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 37 holes were released in seven separate news releases between November 14, 2023 and February 26, 2024. To date a total of 42 holes have been released representing an aggregate of approximately 15,301 metres including the holes and metres released herein.

The current underground drilling program is expected to be completed this month, allowing to move one of underground drill rigs for surface drilling and begin testing the southern hinge mineralization." The primary focus of this drill program is to define mineralization down plunge of the existing workings that will be used to complete a MRE prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). As reported in the news release on February 26, 2024, SNUG-23-035 intersected mineralization 130 metres along strike of the Selebi North historic resource. As of March 3, 2024, a total of 25,109 metres in seventy-three (73) drillholes have been completed from six underground drill bays with three of those drillholes currently in-progress.

Assay results for completed holes will be released as they are received and confirmed by the Company. Scientific and technical information relating to the Selebi Mine is supported by the technical report titled "Technical Report on the Selebi Mines, Central District, Republic of Botswana, Report for NI 43-101", dated June 16, 2022 (effective date of March 1, 2022) (the " Selebi Technical Report"), and prepared by SLR Consulting (Canada) Ltd. for PNRL. Reference should be made to the full text of the Selebi Technical Report, including the assumptions, limitations and data verification therein relating to the historic data compilation presented in this news release, which was prepared in accordance with NI 43- 101 and is available electronically on SEDAR+ under PNRL's issuer profile.