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MORTGAGE PAYABLE	9 Months Ended
Sep. 30, 2025
Mortgage Payable
MORTGAGE PAYABLE	8. MORTGAGE PAYABLE On August 20, 2025, the Company’s indirect wholly owned Botswanan subsidiary, Premium Nickel Resources Proprietary Limited (“PNRP”), entered into a mortgage in respect of the Company’s previously acquired Syringa Lodge located near the Selebi Mines. The Company had acquired the Syringa Lodge to house non-local personnel and consultants when visiting the Selebi Mines and for additional office space. The proceeds of the mortgage were used to fund ongoing drilling programs at the Selebi Mines. The principal amount of the mortgage is $1,413,144 (BWP 13,680,000), is denominated in Botswanan pula, bears interest at Absa Prime Lending Rate (6.76% at September 30, 2025) plus 1.5% per annum, is repayable in sixty (60) equal monthly blended instalments of principal and interest with a maturity date of August 20, 2030, and is secured by the Syringa Lodge. There is no fee for prepayment, and the mortgage is subject to a cash flow to debt service covenant which takes into consideration parent company capital contributions and is to be assessed based on each calendar year. Notes to the Unaudited Condensed Interim Consolidated Financial Statements For the three and nine months ended September 30, 2025 and 2024 (Expressed in Canadian dollars)

MORTGAGE PAYABLE

9 Months Ended

Sep. 30, 2025

8. MORTGAGE PAYABLE

On August 20, 2025, the Company’s indirect wholly owned Botswanan subsidiary, Premium Nickel Resources Proprietary Limited (“PNRP”), entered into a mortgage in respect of the Company’s previously acquired Syringa Lodge located near the Selebi Mines. The Company had acquired the Syringa Lodge to house non-local personnel and consultants when visiting the Selebi Mines and for additional office space. The proceeds of the mortgage were used to fund ongoing drilling programs at the Selebi Mines.

The principal amount of the mortgage is $1,413,144 (BWP 13,680,000), is denominated in Botswanan pula, bears interest at Absa Prime Lending Rate (6.76% at September 30, 2025) plus 1.5% per annum, is repayable in sixty (60) equal monthly blended instalments of principal and interest with a maturity date of August 20, 2030, and is secured by the Syringa Lodge. There is no fee for prepayment, and the mortgage is subject to a cash flow to debt service covenant which takes into consideration parent company capital contributions and is to be assessed based on each calendar year.

Notes to the Unaudited Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(Expressed in Canadian dollars)