Premium Nickel Resources Ltd. announced the results of recent metallurgical testing of the Company's 100% owned nickel, copper, cobalt, platinum-group elements Selkirk project and the nickel, copper, cobalt Selebi project, both of which are located in Botswana. The Selkirk Ni-Cu-Co-PG E deposit, located 75 kilometres north of PNRL's Selebi Mine in Botswana, is a near surface deposit that has been extensively drilled by previous operators. The drill results and various historic estimates were reported in the technical report entitled "NI 43-101 Technical Report, Selkirk Nickel Project, Northeast District, Republic of Botswana", dated April 12, 2023 (with an effective date of March 31, 2023) (the " Selkirk Technical Report"), which was prepared for the Company by G Mining Services Inc. in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The four composite samples were therefore subjected to milling and flotation testing targeted to maximize nickel recovery into a bulk nickel-copper concentrate (before copper-nickel separation). This news release focuses predominantly on the Selkirk results as this is a near surface deposit that contains appreciable PGE content. Platsol testing.

In addition, laboratory quantities of separate nickel and copper concentrates, produced from earlier, higher grade Selkirk drill samples (averaging 0.61% Ni and 0.61% Cu) were tested under high-pressure oxidation leaching using Platsol technology. The Platsol process was developed at SGS to solubilize PGEs during high-pressure leaching, thus offering a potential process route for low nickel and low copper grade Selkirk material which contains appreciable platinum, palladium and gold. Samples of Selkirk and Selebi nickel concentrates, using a two-litre autoclave for leaching have been completed.

The test conditions for these tests were established by SGS based on experience in previous Platsol testwork. However, it is noted that these test conditions are not necessarily optimized for the concentrates being tested. The results of Phase 1 metal extraction into the leach solution for the above two nickel concentrates are summarized in Table 3 below.

The metal extractions for both Selebi and Selkirk were excellent resulting in the decision to proceed to Phase 2 of the work program which includes testing the downstream processing of the leach solution to produce initially, a copper-PGE cake and a Mixed Hydroxide Precipitate product. Results from this work will be released in the coming weeks. words such as " may, "will", "will", "could", "expect", "believe", "anticipate", "intend", "continue", or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements.

Information contained in forward-looking statements are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perception of geology and mineralization; assumptions, limitations and qualifications in the Selkirk Technical Report; the ability to the Company to expand mineral resources beyond current mineral resources beyond current mineral resources estimates; the utility of any historical data in respect of the Selkirk deposit; the results of any testing; the ability of exploration activities (including drill results) to accurately predict mineralization; the significance of the metallurgical study; the timing and results (if any) of the Phase 2 Platsol testing program; the significance of PGE in the concentrate; perceptions of historical trends; current conditions and expected future developments; current information available to the management of the management of the Company; risks relating to mining activities and the business of mineral exploration; the general business and prospects of the Company; public disclosure from operators of the relevant mines, as well as other considerations that are believed to be appropriate in the Company; public disclosure from the relevant mines, as other considerations that are believed in the Company; public disclosure in the Company's issuer profile and on the Company's website.