Premium Nickel Resources Ltd. announced the following senior management appointments: Peter Rawlins as Senior Vice-President and Chief Financial Officer of the Company; Sean Whiteford as President, Premium Nickel Resources International Ltd., an indirect wholly-owned subsidiary of the Company which indirectly owns the Company's Botswana mines; and Keith Morrison as Chair of the Board in addition to his current role as Chief Executive Officer of the Company. The Company announced the appointment of Mark Christensen to the Board of Directors of the Company. Charles Riopel, a director of PNRL and its predecessors since 2019 and Executive Chairman of PNRL from August 2022 to August 2023, has resigned from the Board effective August 2, 2023, but will continue as a member of the Company's Advisory Board.

Peter Rawlins brings to the Company deep experience in treasury, debt management and financial markets. He will join PNRL in September from a senior gold developer where he had a similar role. Prior to his existing position, Peter worked at CIBC for 19 years, most recently as Managing Director of CIBC Capital Markets, Global Mining and Forest Products.

During that time, Peter's focus was on negotiating and executing various financing structures including project finance, corporate debt, streaming arrangements, and risk management strategies such as hedging. Peter holds a Bachelor of Arts degree from the University of Western Ontario, an Honours Bachelor of Commerce degree from Windsor University and a Masters of Science degree in Finance from the Rochester Institute of Technology. Sean Whiteford is a geologist and mining executive with over 30 years of multi commodity experience within the global resource sector.

He has extensive knowledge of mineral exploration, resource definition, mining, strategy, technology and project studies, having held various corporate, operational and technical roles at BHP, Rio Tinto and Cliffs Natural Resources. Mr. Whiteford also has a strong business development background and has completed the Advanced Management Program from Columbia Business School. He was appointed President of PNRL on March 2, 2023 and most recently prior to that he was Vice President, Business Development at Burgundy Diamond Mines Ltd. and President of Osgood Mountains Gold.

He is a Member of the AUSIMM, PDAC and SEG. Mr. Whiteford was a director of PNRL from August, 2022 to March 2023 and President of PNRL from March 2023 to August 2023. Mark Christensen has spent the last 30 years as a specialist advisor/banker in public and private capital markets.

He has experience in a broad range of corporate and capital market transactions, from mergers and acquisitions and "grey market" trading, to equity and debt structured financings totalling in the tens of billions of dollars. Mr. Christensen is the Founder and CEO of KES 7 Capital Inc., a Toronto-based, merchant bank and single-family office that targets bespoke investments in the resource, healthcare, real estate and technology sectors. Prior to founding KES 7, Mr. Christensen was Vice Chairman and Head of Global Sales and Trading at GMP Securities (now Stifel Canada), which was one of Canada's larger independent investment banks, where he served as a member of the Executive Committee, Compensation Committee and New Names Committee.

Previously he worked in equity research at Midland Walwyn Capital Inc. (now Merrill Lynch/Bank of America) and corporate finance at Goepel McDermid Inc. (now Raymond James Financial). Mr. Christensen's background in geology and geophysics has provided him with valuable insight into extractive resource industries. He holds a Master of Science degree from the University of Windsor, Canada and a Bachelor of Science degree from the University of Hull, United Kingdom.

With Mr. Riopel's departure from the Board and the appointment of Mr. Christensen as a director, the Board now consists of six directors, namely Mark Christensen, John Hick, Jason LeBlanc, Keith Morrison, Don Newberry and William O'Reilly. The Board remains committed to strengthening the management team and the Board as the Company continues to advance its Botswana assets. In particular, the Board expects to add at least one, and possibly two, additional directors by the end of this year, with strong prior public company board experience in the mining industry.

The Board also is committed to appointing an independent Chair during the next six months. In the meantime, the Board has appointed Keith Morrison, the CEO of the Company, as Chair of the Board. John Hick continues in the role of Lead Director.

Sarah Zhu, the Chief Financial Officer of the Company, will continue with the Company in a senior accounting role during a transitionary period to facilitate Mr. Rawlins' entry into the newly created role of Senior Vice-President and Chief Financial Officer.