Mr. Terry Lynch reports

HOLE 23 DELIVERS! POWER NICKEL FINAL DRILL RESULTS FROM THE FALL 2022 DRILL PROGRAM AND INITIAL DRILL RESULTS FROM WINTER 2023

Power Nickel Inc. continues to confirm the presence of high-grade nickel-copper-cobalt-platinum-group-element mineralization in the Main zone of its Nisk project near James Bay, Que. In addition, stepout exploration drilling 800 metres east of the Main zone shows indications of a new Ni-Cu-Co-PGE zone within the same ultramafic sequence of rocks. The Main zone drill results for holes PN-23-23 and PN-23-24 extend mineralization up dip from previous high-grade holes into an area previously believed to be a low-grade zone between two high-grade lodes.

New discovery 800 m east of Main zone

0.22 per cent Ni, 0.42 per cent Cu, 0.01 per cent Co, 0.71 gram per tonne palladium, 0.31 g/t platinum over 4.9 m hole PN-22-020

Late in the fall 2022 drill program, two holes (PN-22-020 and PN-22-021) tested an exploration target at shallow depths approximately 800 m and 600 m, respectively, east of the high-grade Main zone. Hole PN-22-021 did not intersect sulphide mineralization, but farther to the east hole PN-22-020 intersected three zones of sulphides with significant Ni-Cu-Co-PGE mineralization. This hole contained low amounts of sulphides but with a high ratio of Ni-Cu-Co-PGE mineralization. The area will require further testing for potential massive sulphide zones, and both holes are good candidates for downhole EM (electromagnetic) surveying to look for off-hole EM conductors.

In a March 1 news release, hole PN-22-018 was listed as NSR (no significant results), but further analysis of initial assay results from this hole revealed a low-grade Ni/PGE zone over 7.5 metres and it is reported here.

Fourteen holes totalling 5,370.67 metres were completed in the fall of 2022 for the second phase of drilling at Nisk. At the time of writing, an additional 15 holes totalling 5,210 m have been completed in the winter 2023 drill program.

"We are very pleased with the ongoing success of our exploration drilling at Nisk. Hole PN-23-023 assays were as pretty as its picture. It was another excellent intersection. The team has done an amazing job piecing together the underground mystery of this deposit and we believe we have learned some invaluable clues both with our east and west exploration away from the main zone on where our next pod like Nisk main may lie," commented Power Nickel chief executive officer Terry Lynch.

Promotion and communication expense

Recent changes in guidance on investor relations and communication spending require B.C. reporting issuers to comment on their program spending in this respect. Power Nickel has committed to the following programs.

Winning Media -- $60,000 (U.S.) for digital marketing services in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation; Virtus Media Group -- $50,000 (U.S.) for digital marketing services in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation from now until the end of June; Machai Capital Inc. -- $100,000 for digital marketing services in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.

About the Nisk project

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

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.

Quality assurance/quality control and sampling

GeoVector Management Inc. is the consulting company retained to oversee the 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 Nisk 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; intermediate-level four-acid digestion) and PGM-ICP27 (Pt, Pd and Au; 30-gram fire assay and 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 regular insertion of certified reference material standards, duplicates and blanks into the sample stream with a stringent review of all results.

The results presented in the current press release are complete. QA/QC and data validation were performed on these holes and no material errors were observed.

Qualified person

Eric Hebert, Geo, PhD, from GeoVector Management 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 the historical high-grade nickel-copper-PGE mineralization 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 total of 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper (Resource World). 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 net smelter return royalty interest on any future production from the Copaquire copper-molybdenum deposit that 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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