Mr. Morgan Lekstrom reports

PREMIUM COMMENCES RESOURCE EXPANSION THROUGH DRILLING AND COMPREHENSIVE METALLURGY OPTIMIZATION AT SELKIRK

A surface drilling program is under way and Premium Resources Ltd. has provided details of the work program at its past-producing copper/nickel/cobalt/platinum group element sulphide Selkirk mine in Botswana. The drilling program is designed to demonstrate resource expansion and metallurgical flow sheet development. These initiatives are aimed at derisking the project to support future development decisions.

Highlights of Selkirk work program:

• Drilling program initiated: A 12-hole drill program is under way at Selkirk, focused on twinning historical holes to validate legacy data, adding key data points to support a future resource model update and resource expansion through continued resampling of historical core (see news release dated April 10, 2025).
• Continued resampling of historical core: In 2024, 17 historical drill holes were resampled to obtain complete platinum group element analysis (see press releases dated Oct. 28, 2024). An additional 34 historical holes have been identified for resampling.
• Metallurgical program continuing: The metallurgical program is aimed at refining orebody domains and developing a more comprehensive, derisked metallurgical model reflected in an updated mineral resource estimate (MRE) and supporting studies.

Morgan Lekstrom, chief executive officer of Premium Resources, stated: "Resampling the historical drill core has proven to be a cost-effective and impactful way to enhance our understanding of the Selkirk deposit. This phase of drilling will prove critical for resource reclassification as we rapidly advance toward restoring the project's legacy resource estimate. We remain focused on accelerating Selkirk and positioning it for near-future development."

The surface drilling program will collect fresh HQ-sized core to support metallurgical flow sheet, generate material for preliminary X-ray transmission (XRT) ore-sorting tests, and support the potential expansion and upgrade of the National Instrument 43-101-compliant 44.2-million-tonne inferred MRE to the indicated category (see news release dated Nov. 27, 2024).

Historical production at the Selkirk mine took place between 1989 and 2002 with Anglo American mining high-grade copper/nickel massive sulphides and producing one million tonnes at 2.6 per cent nickel and 1.5 per cent copper. Thereafter, in 2006, LionOre Mining International Ltd. published a technical report in accordance with NI 43-101 and more recently in 2013, Norilsk Nickel Africa commissioned GiproNickel Institute to calculate an updated mineral resource estimate in accordance with JORC (Joint Ore Reserves Committee) Code that demonstrated a historical resource of 128.4 million tonnes at 0.21 per cent nickel and 0.23 per cent copper measured and indicated and 123.8 million tonnes at 0.17 per cent nickel and 0.19 per cent copper inferred.

The company will continue to provide regular updates as drilling activities progress and metallurgical test work advances.

Premium engages ICP Securities Inc.

The company has engaged the services of ICP Securities Inc. to provide automated market-making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of $7,500, plus applicable taxes, which will be paid from the company's working capital. The agreement between the company and ICP was signed with a start date of May 15, 2025, and is for four months and shall be automatically renewed for subsequent one-month terms unless either party provides at least 30 days of written notice prior to the end of the initial term or an additional term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation securities issuable in connection with the engagement. ICP presently has no interest, directly or indirectly, in the company or its securities. ICP and its clients may acquire an interest in the securities of the company in the future.

ICP is an arm's-length party to the company. ICP's office is located at Suite 204, 251 Queens Quay East, Toronto, Ont., M5A 0X3. ICP's market-making activity will be primarily to correct temporary imbalances in the supply and demand of the company's shares. ICP will be responsible for the costs it incurs in buying and selling the company's shares, and no third party will be providing funds or securities for the market-making activities. The appointment of ICP is subject to approval by the TSX-V.

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 NI 43-101.

Technical report

The mineral resource estimate on the Selkirk mine is supported by the technical report entitled "NI 43-101 Technical Report Selkirk Nickel Project, North East District, Republic of Botswana," dated Nov. 1, 2024 (with an effective date of Jan. 10, 2025), prepared by SLR Consulting (Canada) Ltd. for Premium Resources. 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.

Historical estimates

Certain of the mineral resource estimates referred to in this release are historical in nature and should not be relied upon as a current mineral resource estimate. While management believes that these historical mineral resource estimates could be indicative of the presence of mineralization on the Selkirk mine property, a qualified person (for purposes of NI 43-101) has not completed sufficient work to classify the historical mineral estimates as a current mineral resource estimates and the company is not treating the historical mineral estimates as current mineral resource estimates.

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 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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