Mr. Morgan Lekstrom reports

PREMIUM APPOINTS MINING FINANCE EXECUTIVE AND FORMER GATOS SILVER CFO ANDRE VAN NIEKERK TO THE BOARD

Premium Resources Ltd. has appointed Andre van Niekerk to the board of directors of the company. Mr. van Niekerk was appointed to the board, effective immediately. Mr. van Niekerk's appointment will fill a vacancy arising from the retirement of Don Newberry as a director of the company.

Mr. van Niekerk brings over 23 years of progressive leadership experience in the mining industry, with a strong record of financial and operational success. Most recently, Mr. van Niekerk served as the chief financial officer for Gatos Silver prior to its acquisition by First Majestic. Previously, he served as CFO of Nevada Copper Corp., where he played a pivotal role in transitioning the company from development to production and led multiple successful equity financings and debt restructurings.

Prior to that, Mr. van Niekerk spent 14 years at Golden Star Resources, a gold producer operating in Ghana, where he held various senior financial and operational roles, ultimately serving as executive vice-president and CFO. His career began with KPMG in South Africa and Denver in advisory and audit positions.

Mr. van Niekerk holds accounting degrees from the University of South Africa and the University of Pretoria, and is a certified public accountant.

Mr. Newberry has been a director of the company since August, 2022, and served as the chair of the sustainability committee and a member of the audit committee.

With Mr. Newberry's departure from the board and the appointment of Mr. van Niekerk as a director, the board now consists of eight directors, namely Paul Martin (chair), Mr. van Niekerk, Chris Leavy, James Gowans, Jason LeBlanc, Mark Christensen, Morgan Lekstrom and Norman MacDonald.

"I am pleased to welcome Mr. van Niekerk to the board of directors," said Mr. Martin. "Andre brings with him a wealth of knowledge, not only in finance but also through his extensive experience in transitioning companies through to development, including projects in Africa. As we continue to advance the Selebi and Selkirk mines, we remain focused on strengthening the board and ensuring we are well equipped to navigate this exciting next phase of growth."

Mr. Martin continued: "I would also like to express my sincere thank you to Mr. Newberry for his commitment and valuable contributions throughout his time with us. His hard work has been truly appreciated, and we wish him continued success in all his future endeavours."

Stock option grant

Premium Resources also announces that, effective April 24, 2024, it has granted to certain directors, officers, employees and/or consultants of the company and/or its subsidiaries an aggregate of 230,000 stock options of the company, pursuant to the stock option plan of the company.

The options have an exercise price of 49 cents per share and a five-year term from the date of grant. One hundred forty thousand of the options vest immediately and the remaining 90,000 vest annually in equal thirds beginning on the date of grant.

About Premium Resources Ltd.

Premium Resources is a mineral exploration and development company that is focused on the redevelopment of the previously producing nickel, copper and cobalt resources mines owned by the company in the Republic of Botswana.