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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of its wholly-owned subsidiaries included in the consolidated financial statements

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​	​	​	​	​	​	​
​	​	Place of	​	Percentage	​	Functional
Name of Entity		Incorporation		Ownership		Currency
Premium Nickel Resources Ltd.		Ontario, Canada	​	​		CAD
NAN Exploration Inc.		Ontario, Canada		100		CAD
PNR Amalco Ltd.		Ontario, Canada		100		CAD
Premium Nickel Resources International Ltd.		Barbados		100		USD
PNR Selkirk Group (Barbados) Limited		Barbados		100		USD
PNR Selebi (Barbados) Limited		Barbados		100		USD
Premium Nickel Group Proprietary Limited		Botswana		100		BWP
Premium Nickel Resources Proprietary Limited		Botswana		100		BWP

Schedule of classification of financial assets and liabilities

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​ ​	​	​ ​
Financial asset/ liability		Classification
Cash	​	FVTPL
Trade payables and accrued liabilities	​	Amortized cost
Lease liability	​	Amortized cost
Promissory Note	​	Amortized cost
Vehicle financing	​	Amortized cost
NSR liability	​	Amortized cost
Deferred share unit liability	​	FVTPL

Schedule of estimated useful life of PPE on which depreciation rate is applicable

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​	​	​
Equipment		Estimated useful life (years)
Exploration equipment	​	5
Computer and software	​	2
Generator	​	5
Vehicles	​	4
Furniture and fixtures	​	10
Buildings	​	25

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Tabular disclosure of classification of financial assets and liabilities.

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Tabular disclosure of the useful life of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.

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- Definition

The tabular disclosure of the effects of any changes in a parent's ownership interest in a subsidiary on the equity attributable to the parent if the ownership interests in a subsidiary changes during the period. The changes represented by this element did not result in the deconsolidation of the subsidiary.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4M
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4M

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

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