Mr. Terry Lynch reports

POWER NICKEL EXTENDS RESOURCE MINERALIZATION AT NISK MAIN

Power Nickel Inc. has released the results of its fall drilling campaign at Nisk, the high-grade nickel sulphide platinum group metal project located near Nemaska, Que.

Hole PN-23-036 was previously announced in November, 2023, and today the company is announcing the remaining six holes PN-23-37 to PN-23-42. As reported herein, four of these six holes successfully impact the resource at Nisk, with holes PN-23-40 and PN-23-42 carrying some attractive high-grade zones of 12.77 metres at 0.62 per cent nickel, 0.63 per cent copper, 0.04 per cent cobalt, 0.78 gram per tonne palladium and 0.22 g/t platinum, and 7.77 m at 0.71 per cent Ni, 0.12 per cent Cu, 0.04 per cent Co, 0.42 g/t Pd and 0.03 g/t Pt, respectively.

"The fall campaign was another successful drilling program for Power Nickel. We will add these holes to our database, allowing us to expand our mineral resource estimate footprint. The successful deployment of our ambient noise technology (ANT) provided significant insight into how we can use this technology to further expand our resource at Nisk. This was key in hole 36 and this winter's drilling season is designed to test the four ANT targets. While we are pleased with our fall work, we believe the drilling program we have embarked on this winter will yield our best results to date," commented Power Nickel chief executive officer Terry Lynch.

Qualified person

Kenneth Williamson, Geo, MSc, vice-president, exploration, at Power Nickel, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

Follow up from Jan. 9, 2024, news release

In connection with the closing of the company's 4.36-million-flow-through-unit private placement, the company paid to a registered firm as a finder's fee -- $12,000 and 48,000 finder's warrants exercisable into common shares at 50 cents per share for a period of 18 months.

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 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 exercise the option was the delivery of a National Instrument 43-101 technical report which has now occurred. Power Nickel expects to complete the acquisition in February.

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