Initial Mineral Resource Estimate For The Selebi Mines

TORONTO- Premium Nickel Resources Ltd. reported the initial Mineral Resource Estimate (MRE) on its past-producing nickel-copper sulphide "Ni-Cu ) Selebi Main deposit and its Selebi North deposit in Botswana. The Selebi Main MRE tonnage is 67% larger than the Historic Resource (as defined herein). In part, the increase in tonnes can be attributed to increased resource thickness in the southeast portion of the deposit and the inclusion of a separate lower domain that was not classified as part of the historic resources by the former operator. The Selebi North MRE tonnage is 90% larger than the Historic Resource. In part, this increase can be attributed to PNRL'S drilling success extending mineralization below the N2, N3, and South Limb up to 400 metres beyond the limits of the historical mineral resource, as well as extending the strike extent of the N3 mineralization and including a small number of South Limb footwall zones. Borehole electromagnetic surveys and drilling continue to demonstrate expansion potential down-dip and down-plunge of existing resources. Drilling is ongoing at both the Selebi Main and Selebi North deposits with the goal to re-classify the Inferred resources to Indicated and to expand the resource.  Cobalt, a potentially valuable by-product has not been included in this initial MRE as cobalt analyses are not consistently available throughout the deposit. Metallurgical studies currently underway will determine payability of cobalt at the Selebi Mine.

Keith Morrison, CEO, said, “The Mineral Resource Estimate at the Selebi Mines is very promising. The results confirm a strong starting resource size and grade which we expect will expand as we continue our drilling program. Ongoing borehole electromagnetics and drilling continue to demonstrate that both deposits extend down dip and down plunge. The MRE also identifies good mineralization continuity, mineable widths and mining dilution characteristics. Importantly, the contained copper significantly exceeds nickel in the total combined contained metal in the two deposits 398,000 tonnes to 256,000 tonnes (1.55:1).

This initial Mineral Resource Estimate combined with further drilling could allow PNRL to advance to a Preliminary Feasibility Study ("PFS") at the Selebi Mine, with a completion target of the end of H1 2025. We are currently finalizing arrangements for a consultant for this Preliminary Feasibility Study work. These resources are (i) high grade, (ii) permitted for mining, (iii) have key operational infrastructure (e.g. shafts, declines, and related equipment) already in place and (iv) are supported by a skilled workforce critical to the underground resource drilling program and later mining and processing plans. These attributes are a crucial and positive distinction between PNRL and other mining/development entities. We will continue to rapidly redevelop the Selebi Mine working towards a potential mine reopening in late 2027."