Premium Nickel Resources Ltd. announced the appointment of Mr. Norman MacDonald as a director of the Company, effective immediately. Norman MacDonald has over 25 years of experience working at natural resource focused institutional investment firms, including over 10 years as a Senior Portfolio Manager at Invesco. He recently served as Senior Advisor, Natural Resources at Fort Capital from February 2021 until June 24, 2024.

Mr. MacDonald began his investment career at Ontario Teachers' Pension Plan Board, where he worked for three years in progressive roles from Research Assistant to Portfolio Manager. His next role was as a VP and Partner at Beutel, Goodman &Co. Ltd. Prior to joining Invesco, he was a VP and Portfolio Manager at Salida Capital.

Mr. MacDonald is a director and Chair of the Board at Osisko Gold Royalties. He holds a Bachelor of Commerce Degree from the University of Windsor and is a CFA Charterholder. Fort Capital, principally through Mr. MacDonald, has served as a financial advisor to the Company, most notably in connection with the private placement of units of the Company completed on June 21, 2024 and in connection with a significant equity and debt financing transaction on June 28, 2023.

Having regard to his recent history as an external advisor, Mr. MacDonald will not be regarded as an independent director of the Company. The Board of Directors now consists of eight members being James Gowans (Chair), Keith Morrison, John Hick, William O'Reilly, Don Newberry, Jason LeBlanc, Mark Christensen and Norman MacDonald.