Power Nickel Appoints Global Expert Dr. Steve Beresford to Board

Former Chief Geologist at First Quantum, MMG, and
Chief Geoscientist at IGO Ltd.

TORONTO, July 29, 2024 - Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce that internationally recognized geoscientist Dr. Steve Beresford has joined the Power Nickel board.

Dr. Steve Beresford's (FAIG FSEG) career includes being Chief Geologist of three major mining companies, a lecturer and professor, and the founder of several exploration companies. Steve began his exploration career at WMC Resources and has gone onto to do field exploration in 66 countries, largely for magmatic Nickel-Copper-PGE deposits. Steve is currently an Adjunct Professor at the University of Western Australia, and a board member of AGEMERA in Europe. Steve received his BSc Honors and PhD from the University of Canterbury (New Zealand).

"On May 1st we welcomed Steve to the team as our technical advisor, today we welcome him as our board member. We have had a dynamic short period of time working with Doctor Beresford, and we are quickly utilizing his tried and proven exploration techniques on polymetallic deposits to expedite the successful exploration of Nisk. The video below gives you an insight into his exploration thoughts and approaches.

Ni-Cu-PGE deposits:

https://www.youtube.com/watch?v=2hxWbW2NVdc&ab_channel=GeologicalSo cietyofAustraliaInc. ¹

On Tuesday August 6th, we invite you to attend a podcast with Doctor Beresford and the Power Nickel team as we walk you through our ongoing exploration program at Nisk," commented Power Nickel CEO Terry Lynch.

https://events.6ix.com/preview/nisk-the-next-steps-2024-and-beyond

In explaining why he joined Power Nickel, Dr. Beresford said "Polymetallic Ni-Cu-PGE deposits remain the premier deposit type, even with the current Nickel price. These deposits are high-grade metal deposits where Cu and noble metals (PGE, Au, Ag) form equivalent value to Nickel, not just credit metals. Lion is prospective for between 11 and 15 metals. It's not academic nuance to discriminate these systems from common garden Nickel deposits, it's economics. We continue to advance the Lion discovery and I look forward to working with the Power Nickel board during these exciting times."

In conjunction with the appointment and upon review of the Company's executive compensation, Power Nickel has awarded 4,300,000 incentive stock options under the Company's stock option plan to directors and consultants at an exercise price of $0.66 per common share for terms of two to five years (depending on the particular grant).

Qualified Person

Kenneth Williamson, Géo, M.Sc., VP Exploration at Power Nickel, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

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.

The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high- grade nickel-copper PGE 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. The Company is in the process of reorganizing these assets in a related vehicle, through a Plan of Arrangement that will be presented to Power Nickel shareholders of record for their approval.

To obtain Power Nickel's Corporate Presentation, please use the link below: http://powernickel.com/corporate_presentation.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed "forward-looking statements" concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others, the timing for the Company to develop the NISK deposit or risk that such development does not occur at all; raise sufficient capital to fund its obligations under its property agreements going forward; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

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SOURCE Power Nickel Inc.