Mr. Duncan Roy reports

POWER NICKEL CLOSES OVERSUBSCRIBED PRIVATE PLACEMENT

Power Nickel Inc. has closed its previously announced private placement of common shares at 20 cents per common share. The company has issued 11,889,875 common shares for gross proceeds of $2,377,975. The private placement is subject to final approval of the TSX Venture Exchange.

In connection with the private placement, the company agreed to pay finder's fees to two registered dealer firms in the amount of $75,064 cash and 117,250 finder's warrants, exercisable for a period of 18 months from closing at an exercise price of 20 cents per common share. All securities issued in connection with the private placement have a statutory hold period of four months and one day from the date of issuance.

The proceeds of the private placement will be used for general corporate purposes and as disclosed in the company's April 4, 2024, news release.

All four of the directors of the company participated in the private placement for aggregate investment of $333,125, which is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as the company is not listed on a specified market (as set out in Section 5.5(b) of MI 61-101) and the aggregate fair market value of the common shares being subscribed to by the insiders does not exceed $2.5-million (as set out in Section 5.7(1)(b) of MI 61-101).

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 (platinum group element) 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) of 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 (NSR) 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 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.