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. Results have been previously released for six holes (see news release dated November 14, 2023 and entitled "Premium Nickel Resources Ltd. Reports Initial Assays from Selebi North Underground Drilling in Botswana"), and results for a further six holes are released herein. The objective of these holes 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. At the South and N2 Limbs, the Selebi North mineralization is hosted in an amphibolite that has been tightly folded and mineralization is generally thickest in the embayments and noses of the folds. The N3 Limb mineralization has historically been Ni-Cu-Co sulphides contained solely within a gneissic package.

The underground drill program will be carried out from seven drill bays. Three drill rigs are currently operating from drill bays on the 880L, 895L and 935L, and targeting the areas nearest existing mine development. The mineralized envelope is tightly folded and the location of the available drill bays is limited, meaning that drill holes will not necessarily intersect mineralization perpendicular to the strike and dip.

Additional drilling is needed to estimate true width and define the folded mineralization. As of November 23, 2023, a total of 13,817 metres in 40 drillholes have been completed from the initial three underground drill bays. During this initial phase, drilling is targeting the area down plunge of mine infrastructure to characterize the remaining resource.

Concurrently, step-out drilling will occur further down plunge with the aim to demonstrate upside potential which will support a future MRE. Assay result for completed holes will be released as they are received and confirmed by the Company. Additional drill holes in the N2 Limb, N3 Limb and South Limb mineralization have been recently concluded and are now in the process of preparation for shipment to the lab for testing.

The underground drilling program is being carried out through an agreement with Forage Fusion Drilling Ltd. of Hawkesbury, Québec, 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 the 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.

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. The historical mineral resource estimate reported herein (the "Historic Resource") was calculated for the Selebi North, Selebi Main, Phikwe South and Southeast Extension deposits in accordance with SAMREC, in 2016, and does not comply with NI 43-101. To that end, the Historic Resource is considered to be historical in nature and should not be relied upon as a current mineral resource estimate.

While management believes that the Historic Resource could be indicative of the presence of mineralization on the deposits, a qualified person for purposes of NI 43-101 has not completed sufficient work to classify the historical mineral estimates as current mineral resource estimates and PNRL is not treating the historical mineral estimates as current mineral resource estimates.