Premium Nickel Resources Ltd. announced additional high-grade polymetallic assay results for a further ten holes from drilling at its past-producing nickel-copper-cobalt sulphide ("Ni-Cu-Co") Selebi North underground ("SNUG") mine in Botswana. Highlights include: SNUG-24-094 (N2 Limb, 400 metres down plunge of historic N2 resource): 52.45 metres of 2.02% NiEq or 3.59% CuEq (1.26% Ni, 1.17% Cu, 0.06% Co) incl. 10.40 metres of 2.93% NiEq or 5.21% CuEq (1.73% Ni, 1.89% Cu, 0.09% Co).

SNUG-24-105 (South Limb /N2, within the historic resource): 35.60 metres of 2.45% NiEq or 4.35% CuEq (1.54% Ni, 1.38% Cu, 0.08% Co), incl.16.15 metres of 3.03% NiEq or 5.38% CuEq (1.86% Ni, 1.80% Cu, 0.10% Co) and 5.30 metres of 2.39% NiEq or 4.25% CuEq (1.61% Ni, 1.15% Cu, 0.09% Co), and 5.80 metres of 3.38% NiEq or 6.00% CuEq (2.23% Ni, 1.72% Cu, 0.12% Co). SNUG-24-098 (South Limb, within historic resource): 9.55 metres of 2.84% NiEq or 5.03% CuEq (1.78% Ni, 1.63% Cu, 0.09% Co). SNUG-24-101 (South Limb, 175 metres down plunge of historic resource): 4.55 metres of 2.78% NiEq or 4.94% CuEq (1.96% Ni, 1.19% Cu, 0.10% Co).

SNUG-24-104 (South Limb, 100 metres down plunge of historic resource): 7.00 metres of 3.29% NiEq or 5.84% CuEq (2.19% Ni, 1.64% Cu, 0.12% Co). Previously, results for 53 holes were released in eleven separate news releases between November 14, 2023 and May 16, 2024. The various mineralized zones have been historically mined and subsequently named N2 Limb, N3 Limb and South Limb to demarcate their location on the folded mineralized horizon.

Additional drilling is needed to properly determine true width of mineralization on each limb and define the folded mineralization. Figures 1 through 3 show the location of the holes relative to the historic resource and underground infrastructure. Drilling and BHEM Continues: Three drills are currently active on the 810-metre level exploration drift.

The two drill bays, located at the southern most extent of this drift, allow for the evaluation of areas further down plunge and outside of the known historic resource estimate. The third drill is positioned approximately 130 metres east, orthogonal to the main 810-metre level exploration drift, allowing for optimal intersection angles on South Limb and N2 Limb. As of June 24, 2024, a total of 41,836 metres in one hundred and seven (107) drillholes have been completed from seven underground drill bays with three of those drillholes currently in-progress.

Due to the extensive drilling that has intersected mineralization, the Company has released assay results for the most significant intercepts. Drilling continues, and new assay results will be published as they are received and verified by the Company. However, these forthcoming assays may not all be included in the initial MRE, which is based on the data available at this time.

If warranted, the remaining results and future drilling will support the project's progression towards a PFS.