Premium Nickel Resources Ltd. reported 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 26 holes were released in 2023 on November 14, November 27 and December 19, 2023 and in 2024 on January 18 and January 30. Results for a further eight holes are released herein.

To date a total of 34 holes have been released representing an aggregate of approximately 12,038 metres including the holes and metres released herein. The purpose of this drill program is to define mineralization down plunge of the existing workings that will be used to complete a Mineral Resource Estimation ("MRE") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). 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. The highlighted results from SNUG-23-060 and SNUG-23-064 returned multiple mineralized intervals over a significant length. The South and N2 Limbs are extremely close and merge, and because of the complex folding and location of available drill bays, this resulted in wide intervals of mineralization.

The target of these holes was the down plunge extension of N2. To test these extensions of N2, the holes first passed through the South Limb sulphide horizon at a low angle (Figure 3). The South Limb is concave in shape, with true thickness varying from 5 metres at the edge to 20 metres in the center.

The true width of these intersections will be determined by drilling from a new drill bay currently under development on the 810 Exploration drift. Drilling and BHEM Continues: Three drills are currently active, two on the 810mL Exploration Drift and one on the 935mL Exploration Drift. The two drills on the 810mL Exploration Drift allow for testing of areas further down plunge of the three mineralized zones with the aim to demonstrate upside potential that will support a future NI 43-101 compliant MRE.

BHEM surveys are currently underway, with surveys completed in a total of eleven underground drillholes including four 2024 holes drilled from the 810mL Exploration Drift testing the South Limb. Results from these surveys indicate that the mineralized zones continue down plunge of current drilling, permitting larger step-out intervals. Drillhole SNUG-24-082 is currently in progress testing South Limb 140 metres down-plunge of the historic resource and a second hole, SNUG-24-083, is testing 100 metres down-plunge of SNUG-24-082.

As of February 11, 2024, a total of 22,070 metres in fifty-nine (59) drillholes have been completed with three drillholes in-progress from five underground drill bays. Assay results for completed holes will be released as they are received and confirmed by the Company.