23% Cu; 0.04%. Co). including 10.40 metres of 2.76% NiEq (0.69% Ni; 3.94% Cu; 0.04% Co).

Frequently encountering massive sulphide mineralization when drilling down-dip and down-plunge of the historic resource at Selebi North. SNUG-23-017 (South Limb, 180 metres down plunge of historic resource): 8.15 metres of 2.21% NiEq (1.27% Ni; 1.65% Cu; 0.06% Co), incl. 6.25 metres of 3.23% NiEq (2.34% Ni; 1.40% Cu; 0.11% Co), and 3.50 metres of 3.22% NiEq (1.06% Ni; 4.08% Cu; 0.05% Co).

SNUG-24-089: (South Limb, 403 metres down-plunge and outside of the historic resource) intersected massive sulphide mineralization (assays pending, photos published see news release dated March 5, 2024). NEW SNUG-24-094 (drilled 400 metres down plunge of N2): intersected massive sulphide mineralization (assays pending). New assay result with greater than 4% Nickel: SNUG-23-069: (between N2 and N3 fold noses, outside historic resources):5.85 metres of 1.63% NiEq (1.17% Ni, 0.70% Cu, 0.06% Co), incl.

2.25 metres of 2.50% NiEq (1.52% Ni, 1.64% Cu, 0.09% Co), incl. 0.45 metres of 5.86% NiEq (4.53% Ni, 2.10% Cu, 0.16% Co). Significant Copper: SNUG-23-026 (N3): 4.10 m of 3.49% NiEq (1.52 % Ni, 3.65% Cu, 0.07% Co), incl.

2.85 m of 3.56% NiEq (0.89 % Ni, 5.09% Cu, 0.05% Co). SNUG-23-036 (N2): 10.45 m of 1.44% NiEq (0.48 % Ni, 1.82% Cu, 0.02% Co), incl. 4.15 metres of 2.53%NiEq (0.48 % Ni, 3.97% Cu, 0.02% Co).

Consistently reporting world-class assay results from ongoing drilling at Selebi North. SNUG-23-064 (South Limb/N2): 102.80 metres of 2.20% NiEq (1.41% Ni, 1.30% Cu, 0.08% Co), SNUG-23-067 (South Limb/N2): 110.75 metres of 2.52% NiEq (1.52% Ni, 1.70% Cu, 0.08% Co), SNUG-23-057 (N3): 9.55 metres of 3.94% NiEq (2.72 % Ni, 1.81% Cu, 0.16% Co). Successfully mapping mineralization using Borehole Electromagnetic ("BHEM"), aiding drilling to extend mineralization below the legacy Selebi North resource.

To date, 100% of the high conductance modeled plates correlate to massive sulphides within, down-dip and down plunge of the Selebi North historic resource. Exceptional initial hydrometallurgical test results demonstrating high leach rates of Cu, Ni, Co, and PGEs, with equally high extraction rates to precipitates (see news release dated February 22, 2024). On track to publishing the maiden Selebi MRE Second Quarter 2024.

Three drills are currently active on the 810 metre level exploration drift. The two drill bays located at the southern most extent of the 810 metre level exploration drift allow for the evaluation of areas further down plunge and outside of the known historic resource estimate. BHEM surveys are currently underway, with surveys completed in a total of twenty-five underground drillholes including nine 2024 holes drilled from the 810 metre level exploration drift evaluating the down plunge potential of the South Limb.

Results from these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting larger step-out intervals. As of March 25, 2024, a total of 28,574 metres in eighty (80) drillholes have been completed from seven underground drill bays with three of those drillholes currently in-progress. Assay results for completed holes will be released as they are received and confirmed by the Company.

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 ½ 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.