Mr. Morgan Lekstrom reports

PREMIUM DRILLS SIGNIFICANT MINERALIZED STEP-OUT AT SELEBI NORTH

Premium Resources Ltd. has successfully intersected significant mineralization at Selebi North underground (SNUG) below the mineral resource estimate (MRE), confirming the downplunge continuation of massive sulphides.

Key highlights:

• Drill hole SNUG-25-184 intersected mineralization 183 metres downplunge from the MRE, marking a major stepout and opening new growth potential. Two strongly mineralized intervals (3.15 metres and 5.20 metres) were intersected within a broader 13.50-metre mineralized zone from 772.60 metres to 786.10 metres downhole; assays are pending.
• A borehole electromagnetic (BHEM) survey in SNUG-25-184 identified strong off-hole responses, indicating both the South Limb and N2 zones remain open downplunge.
• Drill hole SNUG-25-186 is currently advancing toward a further 130-metre stepout from SNUG-25-184, targeting deeper conductive plates identified by BHEM.

"We're in the initial stage of demonstrating Selebi North's full potential," said Morgan Lekstrom, chief executive officer. "This drill hole and the subsequent BHEM response reinforces that, with every hole, we're proving that the system is larger and more dynamic than previously understood. With our new strategy fully under way, Selebi North and Selebi Main together have the potential to become one of Africa's largest copper-nickel-cobalt operations and the foundation for a new, independent supply chain."

Drill hole SNUG-25-184 targeted a modelled BHEM plate from SNUG-24-096-W1 (12.90 metres of 4.12 per cent copper equivalent, 1.54 per cent copper, 0.95 per cent nickel and 0.05 per cent cobalt and 24.50 metres of 2.17 per cent copper equivalent, 0.72 per cent copper, 0.67 per cent nickel and 0.04 per cent cobalt); please see the company's news release dated Oct. 24, 2024.

South Limb mineralization was intersected in SNUG-25-184 between 772.60 metres and 786.10 metres. Two strongly mineralized sulphide intervals of 3.15 and 5.20 metres occur within the larger interval. Due to the size of the stepout, true thickness is unknown at this point.

BHEM interpretation and next Steps

The BHEM response in SNUG-25-184 indicates the presence of further conductive mineralization downdip beyond the end of hole, supporting the continuation of South Limb downplunge. A building response beyond the end of the hole (hole surveyed to 860 metres prior to hole completion at 956 metres) corresponds to N2 mineralization intersected intermittently between 855 metres and 896 metres downhole.

Follow-up drilling is already under way, with drill hole SNUG-25-186 targeting approximately 130 metres downplunge of SNUG-25-184 to further evaluate the continuity and scale of both the South Limb and N2 mineralized systems.

BHEM surveys

The BHEM surveys at Selebi utilize the Crone PEM system operated by local Botswanan staff. Survey data are collected using a three-component fluxgate probe collecting full waveform data. Surveys have been collected using time bases between 50 milliseconds and 1,000 milliseconds (0.25 hertz to five hertz). The data have been processed to a calculated residual step response to better quantify the conductive sources. This added processing has proven to be invaluable because of the size of the highly conductive mineralized system.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Sharon Taylor, vice-president, exploration, of the company, who is a qualified person for the purposes of National Instrument 43-101.

Technical report

The MRE on the Selebi mine is supported by the technical report. Reference should be made to the full text of the technical report for the assumptions, qualifications and limitations set forth therein, a copy of which is available on SEDAR+ under Premium Resources' issuer profile.

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.

Premium Resources is committed to governance through transparent accountability and open communication within the company's team and the company's stakeholders. Premium Resources' skilled team has worked on over 100 projects collectively, accumulating over 400 years of resource discoveries, mine development and mine re-engineering experience on projects such as the company's Selebi and Selkirk mines. Premium Resources' senior team members have on average more than 20 years of experience in every single aspect of mine discovery and development, from geology to operations.

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