Drilling At Selebi North Underground Ni-Cu-Co Mine

TORONTO - Premium Nickel Resources Ltd. (PNRL) reported on three holes from drilling at its past-producing nickel-copper-cobalt sulphide (Ni-Cu-Co) Selebi North underground (SNUG) mine in Botswana. SNUG-24-124 (South Limb): infill drilling targeting re-classification of Inferred to Indicated Resources. 3.55 metres of 5.52% CuEq or 2.68% NiEq (4.44% Cu, 0.53% Ni, 0.03% Co), including 2.35 metres of 7.80% CuEq or 3.78% NiEq (6.40% Cu, 0.68% Ni, 0.04% Co). SNUG-24-096-W1 (South Limb and N2): BHEM results show strong anomaly indicating additional down-plunge up-side potential and have also outlined a change in the shape of the fold potentially signalling the transition between Selebi North and Selebi Main.

Keith Morrison, CEO, said, "The poly-metallic nature of our deposits offers the opportunity for PNRL to be competitive in multiple commodity markets, specifically in copper but also in cobalt and PGE, in addition to nickel. However, we continue to experience what we see as a significant disconnect between the Company's share price and the value of the Selebi and Selkirk assets and consistently positive information and milestones achieved to date. These permitted mines continue to demonstrate that the deposits are larger than previously understood. The deposits come with existing infrastructure, including two operating shafts, a substantial network of underground infrastructure, rail, power and roads that will enable PNRL to move faster to production without incurring the full costs of building a new mine.

PNRL has completed approximately 23,000 metres of additional underground drilling that is not included in the recently announced MRE. The majority of this drilling is converting the MRE tonnages from Inferred to Indicated to be included in a future Pre-feasibility Study. I would also like to highlight that drill hole SNUG-24-096-W1 was drilled significantly down plunge of the lower extents of the MRE volume and has successfully intercepted massive sulphide mineralization over mineable widths, providing additional evidence that the Selebi North mineralization is open down plunge. The assays from SNUG-24-096-W1 are expected in 6 weeks. We continue to make positive progress at the Selebi Mine with the intention of moving toward the completion of a Pre-feasibility Study."