Mr. Terry Lynch reports

POWER NICKEL TO RAISE $2.75 MILLION TO ADVANCE EXPLORATION AT NISK NICKEL PGM PROJECT

Power Nickel Inc. has arranged a proposed private placement of $2.75-million in new equity capital to pursue exploration expansion at Nisk, the company's flagship nickel-PGM (platinum group metals) project near Nemiscau, Que. The company proposes the sale of four million flow-through units of the company, at a price of 50 cents per FT unit, for gross proceeds of $2-million and a additional up to three million non-flow-through units at a price of 25 cents per NFT unit for aggregate total proceeds of $2.75-million. The issue will be non brokered. The company has received conditional TSX Venture Exchange approval for the private placement. The company expects to close the private placement in the coming days.

"We are pleased to secure the additional equity we need to continue to advance Nisk. These funds will see us able to release our NI 43-101 report in November and continue our exploration and drilling program into Q1 of 2024," commented Power Nickel chief executive officer Terry Lynch. "In particular we are most encouraged by the new data we are receiving from our ambient noise tomography program and in particular want to follow up on the multiple new drilling targets this has identified."

The initial ambient noise tomography (ANT) data collected by the Exosphere FLEET team suggest further resource expansion potential at Nisk Main in addition to highlighting the presence of two unexplored Ni sulphides targets north and east of the Nisk Main.

"The initial ambient noise tomography (ANT) report focuses on the review of opportunities from surface to 400-metre depth was very encouraging. A definitive signature was observed that correlates very well to our drilling discovery of nickel PGM charged massive sulphides. This signature suggests more resource could be discovered exploring at depth south and east of Nisk Main drilling and two additional targets north and east," commented Mr. Lynch, CEO and President. "The ANT data encouraged us to step out aggressively with hole 1. Testing an area 300 metres south and east of nearest successful drill hole. The drill core below is what we discovered," Mr. Lynch commented further.

"This drill core looks promising, and assays are expected soon. While we have stopped drilling, to respect the seasonal moose hunt, when we resume we expect between now and Christmas to continue to test expansion of Nisk Main below the current extent of mineralization and to begin to test the two additional areas labelled ANT 1 and 2 in the image [in the original news release.]"

Prior to month end Power Nickel expects to get additional detailed reports from the ambient noise tomography work. The first will cover the Bonanza grade PGM discovery the company made to the NE end of its property package: the Wild Cat target.

The second and final report was designed to focus on the deeper opportunities at Nisk. This survey is looking down to a depth of 800 metres or so. Not only will this survey allow us to project at greater depths the interpretation arising from the detailed ANT surveys above, but it will also help to identify deeper volumes that match the ANT signature observed in the vicinity of the known Nisk main nickel PGM massive sulphides lenses.

"In coupling such new pieces of intel with our newly acquired EM survey data, downhole EM surveys and robust litho-structural interpretation from the ongoing drilling programs, this presents some very interesting and powerful data for our team to use to expedite and advance the exploration plans at Nisk. Stay tuned for what we see as a very exciting drilling season," commented Ken Williamson, vice-president, exploration, Power Nickel.

Qualified person

Kenneth Williamson, Geo, MSc, VP, exploration, at Power Nickel, is the 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 80per cent of the Nisk project from Critical Elements Lithium Corp. Subsequently, Power Nickel has exercised its option to acquire 50 per cent of the Nisk project and delivered notice to Critical Elements that it intends to exercise its second option to bring its ownership to 80 per cent. The last remaining commitment to activate this exercise of the option is the delivery of a National Instrument 43-101 technical report which is anticipated to occur at latest in Q4 2023.

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