Premium Nickel Resources Ltd. reported additional assay results from the Company's 2022 diamond drilling program at its 100% owned Selebi nickel-copper-cobalt sulphide mine in Botswana. The Company's Phase 1 drilling program was successfully completed in January 2023. The purpose of this Phase 1 program was to demonstrate the upside potential of the Selebi Mine mineralized structures within the 3-kilometer area between the Selebi historical mine workings to the south and the Selebi North historic mine workings to the north.

The results of the drilling program, in conjunction with the borehole electromagnetic program, have provided significant evidence that the Selebi and Selebi North deposits are part of one large mineralized system and that mineralization is present in at least two mineralized amphibolite hosted horizons: the Upper Interval and Lower Interval. The Company has completed approximately 15,074 metres of diamond drilling in Phase 1 of the drill program at the Selebi Mine resulting in multiple high-grade intercepts as reported in previously released assays. The Company is now pleased to announce the receipt of results for an additional two drillholes, SMD-22-008a and SMD-22-009a, which are reported herein.

The Company previously released results from seven holes, including SMD-22-001, SMD-22-002 and SMD 22-001-W1, SMD-22-006a, SMD-22-006a-W2, SMD-22-007a and the extension of historic hole sd145x (see news releases dated August 17, 2022, September 13, 2022 and December 22, 2022). Assay results are still pending from one additional hole, SMD-22-012, which was drilled between widely spaced historic holes and intersected 170 metres northeast of sd119. The Company's program of cleaning holes and completing BHEM will continue with the drill currently focusing on the area north of Selebi North, near the northern property boundary.

Exploration Update: The Phase 1 exploration program focused on an area at the western down dip edge of the 2016 South African Mineral Resource Committee ("SAMREC") resource estimate reported on Selebi, comprising: measured mineral resources of 0.37 Mt of 1.01% Ni and 2.19% Cu; indicated mineral resources of 6.82 Mt of 1.05 % Ni and 2.29 % Cu; and inferred mineral resources of 4.09 Mt of 0.86% Ni. Historic drill hole sd119 (estimated true thickness interval of 38.5 metres averaging 1.58% Ni and 2.44% Cu, including 21.4 metres of 2.34% Ni and 3.39% Cu) is located approximately 300 metres north from the closest Selebi mine underground infrastructure, and is used as PNRL's point of reference for this initial drill program to help communicate step-out distances and geometries of additional drill hole pierce points. The drilling to date has not fully defined the plunge direction or dip extent of the structurally controlled thickening of the mineralization.

BHEM and drill data indicate that the plunge direction is turning towards the west with depth and indicates a down-dip extension of the mineralization in both the upper and lower intervals. The BHEM data from all holes is currently being integrated with the updated structural model to refine the location of the controlling structures for more precise resource drilling planned for 2023. Further details of drilling completed at the Selebi deposit are outlined below: SMD-22-008a intersected mineralized amphibolite 130 metres downdip from SMD-22-001.

The hole intersected multiple mineralized intervals, including remobilized chalcopyrite rich pyrrhotite veins along the upper gneiss/amphibolite contact, measuring 0.30 metres in width from 1449.20 to 1449.50 metres. The strongest mineralization, present as veins, blebs and disseminations within an altered amphibolite, returned 0.35 % Ni, 1.23% Cu and 0.01 % Co over 9.90 metres from 1465.10 to 1475.00 metres, including 6.00 metres grading 0.26 % Ni, 1.58% Cu and 0.01 % Co from 1469.00 to 1475.00 metres. SMD-22-009a targeted a large un-evaluated area up-dip of historic drill hole sd119 and north of a modeled cross cutting dolerite dike.

The hole intersected significant mineralization 140 meters up-dip of historic drill hole sd119 (downhole length of 48.5 metres grading 1.52% Ni, 2.50% Cu). This intercept occurs 150 metres down dip of the 1050L sill drive. The hole intersected 35.30 metres of disseminated to massive sulphide mineralization from 1185.75 to 1221.05 metres within a hydrated amphibolite.

At the top of the intersection, from 1185.75 to 1187.80 metres, narrow veins within a brecciated zone of garnetiferous amphibolite returned 2.05 metres grading 0.81 % Ni, 0.44% Cu and 0.03% Co, including 1.14% Ni, 0.83% Cu, 0.04% Co over 1.05 metres from 1185.75 to 1186.80 metres. Further downhole, from 1202.65 to 1219.40m, an interval of patchy to semi massive to massive sulphide mineralization returned 1.00% Ni, 2.05% Cu and 0.04% Co over 16.75 metres. This 16.75 metre interval included two higher grade intervals: 1.34% Ni, 3.01% Cu and 0.05% Co over 9.35 metres from 1202.65 to 1212.00 meters and 1.33% Ni, 1.11 % Cu and 0.05% Co over 2.20 metres from 1216.00 to 1218.20 metres.

A second mineralized horizon, hosted within an altered amphibolite was intersected between 1235.45 to 1247.45 metres but returned no significant values. These assay results, combined with ongoing geophysical surveys using the Crone PEM system and structural data, will aid in defining and supporting the upcoming underground drilling programs at the Selebi Mine. The BHEM surveys were conducted by local staff using a 3-component fluxgate probe collecting full waveform data with time bases between 50 and 1000 ms (0.25Hz to 4.5Hz).

The data has been processed to better quantify conductive sources, which has proven valuable due to the size of the highly conductive mineralized system.