North American Nickel Reports PNR Awarded Exclusivity to Acquire Former BCL Assets in Botswana

Vancouver, British Columbia--(Newsfile Corp. - March 24, 2021) - North American Nickel Inc. (TSXV: NAN) (OTCQB: WSCRF) (CUSIP: 65704T 405) (the "Company") is pleased to announce that Premium Nickel Resources ("PNR") has completed the Exclusivity Memorandum of Understanding ("MOU") with the Liquidator which will govern a six-month exclusivity period to complete additional due diligence and related purchase agreements on the Botswana nickel-copper-cobalt ("Ni-Cu-Co") assets formerly operated by BCL Limited ("BCL"), that are currently in liquidation (See News Release Dated February 16, 2021).

PNR has announced that they will now begin an estimated six-month systematic due diligence program. During this period, PNR will complete an environmental assessment, a metallurgical study, a review of legal and social responsibilities, a review of the mine closure and rehabilitation plans and an on-site inspection of the legacy mining infrastructure and equipment that has been under care & maintenance. Concurrent with this due diligence program PNR will negotiate definitive agreements on the prioritized assets that will be included in the asset purchase agreement with the Liquidator.

NAN CEO, Keith Morrison commented: "On behalf of NAN I would like to congratulate PNR on their achievement of being selected as the preferred bidder and advancing into an exclusive due diligence process. As stated in the PNR press release the nickel-copper-cobalt resources remaining at these mines are now critical metals, required for the continued development of a decarbonized and electrified global economy. PNR's goal through this next phase is to demonstrate the potential economics of redeveloping a combination of the former BCL assets to produce Ni-Cu-Co and water in a manner that is inclusive of modern environmental, social and corporate governance responsibilities. If successful PNR will move from exclusivity to the completion of the proposed acquisition of specific prioritized assets to be purchased. As NAN and PNR progress through this period we will continue to keep all stakeholders informed."

NAN maintains a 10% ownership position of PNR and has a 5-year Warrant to purchase an additional 15% of PNR for USD$10M. In addition, NAN provides technical and management support to PNR through Services and Consulting Agreements. This includes the roles of Chairman - Mr. Charles Riopel, CEO - Mr. Keith Morrison and CFO - Mrs. Sarah Zhu. To protect shareholder interests, a committee of independent directors has been established for NAN considering matters related to PNR which might give rise to a conflict of interest.

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
Toll Free: 1-833-770-4334

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.

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