Mr. Terry Lynch reports

POWER NICKEL ANNOUNCES BROAD NICKEL INTERCEPTS FROM REMAINING DRILL HOLES AT NISK

Power Nickel Inc. has released the latest results from drill holes PN-23-029 to PN-23-035. These eight holes (see attached table) were drilled to test distal targets east (PN-23-030/PN-23-031) and west (PN-23-029) of the Main Nisk deposit as well as to expand on high-grade intersections at Nisk Main (PN-23-032, PN-23-033, PN-23-034/034A and PN-23-035).

Highlights:

• 0.60 per cent nickel, 0.39 per cent copper, 0.50 gram per tonne palladium and 0.11 gram per tonne platinum over 31.86 metres in PN-23-035, including 1.18 per cent nickel, 0.8 per cent copper, 1.14 grams per tonne palladium and 0.28 gram per tonne platinum over 8.82 metres;
• 0.71 per cent nickel, 0.37 per cent copper and 0.85 gram per tonne palladium over 10.05 metres in PN-23-033, including 1.25 per cent nickel, 0.36 per cent copper, 1.41 grams per tonne palladium and 0.12 gram per tonne platinum over 2.95 metres;
• 0.49 per cent nickel, 0.13 per cent copper and 0.46 gram per tonne palladium over 8.08 metres in PN-23-034A.

Commented Power Nickel chief executive officer Terry Lynch: "Another strong result from our Nisk main deposit, these holes will be valuable additions to the resource calculation. This concludes an amazing drill season for us at Nisk.

"We are very excited now to get the drill results from over 15,000 metres of drilling incorporated into our much anticipated inaugural NI [National Instrument] 43-101 mineral resource estimate, which we expect to deliver in late Q3.

"As you read this release, we are readying the geodes for the ambient noise tomography program. This program will be conducted to assist in the identification of the next prime targets for our Nisk project (as released earlier this year). Preliminary surveys will be conducted over our core ore zones at Nisk Main, where there is a wealth of scientific data. This will enable us to correlate this exciting, advanced technology to reveal what we hope will be the identification of the next nickel/PGM [platinum group metal] pods at Nisk."

Next steps at Nisk include deploying the ambient noise tomography program, completing the analysis of the recent airborne mag/EM (electromagnetic) survey, readying the drilling team for the July start of the financed 15,000-metre drill program, receipt of the metallurgical studies report and the publication of the inaugural NI 43-101 mineral resource estimate at Nisk.

As part of its review of management and board performance a grant of 1.6 million options has been approved according to the company option plan. The strike price is at 25 cents. Options vest upon grant and expire five years from date of grant.

About the Nisk project

The Nisk project is in the southern portion of the Eeyo Istchee James Bay territory in Quebec, the site of several 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 from completed drill programs.

In addition to a successful campaign to extend and expand the resources at Nisk Main, Power Nickel has successfully tested extensions both east and west of the main zone in what could be whole new pods of mineralization. Perhaps most critical was the announcement on May 10, 2023, where Power Nickel stepped out five kilometres from the main Nisk resource, intercepting one ounce per ton combined platinum and palladium over 7.75 metres in wildcat hole PN-23-031A.

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 an NI 43-101 compliant mineral resource. Therefore, caution is appropriate since these historic estimates cannot and should not be relied on. For merely informational purposes, see an attached table.

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 described herein are set out in the technical report.

Power Nickel expects to take the results from the historic drilling programs, its initial program in late 2021, the current drill program and a new metallurgical study and prepare a new NI 43-101 report, which the company would expect to deliver in Q3 2023.

Power Nickel posts its drilling information and azimuths on its website to enable independent modelling of the orebody.

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 and Actlabs, independent commercial laboratories located in Val d'Or, Que., and Ancaster, Ont., for both the sample preparation and assaying. ALS and Actlabs are commercial laboratories independent of Power Nickel with no interest in the Nisk project. ALS and Actlabs are ISO 9001 and ISO 17025 certified and accredited laboratories.

Samples submitted through ALS are run through the Prep-31 package, where samples are crushed to 70 per cent less than two millimetres, riffle split off 250 grams, plus pulverize split to better than 85 per cent passing 75 microns.

Following this, samples are analyzed using ME-ICP61a (33-element suite; 0.4-gram sample; intermediate-level four-acid digestion) and PGM-ICP27 (platinum, palladium and gold; 30-gram fire assay and ICP-AES finish) methods. ALS also undertake its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

At Actlabs, samples are prepared using code RX1, whereby samples are dried, crushed (less than seven kilograms) up to 80 per cent passing two millimetres, riffle split (250 grams) and pulverized to 95 per cent passing 105 microns. Following this, samples are analyzed using 1F2 (four-acid near-total digestion) and 1C-OES (gold/platinum/palladium; 30-gram fire assay plus ICP-OES finish). Actlabs runs its own internal QA/QC program prior to the release of results.

GeoVector's QA/QC program includes regular insertion of CRM (certified reference materials) 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 was performed on these holes and no material errors were observed.

Qualified person

Dr. Eric Hebert, PGeo, PhD, from GeoVector Management, a 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 developing the high-grade Nisk project into Canada's first carbon-neutral nickel mine.

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/platinum group element 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.

In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.

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.

Note: The resource estimates at Nisk are historical in nature and the company's geology team has not completed sufficient work to confirm an NI 43-101 mineral resource. Mineral resource information is 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.

These mineral showings are described to be polymetallic veins that contain quantities of silver, lead and zinc plus or minus gold and plus or 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, 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 net smelter return royalty for $3-million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.