Mr. Terry Lynch reports

POWER NICKEL CONTINUES TO EXPAND ITS NEAR SURFACE HIGH-GRADE CU-PT-PD-AU-AG ZONE 5KM NORTHEAST OF ITS MAIN NISK DEPOSIT

Power Nickel Inc.'s drill program aiming at following up on the Wildcat high-grade PGM (platinum group metal) intersection has intersected the anticipated mineralized zone with five additional holes. If confirmed by assay results, the current mineralized envelope is interpreted to extend to a minimum of 300 metres below surface and to a minimum of 200 metres laterally and remains open in all directions. As previously stated (March 4, 2024), PN-24-044 and PN-24-047 successfully intersected the chalcopyrite-rich zone initially discovered in hole PN-23-031A. Based on the initial geometry obtained, a fan of multiple short, off-section holes was drilled to test the continuity of the zone in all directions. While the western side appears to be thinner, holes drilled east of the discovery appear to show a significant increase in the overall thickness of the zone.

The deepest hole to date, PN-24-051, intersected the zone at a depth of 275 metres below surface, but hole PN-24-050 (200 metres depth) only intersected weak mineralization This could suggest a pinch-and-swell geometry across the mineralized zone and therefore a potential increase in thickness farther west and at depth.

"Near-surface, one-ounce-per-ton discovery hole, now multiple extensions to this discovery south, west and east, and visible showings several times larger than this discovery hole ... open in all directions. If that doesn't get your blood pumping as a miner, I don't know what will. Yes, we need to wait for assays, but, in our view, this is a material news release," commented Terry Lynch, chief executive officer of Power Nickel.

"As mentioned in our last release, the very encouraging observations made in the first two follow-up holes led us to focus aggressively on this target. Our most recent hole, PN-24-053, suggests a important increase in thickness to the east, with our observation that the zone remains open in all directions. We expect to receive assay results in April. In the meantime, we are crunching the new information and preparing additional drilling targets to test the east, west and vertical extensions. If the grade is maintained, these holes will deliver an exciting addition of very valuable PGE [platinum group element] mineralization to our current mineral resource estimate, which is planned to be updated in H2 2024," stated Kenneth Williamson, Power Nickel's vice-president, exploration.

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.

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.

The information presented herein is derived from the technical report titled "Amended and Updated NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Nisk Project, Eeyou Istchee James Bay Territory, Quebec" by Duncan Studd, Pierre-Luc Richard, Gordon Marrs and Jeffrey Cassoff (Jan. 19, 2024).

The Nisk property comprises a significant land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel/copper/PGE 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 vehicle through a plan of arrangement.

Power Nickel announced on June 8, 2021, that an agreement had 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 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, reportedly exploited between 1921 and 1939. These mineral showings are polymetallic veins containing quantities of silver, lead, zinc, plus/minus gold and plus/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 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.

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