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North American Nickel Reports PNR Selected as Preferred Bidder in BCL Liquidation

February 16, 2021

Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the "Company" or "NAN") is pleased to announce that Premium Nickel Resources ("PNR") has been selected as the preferred bidder for the Botswana nickel-copper-cobalt (Ni-Cu-Co) assets, currently in liquidation, and formerly operated by BCL Limited.

NAN is a founding shareholder in Premium Nickel Resources, a private Canadian company which provides direct exposure to Ni-Cu-Co opportunities in the southern African region. PNR submitted an Indicative Offer ("IO") to the BCL Liquidator in June 2020 to acquire the former producing Selebi-Phikwe, Tati Phoenix and Selkirk Mines as well as regional exploration joint ventures on highly prospective Ni-Cu-Co projects located in Botswana.

On February 10, 2021, Honourable Moagi Lefoko, the Minister of Mineral Resources, Green Technology & Energy Security of Botswana, affirmed in Parliament the press release by the Liquidator for the BCL Group of Companies, stating that PNR was selected as the preferred bidder to acquire the assets formerly owned by BCL. This announcement follows an independent technical evaluation on behalf of the Liquidator, and a review by the Government of Botswana over the last seven months. PNR has announced that it will now complete the documentation with the Liquidator to govern the six-month exclusivity period to complete due diligence on these assets. During the exclusivity period, PNR will negotiate an agreement to finalize terms on the prioritized assets that will be included in the Asset Purchase Agreement with the Liquidator. There can be no assurance that PNR will move from exclusivity to successful completion of the proposed acquisition.

NAN currently owns 10% of PNR and has a 5-year Warrant to purchase an additional 15% of PNR for USD$10M. For more information on PNR please visit their website at www.premiumnickelresources.ca.

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 submitted an Indicative Offer to acquire the assets, currently in liquidation, formerly operated by BCL Limited in Botswana. In addition, the Company is expanding its area of exploration interest into Morocco and building a relationship with the Office National des Hydrocarbures et des Mines ("ONHYM"), the leading resource crown corporation and the single largest permit holder in 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.

For more information contact:

North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
+1 (604) 770-4334

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but is not limited to, statements about the future prospects of any assets or properties of the Company, the ability of the Company to successfully complete due diligence, the ability of the Company to access capital, any spending commitments, the success of exploration activities, the future economics of minerals including nickel and copper, the benefits of the development potential of the properties of the Company, the benefits of drilling and advancement of projects. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74606

604.770.4334 1.866.816.0118
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Toronto, Ontario, M5X 1A4