Mr. Terry Lynch reports

POWER NICKEL ANNOUNCES FILING OF AMENDED TECHNICAL REPORT

Further to Power Nickel Inc.'s news release dated Nov. 29, 2023, it has filed a technical report in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects in respect of its mineral resource estimate for the Nisk nickel-sulphide project (the amended technical report) located in Quebec. No material changes were made to the resource estimate announced in the company's news release dated Nov. 29, 2023.

The mineral resource estimate presented herein in the first attached table 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.

The second attached table shows the sensitivity of the block model to grade cut-off. The reader is cautioned that the numbers presented in these tables should not be misconstrued with a mineral resource statement.

"Our updated NI 43-101 technical report is an excellent start and major first step to showing the significant commercial potential of Nisk. We believe this mineral resource estimate establishes us as one of the world's best nickel investment opportunities. We are as we speak drilling at Nisk looking to advance both Nisk Main, where this resource is located, and to test the four large ambient noise tomography targets we have identified with our work with Fleet Space Technologies. We believe 2024 will be an exciting year for Power Nickel," stated Power Nickel chief executive officer Terry Lynch.

The amended technical report is dated effective Jan. 19, 2024, with an issue date of Jan. 19, 2024, and is titled "Amended and Updated NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay Territory, Quebec." The amended technical report was prepared for the company by Duncan Studd, PGeo, MSc, of GeoVector Management Inc., Pierre Luc Richard, PGeo, MSc, of PLR Resources Inc., Gordon Marrs, PEng, of XPS (Expert Process Solutions), and Jeffrey Cassoff, PEng, of BBA Inc.

The amended technical report updates the company's technical report titled "NI 43-101 Technical Report and Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay territory, Quebec," dated effective May 17, 2022, with an issue date of Aug. 29, 2022 (the 2022 technical report), and addresses comments raised by staff of the British Columbia Securities Commission (the BCSC) in connection with the BCSC's review of the 2022 technical report, and that the disclosure in the 2022 technical report could not be relied upon (as stated in the company's Oct. 6, 2022, news release) until supported by an updated technical report containing compliant disclosure. In particular, the amended technical report includes updates to satisfy the requirement for metallurgical analysis and a new site visit to the Nisk project by an author of the amended technical report, and includes results from the company's 2022 and 2023 drill programs completed subsequent to the effective date of the 2022 report. The amended technical report replaces the 2022 technical report in its entirety.

Qualified person

Kenneth Williamson, Geo, MSc, vice-president of 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 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 Corp. (CRE: TSX-V).

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 (platinum group elements) 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, 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 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 (net smelter return) 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.

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