Mr. Terry Lynch reports

POWER NICKEL EXTENDS HIGH-GRADE NICKEL MINERALIZATION AT NISK

Power Nickel Inc. has released initial results from its current drill program at its Nisk project near James Bay. These initial drill results confirm the presence of high-grade Ni-Cu-Co-PGE (nickel-copper-cobalt-platinum group element) mineralization in the Nisk Main zone and extends mineralization by an additional 150 metres (m) at depth and to the east and below to the central portion.

While assay results are still pending for most of the holes drilled to date, results received so far are very encouraging and continue to demonstrate the robustness of the system. An attached table presents the significant results received to date.

Core logging has confirmed the presence of sulphide mineralization in the areas defined as targets. Such visual observation indicates that the mineralization extends to a minimum of 150 metres below the deepest know intercepts.

While such intercepts look promising, their description is based solely on visual logging of the core, for which assay results are pending. The presence of nickel is supported by XRF (X-ray fluorescence) measurements made as part of the core logging procedure, but such readings should be considered indicative only. Caution is therefore required as interpreted extent of the mineralization should also be determined once assay results are available. The company will update the market once these results become available.

"The initial assays of our fall program are very encouraging for Power Nickel shareholders. These holes were drilled in an area where no resource was modelled and, as a result, will not only help us better understand our deposit but also of course add substantial tonnage to our model.

"The PN-22-009 hole in particular shows that there will be solid very high-grade sections of the deposit which will raise resource grade and improve economics in any future mine plan.

"From what we have seen in this drilling round, we believe our aspiration to become Canada's next nickel mine is something our drill bit is turning into a very high probability outcome. When compared with other high-grade nickel sulphides exploration projects around the world, ours trades at a tenth or much less of the value. Results like this will hopefully cause investors to look at Power Nickel and Nisk in a new light," commented chief executive officer Terry Lynch.

On the basis of such optimistic results, the company has recently announced that it would ramp up drilling by another 7,500 m to 10,000 m starting in Q1 2023.

In addition, company wishes to advise that it has issued under its stock option plan 600,000 options exercisable at 20 cents for two years from the date of issue to certain external consultants and 450,000 options to board members and an officer of the company also at 20 cents for a five-year period from date of issue.

About the Nisk project

The Nisk project is located in the southern portion of the Eeyo Istchee James Bay territory, Quebec, a region that is the site of a number of mining projects and improving infrastructure.

The Nisk project is a known nickel-PGE occurrence on which former operators have performed technical work at a relatively high level of expertise. This historical work, which included preliminary metallurgical test work, led to an evaluation of the mineral resource potential in the Nisk-1 Main zone.

The existing resource estimates at the Nisk project are of historic nature and the company's geology team has not completed sufficient work to confirm a National Instrument 43-101-compliant mineral resource. Therefore, caution is appropriate since these historic estimates cannot and should not be relied on.

The information regarding the Nisk-1 deposit was derived from the technical report titled "Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Quebec," dated December, 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates are set out in the technical report. This report, prepared by RSW Inc. in 2009, can be found on the SEDAR website.

The information regarding the metallurgical test work done to support the above-cited 2009 MRE, was performed by SGS and is described in an undisclosed report titled "11863-001: An investigation into the recovery of Ni, Cu and PGMs from the Lac Levac deposit, prepared for Golden Goose Resources, July 22, 2009."

Power Nickel completed the acquisition of its option to acquire up to 80 per cent of the Nisk project from Critical Elements Lithium Corp. The Nisk project comprises a large land position (20 kilometres of strike length) with numerous high-grade nickel intercepts. Since the completion of the option, Power Nickel retained 3DGeo Solution Inc. to create a geological model of the Nisk project and used this as a guide to the very successful initial Power Nickel 2,400-metre drill program completed last December and reported in March, 2022.

QA/QC (quality assurance/quality control) and sampling

GeoVector Management Inc. is the consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All samples were submitted to and analyzed at ALS Global, an independent commercial laboratory located in Val d'Or, Que., for both the sample preparation and assaying. ALS is a commercial laboratory independent of Power Nickel with no interest in the project. ALS is an ISO 9001 and 17025 certified and accredited laboratory. Samples submitted through ALS are run through standard preparation methods and analyzed using ME-ICP61a (33-element suite; 0.4-gram sample; and intermediate-level four-acid digestion) and PGM-ICP27 (platinum (Pt), palladium (Pd) and gold (Au); 30-gram fire assay and ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

GeoVector's QA/QC program includes the regular insertion of CRM standards, duplicates and blanks into the sample stream with a stringent review of all results.

The results presented in the current press released are complete within the mineralized intervals, but results are still pending for the top portion of both holes reported. QA/QC and data validation was performed on these portions of the holes where assays are fully integrated and no material error was observed.

Qualified person

Kenneth Williamson, Geo, MSc, from 3DGeo Solution and consultant to Power Nickel, is the independent qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Nickel Inc.

Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold and battery metal prospects in Canada and Chile.

On Feb. 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80 per cent of the Nisk project from Critical Elements Lithium.

The Nisk property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding its current high-grade nickel-copper-PGE mineralization National Instrument 43-101 resource with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential nickel deposits.

Power Nickel announced on June 8, 2021, that an agreement has been made to complete the 100-per-cent acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in a total of 67 million ounces of gold, 569 million ounces of silver and 27 billion pounds of copper. This property hosts two known mineral showings (gold ore and Magee) and a portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be polymetallic veins that contain quantities of silver, lead, zinc, plus/minus gold and plus/minus copper.

Power Nickel is also 100-per-cent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR (net smelter return) royalty interest on any future production from the Copaquire copper-molybdenum deposit, which was sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $3-million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.

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