Vancouver, British Columbia--(Newsfile Corp. - February 14, 2022) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that Premium Nickel Resources ("PNR"), has executed a definitive asset purchase agreement (the "SelkirkAPA") with the Liquidator of Tati Nickel Mining Company ("TNMC") to acquire the Selkirk nickel-copper-cobalt-platinum-group metals ("Ni-Cu-Co-PGM") Mine and surrounding prospecting licenses and infrastructure formerly operated by TNMC. PNR is targeting the closing of the Selkirk APA, and transfer of ownership of the asset, within 120-days.

PNR has been undertaking due diligence work programs on Selkirk since being selected as the preferred bidder in the TNMC liquidation process and entering into a memorandum of understanding ("MOU") providing for a six-month exclusivity period. During the 120-day closing period, PNR has stated it will be preparing to execute a drill program with the ambition to bring the 2016 bankable feasibility study to NI 43-101 compliance. NAN holds a 10% equity interest and has a right to purchase an additional undiluted 15% equity interest for US$10 million. NAN also provides corporate management and technical expertise to PNR on a contractual basis.

NAN CEO Keith Morrison commented, "The execution of the Selkirk APA combined with the recent completion of the transfer of ownership of the Selebi and Selebi North Mines, completes the assets that PNR is purchasing from the BCL and TNMC liquidations in Botswana. NAN will continue to support PNR as it moves forward with closing of the transaction and assuming the ownership of the Selkirk Mine."

The legacy underground Selkirk Mine is situated 28 km south-east of the town of Francistown, and 75 km north of the Selebi Mines. BCL acquired TNMC from Norilsk Nickel through a purchase agreement that was finalized in October 2014. Norilsk was preparing Selkirk as an open pit operation and had completed Definitive Feasibility Studies in 2012 and 2013. Selkirk was then advanced to a bankable feasibility in 2016 as an open pit resource.

PNR has been diligently collecting new data, including a sampling program of HQ size core from five previously unsampled drill holes. Approximately 288 kgs of representative ore was processed as a metallurgical sample. The subsequent metallurgical testing, carried out at SGS Lakefield, confirmed the redevelopment plan to produce separate copper and nickel-cobalt concentrates and identified significant value in PGMs.

The proposed work plan for Selkirk includes drilling to better define existing resources, build up a geological model, further update the structural model, exploration for additional resources and additional metallurgical studies. PNR will focus on bringing the legacy bankable feasibility back to compliance and update the environmental baseline to include a tailings management facility and dedicated processing plant to produce concentrates.

About North American Nickel

North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Ontario, Canada. In 2019 the Company became a founding shareholder in Premium Nickel Resources ("PNR") a private Canadian company, to provide direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR has finalized a transaction resulting in the transfer of ownership of assets, in liquidation, formerly operated by BCL Limited and, completed an asset purchase agreement to acquire an additional asset, in liquidation, formerly operated by Tati Nickel Mining Company in Botswana. Simultaneously, the Company is expanding its area of exploration interest into Morocco.

The Maniitsoq property in Greenland is a Camp scale permitted exploration project comprising 3,048 square km covering numerous high-grade nickel-copper + cobalt sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland and is accessible from the existing Seqi deep water port with an all-year-round shipping season and hydroelectric power potential from a quantified watershed.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-precious metal sulphide deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

The Company acquired 100% ownership of property near the southern extent of the Lingman Lake Greenstone Belt in northwest Ontario known as Lingman Nickel and in the Quetico region near Thunder Bay Ontario. The acquisition of these properties is part of the Company's strategy to develop a pipeline of new nickel projects. The Company is evaluating direct and indirect nickel asset acquisition opportunities globally.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith Morrison
Chief Executive Officer
North American Nickel Inc.