TORONTO, ON / March 12, 2023 / Power Nickel Inc. (the "Company" or "Power Nickel") (TSX-V:PNPN)(OTCBB:PNPNF)(Frankfurt:IVVI) is pleased to announce a proposed private placement (the "Offering") of up to 10,000,000 flow-through units (each, an "FT Unit") of the Company, at a price of $0.50 per FT Unit, for aggregate gross proceeds of up to CAD $5,000,000.

Each FT Unit will be composed of one common share of the Company that qualifies as a "flow-through share" (each, a "FT Share"), for purposes of the Income Tax Act (Canada) (the "ITA"), and one-half of one transferable non-flow-through common share purchase warrant (each whole, being a "Warrant"). Each Warrant will be exercisable into one non-flow-through common share (each, a "Warrant Share") at exercise price of $0.50 per Warrant Share for a period of five years from the date of issuance. All securities issued under the Private Placement will be subject to a four-month and one-day statutory hold period.

The Warrants will be subject to an acceleration clause which entitles the Company to provide notice (the "Acceleration Notice") to holders that the Warrants will expire 30 days from the date the Company provides the Acceleration Notice. The Company can only provide the Acceleration Notice if the closing price of the Company's Common Shares on the TSX Venture Exchange is equal to or greater than $1.00 for 10 consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the Warrants.

The Company intends to use the gross proceeds from sale of the FT Shares for exploration activities on the Company's NISK property located in Quebec and to incur eligible Canadian exploration expenses, within the meaning of the ITA, that will qualify for the federal 30% Critical Mineral Exploration Tax Credit.

The Private Placement is subject to TSX Venture Exchange ("TSXV") approval. The Company may pay finder's fees as permitted by applicable securities laws and the rules of the TSXV.