North American Nickel and Premium Nickel Resources Announcement – Approval by RTO Shareholders, Filing of Statement of Filing, Expected Closing of RTO

Toronto, OntarioPremium Nickel Resources Corporation (“PNR”) and North American Nickel Inc. (TSXV: NAN) (“NAN”) are pleased to provide the following updates following their joint press release of July 21, 2022 with respect to their previously announced “reverse takeover” transaction (the “RTO”):

Shareholder Approval of RTO: NAN’s disinterested shareholders approved the RTO by way of a resolution passed in writing in accordance with the policies of the TSX Venture Exchange (the exchange’).

Filing of the declaration of deposit: NAN and PNR have finalized and filed a declaration of deposit dated July 22, 2022 on Exchange Form 3D2 (the “Statement of Filing”), which provides full details of the RTO, the “Resulting Issuer” and its business, including relevant historical and pro forma financial information and technical information regarding the Selebi Project situated in Botswana, which will be the sole material property of the resulting Issuer. Readers are encouraged to review the entire Filing Statement, which is available electronically on SEDAR (www.sedar.com) under NAN’s issuer profile and on its website (https://www.northamericannickel .com).

RTO Closure: Subject to satisfaction or waiver of other RTO pre-conditions, NAN and PNR expect the RTO to close within the first week of August 2022. Following the close of the RTO, and subject to final Exchange acceptance, the common stock of the Resulting Issuer will commence trading on the Exchange under the trading symbol “PNRL” and will continue the business of PNR and NAN in as a company.

In this press release, references to “the resulting issuer” mean NAN after the closing of the RTO. Because certain directors and officers of NAN are also directors and officers of PNR, the Merger Agreement is considered an “arm’s length” agreement pursuant to Exchange policies.

Keith Morrison, CEO and Director of NAN and PNR, said, “We look forward to moving towards the closing of the RTO transaction, having received the required shareholder and stock exchange approvals. In the coming weeks, we expect to start trading under the Premium Nickel Resources Ltd. banner under the symbol “PNRL”. We are equally eager to begin providing meaningful updates on our projects and operations in Botswana, Greenland and Canada. We are deeply encouraged and grateful for the continued support of our shareholders and stakeholders and thank you for your patience as we strive to bring PNRL across the finish line.

Additional information on the RTO

The RTO will be achieved through a three-party merger (the “Merger”) between a wholly-owned subsidiary of NAN and PNR to form a single company. NAN will change its name to ‘Premium Nickel Resources Ltd.’ and will be the resulting emitter. Holders of PNR securities will receive securities of the Resulting Issuer in exchange for their PNR securities at an exchange ratio of 1.054 common shares of the Resulting Issuer for each outstanding share of PNR taking into account the case of consolidation of the ordinary shares of NAN on the basis of one post-consolidation ordinary share for five (5) pre-consolidation ordinary shares (the “Consolidation”). The Transactions will result in an RTO of NAN in accordance with Exchange Policies, all in the manner contemplated by and pursuant to the terms and conditions of the Merger Agreement dated April 25, 2022 (the “Merger Agreement”) providing for the Merger. A copy of the Merger Agreement is available electronically on SEDAR (www.sedar.com) under NAN’s issuer profile.

About North American Nickel Inc.

North American Nickel is a mining exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019, NAN became a founding shareholder of PNR to provide direct exposure to Ni-Cu-Co opportunities in the Southern Africa region. Simultaneously, NAN is expanding its area of ​​exploration interest to Morocco.

The Maniitsoq property in Greenland is a licensed camp-scale exploration project comprising 3,048 km2 covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the norite belt of Greenland (GNB). The more than 75 km long belt is located along and near the southwest coast of Greenland and is accessible from the existing deep water port of Seqi with a year-round navigation season and potential for hydroelectric power from a quantified watershed.

Post office stream/Halcyon property at Sudbury is strategically located adjacent to the former Podolsky copper-nickel-precious metal sulfide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset seawall structure. These geological structures host significant Ni-Cu-PGM deposits and producing mines in the Sudbury camp.

NAN has acquired 100% ownership of the property near the southern extent of the Lingman Lake greenstone belt in the northwest Ontario known as Lingman Nickel and in the Quetico nearby region Thunder Bay Ontario. The acquisition of these properties is part of NAN’s strategy to develop a pipeline of new nickel projects. NAN is evaluating direct and indirect acquisition opportunities for nickel assets globally.

About Premium Nickel Resources Corporation

PNR is a Canadian company dedicated to the exploration and development of high quality Ni-Cu-Co resources. PNR estimates that the medium to long-term demand for these metals will increase thanks to continued global urbanization and the increasing replacement of internal combustion engines by electric motors. Importantly, these metals are key to a low-carbon future.

PNR maintains a skilled team with strong financial, technical and operational expertise to move an asset from discovery to exploration and mining.

PNR has focused its efforts on finding world-class nickel sulphide assets in jurisdictions with the rule of law that meet strict criteria consistent with PNR’s values ​​and principles that stand up to the highest standards. industry acceptable. PNR is committed to governance through transparent accountability and open communication within our team and with our stakeholders.

PNR has finalized its acquisition of Selebi Project on January 31, 2022. The Selebi project include two wells and related infrastructure (rail, electricity and water). Shaft sinking and mill construction began in 1970. Mining was completed in October 2016 when operations were placed under surveillance and maintenance due to a breakdown in the separate Phikwe processing facility. The Selebi project were then put into liquidation in 2017.

The proposed work plan for the Selebi Project includes diamond drilling which is expected to last up to 18 months. During this time, additional metallurgical samples will be taken and sent for more detailed studies. Underground infrastructure at Selebi North will be upgraded to support the underground drilling program as well as to improve health and safety at Selebi North.

Contact:

North American Nickel Inc.

Jaclyn Ruptash

Vice President Corporate Affairs

Such. : +1 (604) 770-4334

Sheldon Inwentash

Director and Chairman of the PNR Special Committee

Premium Nickel Resources Corporation

Premium Nickel Resources Corporation

130 Spadina Avenueoffice 401

Toronto, Ontario, Canada M5V 2L4

Email: [email protected]

Caution Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of applicable Canadian securities laws, including the timing and ability of NAN and PNR to complete the RTO (if any); the timing and ability of the Common Shares of the Resulting Issuer to begin trading on the Exchange (if any); the ability of NAN and PNR to satisfy or waive the conditions precedent to the completion of the RTO (if any); and the operations and prospects of the Resulting Issuer. These forward-looking statements, by their nature, require NAN and PNR to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate” , “continue” or the negative or comparable terminology, as well as terms commonly used in the future tense and conditional tense, are intended to identify forward-looking statements. Information contained in forward-looking statements, including with respect to the ability to meet or waive on satisfactory terms all conditions for completion of the RTO (including, but not limited to, required regulatory approvals) , the timeline for completing the RTO (if any), the anticipated benefits of the RTO, the intended use of available funds and working capital of the Resulting Issuer, the ability to satisfy or waive satisfactory conditions to the completion of the Selkirk Acquisition, the timeline for completing the Selkirk Acquisition (if any), and the anticipated work program on the Selebi Project, are based on certain important assumptions which were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, current information available to management of NAN and PNR, public disclosure of the operators of the mines involved, and other considerations deemed appropriate in the circumstances. NAN and PNR consider their respective assumptions to be reasonable based on currently available information, but caution the reader that their assumptions regarding future events, many of which are beyond NAN and PNR’s control, may ultimately prove to be incorrect as they are subject risks and uncertainties that affect NAN and PNR, and their respective activities.

For more information about these and other factors and assumptions underlying the forward-looking statements made in this press release regarding NAN, see the section titled “Risks and Uncertainties” in NAN’s most recent MD&A. which is filed with the Canadian Securities Commissions and available electronically under NAN’s issuer profile on SEDAR (www.sedar.com) and the risk factors described in the Filing Statement, which are available electronically on SEDAR (www. .sedar.com) under NAN’s issuer profile. The front? the forward-looking statements set forth herein regarding NAN and PNR reflect management’s expectations as of the date of this press release and are subject to change after such date. NAN and PNR disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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