“These in-fill assay results continue to meet our expectations and confirm both the high grade and scale of our Selebi North resource. Our underground drilling program at Selebi North continues to be an efficient process for both converting the NI 43-101 MRE Inferred resources to Indicated resources, while also increasing the size of the deposit” – CEO, Keith Morrison

Premium Nickel Resources Ltd. (TSX-V: PNRL) announces more high-grade assay results for a further four holes from drilling at its past-producing nickel-copper-cobalt sulphide Selebi North underground mine in Botswana. Drill core photos for all highlighted holes released to date, including the holes reported herein, are accessible by Clicking Here and can also be found on the Company’s website at www.premiumnickel.com.

Highlights include:

• SNUG-24-121 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources)
  8.30 metres of 6.07% CuEq or 2.94% NiEq (1.86% Cu, 2.04% Ni, 0.10% Co)

• SNUG-24-126 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources)
  12.15 metres of 3.97% CuEq or 1.92% NiEq (0.89% Cu, 1.49% Ni, 0.07% Co)

Keith Morrison, CEO of PNRL, commented: “These in-fill assay results continue to meet our expectations and confirm both the high grade and scale of our Selebi North resource. Our underground drilling program at Selebi North continues to be an efficient process for both converting the NI 43-101 MRE Inferred resources to Indicated resources, while also increasing the size of the deposit.”

Assay results are provided below in Table 1 for SNUG-24-111, 119, 121 and 126; hole collar details are provided in Table 2.

True width of mineralization was estimated using the wireframe as part of the Mineral Resource Estimate (see news release dated August 8, 2024). Figures 1 through 3 show the location of the holes relative to the Selebi Mines Mineral Resource Estimate and underground infrastructure.

Table 1: Assay Results Selebi North Deposit

¹Length refers to drillhole length.
²True thickness is estimated using the Mineral Resource Estimate wireframe.
³Co is not included in the current MRE as cobalt analyses are not consistently available throughout the deposit.
⁴CuEq was calculated using the formula CuEq=Cu+2.06*Ni
assuming long-term prices of US$10.50/lb Ni and US$4.75/lb Cu nickel and copper recoveries of 72.0% and 92.4% respectively, derived from metallurgical studies which consider a conceptual bulk concentrate scenario.
⁵NiEq was calculated using the formula NiEq=Ni+0.485*Cu

Table 2: Drill Collar Information Selebi North Deposit

Drilling and BHEM Continues

As of September 24, 2024, a total of 55,125 metres in one hundred and thirty-eight (138) drillholes have been drilled from eight underground drill bays with three of those drillholes currently in-progress. Drilling totaling 25,141 meters across 53 completed holes, with 3 more in progress, is not included in the MRE. This new drilling is a combination of infill and exploration drilling to follow the extension of the mineralization down dip and down plunge.

New assay results not captured in the MRE will be published as they are received and verified by the Company. Due to the extensive drilling that has intersected mineralization, the Company has released assay results only for the most significant intercepts. The results of these new drill holes will be included in a future Mineral Resource update, with the goal of both expansion and reclassification of the current MRE. It is PNRL’s ambition that these pending results combined with future drilling would support the progression towards a Pre-feasibility Study.

Quality Control

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.

BHEM Surveys

The BHEM surveys at Selebi utilize the Crone PEM system operated by local Batswana staff. Survey data is collected using a 3 component fluxgate probe collecting full waveform data. Surveys have been collected using timebases between 50 and 1000ms (0.25 Hz to 5 Hz). The data has been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be invaluable because of the size of the highly conductive mineralized system.

Qualified Person

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 National Instrument 43-101.

Technical Report

Scientific and technical information relating to the Selebi Mine is supported by the technical report titled “Technical Report, Selebi Mines, Central District, Republic of Botswana”, dated September 20, 2024 (effective date of June 30, 2024), and prepared by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Mines Technical Report, including the assumptions, limitations and data verification therein relating to the historic data compilation, which was prepared in accordance with NI 43-101 and is available electronically on the Company’s website (www.premiumnickel.com) and on SEDAR+ (www.sedarplus.ca) under PNRL’s issuer profile.

About Premium Nickel Resources Ltd.

PNRL is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and cobalt resources mines owned by the Company in the Republic of Botswana.

PNRL is committed to governance through transparent accountability and open communication within our team and our stakeholders. Our skilled team has worked over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects like the Company’s Selebi and Selkirk mines. PNRL’s senior team members have on average more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.