Mr. Terry Lynch reports

POWER NICKEL ANNOUNCES C$2 MILLION PRIVATE PLACEMENT

Power Nickel Inc. intends to complete a private placement for up to 10 million common shares of the company, at a price of 20 cents per share, for gross proceeds of $2-million. The company has received conditional TSX Venture Exchange approval for the private placement.

"We are pleased to announce we have secured commitments to close this financing and that closing is expected to take place next week. These are challenging market conditions but we are making such great progress we just must keep going. I sincerely believe this financing will be the last done at these levels and that junior mining markets are entering a turnaround phase. At Power Nickel in particular, we have had a series of announcements about our ongoing exploration programs and their positive results, and expect to report more on that shortly," commented Terry Lynch, Power Nickel's chief executive officer.

The financing is non-brokered but certain brokerage fees and/or finder fees payable in cash and/or finder warrants, may be paid in accordance with applicable securities law and TSX-V policies.

Proceeds will be used for general corporate purposes and, in particular, will finance specific investor communications programs.

In the past 12 months, the company has spent approximately $500,000 on awareness and investor communications programs, and has hired Agoracom, The DeeperDive, Investor Intel, 6ix, Prodoscomi Inc., National Inflation Association and Proactive Media to provide such services. It is expected that in 2024, the company would have similar or possibly larger budgets for these services and activities. The relevant agreements will, where applicable and required by TSX-V policies, be filed for TSX-V approval, if the services provided under such agreements constitute investor relations activities under TSX-V policies.

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.

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 Columbia 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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