PREMIUM RES LTD - PNRLF STOCK NEWS

Premium Nickel Resources (TSXV: PNRL) has announced significant changes to its Board of Directors. Paul Martin, a seasoned mining executive with over 30 years of experience, has been appointed to the Board, filling the vacancy left by the retiring John Hick. Martin brings extensive expertise in mining finance, strategic planning, and project development, having served in leadership roles at various mining companies listed on major exchanges.

The Board now consists of eight directors, including James Gowans as Chair. CEO Keith Morrison welcomed Martin, highlighting his potential contributions to PNRL's plans for redeveloping its Botswana mines. Morrison also thanked Hick for his service and leadership during his tenure as a Director of PNRL and North American Nickel.

Premium Nickel Resources (PNRL) reports high-grade drill results from its Selebi North underground mine in Botswana. Key highlights include:

- SNUG-24-124: 3.55 metres of 5.52% CuEq or 2.68% NiEq
- SNUG-24-096-W1: BHEM results show strong anomaly indicating additional down-plunge potential

CEO Keith Morrison emphasizes the poly-metallic nature of their deposits, offering opportunities in copper, cobalt, and PGE markets. The company has completed ~23,000 metres of additional underground drilling not included in the recent Mineral Resource Estimate (MRE). PNRL aims to convert Inferred to Indicated resources for a future Pre-feasibility Study.

The drilling program continues with two drills active on the 810-metre level and one on the 925-metre level. BHEM surveys have identified additional down-plunge potential at Selebi North.

Premium Nickel Resources (TSXV: PNRLF) has announced high-grade assay results from six additional drill holes at its Selebi North underground mine in Botswana. Highlights include:

- SNUG-24-106: 26.35 meters of 4.31% CuEq or 2.09% NiEq
- SNUG-24-107: 8.40 meters of 7.04% CuEq or 3.41% NiEq
- SNUG-24-096-W1: Intersected significant mineralization 100 meters down plunge of the 2024 initial mineral resource estimate

The company has completed approximately 20,000 meters of underground drilling at Selebi North, in addition to the 30,000 meters reflected in the initial mineral resource estimate. The ongoing infill drilling aims to upgrade the resource classification from Inferred to Indicated, which is necessary for future Pre-Feasibility Studies.

Premium Nickel Resources (TSXV: PNRL) has announced the granting of 3,110,000 stock options to various company stakeholders, including directors, officers, employees, and consultants. The options, issued on August 14, 2024, come with an exercise price of $1.10 per share and a five-year term. These options will vest annually in equal thirds, starting from the grant date. This move is likely aimed at aligning the interests of key personnel with those of the company and its shareholders, potentially incentivizing long-term performance and retention.

Premium Nickel Resources (TSXV: PNRL) has announced its initial Mineral Resource Estimate (MRE) for the Selebi Mines in Botswana, effective June 30, 2024. The MRE includes:

• Selebi Main: Inferred resource of 18.89 million tonnes at 3.51% CuEq or 1.70% NiEq
• Selebi North: Indicated resource of 3.00 million tonnes at 2.92% CuEq or 1.42% NiEq, and Inferred resource of 5.83 million tonnes at 3.11% CuEq or 1.51% NiEq

The total contained metal in the MRE is 256,000 tonnes of nickel and 398,000 tonnes of copper. The MRE shows significant increases over historical resources, with Selebi Main 67% larger and Selebi North 90% larger. PNRL plans to advance to a Preliminary Feasibility Study by H1 2025, targeting potential mine reopening in late 2027.

Premium Nickel Resources (TSXV: PNRL, OTCQX: PNRLF) announced the granting of 350,202 deferred share units (DSUs) to its non-management directors. These DSUs were issued at a deemed price of $0.81 per unit, reflecting the volume-weighted average price of the company's common shares on the TSX Venture Exchange over the last five trading days before the grant date. This issuance compensates the directors for services rendered in the quarter ending June 30, 2024. The DSUs were granted in alignment with the company's Deferred Share Unit Plan adopted on December 26, 2022. In total, the company has issued 1,393,676 DSUs to its non-management directors.

Premium Nickel announced assay results for ten drill holes at the Selebi North underground mine.

Assay highlights include:

• 52.45 meters at 2.02% NiEq (1.26% Ni, 1.17% Cu, 0.06% Co)
• 35.6 meters at 2.45% NiEq (1.54% Ni, 1.38% Cu, 0.08% Co)

These results are the final data needed for the Selebi National Instrument 43-101 compliant Mineral Resource Estimate (MRE), which is expected soon. The delay in the MRE release is due to a slow assay turnaround.

The company has drilled 41,836 meters across 107 holes to date, with assay results pending for some. These results may not be included in the initial MRE but will support future resource classification upgrades, potentially aiding a future Prefeasibility Study (PFS).

Three drills are currently active, focusing on areas beyond the known historic resource estimate.

Premium Nickel Resources (PNRL) has appointed Norman MacDonald to its Board of Directors, effective immediately. MacDonald brings over 25 years of experience in natural resource investment firms and has served as a Senior Portfolio Manager at Invesco and a Senior Advisor at Fort Capital. He has also held positions at Ontario Teachers' Pension Plan Board, Beutel, Goodman & Co., and Salida Capital. Despite his recent advisory role with the company, MacDonald will not be considered an independent director. His expertise in capital markets and corporate governance is expected to benefit PNRL's operations in Botswana. The Board now consists of eight members.

Premium Nickel Resources has completed the second tranche of its private placement offering, raising an additional C$12.5 million, bringing the total to C$27.5 million.

The funds will support drilling and exploration activities at the Selebi North, Selebi Main, and Hinge Zone sites in Botswana. The company expects to release a mineral resource estimate for Selebi shortly and a maiden resource estimate for Selkirk in Q4 2024.

The offering includes the issuance of units priced at C$0.78, each comprising one common share and one warrant, exercisable at C$1.10 within 60 months. Insiders participated, subscribing to 1,389,140 units.