Mr. Kenneth Williamson reports

POWER NICKEL CLOSES $0.90 PER SHARE FLOW-THROUGH FINANCING OF $2.75 MILLION

Power Nickel Inc. has closed its previously announced flow-through financing of $2.75-million at 90 cents per share.

The financing was completed with investors secured for Power Nickel by Wealth Creation Preservation & Donation Inc. ("Wealth" or "WCPD"). To ensure this process was done in the least dilutive way possible, Power Nickel arranged to have WCPD Group organize a consortium of Quebec-based investors who made an initial investment of $2.75 million representing 3,055,556 flow-through shares at $0.90 per flow-through share. As part of the process, CVMR Inc acquired these shares from the front-end purchasers for $0.45 per share. All shares issued bear a hold period of four months and one day from the closing date. The private placement is subject to the Company's completion of its filing requirements with the TSX Venture Exchange (TSXV) and TSXV approval.

CVMR is a shareholder of Power Nickel and is currently conducting several studies on the Nisk Nickel Sulfide PGM project in Quebec with the objective of delivering a feasibility study on the project in Q2 of 2024. This was previously announced on August 15 th, 2023.

Last week Power Nickel announced their inaugural NI 43-101 mineral resources estimate (see Table 1 below) that demonstrated it had more than 5.4 million tonnes of Indicated mineral resources grading 1.05% NiEq and 1.8 million tonnes of Inferred mineral resources grading 1.35% NiEq.

The Mineral Resource Estimate presented herein in Table 1 is either constrained within a pit shell developed from a pit optimization analysis or presented as underground mineral resources using an appropriate cut-off grade and reasonable potential mining shapes which include must-take material.

Please Refer to the Notes to Table 1 below at the end of this news release

"This report constitutes a base case study which assumes that Power Nickel would make a concentrate from the material extracted. In this base case study, metallurgical work suggests that our concentrate would show recovery rates of 70% Ni, 45% Cu, 75% Co and 40% Pd; neither Iron nor Platinum were considered being part of the "payables". While rigorous and in accordance with all CIM Guidelines and NI 43-101 requirements, such base case likely doesn't show the very positive impacts that the CVMR process will bring to this project down the road," commented Kenneth Williamson, VP Exploration.

Ongoing work with CVMR suggests sharply higher recovery rates using the CVMR process which, rather than making a typical concentrate, is optimized at producing a finished product. The CVMR process also would create Iron and Platinum by-products, further increasing the potential yield.

Power Nickel would expect to release prior to year-end benchmark studies from CVMR that provide insight into these enhanced recoveries. Based on data gathered through their multiple plants around the world and initial work done on Nisk Main, the CVMR process is expected to show recoveries 25-30% better than the recovery estimates used in the 2023 MRE following a more common "concentrate and smelter" approach.

The objective of the CVMR process is to develop finished products like powders, nano powders, wire, anodes, and other precursors. These finished products show typical command prices that are 2-3 times the LME pricing that Power Nickel would expect to get from production of a concentrate.

"Since August, Power Nickel has drilled 4,700 metres over seven holes and the 2023 MRE only includes the first hole of this program, PN-23-036. We are planning to add a second rig in January to test the Platinum-rich Wildcat Target area, while continuing to expand on Nisk Main. We expect to drill about 2,000 metres a month and plan to drill through the end of April 2024.

More specifically, the second rig will be targeting step-out drilling of our impressive PN-23-031A hole that had over one ounce of PGMs over 7.75 metres. The Wildcat Target is located at a full 5.5 kilometres away from Nisk Main, where the 2023 MRE noted above has been reported (see Figure 1 below)."

The Fleet Ambient Noise Tomography program (see release dated January 31, 2023) has identified several targets that have similar signatures to Nisk Main that occur within this 5.5-kilometre corridor, potentially connecting Nisk Main with the Wildcat Target area discussed above.

"We have continued to hit significant Ni-PGMs mineralization at Nisk and we look forward to accelerating its exploration in the coming months," Mr. Lynch commented. Qualified Person

Kenneth Williamson, Geo, M.Sc., 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 high-potential copper, gold and battery metal prospects in Canada and Chile.

On February 1, 2021 Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE:TSXV)

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel, formerly Chilean Metals is focused on confirming and expanding its current high-grade nickel-copper PGE mineralization historical resource by preparing a new Mineral Resource Estimate in accordance with NI 43-101, identifying additional high-grade mineralization, and developing a process to potentially produce nickel sulphates responsibly for batteries to be used in the electric vehicles industry.

Power Nickel (then called Chilean Metals) announced on June 8 th, 2021 that an agreement has been made to complete the 100% 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 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 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 royalty interest on any future production from the Copaquire copper-molybdenum deposit, recently 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.

We seek Safe Harbor.