Eastport Investment Adds Value

Toronto, Canada, 18 February 2021Eastport Ventures Inc. (“ EVI ”), a private Canadian exploration and investment group wishes to advise that Premium Nickel Resources (PNR) was selected by to be the preferred bidder for the nickel-copper-cobalt assets formerly operated by BCL Limited (BCL) located in north-eastern Botswana.

In May 2020, EVI participated in a seed-round financing of PNR on the basis of our familiarity with the assets and the significance of the BCL opportunity. EVI owns 2.75m shares of PNR representing approximately 3.74% ownership.

Detailed information on PNR's selection can be found in the PNR news release of 16 February 2021; below, and at EastportVentures.com/Investments:

Toronto, Ontario, February 16, 2021 – Premium Nickel Resources (” PNR “) is pleased to announce that it has been selected as the preferred bidder for the Botswana nickel-copper-cobalt (” Ni-Cu-Co “) assets formerly operated by BCL Limited (” BCL “), and currently in liquidation.

In June 2020, PNR submitted an indicative offer to the BCL liquidation trustee (the ” Trustee “) to acquire the former producing Selebi-Phikwe, Tati-Phoenix and Tati-Selkirk mines as well as regional exploration joint ventures on highly prospective Ni-Cu-Co projects located in Botswana.

As stated by Mr. Mmetla Masire, permanent secretary for the Ministry of Mineral Resources, Green Technology and Energy Security of Botswana, and subsequent to an independent technical evaluation on behalf of the Trustee, and a review by the Government of Botswana, PNR was selected as the preferred bidder to acquire the former BCL Ltd.

PNR would like to thank the Ministry of Mineral Resources, Green Technology & Energy Security, Botswana for publicly announcing that PNR was being awarded the Preferred Bidder status in Parliament last week, as has been widely reported in the global media. PNR will now complete the documentation with the Trustee to govern the six-month exclusivity period to complete due diligence on these assets. Concurrent with the due diligence during the Exclusivity Period, PNR will negotiate definitive agreements to finalize terms on the prioritized assets to be purchased.

PNR continues to monitor the global Covid-19 developments and is committed to working with health and safety as a priority and in full respect of all government and local Covid-19 protocol requirements. PNR has developed Covid-19 travel, living and working protocols in anticipation of moving forward to on site due diligence and is integrating these protocols with those of The Government of Botswana and surrounding communities.

About Premium Nickel Resources Corporation

PNR is dedicated to the exploration and development of high-quality nickel-copper-cobalt (Ni-Cu-Co) resources. We believe that the medium to long-term demand for these metals will grow through continued global urbanization and the increasing replacement of internal combustion engines with 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 take an asset from discovery to exploration to mining.

PNR has focused its efforts in discovering world class nickel sulphide assets in jurisdictions with rule-of-law that fit a strict criteria that comply with PNR’s values and principles which stand up against the highest acceptable industry standards. We are committed to Governance through transparent accountability and open communication within our team and our stakeholders.

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