Premium Resources (PRMLF) 10-K 28 Jun 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Jun. 27, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-14740
Entity Registrant Name	PREMIUM NICKEL RESOURCES LTD.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	Suite 3400
Entity Address, Adress Line Two	One First Canadian Place, P.O. Box 130
Entity Address, Address Line Three	Toronto
Entity Address, City or Town	Ontario
Entity Address, Country	CA
Entity Address, Postal Zip Code	M5X 1A4
City Area Code	604
Local Phone Number	770-4334
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 150.6
Entity Common Stock, Shares Outstanding		185,708,588
Entity Central Index Key	0000795800
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	MNP LLP
Auditor Location	Ottawa, Canada
Auditor Firm ID	1930

Consolidated Balance Sheets

Consolidated Balance Sheets - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 19,245,628	$ 5,162,991
Prepaid expenses	900,310	470,725
Other receivables	532,835	804,630
Spare parts	212,135
TOTAL CURRENT ASSETS	20,890,908	6,438,346
NON-CURRENT ASSETS
Exploration and evaluation assets	8,594,798	8,578,627
Property, plant and equipment	8,488,499	3,394,670
TOTAL NON-CURRENT ASSETS	17,083,297	11,973,297
TOTAL ASSETS	37,974,205	18,411,643
CURRENT LIABILITIES
Trade payables and accrued liabilities	4,280,146	4,025,716
Current portion of lease liability	1,611,143	1,365,697
Promissory Note		7,070,959
TOTAL CURRENT LIABILITIES	5,891,289	12,462,372
NON-CURRENT LIABILITIES
Vehicle financing	236,124	164,644
Provision for leave and severance	510,202	177,941
Term Loan	17,956,423
Lease liability		1,365,697
Deferred share units liability	884,481	298,000
NSR Option liability	2,750,000
TOTAL NON-CURRENT LIABILITIES	22,337,230	2,006,282
TOTAL LIABILITIES	28,228,519	14,468,654
SHAREHOLDERS' EQUITY
Common shares (No par value, unlimited common shares authorized; 149,300,920 issued and outstanding) (December 31, 2022 - 116,521,343)
Preferred shares	31,516	31,516
Additional paid-in capital	116,069,973	77,302,736
Deficit	(104,566,816)	(72,190,747)
Accumulated other comprehensive loss	(1,788,987)	(1,200,516)
TOTAL SHAREHOLDERS' EQUITY	9,745,686	3,942,989
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 37,974,205	$ 18,411,643

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Common shares, par value	$ 0	$ 0
Common shares, shares authorized	Unlimited	Unlimited
Common shares, shares issued	149,300,920	116,521,343
Common shares, shares outstanding	149,300,920	116,521,343

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EXPENSES
General and administration expenses	$ 8,674,041	$ 7,631,027
Depreciation	744,783	96,543
General exploration expenses	19,179,663	20,157,701
Interest and bank charges	40,390	93,937
Share-based payments	657,138	7,731,117
Deferred share units granted	798,122	298,000
Fair value movement of deferred shares units	(128,114)
Warrant fair value movement		(8,974,901)
Net foreign exchange loss (gain)	395,020	(143,777)
Operating expenses	30,361,043	26,889,647
OTHER ITEMS
Interest expenses of Promissory Note	341,370	416,703
Accretion of Promissory Note	341,177
Interest expenses of Term Loan	793,392
Accretion of Term Loan	881,621
Other interest expense	181,997
NET LOSS BEFORE TAX	32,900,600	27,306,350
Deferred tax recovery	(524,531)
NET LOSS FOR THE YEAR	32,376,069	27,306,350
OTHER COMPREHENSIVE LOSS
Exchange differences on translation of foreign operations	588,471	1,178,200
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	$ 32,964,540	$ 28,484,550
Basic loss per share (in dollars per share)	$ 0.25	$ 0.25
Diluted loss per share (in dollars per share)	$ 0.25	$ 0.25
Weighted average number of common shares outstanding - basic (in shares)	128,509,525	109,661,379
Weighted average number of common shares outstanding - diluted (in shares)	128,509,525	109,661,379

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - CAD ($)	Common shares	Preferred shares	Additional paid-in capital	Deficit	Accumulated Other Comprehensive Loss	Total
Beginning balance at Dec. 31, 2021			$ 9,214,566	$ (16,609,142)	$ (22,316)	$ (7,416,892)
Beginning balance (in shares) at Dec. 31, 2021	76,679,908
Net Income (Loss)				(27,306,350)		(27,306,350)
Share capital issued through private placement			22,388,599			22,388,599
Share capital issued through private placement (in shares)	8,936,167
Share issue costs			(1,535,727)			(1,535,727)
Cancelled PNRC shares held by NAN			(19,710,608)			(19,710,608)
Cancelled PNRC shares held by NAN (in shares)	(7,667,707)
Cancelled PNRC warrant held by NAN				(28,275,255)		(28,275,255)
PNRC shares exchanged (in shares)	(77,948,368)
PNRC shares received in exchange	82,157,536
Outstanding shares of NAN acquired on RTO		$ 31,516	87,096,729			87,128,245
Outstanding shares of NAN acquired on RTO (in shares)	31,748,399
Recapitalization on RTO			(29,174,415)			(29,174,415)
Exercise of warrants			569,399			569,399
Exercise of warrants (in shares)	1,236,408
Exercise of options			723,076			723,076
Exercise of options (in shares)	1,379,000
Share-based payment			7,731,117			7,731,117
Exchange differences on translation of foreign operations					(1,178,200)	(1,178,200)
Ending balance at Dec. 31, 2022		31,516	77,302,736	(72,190,747)	(1,200,516)	3,942,989
Ending balance (in shares) at Dec. 31, 2022	116,521,343
Net Income (Loss)				(32,376,069)		(32,376,069)
Share capital issued through private placement			39,774,313			39,774,313
Share capital issued through private placement (in shares)	32,342,551
Share issue costs			(3,058,875)			(3,058,875)
FV of lender warrants			1,744,192			1,744,192
Deferred tax liability on lender warrants			(524,531)			(524,531)
Exercise of warrants			175,000			175,000
Exercise of warrants (in shares)	100,000
Exercise of options (in shares)	337,026
Share-based payment			657,138			657,138
Exchange differences on translation of foreign operations					(588,471)	(588,471)
Ending balance at Dec. 31, 2023		$ 31,516	$ 116,069,973	$ (104,566,816)	$ (1,788,987)	$ 9,745,686
Ending balance (in shares) at Dec. 31, 2023	149,300,920

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net loss for the year	$ (32,376,069)	$ (27,306,350)
Interest received	110,886
Interest payment on the Term Loan	(980,892)
Items not affecting cash:
Share-based payment	657,138	7,731,117
Deferred share units granted	798,121	298,000
FV movement of deferred share units	(128,114)
Depreciation	744,783	96,543
Provision for leave and severance	332,261	177,941
Accretion on loans	674,121	70,959
Deferred tax recovery	(524,531)
Warrant fair value movement		(8,974,901)
Changes in non-cash working capital and non-current liability
Prepaid expenses and other receivables	(157,790)	(1,127,061)
Trade payables and accrued expenses	254,430	3,445,230
Deferred share units redemption	(83,527)
Spare parts	(212,135)
Net cash used in operating activities	(30,891,318)	(25,588,522)
INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(4,746,256)	(737,271)
Additions to expenditures on exploration and evaluation assets	(483,883)	(8,578,627)
NSR Option payment received	2,750,000
Cash received through RTO transaction		11,051,917
Net cash used in investing activities	(2,480,139)	1,736,019
FINANCING ACTIVITIES
Proceeds from issuance of units	39,774,312	23,404,857
Share issue costs	(2,808,231)	(1,535,727)
Proceeds from exercise of options and warrants	175,000
Loan proceeds, net of fees	19,605,000
Promissory Note (repayment) financing	(7,637,329)	6,740,000
Vehicle loan financing	71,480	164,644
Lease payment	(2,241,906)
Net cash provided by financing activities	46,938,326	28,773,774
Effect of exchange rate changes on cash and cash equivalents	515,768	(1,748,483)
Change in cash and cash equivalents for the year	14,082,637	3,172,788
Cash and cash equivalents at the beginning of the year	5,162,991	1,990,203
Cash and cash equivalents at the end of the year	19,245,628	5,162,991
Supplemental cash flow information
Interest paid	1,633,888	68,285
Supplemental disclosure of non-cash investing and financing activities
Leased assets, Additions, Cost	$ 1,023,615	$ 3,077,421

NATURE OF OPERATIONS AND GOING

NATURE OF OPERATIONS AND GOING CONCERN	12 Months Ended
	Dec. 31, 2023
NATURE OF OPERATIONS AND GOING CONCERN
NATURE OF OPERATIONS AND GOING CONCERN	1. Premium Nickel Resources Ltd. (TSXV: PNRL) (the “ Company PNRL RTO PNRC NAN Subco NAN Amalgamation Business Corporations Act OBCA TSXV Prior to the RTO, PNRC was a private company existing under the OBCA. PNRC was incorporated to evaluate, acquire, improve and reopen, assuming economic feasibility, a combination of certain assets of BCL Limited (“ BCL TNMC In connection with the RTO, the Company was continued under the OBCA and changed its name from “North American Nickel Inc.” to “Premium Nickel Resources Ltd.” Currently, the Company’s principal business activity is the exploration and evaluation of mineral properties in Botswana through its wholly-owned subsidiaries. The following corporate structure chart sets out details of the direct and indirect ownership of the principal subsidiaries of the Company: Notes : (1) Premium Nickel Group Proprietary Limited owns the Selkirk Assets (as defined below). (2) Premium Nickel Resources Proprietary Limited owns the Selebi Assets (as defined below). The Company has its head and registered office at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada M5X 1A4. The principal assets of the Company are the Selebi and Selebi North nickel-copper-cobalt (“ Ni-Cu-Co Selebi Mines Selebi Assets Ni-Cu-Co-PGE Selkirk Mine Selkirk Assets Going Concern The Company, being in the exploration stage, is subject to risks and challenges similar to companies in a comparable stage of exploration and development. These risks include the challenges of securing adequate capital for exploration, development and operational risks inherent in the mining industry, and global economic and metal price volatility and there is no assurance management will be successful in its endeavors. As at December 31, 2023, the Company had no source of operating cash flows, nor any credit line currently in place. The Company incurred a net loss of $32,376,069 for the year ended December 31, 2023, and $27,306,350 for the year ended December 31, 2022. The Company’s committed cash obligations and expected level of expenses will vary depending on its operations. These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to obtain adequate financing. To date the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned evaluation, development and operational activities. It is not possible to predict whether financing efforts will be successful or if the Company will attain a profitable level of operations. These material uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities and the reported expenses and comprehensive loss that might be necessary should the Company be unable to continue as a going concern. These adjustments could be material. The properties in which the Company currently has an interest are in pre-revenue stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned development and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	2. (a) Statement of Compliance These consolidated financial statements reflect the accounts of the Company and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information. (b) Basis of preparation These consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of consolidated financial statements in conformity with US GAAP requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. These areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3. Operating segments are reported in a manner consistent with the internal reporting used for the consolidated financial statements. The Company determined that it has one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic segments, which are Canada, Barbados and Botswana (Note 17). (c) Basis of consolidation These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. The chart below summarizes the entities included in the consolidated financial statements as at December 31, 2023 and 2022. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Effective August 3, 2022, NAN completed the 100% acquisition of the outstanding shares of PNRC (Note 4). As the shareholders of PNRC obtained control of the Company through the exchange of their shares of PNRC for shares of NAN, the acquisition of PNRC has been accounted for in these consolidated financial statements as a reverse takeover. Consequently, the consolidated statements of loss and cash flows for the year ended December 31, 2023 reflect the results from the operations and cash flows of PNRL, the combined company post RTO, and the consolidated statements of loss and cash flow for the year ended December 31, 2022 reflect the results from the operations and cash flows of PNRC, the legal subsidiary of the Company, combined with NAN, the legal parent of PNRC, from the acquisition on August 3, 2022 to December 31, 2022. (d) Foreign currency translation The Company’s functional and presentation currency is the Canadian dollar. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the statement of comprehensive loss in the year in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in the statement of comprehensive loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss. (e) Foreign operations In the Company’s consolidated financial statements, all assets, liabilities and transactions of the Company’s entities with a functional currency other than the Canadian dollar are translated into Canadian dollars upon consolidation. The functional currency of the Company’s subsidiaries in Barbados is the US dollar, and the Botswana Pula (BWP) for the subsidiaries in Botswana during the reporting period. On consolidation, assets and liabilities have been translated into Canadian dollars at the closing rate on the reporting date. Fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Canadian dollars at the closing rate on the reporting date. Income and expenses have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive loss and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal. (f) Financial instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“ FVTPL FVTOC The following table shows the classification of the Company’s financial assets and liabilities: ​ ​ ​ ​ ​ ​ 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 ​ Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. The three levels are defined based on the observability of significant inputs to the measurement, as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: one or more significant inputs used in a valuation technique are unobservable in determining fair values of the asset or liability. Determination of fair value and the resulting hierarchy requires the use of observable market data whenever available. The classification of an asset or liability in the hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive loss in the year in which they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies that requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another party. Gains and losses on derecognition are generally recognized in the statements of comprehensive loss. Financial liabilities Financial liabilities are derecognized when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in the statement of comprehensive loss. (g) Exploration and evaluation assets Costs of lease, exploration, carrying and retaining unproven mineral properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights which are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as intangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. The Company may sell the net smelter returns royalty on its projects pursuant to the term of an option agreement. Due to the fact that the options are exercisable entirely at the discretion of the option holder, the consideration received in cash from the acquirer is recorded as a reduction of the book value of the exploration and evaluation assets. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts, events and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of any exploration and evaluation asset is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to the consolidated statement of comprehensive loss . (h) Impairment of assets Non-financial assets, including exploration and evaluation assets and property, plant and equipment, are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the assets; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; and current expectation that the assets will more likely than not be sold or disposed significantly before the end of their estimated useful life. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flows is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any. Fair value can be determined using a market approach, income approach or cost approach. Recognized impairment losses are not reversed. (i) Leases At commencement of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use (the “ ROU ASC 842 requires a lessee to classify a lease as either a finance or operating lease. Interest and amortization expense are recognized for finance leases while only a single lease expense is recognized for operating leases, typically on a straight-line basis. ROU assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is remeasured when there is a change in future lease payments if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. These adjustments are recorded through profit or loss. Subsequent changes in lease payments that vary with a rate or index are recognized as variable payments and are expensed as incurred. (j) Property, plant and equipment Property, Plant and Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive loss during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated on a straight-line method to charge the cost, less residual value, of the assets to their residual values over their estimated useful lives. The depreciation rate applicable to each category of property, plant and equipment is as follows: ​ ​ ​ ​ Equipment Estimated useful life (years) Exploration equipment ​ 5 Computer and software ​ 2 Generator ​ 5 Vehicles ​ 4 Furniture and fixtures ​ 10 Buildings ​ 25 ​ (k) Additional paid in capital Additional paid in capital is presented at the value of the shares issued as the Company’s shares have no stated par value. Transaction costs directly attributable to the issuance of common shares are recognized as a deduction from equity. Transactions with shareholders are disclosed separately in equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in additional paid in capital over the vesting periods are recorded as additional paid in capital. Unit placements The Company uses the relative fair value method with respect to the measurement of shares and warrants issued as private placement units. Under the relative fair value method, the Company first determines the fair value of the common shares and warrants issued in a private placement, calculates the total fair value of the issued units, and then allocates the proceeds received between the common shares and warrants based on their respective percent of the total fair value. (l) Share-based payments The Company records stock-based compensation in accordance with ASC 718 (“Compensation – Stock Compensation”) using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. The cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. At the end of each reporting period, the Company re-assesses its estimates of the number of awards that are expected to vest and recognizes the impact of the revisions in the consolidated statements of loss and comprehensive loss. No expense is recognized for awards that do not ultimately vest. Where the terms of an equity settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original terms of the award are met. An additional expense or its reduction is recognized for any modification which increases or decreases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification. Where an award is cancelled by the Company or the counterparty, any remaining element of the fair value of the award is expensed immediately or reversed through profit or loss, depending on the type of cancellation. (m) Deferred Share Units (“ DSUs ”) In the year ended December 31, 2022, the Company approved the adoption of a DSU plan. In accordance with ASC 718 (“Compensation – Stock Compensation”), this plan is a cash-settled share-based compensation program whereby the Company records the fair value of the liability at the date upon which it is incurred and adjusts the liability to the fair value at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The DSU Plan enables the Company upon approval by the Directors to grant DSU’s to eligible non-management directors. Upon granting DSU’s, the Company records stock-based compensation based on the number of units granted multiplied by the volume weighted average price of the Company’s common shares for the last five trading days (“ 5-day-VWAP The DSUs credited to the account of a director may only be redeemed following the date upon which the holder ceases to be a director. Depending upon the country of residence of a director, the DSUs may be redeemed at any time prior to December 15 in the calendar year following the year in which the holder ceases to be a director, and may be redeemed in as many as four installments. Upon redemption, the holder is entitled to a cash payment equal to the number of units redeemed multiplied by the 5-day-VWAP of the Company’s common shares on that date. The Company may elect, in its sole discretion, to settle the value of the DSUs redeemed in the Company’s common shares on a one-for-one basis, provided shareholder approval has been obtained on or prior to the relevant redemption date. (n) Loss per share The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per common share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period. Basic loss per common share is calculated using the weighted average number of common shares outstanding during the period and does not include outstanding options and warrants. Dilutive loss per common share is not presented differently from basic loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive. (o) Income taxes The Company’s tax provision consists of taxes currently payable or receivable, plus any change during the period in deferred tax assets and liabilities. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settles. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that is it more likely than note that some portion of the deferred tax asset will not be realized. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if available evidence indicates it is more likely than not that the tax position will be fully sustained upon review by taxing authorities, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements. (p) Derivative Liabilities The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statements of operations. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company uses the Black-Scholes model to value derivative liabilities.

CRITICAL ACCOUNTING JUDGMENTS,

CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2023
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS	3. The preparation of the consolidated financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that can affect reported amounts of assets, liabilities, revenue and expenses and the accompanying disclosures. Estimates and assumptions are continuously evaluated and are based on management’s historical experience and on other assumptions believed to be reasonable under the circumstances. However, different judgments, estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The area involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are: Critical Accounting Judgements: (a) RTO – fair value The fair value of the consideration exchanged for the RTO transaction are based on various factors such as the fair value of the assets acquired or liabilities assumed, the fair value of equity instruments issued, and any related acquisition costs. The assumptions and estimates used in arriving at fair value figures are based on management’s judgments and relevant market data. The fair value of the equity instruments issued is determined based on market prices or valuation techniques that take into account factors such as expected share price volatility. (b) Recoverability of exploration and evaluation assets The ultimate recoverability of the exploration and evaluation assets with a carrying value of $8,594,798 at December 31, 2023, is dependent upon the Company’s ability to obtain the necessary financing to complete the exploration and development and commence profitable production at its projects, or alternatively, upon the Company’s ability to dispose of its interests therein on an advantageous basis. A review of the indicators of potential impairment is at minimum carried out at each period end. Management undertakes a periodic review of these assets to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount of the assets is made. An impairment loss is recognized when the carrying value of the assets is higher than the recoverable amount and when mineral license tenements are relinquished or have lapsed. In undertaking this review, management of the Company is required to make significant estimates of, among other things, discount rates, commodity prices, availability of financing, future operating and capital costs and all aspects of project advancement. These estimates are subject to various risks and uncertainties, which may ultimately have an effect on the expected recoverability of the carrying values of the assets. (c) Restoration provisions Management’s best estimates regarding the restoration provisions are based on the current economic environment. Changes in estimates of contamination, restoration standards and restoration activities result in changes to provisions from period to period. Actual restoration provisions will ultimately depend on future market prices for future restoration obligations. Management has determined that the Company has no restoration obligations at December 31, 2023. (d) Going concern Consolidated financial statements are prepared on a going concern basis unless management either intends to liquidate the Company or has no realistic alternative to do so. Assessment of the Company’s ability to continue as a going concern requires the consideration of all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. This information includes estimates of future cash flows and other factors, the outcome of which is uncertain. When management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast substantial doubt upon the Company’s ability to continue as a going concern those uncertainties are disclosed. Critical Accounting Estimates (a) Valuation of share-based compensation and warrants The Company estimates the fair value of warrants and options using the Black-Scholes Option Pricing Model which requires significant estimation around assumptions and inputs such as expected term to maturity, expected volatility and expected forfeiture rates. Note 13 of the consolidated financial statements contains further details of significant assumptions applied to these areas of estimation. (b) Deferred tax Tax benefits from uncertain tax positions may be recognized when it is probable that the Company will be able to use deductible temporary differences against taxable profit: (i) whether a tax position, based solely on its technical merits, is probable to be sustained upon examination, and (ii) measuring the tax benefit as the expected value or most likely amount taking into consideration which method better predicts the realized amounts upon ultimate settlement. Furthermore, the Corporation uses the asset and liability method in accounting for deferred taxes and mining duties. Under this method, deferred taxes are recognized for future income tax. In preparing these estimates, management is required to interpret substantially enacted legislation as well as economic and business conditions along with management’s tax and corporate structure plans which may impact taxable income in future periods. (c) Estimated useful lives and depreciation of property, plant and equipment Depreciation of property, plant and equipment is dependent upon estimates of useful lives which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts that take into account factors such as economic and market conditions and the useful lives of assets.

AMALGAMATION

AMALGAMATION	12 Months Ended
	Dec. 31, 2023
AMALGAMATION
AMALGAMATION	4. On April 26, 2022, PNRC and NAN entered into a definitive amalgamation agreement (the “ Amalgamation Agreement Transaction Particulars Pursuant to the Amalgamation Agreement: (a) NAN’s subsidiary, 1000178269 Ontario Inc. (“ NAN Subco ”), amalgamated with PNRC under Section 174 of the OBCA to form one corporation; (b) Holders of PNRC shares exchanged their shares at a rate of 1.054 shares of NAN for each share of PNRC “the “ Exchange Ratio ”), after giving effect to a 5 - to-1 share consolidation for each outstanding share of NAN; and (c) the transactions resulted in an RTO of the Company in accordance with the policies of the TSXV, all in the manner contemplated by, and pursuant to, the terms and conditions of the Amalgamation Agreement. In connection with the RTO, NAN, among other things: (a) changed its name to “Premium Nickel Resources Ltd.”; (b) changed its stock exchange ticker symbol to “PNRL”; and (c) reconstituted the board of directors and management of the Company. The outstanding options of PNRC immediately prior to the effective time of the RTO were exchanged and adjusted pursuant to the terms of the Amalgamation Agreement such that holders thereof were entitled to acquire, following the closing of the RTO, options of the Company after giving effect to the Exchange Ratio, as applicable. Pursuant to the Amalgamation Agreement, the Company issued 82,157,536 common shares of the Company (on a post-consolidation basis) in exchange for 77,948,368 outstanding shares of PNRC immediately prior to the effective time of the RTO. Immediately after giving effect to the RTO Transaction, the Company was owned approximately 72.1% by persons who were shareholders of PNRC prior to the RTO and 27.9% by persons who were shareholders of NAN prior to the RTO. Prior to this exchange, NAN had 31,748,399 shares outstanding (on a post-consolidation basis). Taking into account the composition of the board and senior management and the relative ownership percentages of NAN and PNRC shareholders in the newly combined enterprise, from an accounting perspective PNRC is considered to have acquired NAN, and hence the transaction has been recorded as a reverse takeover. The transaction is accounted for as a capital transaction of PNRC and equivalent to the issuance of shares by PBRC for the net assets of NAN accompanied by a recapitalization as NAN did not qualify as a business according to the definition in ASC 805 “Business Combinations” and met the definition of a non-operating public shell. As a result, the transaction has been accounted for as an asset acquisition with PNRC being identified as the acquirer and NAN being treated as the accounting acquiree. PNRC is the continuing entity. The purchase price was determined based on the number of shares that PNRC would have had to issue on the date of closing to give the owners of NAN the same percentage equity (27.9%) of the combined entity as they held subsequent to the reverse takeover. The costs of the acquisition have been allocated as follows: ​ ​ ​ ​ ​ ​ ​ $ FV of shares transferred ​ 77,431,152 FV of options, warrants and agent warrants ​ 9,665,577 FV of preferred shares ​ 31,516 Settlement of pre-existing relationship – 15% warrant and shares* ​ (47,985,863) ​ ​ ​ ​ Total FV of consideration transferred ​ ​ 39,142,383 ​ ​ ​ ​ Cash ​ ​ 11,051,917 Trade and other receivables ​ 450,522 Property, plant and equipment ​ 14,111 Trade payables and accrued liabilities ​ (1,548,582) Net assets acquired ​ 9,967,968 ​ ​ ​ ​ Reduction to additional paid-in capital as a result of the recapitalization ​ 29,174,415 ​ ​ ​ 39,142,383 ​ *Pre-existing relationship Before the closing of the RTO, NAN owned 7,667,707 common shares of PNRC and a 15% warrant which entitled NAN to purchase common shares of PNRC for up to 15% of the then outstanding capital of PNRC upon payment of USD 10,000,000 prior to the fifth anniversary of the date of issue (the “ 15% Warrant ”). Prior to the date that the Amalgamation became effective, the PNRC shares and the 15% Warrant held by NAN were contributed to NAN Subco, as part of the securities contribution, resulting in such securities being cancelled at law by operation of the triangular amalgamation. Prior to the RTO, the fair value of the 15% Warrant and the shares held by NAN were $28,275,255 and $19,710,608 , respectively. The fair value of the shares was calculated based on the last offer price of PNRC’s financing prior to the RTO, and the fair value of the warrants was calculated using the Black-Sholes Model with the following assumptions: expected life of 2.57 years, expected dividend yield of 0% , a risk free rate of 3.14% and an expected volatility of 141.63% . As they were the securities contributed by NAN on the closing of the RTO, the fair value of the warrants and shares were included as part of the consideration on the acquisition date. Pursuant to the RTO, an aggregate of 8,827,250 options to purchase common shares of the Company (“ Replacement Options PNRC Options Given that the RTO has been accounted for as a reverse takeover of NAN by PNRC, from an accounting perspective, PNRC was deemed to have issued options and warrants to the former security holders of NAN. Immediately prior to the closing of the RTO, NAN had 2,995,794 options and 2,228,340 warrants outstanding, respectively, as well as 118,186 preferred shares that could be converted to 13,131 common shares of NAN (on a post-consolidation basis). The aggregate fair value of such 2,995,794 options, 2,228,340 warrants and 118,186 preferred shares of NAN was $9,665,577, and this amount was included as a component of the purchase price. Costs related to the transaction were $2,327,125 and were expensed as incurred. The fair value of NAN’s options and warrants as at August 3, 2022 was calculated using the following assumptions: ​ ​ ​ ​ ​ ​ As of August 3, 2022 Warrants Options Expected dividend yield 0% 0% Expected forfeiture rate ​ 0% 0% Share price of last financing $0.48 $0.48 Expected share price volatility 64.91% -113.22% 133.15% - 143.3% Risk free interest rate 3.18% 2.85% - 3.08% Remaining life of warrants & options –.03 - 2 years 2.56 – 4.23 years ​ For purposes of determining the fair value of the share consideration exchanged on the RTO, the shares of PNRC were valued at USD 2.00 per share, the offering price for the PNRC shares on the last PNRC equity financing prior to the RTO. The RTO resulted in a loss of $29,174,415 with respect to the fair value of the consideration transferred over the fair value of identifiable net assets, which has been recorded as a reduction to equity during the year ended December 31, 2022.

OTHER RECEIVABLES

OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2023
OTHER RECEIVABLES
OTHER RECEIVABLES	5. A summary of the other receivables as at December 31, 2023 and December 31, 2022 is detailed in the table below: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ HST paid on purchases 301,618 445,128 VAT paid on purchases 223,776 359,502 Other receivables 7,441 — ​ 532,835 804,630 ​

EXPLORATION AND EVALUATION ASSE

EXPLORATION AND EVALUATION ASSETS	12 Months Ended
	Dec. 31, 2023
EXPLORATION AND EVALUATION ASSETS
EXPLORATION AND EVALUATION ASSETS	6. ​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Acquisitions Balance, December 31, 2021 — — — Acquisition costs 8,251,518 327,109 8,578,627 Balance, December 31, 2022 8,251,518 327,109 8,578,627 Addition costs 483,883 — 483,883 Foreign currency translation (449,878) (17,834) (467,712) Balance, December 31, 2023 8,285,523 309,275 8,594,798 ​ The exploration and evaluation assets of the Company consist of the acquisition costs of mining assets located in Botswana. The following is a description of the Company’s exploration and evaluation assets and the related spending commitments: Botswana Assets - Selebi and Selkirk On September 28, 2021, the Company executed the Selebi Asset Purchase Agreement (“the “ Selebi APA Pursuant to the Selebi APA, the aggregate purchase price payable to the seller for the Selebi Assets shall be the sum of $76,862,200 (USD 56,750,000) which amount shall be paid in three instalments: ● $2,086,830 (USD 1,750,000 ) payable on the closing date. This payment has been made. ● $33,860,000 (USD 25,000,000 ) upon the earlier of: (a) approval by the Ministry of Mineral Resources, Green Technology and Energy Security ( “ MMRGTES ”) of the Company’s Section 42 and Section 43 Applications (further extension of the mining license and conversion of the mining license into an operating license, respectively), and (b) on the expiry date of the study phase, January 31, 2025, which can be extended for one year with written notice. ● The third instalment of $40,632,000 (USD 30,000,000 ) is payable on the completion of mine construction and production start-up (commissioning) by the Company on or before January 31, 2030, but not later than four years after the approval by the Minister of MMRGTES of the Company’s Section 42 and Section 43 Applications. ● Payment of care and maintenance funding contribution in respect of the Selebi Assets for a total of $6,164,688 (USD 5,178,747 ) from March 22, 2021 to the closing date. This payment has been made. The total acquisition cost of the Selebi Assets included the first instalment of $2,086,830 (USD 1,750,000) and the payment of the care and maintenance funding contribution of $6,164,688 (USD 5,178,747) for the assets. As per the terms and conditions of the Selebi APA, the Company has the option to cancel the second and third payments and give back the Selebi Assets to the liquidator in the event where the Company determines that the Selebi Assets are not economical. The Company also has an option to pay in advance the second and third payments in the event where the Company determines that the Selebi Assets are economical. In addition to the Selebi APA, the purchase of the Selebi Assets is also subject to a contingent compensation agreement as well as a royalty agreement with the liquidator. PNRC also negotiated a separate asset purchase agreement (the “ Selkirk APA The Selkirk APA does not provide for a purchase price or initial payment for the purchase of the assets. The acquisition cost of the Selkirk Mine of $327,109 (USD 244,954) was the care and maintenance funding contribution from April 1, 2021 to the closing date of the Selkirk APA. The Selkirk APA provides that if the Company elects to develop the Selkirk Mine first, the payment of the second Selebi instalment of $33,860,000 (USD 25,000,000) would be upon the approval by the Minister of MMRGTES of the Company’s Section 42 and Section 43 Applications (further extension of the Selkirk mining license and conversion of the Selkirk mining license into an operating license, respectively). For the third Selebi instalment of $40,632,000 (USD 30,000,000), if the Selkirk Mine were to be commissioned earlier than the Selebi Mines, the payment would trigger on the Selkirk Mine’s commission date. On August 16, 2023, the Company entered into a binding commitment letter with the Liquidator of BCL Limited, which is subject to customary final documentation, to acquire a 100% interest in two additional deposits (“ Phikwe South Southeast Extension The upfront cost to the Company to acquire these additional mineral properties is USD1,000,000. In addition, the Company agreed to additional work commitments of USD5,000,000 in the aggregate over the next four years. As a result of the extension of the Selebi Mining License, the remaining asset purchase obligations of the Company outlined in the original Selebi Mines asset purchase agreement with the Liquidator will each increase by 10%, $7,436,000 (USD 5,500,000) in total, while the trigger events remain unchanged. The existing 2% net smelter royalty (“ NSR General Exploration Expenses Details of the general exploration expenses by nature are presented as follows: For the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Site operations & administration 854,277 283,163 1,137,440 Care and maintenance 2,633,418 — 2,633,418 Geology 3,044,671 155,255 3,199,926 Drilling 3,313,797 6,791 3,320,588 Geophysics 1,860,531 137,883 1,998,414 Engineering 5,115,616 42,484 5,158,100 Environmental, social and governance 417,002 — 417,002 Metallurgy and processing 80,770 186,260 267,030 Technical studies 25,273 7,835 33,108 Health and safety 322,591 1,013 323,604 Water treatment project 140,545 — 140,545 Mine re-development 398,500 64,583 463,083 Licensing and others 87,405 — 87,405 Total 18,294,396 885,267 19,179,663 ​ For the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Site operations & administration 1,588,871 45,740 1,634,611 Care and maintenance 5,137,228 — 5,137,228 Geology 1,560,892 162,532 1,723,424 Drilling 7,146,446 8,546 7,154,992 Geophysics 1,646,847 12,553 1,659,400 Engineering 1,953,239 66,239 2,019,478 Environmental, social and governance 196,131 34,986 231,117 Metallurgy and processing 75,362 4,762 80,124 Technical studies 46,397 12,106 58,503 Health and safety 275,118 — 275,118 Water treatment project 14,055 — 14,055 Mine re-development — — — Licensing and others 169,651 — 169,651 Total 19,810,237 347,464 20,157,701 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	7. The tables below set out costs and accumulated amortization as at December 31, 2023 and December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Exploration ​ ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ ​ ​ Assets) ​ (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles ​ software ​ Total Cost ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Balance – December 31, 2022 3,077,420 — 11,973 126,605 31,381 241,884 1,950 3,491,213 Additions — 1,023,615 4,190,484 65,998 8,557 187,310 585,561 6,061,525 Foreign currency translation (167,783) — — (704) (1,711) (31,162) (20,104) (221,464) Balance – December 31, 2023 2,909,637 1,023,615 4,202,457 191,899 38,227 398,032 567,407 9,331,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Exploration ​ ​ ​ ​ Computer ​ Accumulated ​ Building (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ Depreciation Assets) (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles software ​ Total Balance – December 31, 2022 51,123 — 1,447 1,872 562 39,589 1,950 96,543 Depreciation during the year 119,133 85,301 306,112 14,030 6,212 69,997 143,998 744,783 Foreign currency translation — — — 3,177 1,775 (3,503) — 1,449 Balance – December 31, 2023 170,256 85,301 307,559 19,079 8,549 106,083 145,948 842,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Computer ​ Carrying ​ Land (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ Value ​ Assets) (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles Software ​ Total Balance – December 31, 2022 3,026,297 — 10,526 124,733 30,819 202,295 — 3,394,670 Balance – December 31, 2023 2,739,381 938,314 3,894,898 172,820 29,678 291,949 421,459 8,488,499 ​ Additions to property, plant and equipment during the year ended December 31, 2023 included the purchase of drilling equipment for $1,023,000 through a lease agreement with a drilling company (Note 11) as well as vehicles financed through a local Botswana bank. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Furniture ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ ​ ​ Assets) ​ Fixtures ​ Equipment ​ Generator ​ Vehicles ​ software ​ Total Cost ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Balance – December 31, 2021 — — — — — — — Additions 3,077,420 126,605 11,973 31,381 241,884 1,950 3,491,213 Balance – December 31, 2022 3,077,420 126,605 11,973 31,381 241,884 1,950 3,491,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Furniture ​ ​ ​ Computer ​ Accumulated ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ Depreciation ​ Assets) Fixtures ​ Equipment ​ Generator ​ Vehicles software ​ Total Balance – December 31, 2021 — — — — — — — Depreciation during the year 51,123 1,872 1,447 562 39,589 1,950 96,543 Balance – December 31, 2022 51,123 1,872 1,447 562 39,589 1,950 96,543 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ Carrying Value ​ Assets) ​ Fixtures ​ Equipment ​ Generator ​ Vehicles ​ Software ​ Total Balance – December 31, 2021 — — — — — — — Balance – December 31, 2022 3,026,297 124,733 10,526 30,819 202,295 — 3,394,670 ​

TRADE PAYABLES AND ACCRUED LIAB

TRADE PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2023
TRADE PAYABLES AND ACCRUED LIABILITIES
TRADE PAYABLES AND ACCRUED LIABILITIES	8. ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Amounts due to related parties (Note 14) 93,795 43,235 Trade payables 2,383,196 3,660,519 Accrued liabilities 1,803,155 321,962 ​ 4,280,146 4,025,716 ​

PROMISSORY NOTE

PROMISSORY NOTE	12 Months Ended
	Dec. 31, 2023
PROMISSORY NOTE
PROMISSORY NOTE	9. On November 21, 2022, the Company announced a $7,000,000 bridge loan (the “ Bridge Loan Lender Promissory Note a right of the Company to extend the maturity date to March 22, 2023 by providing written notice to the Lender by February 15, 2023. The Company extended the maturity to March 22, 2023. On March 17, 2023, the Company entered into an amended and restated Promissory Note (the “ A&R Promissory Note Extension Lender Warrants In connection with the A&R Promissory Note, $341,370 of interest was paid to the Lender as at December 31, 2023 (December 31, 2022 - $70,959). Accretion of the warrant value and transaction fee for a total of $341,117 (December 31, 2022 – Nil) were recorded in the consolidated statements of comprehensive loss. The fair value of the liability of the Lender Warrants was estimated at $116,177 using the Black-Scholes Option Pricing Model. The fair value of the Lender Warrants and the amendment and restatement fee of $225,000 was added to the liability of the A&R Promissory Note and amortized over the remaining life of the A&R Promissory Note. On June 28, 2023, the Company repaid the Promissory Note in full including accrued interest of $412,329, and restatement fee of $225,000 for an aggregate amount of $7,637,329. The fair value of the Lender warrants was calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ March 31, 2023 Expected dividend yield ​ 0 % Stock price ​ $ 1.40 ​ Expected share price volatility ​ 77.2 % Risk free interest rate ​ 3.49 % Expected life of warrant ​ 1 year ​ The volatility was determined by calculating the historical volatility of stock prices of the Company over one year using daily closing prices. The formula used to compute historical volatility is the standard deviation of the logarithmic returns.

TERM LOAN

TERM LOAN	12 Months Ended
	Dec. 31, 2023
TERM LOAN
TERM LOAN	10. On June 28, 2023, the Company closed a financing with Cymbria Corporation (“ Cymbria EdgePoint Financing Transactions Equity Financing Term Loan Option Payment The Term Loan has a principal amount of $15,000,000 and bears interest at a rate of 10% per annum payable quarterly in arrears. The principal amount of the Term Loan will mature and be payable on the third anniversary of the date of issue. The obligations of the Company pursuant to the Term Loan are fully and unconditionally guaranteed by each of the Company’s existing and future subsidiaries. The Term Loan is secured by a pledge of all the shares of the Company’s subsidiaries as well as by way of a general security agreement at the parent level and debentures and hypothecations at the subsidiary level. The Term Loan is subject to certain covenants and provisions on events of default, repayments and mandatory prepayments including: ● increase in the interest rate payable on the Term Loan to 15% per annum upon the occurrence of an event of default; ● the Company may prepay all or any portion of the principal amount outstanding with a minimum repayment amount of $500,000 and in an integral multiple of $100,000 , together with all accrued and unpaid interest on the principal amount being repaid; ● if prepayment occurs within one year of the closing date, a prepayment fee in an amount equal to 10% of the principal amount of the Term Loan being prepaid less interest paid or payable on or prior to the date of prepayment attributable to the portion of the Term Loan (“ Prepayment Fee ”); ● mandatory prepayment shall be made when the Company has non-ordinary course asset sales or other dispositions of property or the Company receives cash from the issuance of indebtedness for borrowed money and all of the net cash proceeds from assets sales or new loans shall be applied to repay the principal amount of the Term Loan together with all accrued and unpaid interest on the principal amount being repaid as well as the Prepayment Fee if such mandatory prepayment occurs within one year of the closing date; and ● in the event of change of control, the Company shall repay the Term Loan in full plus a fee equal to 10% of the then-outstanding principal amount of the Term Loan. In connection with the Term Loan, the Company issued an aggregate of 2,000,000, non-transferable common share purchase warrants (the “ Non-Transferable Warrants Further, on December 14, 2023, in accordance with the terms of a second amended and restated commitment letter dated December 3, 2023 (the “ Second A&R Commitment Letter Additional Principal Amount Additional Warrants The Company evaluated the amendment of the Term Loan and determined that it qualified as a non-substantial modification under ASC 470. Therefore, a new effective interest rate was determined based on the carrying amount of the original debt instrument, adjusted for the fair value of the Additional Warrants resulting from the modification, and the revised cash flows. The fair value of the Non-Transferable Warrants was estimated at $1,435,350 and $275,961 respectively, using the Black-Scholes Option Pricing Model. At initial closing, the accounting was based on relative fair value under ASC 470, with proceeds and transaction costs allocated between the Term Loan and the Non-Transferrable Warrants. The Non-Transferrable Warrants were allocated $1,352,054, including $83,296 in transaction costs. The Additional Warrants were accounted for as transaction costs for obtaining the Additional Principal Amount. As such, $1,352,054 and $275,961 respectively were recorded in equity. The fair value of the Non-Transferable Warrants was calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 28, 2023 December 14, 2023 Expected dividend yield ​ 0 % ​ 0 % Stock price ​ $ 1.35 ​ $ 1.14 ​ Expected share price volatility ​ 92.06 % 63.54 % Risk free interest rate ​ 4.13 % 3.73 % Expected life of warrant ​ 3 years 2.54 years ​ The Company used $7,637,329 of the proceeds from the Term Loan to prepay all principal, interest and fees owing by the Company pursuant to the A&R Promissory Note dated March 17, 2023 in favour of Pinnacle Island LP (Note 9). For the year ended December 31, 2023, The Company paid $793,392 of interest costs to Cymbria. The following is a continuity of the Term Loan ​ ​ ​ ​ ​ $ Principal amount of the Term Loan 15,000,000 Fair value of the attached warrants (1,435,350) Term Loan at fair value on issuance, June 28, 2023 13,564,650 Transaction costs (787,175) Accretion of warrant value and transaction costs 631,540 Fair value of loan as of December 14, 2023 13,409,015 Additional principal amount of loan on Dec 14, 2023 5,882,353 Loan issue discount (882,353) Fair value of the attached warrants (275,961) Transaction fee for modification (219,212) Fair value of modified loan as of December 14, 2023 17,913,842 Accretion of warrant value and transaction costs 42,581 ​ 17,956,423 ​ Fort Capital Partners acted as financial advisor to PNRL on the Financing Transactions and was paid cash fees of $375,000 and $147,059 by PNRL, equal to 2.5% of the original principal amount and the Additional Principal Amount, respectively. Legal fees related to the Financing Transactions totaled $736,067, of which $495,471 was allocated to the original Term Loan. Legal fees of $72,153 associated with the Second A&R Commitment Letter were recorded and amortized over the remaining terms of the loan. As noted above, certain transaction costs in relation to the original principal amounts were allocated to the Non-Transferrable Warrants based on the relative fair value method under ASC 470.

LEASE LIABILITY

LEASE LIABILITY	12 Months Ended
	Dec. 31, 2023
LEASE LIABILITY
LEASE LIABILITY	11. ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Lease liabilities, beginning of the year 2,731,394 — Lease additions 1,035,000 3,213,404 Lease payments (2,241,906) (550,295) Interest expense on lease liabilities 301,098 68,285 Impact of FX translation (214,443) — Lease liabilities, end of the year 1,611,143 2,731,394 Current portion of lease liability (less than one year) 1,611,143 1,365,697 Long-term lease liability (one to five years) — 1,365,697 ​ Syringa Lodge On July 9, 2022, the Company executed a sales agreement (the “ Lodge Agreement Seller Lodge As per the Lodge Agreement, the aggregate purchase price payable to the Seller shall be the sum of $3,213,404 (BWP 30,720,000). A deposit of $482,011 (BWP 4,608,000) was paid on August 17, 2022. The balance is payable in two installments of $1,365,697 (BWP 13,056,000) on each of July 1, 2023 and August 1, 2024. The payment due on July 1, 2023 was made to the Seller. In addition to the above purchase price, the Company is required to pay to the Seller an agreed interest amount in twelve equal monthly instalments of $13,657 (BWP 130,560) followed by twelve equal monthly instalments of $6,828 (BWP 65,280). The implied discount rate for the arrangement is 6%. The Company recognized a finance lease for this lease. Drilling Equipment On March 14, 2023, the Company entered into a drilling equipment supply agreement (the “ Equipment Agreement Forage As per the Equipment Agreement, the aggregate purchase price payable to Forage is $2,942,000. A deposit of $1,700,000 was paid in March 2023. The balance is payable in twelve equal monthly instalments of $103,500. The equipment arrived at the site in July 2023. Based on the stated equipment purchase price of $2,735,000 and monthly installments, the implied interest rate for the arrangement is 35%. The Company recognized a finance lease for this lease. The following table presents lease cost and other supplemental lease information: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 ​ ​ $ ​ $ Finance lease cost: ​ Amortization of right-of-use assets ​ 204,434 51,124 Interest expense on lease liabilities ​ 301,098 68,285 Cash paid for finance lease liabilities ​ (2,241,906) (550,295) ​

NSR OPTION

NSR OPTION	12 Months Ended
	Dec. 31, 2023
NSR OPTION
NSR OPTION	12. Concurrently with the closings of the Equity Financing and the Term Loan on June 28, 2023, Cymbria paid an aggregate of $2,750,000 (“ Option Payment As the NSR options are exercisable entirely at the discretion of Cymbria and the underlying projects are in the exploration stage, the fair value of the call PNRL’s indirect wholly-owned subsidiary Premium Nickel Resources Proprietary Limited (“ PNRP Selebi NSR one-half PNRL’s indirect wholly-owned subsidiary Premium Nickel Group Proprietary Limited (“ PNGP Selkirk NSR NSRs Each of PNRP and PNGP has agreed to grant Cymbria, in exchange for the Option Payment, an option to participate in any such repurchase of the applicable portion of its NSR from the relevant liquidator. Cymbria will, following the exercise of its option to participate in any such repurchase, acquire a 0.5% net smelter returns royalty on the applicable property by paying an amount equal to one half Under the NSR option purchase agreements, Cymbria could acquire a 0.5% net smelter returns royalty on the Company’s Selebi Mines and Selkirk Mine upon payment of $10,675,231 (USD 8,102,500) and $1,067,523 (USD 810,250), respectively.

SHARE CAPITAL, WARRANTS AND OPT

SHARE CAPITAL, WARRANTS AND OPTIONS	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL, WARRANTS AND OPTIONS
SHARE CAPITAL, WARRANTS AND OPTIONS	13. The authorized capital of the Company comprises an unlimited a) Common Shares Issued and Outstanding During the year ended December 31, 2023, the Company completed the following financing transactions: On February 24, 2023, the Company issued 4,437,184 common shares at a price of $1.75 per share for gross proceeds of $7,765,072 upon the closing of a brokered private placement (the “ Offering Broker Warrants On June 28, 2023, the Company issued 14,772,000 units at a price of $1.10 per unit to EdgePoint for aggregate gross proceeds of $16,249,200 upon the closing of the Financing Transactions. Each unit comprises one common share of PNRL and 22.5% of one whole common share purchase warrant (each a “ Transferable Warrant Transferable Warrants Fort Capital Partners acted as financial advisor to PNRL on the Financing Transactions and was paid cash fees of $812,460 by PNRL, equal to 5.0% of the gross proceeds of the equity portion of the Financing Transactions. Legal fees related to the Financing Transactions (Note 10) totaled $736,067, of which $240,596 was recorded as share issuance cost. The fair value of the warrants in connection with the above two financing transactions were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 24, 2023 June 28, 2023 Expected dividend yield ​ 0 % ​ 0 % Stock price ​ $ 1.73 ​ $ 1.35 ​ Expected share price volatility ​ 77.52 % 92.06 % Risk free interest rate ​ 4.28 % 4.13 % Expected life of warrant ​ 2 years 3 years ​ The volatility was determined by calculating the historical volatility of stock prices of the Company over a period as the expected life of warrants using daily closing prices. The formula used to compute historical volatility is the standard deviation of the logarithmic returns. On December 14, 2023, the company closed an equity and debt financing package of approximately $21.6 million, comprised of a broker private placement (the “ Private Placement Agents Participation Right As at December 31, 2023, the Company had 149,300,920 common shares issued and outstanding December 31, 2022 2022 In April 2022, PNRC completed a non-brokered private placement of 8,936,167 shares at a price of USD 2.00 per share for gross proceeds of $22,388,599 (USD 17,731,238). In connection with the private placement, PNRC paid to eligible finders ( “ Finders On August 3, 2022, PNRC combined with NAN in a reverse takeover transaction whereby shareholders of PNRC exchanged their shares at a rate of 1.054 shares of NAN for each share of PNRC, after giving effect to a 5-to-1 share consolidation for each outstanding share of NAN (Note 4). As a result, a total of 82,157,536 common shares of NAN were issued in exchange for 77,948,368 shares of PNRC. These shares were added to the current NAN shares outstanding balance of 31,748,399 for total shares outstanding of 113,905,935 upon closing of the RTO. Effective August 3, 2022, in connection with the closing of the RTO, the Company completed a share consolidation of the Company’s issued and outstanding common shares and preferred shares, in each case exchanging one (1) post-consolidation share without par value for every five (5) pre-consolidation shares issued and outstanding. b) Warrants The following summarizes common share purchase warrant activity for the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number ​ Exercise Price ​ Number ​ Exercise Price ​ ​ Outstanding ​ ($) ​ Outstanding ​ ($) Outstanding, beginning of the year ​ 1,098,786 ​ 1.96 ​ — ​ — Adjustment pursuant to the RTO ​ ​ ​ ​ ​ 2,228,340 ​ 1.11 Issued ​ 6,595,448 ​ 1.46 ​ 119,229 ​ 2.04 Exercised ​ (100,000) ​ 1.75 ​ (1,236,408) ​ 0.46 Cancelled/expired ​ (703,135) ​ 1.80 ​ (12,375) ​ 0.45 Outstanding, end of the year ​ 6,891,099 ​ 1.50 ​ 1,098,786 ​ 1.96 ​ At December 31, 2023, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Price Weighted Average remaining Warrants Outstanding ​ Expiry Date ​ ($) ​ contractual life (years) 295,651 ​ August 3, 2024 2.40 0.02 221,448 ​ February 24, 2025 1.75 0.04 350,000 ​ March 17, 2024 1.75 0.01 5,324,000 ​ June 28, 2026 1.44 1.93 700,000 ​ June 28, 2026 1.44 0.25 6,891,099 ​ ​ 2.25 ​ At December 31, 2022, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Price Weighted Average remaining Warrants Outstanding ​ Expiry Date ​ ($) ​ contractual life (years) 683,905 ​ April 16, 2023 1.75 0.18 295,652 ​ August 3, 2024 2.40 0.43 119,229 ​ November 25, 2023 2.04 0.10 1,098,786 ​ ​ 0.71 ​ c) Stock Options The Company adopted a Stock Option Plan (the “ Plan A summary of option activity under the Plan during the year ended December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number ​ Exercise Price ​ Number ​ Exercise Price ​ ​ Outstanding ​ ($) ​ Outstanding ​ ($) Outstanding, beginning of the year ​ 10,407,044 ​ 1.10 ​ 2,995,794 ​ 1.33 Issued ​ 3,833,277 ​ 1.75 ​ 8,827,250 ​ 1.16 Exercised ​ (488,900) ​ 0.49 ​ (1,416,000) ​ 0.46 Cancelled ​ (263,500) ​ 2.40 ​ — ​ — Outstanding, end of the year ​ 13,487,921 ​ 1.39 ​ 10,407,044 ​ 1.10 ​ During the year ended December 31, 2023, the Company granted an aggregate total of 3,833,277 stock options to employees, directors, officers and consultants with a term of five years. The options have an exercise price of $1.75 per share and vest annually in equal thirds beginning on the first anniversary of the date of grant. As at December 31, 2023, none of the options granted were vested. A total of $657,138 was recorded as a share-based payment expense and credit to reserve, including $115,601 from revaluation of the previous grant options due to extension of the expiry date of those options. During the year ended December 31, 2022, prior to the RTO, PNRC granted an aggregate total of 2,600,000 stock options to employees, directors, officers and consultants with a maximum term of five years. The options are exercisable at USD 2.00 per share (C$2.49/share) with 1/3 1/3 1/3 The fair value of stock options granted during the year ended December 31, 2023 and December 31, 2022 were calculated using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Expected dividend yield 0 % 0 % Expected forfeiture rate ​ 0 % 0 % Expected share price volatility 87.92 % 125.83%-129.48 % Risk free interest rate 4.28-4.68 % 0.42%-2.85 % Expected life of options 3-4 years 4.16-5 years ​ Details of options outstanding as at December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Options ​ Options ​ Expiry ​ Exercise ​ remaining contractual life Outstanding ​ Exercisable ​ Date ​ Price ($) ​ (years) 780,000 780,000 ​ February 24, 2025 0.80 0.07 240,000 240,000 ​ August 19, 2025 0.45 0.03 3,320,100 3,320,000 ​ January 26, 2026 0.39 0.50 495,000 495,000 ​ February 25, 2026 1.60 0.08 1,343,850 1,343,850 ​ September 29, 2026 0.91 0.27 998,794 998,794 ​ October 25, 2026 2.00 0.20 2,476,900 2,476,900 ​ January 20, 2027 2.40 0.56 3,833,277 — ​ August 8, 2028 1.75 1.31 13,487,921 9,654,544 ​ ​ 3.04 ​ Details of options outstanding as at December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Options ​ Options ​ Expiry ​ Exercise ​ remaining contractual life Outstanding ​ Exercisable ​ Date ​ Price ($) ( years) 900,000 900,000 ​ February 24, 2025 0.80 0.19 240,000 240,000 ​ August 19, 2025 0.45 0.06 3,689,000 3,689,000 ​ January 26, 2026 0.39 1.09 495,000 495,000 ​ February 25, 2026 1.60 0.15 1,343,850 1,343,850 ​ September 29, 2026 0.91 0.48 998,794 998,794 ​ October 25, 2026 2.00 0.37 2,740,400 2,740,400 ​ January 20, 2027 2.62 1.07 10,407,044 10,407,044 ​ ​ 3.41 ​ d) DSU Plan Effective December 2022, the Company approved a Deferred Share Unit Plan (“ DSU Plan During the year ended December 31, 2023, DSUs have been granted as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Market Price 1 Fair Value ​ ​ Outstanding ​ ($) ​ ($) DSUs outstanding at December 31, 2022 200,000 1.49 298,000 DSUs granted during the year 2 600,951 1.33 798,122 DSUs redeemed during the year (69,976) 1.19 (83,527) Fair value adjustment — ​ (128,114) DSUs outstanding at December 31, 2023 730,975 1.21 884,481 ​ 1. According to the DSU plan, Market Price is the volume weighted average price on the TSXV for the last five trading days immediately preceding the grant date. 2. DSUs were granted on March 31, Jun 30, Sept 30 and December 31, 2023. The market price of $1.33 represented the weighted average price for those grants. During the year ended December 31, 2022, DSUs have been granted as following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Market Price Fair Value ​ ​ Outstanding ​ ($) ​ ($) DSUs outstanding at December 31, 2021 — — — DSUs granted during the year 200,000 1.49 298,000 DSUs outstanding at December 31, 2022 200,000 1.49 298,000 ​ During the year ended December 31, 2023, the DSU compensation totaled $798,122 and was recorded as share based compensation (December 31, 2022 - $298,000). The DSUs were classified as a derivative financial liability that should be measured at fair value, with changes in value recorded in profit or loss. The fair value of the DSUs was determined by the volume weighted average price on the TSXV for the last five trading days of each reporting period. As at December 31, 2023, the Company reassessed the fair value of the DSUs at $884,481 and recorded the amount as a DSUs liability (December 31, 2022 - $298,000).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	14. The following amounts due to related parties are included in trade payables and accrued liabilities (Note 8). ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Directors and officers of the Company 93,795 43,235 ​ 93,795 43,235 ​ These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. (a) Related party transactions As a result of the Financing Transactions on June 28, 2023 and December 14, 2023, Cymbria and certain other funds managed by EdgePoint (the “ Financing Parties 10.7% of the Company’s issued and outstanding shares. The Financing Parties also acquired on closing an aggregate of 6,024,000 warrants with a three-year term and an exercise price of $1.4375 which, if exercised, together with the shares acquired at closing would result in the Financing Parties holding approximately 14.2% of the shares in the aggregate (calculated on a partially-diluted basis). As the result of the closing of the Financing Transactions, the Financing Parties are now related parties of PNRL. During the year ended December 31, 2023, the Company paid interest of $793,392 to the Financing Parties (December 31, 2022 – Nil). During the year ended December 31, 2022, ThreeD Capital Inc. subscribed for a further 1,279,069 common shares of PNRC, for a further investment of $3,064,582 (USD 2,427,076) (2021 - $374,123). As of December 31, 2023, ThreeD Capital Inc. beneficially owned 5,906,622 (December 31, 2022 – 8,662,347 shares), constituting approximately 3.96% (December 31, 2022– 7.5%) of the issued and outstanding shares of the Company. Between March 2 and March 3, 2022, PNRC issued Promissory Notes to its officers and directors as well as its shareholders as below: ​ ​ ​ ​ ​ ​ $ Directors and officers of the Company 35,000 ThreeD Capital Inc. 762,180 NAN 1,270,000 ​ 2,067,180 ​ On April 30, 2022, all amounts owing in respect of the above Promissory Notes were repaid in full by payment of cash in an amount of $2,018,568, including interest and fees, and by issuing 326,740 PNRC Shares. (b) Key management personnel is defined as members of the Board of Directors and senior officers. Key management compensation was related to the following: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Management fees 3,122,689 2,418,984 Corporate and administration expenses 467,637 102,884 Share base payment 657,138 4,623,089 ​ 4,247,464 7,144,957 ​

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	15. The Company thoroughly examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks. These risks may include interest rate risk, credit risk, liquidity risk, market risk and currency risk. The carrying value of cash and cash equivalents and trade payables and accrued liabilities approximate their fair value due to their short-term nature. The fair value of the Promissory Note, Term Loan, vehicle financing, DSU liability and provision for severance are based upon discounted future cash flows using discounted rates, adjusted for the Company’s own credit risk that reflect current market conditions. Such fair value estimates are not necessarily indicative of the amounts the Company might pay or receive in actual market transactions. The fair value of the DSUs is the closing price of the Company’s common shares at the end of each reporting period. Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs in making the measurements. The levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Inputs for the asset or liability that are not based on observable market data. On December 31, 2023 and December 31, 2022, the fair value of cash and cash equivalents and DSUs is based on Level 1 measurements.

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2023
RISK MANAGEMENT
RISK MANAGEMENT	16. The Company’s exposure to market risk includes, but is not limited to, the following risks: Interest Rate Risk Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not subject to significant changes in interest rates. Foreign Currency Exchange Rate Risk Currency risk is risk that the fair value of future cash flows will fluctuate because of changes in foreign currency exchange rates. In addition, the value of cash and other financial assets and liabilities denominated in foreign currencies can fluctuate with changes in currency exchange rates. The Company primarily operates in Canada, Barbados and Botswana and undertakes transactions denominated in foreign currencies such as US dollar and Botswana Pula, and consequently is exposed to exchange rate risks. Exchange risks are managed by matching levels of foreign currency balances and related obligations and by maintaining operating cash accounts in non-Canadian dollar currencies. Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The amount shown are those reported and translated into CAD at the closing rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term exposure Long-term exposure ​ ​ USD BWP ​ BWP ​ ​ $ ​ $ ​ $ December 31, 2023 Financial assets 2,576,180 755,386 54,082,922 Financial liabilities (501,458) (4,851,201) (3,508,714) Total exposure 2,074,722 (4,095,815) 50,574,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term exposure Long-term exposure ​ ​ USD BWP ​ BWP ​ ​ $ ​ $ ​ $ December 31, 2022 Financial assets 2,834,303 473,980 32,058,793 Financial liabilities (1,246,825) (2,176,110) (1,530,341) Total exposure 1,587,478 (1,702,130) 30,528,452 ​ The following table illustrates the sensitivity of net loss in relation to the Company’s financial assets and financial liabilities and the USD/CAD exchange rate and BWP/CAD exchange rate, all other things being equal. It assumes a +/- 5% change of the USD/CAD and BWP/CAD exchange rates for the year ended December 31, 2023 and the year ended December 31, 2022, respectively. If the CAD strengthened against the USD BWP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term exposure ​ ​ Loss for the year ​ loss for the year ​ USD BWP Total BWP ​ ​ $ ​ $ ​ $ ​ $ December 31, 2023 103,736 (204,791) (101,055) 2,528,710 December 31, 2022 79,374 (85,106) (5,732) 1,526,423 ​ If the CAD weakened against the USD BWP ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term exposure ​ ​ Loss for the year ​ loss for the year ​ USD BWP Total BWP ​ ​ $ ​ $ ​ $ ​ $ December 31, 2023 (103,736) 204,791 101,055 (2,528,710) December 31, 2022 (79,374) 85,106 5,732 (1,526,423) ​ The higher foreign currency exchange rate sensitivity in profit at December 31, 2023 compared with December 31, 2022 is attributable to increased balances in financial assets and liabilities and fluctuations in foreign exchange rates, BWP and USD in relation to CAD. Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The credit risk is primarily associated with liquid financial assets. The Company limits exposure to credit risk on liquid financial assets by holding cash at highly-rated financial institutions. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages the liquidity risk inherent in these financial obligations by regularly monitoring actual cash flows to annual budget which forecast cash and expected cash availability to meet future obligations. The Company will defer discretionary expenditures, as required, in order to manage and conserve cash required for current liabilities. The following table shows the Company’s contractual obligations as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ 1 year ​ 1 - 2 years ​ 2 - 5 years ​ Total ​ ​ $ ​ $ ​ $ ​ $ Trade payables and accrued liabilities 4,280,146 — — 4,280,146 Vehicle financing 95,054 95,054 46,016 236,124 Term Loan 2,088,235 2,088,235 21,926,471 26,102,941 Lease liability 1,611,143 — — 1,611,143 ​ 8,074,578 2,183,289 21,972,487 32,230,354 ​ Deferred share units liability and provision for leave and severance are not presented in the above liquidity analysis as management considers it is not practical to allocate the amounts into maturity groupings. ​ Capital Risk Management The Company manages its capital to ensure that it will be able to continue as a going concern, so that adequate funds are available or are scheduled to be raised to meet its ongoing administrative and operating costs and obligations. This is achieved by the Board of Directors’ review and ultimate approval of budgets that are achievable within existing resources, and the timely matching and release of the next stage of expenditures with the resources made available from capital raises and debt funding from related or other parties. In doing so, the Company may issue new shares, restructure or issue new debt. The Company is not subject to any externally imposed capital requirements imposed by a regulator or a lending institution. In the management of capital, the Company includes the components of equity and debt (vehicle financing, lease liability, Term Loan and Promissory Note), net of cash. ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Shareholder’s equity 9,745,686 3,942,989 Vehicle financing 236,124 164,644 Lease liability 1,611,143 2,731,394 Promissory Note — 7,070,959 Term Loan 17,956,423 — ​ 29,549,376 13,909,986 Cash (19,245,628) (5,162,991) ​ 10,303,748 8,746,995 ​

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2023
SEGMENTED INFORMATION
SEGMENTED INFORMATION	17. The Company operates in one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic segments being Botswana, Barbados and Canada. The Company’s geographic segments are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Current assets Canada 15,894,177 3,198,344 Barbados 104,024 493,552 Botswana 4,892,707 2,746,450 Total 20,890,908 6,438,346 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Property, plant and equipment Canada 8,726 10,714 Botswana 8,479,773 3,383,956 Total 8,488,499 3,394,670 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Exploration and evaluation assets Botswana 5,844,798 8,578,627 ​

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES	18. There are no environmental liabilities associated with the Selebi Assets and the Selkirk Assets as at the acquisition dates as all liabilities prior to the acquisitions are the responsibility of the sellers, BCL and TNMC, respectively. The Company has an obligation for the rehabilitation costs arising subsequent to the acquisitions. As of December 31, 2023, management is not aware of or anticipating any contingent liabilities that could impact the financial position or performance of the Company related to its exploration and evaluation assets. The Company’s exploration and evaluation assets are affected by the laws and environmental regulations that exist in the various jurisdictions in which the Company operates. It is not possible to estimate the future contingent liabilities and the impact on the Company’s operating results due to future changes in Company’s exploration and development of its projects or future changes in such laws and environmental regulations.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	19. The reported recovery of income taxes differs from amounts computed by applying the statutory income tax rates to the reported loss before income taxes as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ ​ Loss before income taxes ​ ​ (32,900,600) ​ ​ (27,306,350) ​ Statutory tax rate ​ 26.50 % 26.50 % Expected income tax recovery at the statutory tax rate ​ (8,718,659) ​ (7,236,183) ​ Permanent differences and other ​ (25,642) ​ 7,227 ​ Stock based payment ​ 351,695 ​ (2,378,349) ​ Fair value adjustment on warrants ​ — ​ 2,127,716 ​ Change in estimates and other ​ 31,343 ​ (520,103) ​ Differences in foreign tax rates ​ 510,308 ​ 360,345 ​ Change in deferred tax assets not recognized ​ 7,326,424 ​ 7,639,347 ​ Income tax recovery ​ ​ (524,531) ​ ​ — ​ ​ As at December 31, 2023, the Company has the following deferred tax assets (liabilities): ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ Deferred tax asset ​ ​ — ​ ​ — Non-capital losses available for carry forward ​ 1,362,834 ​ 94,260 Right-of-use asset ​ 354,451 ​ 600,907 Deferred tax liabilities ​ ​ Term Loan ​ (512,921) ​ Right of use asset ​ (1,204,364) ​ (695,166) Net deferred tax asset (liability) ​ ​ — ​ ​ — ​ Deferred tax assets in excess of deferred tax liabilities have not been recognized in respect of the following attributes because it is not probable that future taxable profit will be available against which the Company can use the benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ Exploration and evaluation assets ​ ​ 4,312,654 ​ ​ 1,243,480 Loss carry forwards ​ 20,894,974 ​ 10,066,250 Share issuance costs ​ 5,067,311 ​ 2,124,869 Equipment ​ 2,633,800 ​ 3,397 Total unrecognized deductible temporary differences ​ ​ 32,908,739 ​ ​ 13,437,996 ​ The tax losses that have not been recognized expire as follows: ​ ​ ​ ​ ​ ​ Losses ​ ​ $ 2029 ​ ​ 1,317,415 2030 ​ 1,768,436 2038 ​ 101,573 2039 ​ 351,131 2040 ​ 942,144 2041 ​ 1,390,127 2042 ​ 1,891,361 2043 ​ 8,429,181 Indefinite ​ 4,703,606 ​ ​ ​ 20,894,974 ​ The company has Canadian non-capital losses of approximately $13,105,517 which expire between 2038 and 2043. The Company also has Barbados losses of $3,085,851 which expire between 2029 and 2030. Botswana losses of approximately $4,703,606 may be carried forward indefinitely.

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	20. Details of the general and administrative expenses are presented in the following table: ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Management fee 3,122,689 2,418,984 Advisory and consultancy 512,909 1,895,004 Consulting fees 1,017,842 455,228 General office expenses 1,119,026 735,518 Filing fees 285,205 109,701 Investor relationships 581,903 375,632 Professional fees 945,623 1,155,306 Salaries and benefits 367,267 115,367 Insurance 721,577 370,287 Total 8,674,041 7,631,027 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	21. SUBSEQUENT EVENTS On June 14 and June 21, 2024, the Company closed two tranches of a non-brokered private placement offering of units of the Company, pursuant to which the Company issued a total of 35,256,409 Units at a price of C$0.78 per Unit for gross proceeds of approximately C$27.5 million. Each Unit is comprised of one common share of the Company and one common share purchase warrant of the Company (each, a “ Warran Accelerated Expiry Date ​ In connection with the private placement, The Company issued an aggregate 1,025,000 Units at a deemed issue price equal to C$0.78 per unit (comprised of 1,025,000 Common Shares and 1,025,000 non-transferable Warrants) to SCP Resource Finance LP and paid Fort Capital an advisory fee of C$250,000, in each case in consideration for providing certain advisory services to the Company.

BASIS OF PRESENTATION AND MATER

BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance	(a) Statement of Compliance These consolidated financial statements reflect the accounts of the Company and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for financial information.
Basis of preparation	(b) Basis of preparation These consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of consolidated financial statements in conformity with US GAAP requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. These areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3. Operating segments are reported in a manner consistent with the internal reporting used for the consolidated financial statements. The Company determined that it has one reportable operating segment being that of the acquisition, exploration and evaluation of mineral properties in three geographic segments, which are Canada, Barbados and Botswana (Note 17).
Basis of consolidation	(c) Basis of consolidation These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. The chart below summarizes the entities included in the consolidated financial statements as at December 31, 2023 and 2022. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ Effective August 3, 2022, NAN completed the 100% acquisition of the outstanding shares of PNRC (Note 4). As the shareholders of PNRC obtained control of the Company through the exchange of their shares of PNRC for shares of NAN, the acquisition of PNRC has been accounted for in these consolidated financial statements as a reverse takeover. Consequently, the consolidated statements of loss and cash flows for the year ended December 31, 2023 reflect the results from the operations and cash flows of PNRL, the combined company post RTO, and the consolidated statements of loss and cash flow for the year ended December 31, 2022 reflect the results from the operations and cash flows of PNRC, the legal subsidiary of the Company, combined with NAN, the legal parent of PNRC, from the acquisition on August 3, 2022 to December 31, 2022.
Foreign currency translation	(d) Foreign currency translation The Company’s functional and presentation currency is the Canadian dollar. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the statement of comprehensive loss in the year in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in the statement of comprehensive loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.
Foreign operations	(e) Foreign operations In the Company’s consolidated financial statements, all assets, liabilities and transactions of the Company’s entities with a functional currency other than the Canadian dollar are translated into Canadian dollars upon consolidation. The functional currency of the Company’s subsidiaries in Barbados is the US dollar, and the Botswana Pula (BWP) for the subsidiaries in Botswana during the reporting period. On consolidation, assets and liabilities have been translated into Canadian dollars at the closing rate on the reporting date. Fair value adjustments arising on the acquisition of a foreign entity have been treated as assets and liabilities of the foreign entity and translated into Canadian dollars at the closing rate on the reporting date. Income and expenses have been translated into Canadian dollars at the average rate over the reporting period. Exchange differences are charged or credited to other comprehensive loss and recognised in the currency translation reserve in equity. On disposal of a foreign operation, the related cumulative translation differences recognised in equity are reclassified to profit or loss and are recognised as part of the gain or loss on disposal.
Financial instruments	(f) Financial instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“ FVTPL FVTOC The following table shows the classification of the Company’s financial assets and liabilities: ​ ​ ​ ​ ​ ​ 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 ​ Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. The three levels are defined based on the observability of significant inputs to the measurement, as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: one or more significant inputs used in a valuation technique are unobservable in determining fair values of the asset or liability. Determination of fair value and the resulting hierarchy requires the use of observable market data whenever available. The classification of an asset or liability in the hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. Measurement Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive loss in the year in which they arise. Impairment of financial assets at amortized cost An ‘expected credit loss’ impairment model applies that requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another party. Gains and losses on derecognition are generally recognized in the statements of comprehensive loss. Financial liabilities Financial liabilities are derecognized when, and only when, the Company’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in the statement of comprehensive loss.
Exploration and evaluation assets	(g) Exploration and evaluation assets Costs of lease, exploration, carrying and retaining unproven mineral properties are expensed as incurred. The Company expenses all mineral exploration costs as incurred as it is still in the exploration stage. If the Company identifies proven and probable reserves in its investigation of its properties and upon development of a plan for operating a mine, it would enter the development stage and capitalize future costs until production is established. When a property reaches the production stage, the related capitalized costs are amortized on a units-of-production basis over the proven and probable reserves following the commencement of production. Interest expense allocable to the cost of developing mining properties and to construct new facilities is capitalized until assets are ready for their intended use. To date, the Company has not established the commercial feasibility of any exploration prospects; therefore, all exploration costs are being expensed. ASC 930-805, “Extractive Activities-Mining: Business Combinations” states that mineral rights consist of the legal right to explore, extract, and retain at least a portion of the benefits from mineral deposits. Mining assets include mineral rights which are considered tangible assets under ASC 930-805. ASC 930-805 requires that mineral rights be recognized at fair value as of the acquisition date. As a result, the direct costs to acquire mineral rights are initially capitalized as intangible assets. Mineral rights include costs associated with acquiring patented and unpatented mining claims. The Company may sell the net smelter returns royalty on its projects pursuant to the term of an option agreement. Due to the fact that the options are exercisable entirely at the discretion of the option holder, the consideration received in cash from the acquirer is recorded as a reduction of the book value of the exploration and evaluation assets. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts, events and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of any exploration and evaluation asset is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to the consolidated statement of comprehensive loss .
Impairment of assets	(h) Impairment of assets Non-financial assets, including exploration and evaluation assets and property, plant and equipment, are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the assets; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the assets; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the assets; and current expectation that the assets will more likely than not be sold or disposed significantly before the end of their estimated useful life. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flows is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any. Fair value can be determined using a market approach, income approach or cost approach. Recognized impairment losses are not reversed.
Leases	(i) Leases At commencement of a contract, the Company assesses whether a contract is, or contains, a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A right-of-use (the “ ROU ASC 842 requires a lessee to classify a lease as either a finance or operating lease. Interest and amortization expense are recognized for finance leases while only a single lease expense is recognized for operating leases, typically on a straight-line basis. ROU assets are tested for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is remeasured when there is a change in future lease payments if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. These adjustments are recorded through profit or loss. Subsequent changes in lease payments that vary with a rate or index are recognized as variable payments and are expensed as incurred.
Property, plant and equipment	(j) Property, plant and equipment Property, Plant and Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive loss during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. Depreciation is calculated on a straight-line method to charge the cost, less residual value, of the assets to their residual values over their estimated useful lives. The depreciation rate applicable to each category of property, plant and equipment is as follows: ​ ​ ​ ​ Equipment Estimated useful life (years) Exploration equipment ​ 5 Computer and software ​ 2 Generator ​ 5 Vehicles ​ 4 Furniture and fixtures ​ 10 Buildings ​ 25
Additional paid in capital	(k) Additional paid in capital Additional paid in capital is presented at the value of the shares issued as the Company’s shares have no stated par value. Transaction costs directly attributable to the issuance of common shares are recognized as a deduction from equity. Transactions with shareholders are disclosed separately in equity. The proceeds from the exercise of stock options or warrants together with amounts previously recorded in additional paid in capital over the vesting periods are recorded as additional paid in capital. Unit placements The Company uses the relative fair value method with respect to the measurement of shares and warrants issued as private placement units. Under the relative fair value method, the Company first determines the fair value of the common shares and warrants issued in a private placement, calculates the total fair value of the issued units, and then allocates the proceeds received between the common shares and warrants based on their respective percent of the total fair value.
Share-based payments	(l) Share-based payments The Company records stock-based compensation in accordance with ASC 718 (“Compensation – Stock Compensation”) using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock-based awards. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the Company’s expected stock price volatility over the term of the awards, and actual and projected stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the statement of operations over the requisite service period. The cumulative expense is recognized for equity-settled transactions at each reporting date until the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. At the end of each reporting period, the Company re-assesses its estimates of the number of awards that are expected to vest and recognizes the impact of the revisions in the consolidated statements of loss and comprehensive loss. No expense is recognized for awards that do not ultimately vest. Where the terms of an equity settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original terms of the award are met. An additional expense or its reduction is recognized for any modification which increases or decreases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification. Where an award is cancelled by the Company or the counterparty, any remaining element of the fair value of the award is expensed immediately or reversed through profit or loss, depending on the type of cancellation.
Deferred Share Units ("DSUs")	(m) Deferred Share Units (“ DSUs ”) In the year ended December 31, 2022, the Company approved the adoption of a DSU plan. In accordance with ASC 718 (“Compensation – Stock Compensation”), this plan is a cash-settled share-based compensation program whereby the Company records the fair value of the liability at the date upon which it is incurred and adjusts the liability to the fair value at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The DSU Plan enables the Company upon approval by the Directors to grant DSU’s to eligible non-management directors. Upon granting DSU’s, the Company records stock-based compensation based on the number of units granted multiplied by the volume weighted average price of the Company’s common shares for the last five trading days (“ 5-day-VWAP The DSUs credited to the account of a director may only be redeemed following the date upon which the holder ceases to be a director. Depending upon the country of residence of a director, the DSUs may be redeemed at any time prior to December 15 in the calendar year following the year in which the holder ceases to be a director, and may be redeemed in as many as four installments. Upon redemption, the holder is entitled to a cash payment equal to the number of units redeemed multiplied by the 5-day-VWAP of the Company’s common shares on that date. The Company may elect, in its sole discretion, to settle the value of the DSUs redeemed in the Company’s common shares on a one-for-one basis, provided shareholder approval has been obtained on or prior to the relevant redemption date.
Loss per share	(n) Loss per share The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per common share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period. Basic loss per common share is calculated using the weighted average number of common shares outstanding during the period and does not include outstanding options and warrants. Dilutive loss per common share is not presented differently from basic loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive.
Income taxes	(o) Income taxes The Company’s tax provision consists of taxes currently payable or receivable, plus any change during the period in deferred tax assets and liabilities. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settles. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that is it more likely than note that some portion of the deferred tax asset will not be realized. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. Accounting for income taxes requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if available evidence indicates it is more likely than not that the tax position will be fully sustained upon review by taxing authorities, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount with a greater than 50 percent likelihood of being realized upon ultimate settlement. For tax positions that are 50 percent or less likely of being sustained upon audit, the Company does not recognize any portion of that benefit in the financial statements.
Derivative Liabilities	(p) Derivative Liabilities The Company evaluates its financial instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in accordance with ASC 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market at each balance sheet date and recorded as a liability and the change in fair value is recorded in the consolidated statements of operations. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. Derivative instruments that become subject to reclassification are reclassified at the fair value of the instrument on the reclassification date. Derivative instrument liabilities will be classified in the balance sheet as current or non-current based on whether or not settlement of the derivative instrument is expected within 12 months of the balance sheet date. The Company uses the Black-Scholes model to value derivative liabilities.

BASIS OF PRESENTATION AND SIG_2

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

AMALGAMATION (Tables)

AMALGAMATION (Tables)	12 Months Ended
	Dec. 31, 2023
AMALGAMATION
Schedule of allocation of costs of the acquisition	​ ​ ​ ​ ​ ​ ​ $ FV of shares transferred ​ 77,431,152 FV of options, warrants and agent warrants ​ 9,665,577 FV of preferred shares ​ 31,516 Settlement of pre-existing relationship – 15% warrant and shares* ​ (47,985,863) ​ ​ ​ ​ Total FV of consideration transferred ​ ​ 39,142,383 ​ ​ ​ ​ Cash ​ ​ 11,051,917 Trade and other receivables ​ 450,522 Property, plant and equipment ​ 14,111 Trade payables and accrued liabilities ​ (1,548,582) Net assets acquired ​ 9,967,968 ​ ​ ​ ​ Reduction to additional paid-in capital as a result of the recapitalization ​ 29,174,415 ​ ​ ​ 39,142,383 ​ *Pre-existing relationship Before the closing of the RTO, NAN owned 7,667,707 common shares of PNRC and a 15% warrant which entitled NAN to purchase common shares of PNRC for up to 15% of the then outstanding capital of PNRC upon payment of USD 10,000,000 prior to the fifth anniversary of the date of issue (the “ 15% Warrant ”). Prior to the date that the Amalgamation became effective, the PNRC shares and the 15% Warrant held by NAN were contributed to NAN Subco, as part of the securities contribution, resulting in such securities being cancelled at law by operation of the triangular amalgamation. Prior to the RTO, the fair value of the 15% Warrant and the shares held by NAN were $28,275,255 and $19,710,608 , respectively. The fair value of the shares was calculated based on the last offer price of PNRC’s financing prior to the RTO, and the fair value of the warrants was calculated using the Black-Sholes Model with the following assumptions: expected life of 2.57 years, expected dividend yield of 0% , a risk free rate of 3.14% and an expected volatility of 141.63% . As they were the securities contributed by NAN on the closing of the RTO, the fair value of the warrants and shares were included as part of the consideration on the acquisition date.
Schedule of assumptions used in determination of fair value of NAN's options and warrants	​ ​ ​ ​ ​ ​ As of August 3, 2022 Warrants Options Expected dividend yield 0% 0% Expected forfeiture rate ​ 0% 0% Share price of last financing $0.48 $0.48 Expected share price volatility 64.91% -113.22% 133.15% - 143.3% Risk free interest rate 3.18% 2.85% - 3.08% Remaining life of warrants & options –.03 - 2 years 2.56 – 4.23 years

OTHER RECEIVABLES (Tables)

OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
OTHER RECEIVABLES
Schedule of summary of the other receivables	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ HST paid on purchases 301,618 445,128 VAT paid on purchases 223,776 359,502 Other receivables 7,441 — ​ 532,835 804,630 ​

EXPLORATION AND EVALUATION AS_2

EXPLORATION AND EVALUATION ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
EXPLORATION AND EVALUATION ASSETS
Schedule of exploration of evaluation assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Acquisitions Balance, December 31, 2021 — — — Acquisition costs 8,251,518 327,109 8,578,627 Balance, December 31, 2022 8,251,518 327,109 8,578,627 Addition costs 483,883 — 483,883 Foreign currency translation (449,878) (17,834) (467,712) Balance, December 31, 2023 8,285,523 309,275 8,594,798 For the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Site operations & administration 854,277 283,163 1,137,440 Care and maintenance 2,633,418 — 2,633,418 Geology 3,044,671 155,255 3,199,926 Drilling 3,313,797 6,791 3,320,588 Geophysics 1,860,531 137,883 1,998,414 Engineering 5,115,616 42,484 5,158,100 Environmental, social and governance 417,002 — 417,002 Metallurgy and processing 80,770 186,260 267,030 Technical studies 25,273 7,835 33,108 Health and safety 322,591 1,013 323,604 Water treatment project 140,545 — 140,545 Mine re-development 398,500 64,583 463,083 Licensing and others 87,405 — 87,405 Total 18,294,396 885,267 19,179,663 ​ For the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Botswana ​ ​ ​ Selebi Selkirk Total ​ ​ $ ​ $ ​ $ Site operations & administration 1,588,871 45,740 1,634,611 Care and maintenance 5,137,228 — 5,137,228 Geology 1,560,892 162,532 1,723,424 Drilling 7,146,446 8,546 7,154,992 Geophysics 1,646,847 12,553 1,659,400 Engineering 1,953,239 66,239 2,019,478 Environmental, social and governance 196,131 34,986 231,117 Metallurgy and processing 75,362 4,762 80,124 Technical studies 46,397 12,106 58,503 Health and safety 275,118 — 275,118 Water treatment project 14,055 — 14,055 Mine re-development — — — Licensing and others 169,651 — 169,651 Total 19,810,237 347,464 20,157,701 ​

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Exploration ​ ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ ​ ​ Assets) ​ (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles ​ software ​ Total Cost ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Balance – December 31, 2022 3,077,420 — 11,973 126,605 31,381 241,884 1,950 3,491,213 Additions — 1,023,615 4,190,484 65,998 8,557 187,310 585,561 6,061,525 Foreign currency translation (167,783) — — (704) (1,711) (31,162) (20,104) (221,464) Balance – December 31, 2023 2,909,637 1,023,615 4,202,457 191,899 38,227 398,032 567,407 9,331,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Exploration ​ ​ ​ ​ Computer ​ Accumulated ​ Building (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ Depreciation Assets) (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles software ​ Total Balance – December 31, 2022 51,123 — 1,447 1,872 562 39,589 1,950 96,543 Depreciation during the year 119,133 85,301 306,112 14,030 6,212 69,997 143,998 744,783 Foreign currency translation — — — 3,177 1,775 (3,503) — 1,449 Balance – December 31, 2023 170,256 85,301 307,559 19,079 8,549 106,083 145,948 842,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration ​ ​ ​ ​ Computer ​ Carrying ​ Land (ROU ​ Equipment ​ Exploration ​ Furniture and ​ ​ ​ ​ ​ and ​ ​ Value ​ Assets) (ROU Assets) ​ Equipment ​ Fixtures ​ Generator ​ Vehicles Software ​ Total Balance – December 31, 2022 3,026,297 — 10,526 124,733 30,819 202,295 — 3,394,670 Balance – December 31, 2023 2,739,381 938,314 3,894,898 172,820 29,678 291,949 421,459 8,488,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Furniture ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ ​ ​ Assets) ​ Fixtures ​ Equipment ​ Generator ​ Vehicles ​ software ​ Total Cost ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ ​ $ Balance – December 31, 2021 — — — — — — — Additions 3,077,420 126,605 11,973 31,381 241,884 1,950 3,491,213 Balance – December 31, 2022 3,077,420 126,605 11,973 31,381 241,884 1,950 3,491,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and Furniture ​ ​ ​ Computer ​ Accumulated ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ Depreciation ​ Assets) Fixtures ​ Equipment ​ Generator ​ Vehicles software ​ Total Balance – December 31, 2021 — — — — — — — Depreciation during the year 51,123 1,872 1,447 562 39,589 1,950 96,543 Balance – December 31, 2022 51,123 1,872 1,447 562 39,589 1,950 96,543 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Furniture ​ ​ ​ Computer ​ ​ ​ Buildings (ROU ​ and ​ Exploration ​ ​ ​ ​ ​ and ​ ​ Carrying Value ​ Assets) ​ Fixtures ​ Equipment ​ Generator ​ Vehicles ​ Software ​ Total Balance – December 31, 2021 — — — — — — — Balance – December 31, 2022 3,026,297 124,733 10,526 30,819 202,295 — 3,394,670 ​

TRADE PAYABLES AND ACCRUED LI_2

TRADE PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
TRADE PAYABLES AND ACCRUED LIABILITIES
Schedule of trade payables and accrued liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Amounts due to related parties (Note 14) 93,795 43,235 Trade payables 2,383,196 3,660,519 Accrued liabilities 1,803,155 321,962 ​ 4,280,146 4,025,716 ​

PROMISSORY NOTE (Tables)

PROMISSORY NOTE (Tables)	12 Months Ended
	Dec. 31, 2023
PROMISSORY NOTE
Schedule of assumptions used for measuring fair value of warrants	​ ​ ​ ​ ​ ​ As of August 3, 2022 Warrants Options Expected dividend yield 0% 0% Expected forfeiture rate ​ 0% 0% Share price of last financing $0.48 $0.48 Expected share price volatility 64.91% -113.22% 133.15% - 143.3% Risk free interest rate 3.18% 2.85% - 3.08% Remaining life of warrants & options –.03 - 2 years 2.56 – 4.23 years
Lender Warrants
PROMISSORY NOTE
Schedule of assumptions used for measuring fair value of warrants	​ ​ ​ ​ ​ ​ ​ March 31, 2023 Expected dividend yield ​ 0 % Stock price ​ $ 1.40 ​ Expected share price volatility ​ 77.2 % Risk free interest rate ​ 3.49 % Expected life of warrant ​ 1 year

TERM LOAN (Tables)

TERM LOAN (Tables)	12 Months Ended
	Dec. 31, 2023
TERM LOAN
Schedule of assumptions used for measuring fair value of warrants	​ ​ ​ ​ ​ ​ As of August 3, 2022 Warrants Options Expected dividend yield 0% 0% Expected forfeiture rate ​ 0% 0% Share price of last financing $0.48 $0.48 Expected share price volatility 64.91% -113.22% 133.15% - 143.3% Risk free interest rate 3.18% 2.85% - 3.08% Remaining life of warrants & options –.03 - 2 years 2.56 – 4.23 years
Schedule of term loan	​ ​ ​ ​ ​ $ Principal amount of the Term Loan 15,000,000 Fair value of the attached warrants (1,435,350) Term Loan at fair value on issuance, June 28, 2023 13,564,650 Transaction costs (787,175) Accretion of warrant value and transaction costs 631,540 Fair value of loan as of December 14, 2023 13,409,015 Additional principal amount of loan on Dec 14, 2023 5,882,353 Loan issue discount (882,353) Fair value of the attached warrants (275,961) Transaction fee for modification (219,212) Fair value of modified loan as of December 14, 2023 17,913,842 Accretion of warrant value and transaction costs 42,581 ​ 17,956,423
Non-Transferable Warrants
TERM LOAN
Schedule of assumptions used for measuring fair value of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 28, 2023 December 14, 2023 Expected dividend yield ​ 0 % ​ 0 % Stock price ​ $ 1.35 ​ $ 1.14 ​ Expected share price volatility ​ 92.06 % 63.54 % Risk free interest rate ​ 4.13 % 3.73 % Expected life of warrant ​ 3 years 2.54 years

LEASE LIABILITY (Tables)

LEASE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2023
LEASE LIABILITY
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Lease liabilities, beginning of the year 2,731,394 — Lease additions 1,035,000 3,213,404 Lease payments (2,241,906) (550,295) Interest expense on lease liabilities 301,098 68,285 Impact of FX translation (214,443) — Lease liabilities, end of the year 1,611,143 2,731,394 Current portion of lease liability (less than one year) 1,611,143 1,365,697 Long-term lease liability (one to five years) — 1,365,697
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 ​ ​ $ ​ $ Finance lease cost: ​ Amortization of right-of-use assets ​ 204,434 51,124 Interest expense on lease liabilities ​ 301,098 68,285 Cash paid for finance lease liabilities ​ (2,241,906) (550,295) ​

SHARE CAPITAL, WARRANTS AND O_2

SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL, WARRANTS AND OPTIONS
Schedule of assumptions used to calculate fair value of the warrants in connection with financing transactions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 24, 2023 June 28, 2023 Expected dividend yield ​ 0 % ​ 0 % Stock price ​ $ 1.73 ​ $ 1.35 ​ Expected share price volatility ​ 77.52 % 92.06 % Risk free interest rate ​ 4.28 % 4.13 % Expected life of warrant ​ 2 years 3 years
Schedule of common share purchase warrant activity and outstanding common share purchase warrants exercisable to acquire common shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number ​ Exercise Price ​ Number ​ Exercise Price ​ ​ Outstanding ​ ($) ​ Outstanding ​ ($) Outstanding, beginning of the year ​ 1,098,786 ​ 1.96 ​ — ​ — Adjustment pursuant to the RTO ​ ​ ​ ​ ​ 2,228,340 ​ 1.11 Issued ​ 6,595,448 ​ 1.46 ​ 119,229 ​ 2.04 Exercised ​ (100,000) ​ 1.75 ​ (1,236,408) ​ 0.46 Cancelled/expired ​ (703,135) ​ 1.80 ​ (12,375) ​ 0.45 Outstanding, end of the year ​ 6,891,099 ​ 1.50 ​ 1,098,786 ​ 1.96 ​ At December 31, 2023, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Price Weighted Average remaining Warrants Outstanding ​ Expiry Date ​ ($) ​ contractual life (years) 295,651 ​ August 3, 2024 2.40 0.02 221,448 ​ February 24, 2025 1.75 0.04 350,000 ​ March 17, 2024 1.75 0.01 5,324,000 ​ June 28, 2026 1.44 1.93 700,000 ​ June 28, 2026 1.44 0.25 6,891,099 ​ ​ 2.25 ​ At December 31, 2022, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercise Price Weighted Average remaining Warrants Outstanding ​ Expiry Date ​ ($) ​ contractual life (years) 683,905 ​ April 16, 2023 1.75 0.18 295,652 ​ August 3, 2024 2.40 0.43 119,229 ​ November 25, 2023 2.04 0.10 1,098,786 ​ ​ 0.71
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ Number ​ Exercise Price ​ Number ​ Exercise Price ​ ​ Outstanding ​ ($) ​ Outstanding ​ ($) Outstanding, beginning of the year ​ 10,407,044 ​ 1.10 ​ 2,995,794 ​ 1.33 Issued ​ 3,833,277 ​ 1.75 ​ 8,827,250 ​ 1.16 Exercised ​ (488,900) ​ 0.49 ​ (1,416,000) ​ 0.46 Cancelled ​ (263,500) ​ 2.40 ​ — ​ — Outstanding, end of the year ​ 13,487,921 ​ 1.39 ​ 10,407,044 ​ 1.10
Schedule of assumptions used to calculate the fair value of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Expected dividend yield 0 % 0 % Expected forfeiture rate ​ 0 % 0 % Expected share price volatility 87.92 % 125.83%-129.48 % Risk free interest rate 4.28-4.68 % 0.42%-2.85 % Expected life of options 3-4 years 4.16-5 years
Schedule of details of options outstanding	Details of options outstanding as at December 31, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Options ​ Options ​ Expiry ​ Exercise ​ remaining contractual life Outstanding ​ Exercisable ​ Date ​ Price ($) ​ (years) 780,000 780,000 ​ February 24, 2025 0.80 0.07 240,000 240,000 ​ August 19, 2025 0.45 0.03 3,320,100 3,320,000 ​ January 26, 2026 0.39 0.50 495,000 495,000 ​ February 25, 2026 1.60 0.08 1,343,850 1,343,850 ​ September 29, 2026 0.91 0.27 998,794 998,794 ​ October 25, 2026 2.00 0.20 2,476,900 2,476,900 ​ January 20, 2027 2.40 0.56 3,833,277 — ​ August 8, 2028 1.75 1.31 13,487,921 9,654,544 ​ ​ 3.04 ​ Details of options outstanding as at December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average Options ​ Options ​ Expiry ​ Exercise ​ remaining contractual life Outstanding ​ Exercisable ​ Date ​ Price ($) ( years) 900,000 900,000 ​ February 24, 2025 0.80 0.19 240,000 240,000 ​ August 19, 2025 0.45 0.06 3,689,000 3,689,000 ​ January 26, 2026 0.39 1.09 495,000 495,000 ​ February 25, 2026 1.60 0.15 1,343,850 1,343,850 ​ September 29, 2026 0.91 0.48 998,794 998,794 ​ October 25, 2026 2.00 0.37 2,740,400 2,740,400 ​ January 20, 2027 2.62 1.07 10,407,044 10,407,044 ​ ​ 3.41 ​
Schedule of DSU granted	​ ​ ​ ​ ​ ​ ​ ​ ​ Number Market Price 1 Fair Value ​ ​ Outstanding ​ ($) ​ ($) DSUs outstanding at December 31, 2022 200,000 1.49 298,000 DSUs granted during the year 2 600,951 1.33 798,122 DSUs redeemed during the year (69,976) 1.19 (83,527) Fair value adjustment — ​ (128,114) DSUs outstanding at December 31, 2023 730,975 1.21 884,481 ​ 1. According to the DSU plan, Market Price is the volume weighted average price on the TSXV for the last five trading days immediately preceding the grant date. 2. DSUs were granted on March 31, Jun 30, Sept 30 and December 31, 2023. The market price of $1.33 represented the weighted average price for those grants. ​ ​ ​ ​ ​ ​ ​ ​ ​ Number Market Price Fair Value ​ ​ Outstanding ​ ($) ​ ($) DSUs outstanding at December 31, 2021 — — — DSUs granted during the year 200,000 1.49 298,000 DSUs outstanding at December 31, 2022 200,000 1.49 298,000

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Directors and officers of the Company 93,795 43,235 ​ 93,795 43,235 Between March 2 and March 3, 2022, PNRC issued Promissory Notes to its officers and directors as well as its shareholders as below: ​ ​ ​ ​ ​ ​ $ Directors and officers of the Company 35,000 ThreeD Capital Inc. 762,180 NAN 1,270,000 ​ 2,067,180 ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Management fees 3,122,689 2,418,984 Corporate and administration expenses 467,637 102,884 Share base payment 657,138 4,623,089 ​ 4,247,464 7,144,957 ​

RISK MANAGEMENT (Tables)

RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
RISK MANAGEMENT
Schedule of foreign currency denominated financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term exposure Long-term exposure ​ ​ USD BWP ​ BWP ​ ​ $ ​ $ ​ $ December 31, 2023 Financial assets 2,576,180 755,386 54,082,922 Financial liabilities (501,458) (4,851,201) (3,508,714) Total exposure 2,074,722 (4,095,815) 50,574,208 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Short-term exposure Long-term exposure ​ ​ USD BWP ​ BWP ​ ​ $ ​ $ ​ $ December 31, 2022 Financial assets 2,834,303 473,980 32,058,793 Financial liabilities (1,246,825) (2,176,110) (1,530,341) Total exposure 1,587,478 (1,702,130) 30,528,452
Summary of sensitivity of net loss in relation to the Company's financial assets and financial liabilities and the USD/CAD exchange rate and BWP/CAD exchange rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term exposure ​ ​ Loss for the year ​ loss for the year ​ USD BWP Total BWP ​ ​ $ ​ $ ​ $ ​ $ December 31, 2023 103,736 (204,791) (101,055) 2,528,710 December 31, 2022 79,374 (85,106) (5,732) 1,526,423 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term exposure ​ ​ Loss for the year ​ loss for the year ​ USD BWP Total BWP ​ ​ $ ​ $ ​ $ ​ $ December 31, 2023 (103,736) 204,791 101,055 (2,528,710) December 31, 2022 (79,374) 85,106 5,732 (1,526,423) ​
Schedule of contractual obligations	The following table shows the Company’s contractual obligations as at December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ ​ ​ 1 year ​ 1 - 2 years ​ 2 - 5 years ​ Total ​ ​ $ ​ $ ​ $ ​ $ Trade payables and accrued liabilities 4,280,146 — — 4,280,146 Vehicle financing 95,054 95,054 46,016 236,124 Term Loan 2,088,235 2,088,235 21,926,471 26,102,941 Lease liability 1,611,143 — — 1,611,143 ​ 8,074,578 2,183,289 21,972,487 32,230,354
Summary of the components managed capital	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Shareholder’s equity 9,745,686 3,942,989 Vehicle financing 236,124 164,644 Lease liability 1,611,143 2,731,394 Promissory Note — 7,070,959 Term Loan 17,956,423 — ​ 29,549,376 13,909,986 Cash (19,245,628) (5,162,991) ​ 10,303,748 8,746,995 ​

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENTED INFORMATION
Schedule of information about Company's geographic segments	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Current assets Canada 15,894,177 3,198,344 Barbados 104,024 493,552 Botswana 4,892,707 2,746,450 Total 20,890,908 6,438,346 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Property, plant and equipment Canada 8,726 10,714 Botswana 8,479,773 3,383,956 Total 8,488,499 3,394,670 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Exploration and evaluation assets Botswana 5,844,798 8,578,627 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME TAXES
Schedule of income taxes differs from amounts computed by applying the statutory income tax rates to the reported loss before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ ​ Loss before income taxes ​ ​ (32,900,600) ​ ​ (27,306,350) ​ Statutory tax rate ​ 26.50 % 26.50 % Expected income tax recovery at the statutory tax rate ​ (8,718,659) ​ (7,236,183) ​ Permanent differences and other ​ (25,642) ​ 7,227 ​ Stock based payment ​ 351,695 ​ (2,378,349) ​ Fair value adjustment on warrants ​ — ​ 2,127,716 ​ Change in estimates and other ​ 31,343 ​ (520,103) ​ Differences in foreign tax rates ​ 510,308 ​ 360,345 ​ Change in deferred tax assets not recognized ​ 7,326,424 ​ 7,639,347 ​ Income tax recovery ​ ​ (524,531) ​ ​ — ​
Schedule of deferred tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ Deferred tax asset ​ ​ — ​ ​ — Non-capital losses available for carry forward ​ 1,362,834 ​ 94,260 Right-of-use asset ​ 354,451 ​ 600,907 Deferred tax liabilities ​ ​ Term Loan ​ (512,921) ​ Right of use asset ​ (1,204,364) ​ (695,166) Net deferred tax asset (liability) ​ ​ — ​ ​ —
Schedule of unrecognized deductible temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2023 ​ 2022 ​ ​ $ ​ $ Exploration and evaluation assets ​ ​ 4,312,654 ​ ​ 1,243,480 Loss carry forwards ​ 20,894,974 ​ 10,066,250 Share issuance costs ​ 5,067,311 ​ 2,124,869 Equipment ​ 2,633,800 ​ 3,397 Total unrecognized deductible temporary differences ​ ​ 32,908,739 ​ ​ 13,437,996
Schedule of tax losses that have not been recognized expire	​ ​ ​ ​ ​ ​ Losses ​ ​ $ 2029 ​ ​ 1,317,415 2030 ​ 1,768,436 2038 ​ 101,573 2039 ​ 351,131 2040 ​ 942,144 2041 ​ 1,390,127 2042 ​ 1,891,361 2043 ​ 8,429,181 Indefinite ​ 4,703,606 ​ ​ ​ 20,894,974

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 ​ ​ $ ​ $ Management fee 3,122,689 2,418,984 Advisory and consultancy 512,909 1,895,004 Consulting fees 1,017,842 455,228 General office expenses 1,119,026 735,518 Filing fees 285,205 109,701 Investor relationships 581,903 375,632 Professional fees 945,623 1,155,306 Salaries and benefits 367,267 115,367 Insurance 721,577 370,287 Total 8,674,041 7,631,027 ​

NATURE OF OPERATIONS AND GOIN_2

NATURE OF OPERATIONS AND GOING CONCERN (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NATURE OF OPERATIONS AND GOING CONCERN
Operating cash flows	$ (30,891,318)	$ (25,588,522)
Net loss for the year	$ (32,376,069)	$ (27,306,350)

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of preparation (Details)	12 Months Ended
	Dec. 31, 2023 segment
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Number of reportable segments	1
Number of operating segments	3

BASIS OF PRESENTATION AND SIG_4

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Basis of consolidation (Details)	Dec. 31, 2023	Aug. 03, 2022
Premium Nickel Resources Corporation (PNRC)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage of acquisition of outstanding shares (%)		100%
NAN Exploration Inc.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
PNR Amalco Ltd.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
Premium Nickel Resources International Ltd.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
PNR Selkirk Group (Barbados) Limited
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
PNR Selebi (Barbados) Limited
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
Premium Nickel Group Proprietary Limited
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%
Premium Nickel Resources Proprietary Limited
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Percentage Ownership	100%

BASIS OF PRESENTATION AND SIG_5

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment (Details)	Dec. 31, 2023
Exploration Equipment
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	5 years
Computer and software
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	2 years
Generator
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	5 years
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	4 years
Furniture and Fixtures
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	10 years
Buildings
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life (years)	25 years

CRITICAL ACCOUNTING JUDGMENTS_2

CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Details)	Dec. 31, 2023 CAD ($)
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
Carrying value of exploration and evaluation assets	$ 8,594,798

AMALGAMATION - Transaction Part

AMALGAMATION - Transaction Particulars (Details)	Aug. 03, 2022 shares	Apr. 26, 2022	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Aug. 02, 2022 shares
AMALGAMATION
Share consolidation ratio	5
Common shares, shares outstanding			149,300,920	116,521,343
Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
Shares issued (in shares)	82,157,536
Assets acquisition, exchange outstanding shares	77,948,368				77,948,368
Ownership percentage (in percent)	27.90%
Premium Nickel Resources Corporation (PNRC) | Shareholders of PNRC prior to the RTO
AMALGAMATION
Ownership percentage (in percent)	72.10%
NAN
AMALGAMATION
Share consolidation ratio	5	5
Common shares, shares outstanding	31,748,399
NAN | Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
Exchange rate	1.054
Shares issued (in shares)	82,157,536
Common shares, shares outstanding	113,905,935

AMALGAMATION - Allocation of co

AMALGAMATION - Allocation of cost of acquisition (Details)		12 Months Ended
	Aug. 03, 2022 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2023 CAD ($)	Aug. 02, 2022 CAD ($) Y shares
AMALGAMATION
Cash		$ 5,162,991	$ 19,245,628
Property, plant and equipment		3,394,670	$ 8,488,499
Reduction to additional paid-in capital as a result of the recapitalization		$ 29,174,415
NAN
AMALGAMATION
Fair value of warrants				$ 2,228,340
NAN | Expected dividend yield
AMALGAMATION
Warrants, measurement input	0
NAN | Measurement Input, Expected Forfeiture Rate [Member]
AMALGAMATION
Warrants, measurement input	0
NAN | Risk free interest rate
AMALGAMATION
Warrants, measurement input	3.18
NAN | Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
Shares held (in shares) | shares				7,667,707
Percentage of warrants held (in percent)				15%
Maximum percentage of outstanding capital called by warrants held (in percent)				15%
Exercise price of the warrant				$ 10,000,000
Fair value of warrants				28,275,255
Fair value of shares				$ 19,710,608
NAN | Premium Nickel Resources Corporation (PNRC) | Expected life of warrant
AMALGAMATION
Warrants, measurement input | Y				2.57
NAN | Premium Nickel Resources Corporation (PNRC) | Expected dividend yield
AMALGAMATION
Warrants, measurement input				0
NAN | Premium Nickel Resources Corporation (PNRC) | Risk free interest rate
AMALGAMATION
Warrants, measurement input				0.0314
NAN | Premium Nickel Resources Corporation (PNRC) | Expected share price volatility
AMALGAMATION
Warrants, measurement input				1.4163
NAN | Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
FV of shares transferred	$ 77,431,152
FV of options, warrants and agent warrants	9,665,577
FV of preferred shares	31,516
Settlement of pre-existing relationship - 15% warrant and shares*	(47,985,863)
Total FV of consideration transferred	39,142,383
Cash	11,051,917
Trade and other receivables	450,522
Property, plant and equipment	14,111
Trade payables and accrued liabilities	(1,548,582)
Net assets acquired	9,967,968
Reduction to additional paid-in capital as a result of the recapitalization	$ 29,174,415

AMALGAMATION - Options and Warr

AMALGAMATION - Options and Warrants (Details) - CAD ($)	Aug. 03, 2022	Aug. 02, 2022
AMALGAMATION
Transaction costs incurred and expensed		$ 2,327,125
Replacement Options
AMALGAMATION
Options issued (in shares)	8,827,250
Fair value of options	$ 5,138,022
PNRC Options
AMALGAMATION
Options exchanged (in shares)	8,375,000
Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
Unvested options outstanding (in shares)		2,383,333
NAN
AMALGAMATION
Unvested options outstanding (in shares)		2,995,794
Fair value of warrants		$ 2,228,340
Preferred shares outstanding (in shares)		118,186
Common shares issuable upon conversion of preferred shares (in shares)		13,131
NAN | Premium Nickel Resources Corporation (PNRC)
AMALGAMATION
Fair value of options, warrants and preferred shares	$ 9,665,577

AMALGAMATION - Fair value of NA

AMALGAMATION - Fair value of NAN's options and warrants (Details)		12 Months Ended
	Aug. 03, 2022 Y $ / shares	Dec. 31, 2023	Dec. 31, 2022 CAD ($)	Aug. 02, 2022 $ / shares
Assumptions used in determination of fair value of options
Expected dividend yield		0%	0%
Expected forfeiture rate		0%	0%
Expected share price volatility		87.92%
Loss from RTO recognized in other income | $			$ 29,174,415
Maximum
Assumptions used in determination of fair value of options
Expected share price volatility			129.48%
Risk free interest rate		4.68%	2.85%
Remaining life of options		4 years	5 years
Minimum
Assumptions used in determination of fair value of options
Expected share price volatility			125.83%
Risk free interest rate		4.28%	0.42%
Remaining life of options		3 years	4 years 1 month 28 days
NAN
Assumptions used in determination of fair value of options
Expected dividend yield	0%
Expected forfeiture rate	0%
Share price of last financing	$ 0.48
NAN | Maximum
Assumptions used in determination of fair value of options
Expected share price volatility	143.30%
Risk free interest rate	3.08%
Remaining life of options	4 years 2 months 23 days
NAN | Minimum
Assumptions used in determination of fair value of options
Expected share price volatility	133.15%
Risk free interest rate	2.85%
Remaining life of options	2 years 6 months 21 days
NAN | Expected dividend yield
AMALGAMATION
Warrants, measurement input	0
NAN | Expected forfeiture rate
AMALGAMATION
Warrants, measurement input	0
NAN | Stock price
AMALGAMATION
Warrants, measurement input	0.48
NAN | Expected share price volatility | Maximum
AMALGAMATION
Warrants, measurement input	113.22
NAN | Expected share price volatility | Minimum
AMALGAMATION
Warrants, measurement input	64.91
NAN | Risk free interest rate
AMALGAMATION
Warrants, measurement input	3.18
NAN | Remaining life of warrants | Maximum
AMALGAMATION
Warrants, measurement input | Y	2
NAN | Remaining life of warrants | Minimum
AMALGAMATION
Warrants, measurement input | Y	3
Premium Nickel Resources Corporation (PNRC)
Assumptions used in determination of fair value of options
Share price of last financing				$ 2

OTHER RECEIVABLES (Details)

OTHER RECEIVABLES (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
OTHER RECEIVABLES
HST paid on purchases	$ 301,618	$ 445,128
VAT paid on purchases	223,776	359,502
Other receivables	7,441
Total Other Receivables	$ 532,835	$ 804,630

EXPLORATION AND EVALUATION AS_3

EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Beginning balance of exploration and evaluation assets	$ 8,578,627
Ending balance of exploration and evaluation assets	8,594,798	$ 8,578,627
Exploration and evaluation assets
PROPERTY, PLANT AND EQUIPMENT
Beginning balance of exploration and evaluation assets	8,578,627
Acquisition costs/Addition costs	483,883	8,578,627
Foreign currency translation	(467,712)
Ending balance of exploration and evaluation assets	8,594,798	8,578,627
Exploration and evaluation assets | Botswana | Selebi
PROPERTY, PLANT AND EQUIPMENT
Beginning balance of exploration and evaluation assets	8,251,518
Acquisition costs/Addition costs	483,883	8,251,518
Foreign currency translation	(449,878)
Ending balance of exploration and evaluation assets	8,285,523	8,251,518
Exploration and evaluation assets | Botswana | Selkrik
PROPERTY, PLANT AND EQUIPMENT
Beginning balance of exploration and evaluation assets	327,109
Acquisition costs/Addition costs		327,109
Foreign currency translation	(17,834)
Ending balance of exploration and evaluation assets	$ 309,275	$ 327,109

EXPLORATION AND EVALUATION AS_4

EXPLORATION AND EVALUATION ASSETS - Botswana Assets (Details)				10 Months Ended		12 Months Ended
	Aug. 16, 2023 km² km	Sep. 28, 2021 CAD ($) installment	Sep. 28, 2021 USD ($)	Jan. 31, 2022 CAD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Aug. 15, 2023 km²	Sep. 28, 2021 USD ($) installment
Exploration and evaluation assets
Percentage of interest to be acquired in two additional deposits	100%
Selebi
Exploration and evaluation assets
Aggregate purchase price payable		$ 76,862,200	$ 56,750,000
Selkrik
Exploration and evaluation assets
Aggregate purchase price payable		327,109	244,954
Selebi
Exploration and evaluation assets
Cash consideration on first installment paid		$ 2,086,830	$ 1,750,000
Number of installments | installment		3							3
Second installment amount		$ 33,860,000							$ 25,000,000
Period for extension of expiry date of study phase for payment of second installment		1 year	1 year
Third installment amount		$ 40,632,000							$ 30,000,000
Threshold period for payment of third installment of consideration after the approval by the minister of MMRGTES		4 years	4 years
Payment of care and maintenance funding contribution		$ 6,164,688	$ 5,178,747	$ 6,164,688	$ 5,178,747
Increase in northern boundary of mining license | km	3.7
Mining license area | km²	153.7							115
Upfront cost for additional mineral properties							$ 1,000,000
Additional work commitments agreed							$ 5,000,000
Period for additional work commitments						4 years	4 years
Percentage of increase in remaining asset purchase obligation						10%	10%
Increase in remaining asset purchase obligation						$ 7,436,000	$ 5,500,000
NSR (percent)						2%	2%
Percentage of buy-back of NSR						50%	50%

EXPLORATION AND EVALUATION AS_5

EXPLORATION AND EVALUATION ASSETS - General Exploration Expenses (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Exploration and evaluation assets
Site operations & administration	$ 1,137,440	$ 1,634,611
Care and maintenance	2,633,418	5,137,228
Geology	3,199,926	1,723,424
Drilling	3,320,588	7,154,992
Geophysics	1,998,414	1,659,400
Engineering	5,158,100	2,019,478
Environmental, social and governance	417,002	231,117
Metallurgy and processing	267,030	80,124
Technical studies	33,108	58,503
Health and safety	323,604	275,118
Water treatment project	140,545	14,055
Mine re-development	463,083
Licensing and others	87,405	169,651
Total	19,179,663	20,157,701
Botswana | Selebi
Exploration and evaluation assets
Site operations & administration	854,277	1,588,871
Care and maintenance	2,633,418	5,137,228
Geology	3,044,671	1,560,892
Drilling	3,313,797	7,146,446
Geophysics	1,860,531	1,646,847
Engineering	5,115,616	1,953,239
Environmental, social and governance	417,002	196,131
Metallurgy and processing	80,770	75,362
Technical studies	25,273	46,397
Health and safety	322,591	275,118
Water treatment project	140,545	14,055
Mine re-development	398,500
Licensing and others	87,405	169,651
Total	18,294,396	19,810,237
Botswana | Selkrik
Exploration and evaluation assets
Site operations & administration	283,163	45,740
Geology	155,255	162,532
Drilling	6,791	8,546
Geophysics	137,883	12,553
Engineering	42,484	66,239
Environmental, social and governance		34,986
Metallurgy and processing	186,260	4,762
Technical studies	7,835	12,106
Health and safety	1,013
Mine re-development	64,583
Total	$ 885,267	$ 347,464

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cost
Beginning balance, Cost	$ 3,491,213
Leased assets, Additions, Cost	1,023,615	$ 3,077,421
Additions, Cost	6,061,525	3,491,213
Foreign currency translation, Cost	(221,464)
Ending balance, Cost	9,331,274	3,491,213
Accumulated Depreciation
Beginning balance, Accumulated Depreciation	96,543
Depreciation during the year	744,783	96,543
Foreign currency translation, Accumulated Depreciation	1,449
Ending balance, Accumulated Depreciation	842,775	96,543
Carrying Value
Beginning balance excluding leases assets, Carrying Value	3,394,670
Beginning balance, Carrying Value	3,394,670
Ending balance excluding leases assets, Carrying Value	8,488,499	3,394,670
Ending balance, Carrying Value	8,488,499	3,394,670
Land and Buildings (ROU Assets)
Cost
Beginning balance of leased assets, Cost	3,077,420
Leased assets, Additions, Cost		3,077,420
Leased assets, Foreign currency translation, Cost	(167,783)
Ending balance of leased assets, Cost	2,909,637	3,077,420
Accumulated Depreciation
Beginning balance of leased assets, Accumulated Depreciation	51,123
Depreciation during the year	119,133	51,123
Ending balance of leased assets, Accumulated Depreciation	170,256	51,123
Carrying Value
Beginning balance of leased assets, Carrying Value	3,026,297
Ending balance of leased assets, Carrying Value	2,739,381	3,026,297
Exploration Equipment (ROU Assets)
Cost
Leased assets, Additions, Cost	1,023,615
Ending balance of leased assets, Cost	1,023,615
Accumulated Depreciation
Depreciation during the year	85,301
Ending balance of leased assets, Accumulated Depreciation	85,301
Carrying Value
Ending balance of leased assets, Carrying Value	938,314
Exploration Equipment
Cost
Beginning balance excluding leases assets, Cost	11,973
Excluding leases assets, Additions, Cost	4,190,484	11,973
Ending balance excluding leases assets, Cost	4,202,457	11,973
Accumulated Depreciation
Beginning balance excluding leases assets, Accumulated Depreciation	1,447
Depreciation during the year	306,112	1,447
Ending balance excluding leases assets, Accumulated Depreciation	307,559	1,447
Carrying Value
Beginning balance excluding leases assets, Carrying Value	10,526
Ending balance excluding leases assets, Carrying Value	3,894,898	10,526
Furniture and Fixtures
Cost
Beginning balance excluding leases assets, Cost	126,605
Excluding leases assets, Additions, Cost	65,998	126,605
Excluding leases assets, Foreign currency translation, Cost	(704)
Ending balance excluding leases assets, Cost	191,899	126,605
Accumulated Depreciation
Beginning balance excluding leases assets, Accumulated Depreciation	1,872
Depreciation during the year	14,030	1,872
Excluding leases assets, Foreign currency translation, Accumulated Depreciation	3,177
Ending balance excluding leases assets, Accumulated Depreciation	19,079	1,872
Carrying Value
Beginning balance excluding leases assets, Carrying Value	124,733
Ending balance excluding leases assets, Carrying Value	172,820	124,733
Generator
Cost
Beginning balance excluding leases assets, Cost	31,381
Excluding leases assets, Additions, Cost	8,557	31,381
Excluding leases assets, Foreign currency translation, Cost	(1,711)
Ending balance excluding leases assets, Cost	38,227	31,381
Accumulated Depreciation
Beginning balance excluding leases assets, Accumulated Depreciation	562
Depreciation during the year	6,212	562
Excluding leases assets, Foreign currency translation, Accumulated Depreciation	1,775
Ending balance excluding leases assets, Accumulated Depreciation	8,549	562
Carrying Value
Beginning balance excluding leases assets, Carrying Value	30,819
Ending balance excluding leases assets, Carrying Value	29,678	30,819
Vehicles
Cost
Beginning balance excluding leases assets, Cost	241,884
Excluding leases assets, Additions, Cost	187,310	241,884
Excluding leases assets, Foreign currency translation, Cost	(31,162)
Ending balance excluding leases assets, Cost	398,032	241,884
Accumulated Depreciation
Beginning balance excluding leases assets, Accumulated Depreciation	39,589
Depreciation during the year	69,997	39,589
Excluding leases assets, Foreign currency translation, Accumulated Depreciation	(3,503)
Ending balance excluding leases assets, Accumulated Depreciation	106,083	39,589
Carrying Value
Beginning balance excluding leases assets, Carrying Value	202,295
Ending balance excluding leases assets, Carrying Value	291,949	202,295
Computer and software
Cost
Beginning balance excluding leases assets, Cost	1,950
Excluding leases assets, Additions, Cost	585,561	1,950
Excluding leases assets, Foreign currency translation, Cost	(20,104)
Ending balance excluding leases assets, Cost	567,407	1,950
Accumulated Depreciation
Beginning balance excluding leases assets, Accumulated Depreciation	1,950
Depreciation during the year	143,998	1,950
Ending balance excluding leases assets, Accumulated Depreciation	145,948	$ 1,950
Carrying Value
Ending balance excluding leases assets, Carrying Value	421,459
Drilling equipment
Cost
Excluding leases assets, Additions, Cost	$ 1,023,000

TRADE PAYABLES AND ACCRUED LI_3

TRADE PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
TRADE PAYABLES AND ACCRUED LIABILITIES
Amounts due to related parties	$ 93,795	$ 43,235
Trade payables	2,383,196	3,660,519
Accrued liabilities	1,803,155	321,962
Total trade payables and accrued liabilities	$ 4,280,146	$ 4,025,716

PROMISSORY NOTE (Details)

PROMISSORY NOTE (Details) - CAD ($)				12 Months Ended
	Jun. 28, 2023	Mar. 17, 2023	Nov. 21, 2022	Dec. 31, 2023	Dec. 31, 2022
PROMISSORY NOTE
Interest paid				$ 793,392
Accretion of the warrant value and transaction fee				341,177
Bridge Loan, Promissory Note
PROMISSORY NOTE
Principal amount			$ 7,000,000
Net proceeds			6,740,000
Commitment fee, payment of restatement fees			$ 260,000
Interest rate (as a percent)			10%
Payment of accrued interest	$ 412,329
Repayment of Promissory Note	7,637,329
A&R Promissory Note
PROMISSORY NOTE
Commitment fee, payment of restatement fees	$ 225,000
Amendment and restatement fee agreed to be paid		$ 225,000		225,000
A&R Promissory Note | Lender Warrants
PROMISSORY NOTE
Number of shares purchased by warrant issued		350,000
Number of shares purchased by each warrant		1
Warrant exercise price		$ 1.75
Warrants term		1 year
Warrants cancelled		119,229
Interest paid				341,370	$ 70,959
Accretion of the warrant value and transaction fee				341,117	$ 0
Fair value of warrants				$ 116,177

PROMISSORY NOTE- Lender warrant

PROMISSORY NOTE- Lender warrants fair value assumptions (Details) - Lender Warrants	Mar. 31, 2023 $ / shares Y
Expected dividend yield
PROMISSORY NOTE
Warrants, measurement input	0
Stock price
PROMISSORY NOTE
Warrants, measurement input | $ / shares	1.40
Expected share price volatility
PROMISSORY NOTE
Warrants, measurement input	0.772
Risk free interest rate
PROMISSORY NOTE
Warrants, measurement input	0.0349
Expected life of warrant
PROMISSORY NOTE
Warrants, measurement input | Y	1

TERM LOAN (Details)

TERM LOAN (Details)			12 Months Ended
	Dec. 14, 2023 CAD ($) $ / shares shares	Jun. 28, 2023 CAD ($) item $ / shares shares	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)
TERM LOAN
Proceeds from financing transactions	$ 21,600,000	$ 33,999,200
Number of transactions in financing | item		3
Proceeds form offering of equity		$ 16,249,200	$ 39,774,312	$ 23,404,857
Term of debt		3 years
Proceeds from NSR option		$ 2,750,000
Net smelter returns royalty (as a percent)		0.50%
Interest rate on default (as a percent)		15%
Minimum repayment amount		$ 500,000
Minimum repayment amount, integral multiplier		$ 100,000
Prepayment term		1 year
Prepayment fee (as a percent)		10%
Non-Transferable Warrants
TERM LOAN
Number of shares purchased by warrant | shares		2,000,000
Number of shares purchased by each warrant | shares		1
Warrant exercise price | $ / shares		$ 1.4375
Warrants term		3 years
Fair value of warrants	$ 275,961	$ 1,435,350
Proceeds allocated to warrants		1,352,054
Transaction costs allocated to warrants		83,296
Non-transferable additional warrants
TERM LOAN
Number of shares purchased by warrant | shares	700,000
Number of shares purchased by each warrant | shares	1
Warrant exercise price | $ / shares	$ 1.4375
Warrants hold period	4 months
Warrants recorded in equity	$ 275,961	1,352,054
Term loan
TERM LOAN
Principal amount of the Term Loan	$ 20,882,353	$ 15,000,000
Interest rate (as a percent)	10%	10%
Fee on change of control (as a percent)		10%
Additional principal amount	$ 5,882,353
Discount on issue of debt (as a percent)	15%
Proceeds from debt	$ 5,000,000
Fair value of warrants	$ 275,961	$ 1,435,350

TERM LOAN - Non transferable wa

TERM LOAN - Non transferable warrants fair value assumptions (Details) - Non-Transferable Warrants	Dec. 14, 2023 $ / shares Y	Jun. 28, 2023 $ / shares Y
Expected dividend yield
Fair value assumptions
Warrants, measurement input	0	0
Stock price
Fair value assumptions
Warrants, measurement input | $ / shares	1.14	1.35
Expected share price volatility
Fair value assumptions
Warrants, measurement input	0.6354	0.9206
Risk free interest rate
Fair value assumptions
Warrants, measurement input	0.0373	0.0413
Expected life of warrant
Fair value assumptions
Warrants, measurement input | Y	2.54	3

TERM LOAN - Schedule of term lo

TERM LOAN - Schedule of term loan activity (Details) - CAD ($)			12 Months Ended
	Jun. 28, 2023	Mar. 17, 2023	Dec. 31, 2023	Dec. 14, 2023
TERM LOAN
Interest expenses of Term Loan			$ 793,392
Legal fees	$ 736,067
Fort Capital Partners
TERM LOAN
Financial advisor fees paid on original principal amount			375,000
Financial advisor fees paid on additional principal amount			$ 147,059
Financial advisor fee (as a percent)			2.50%
Legal fees			$ 736,067
Legal fees associated with second amended and restated letter			72,153
Promissory notes
TERM LOAN
Repayment of notes		$ 7,637,329
Term loan
TERM LOAN
Principal amount of the Term Loan	15,000,000			$ 20,882,353
Fair value of the attached warrants	(1,435,350)			(275,961)
Fair value of loan	$ 13,564,650			17,913,842
Transaction costs				(787,175)
Accretion of warrant value and transaction costs			42,581	631,540
Fair value of loan as of December 14, 2023				13,409,015
Additional principal amount of loan on Dec 14, 2023				5,882,353
Loan issue discount				(882,353)
Transaction fee for modification				$ (219,212)
Loan outstanding			17,956,423
Term loan | Fort Capital Partners
TERM LOAN
Legal fees			$ 495,471

LEASE LIABILITY (Details)

LEASE LIABILITY (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASE LIABILITY
Lease liabilities, beginning of the year	$ 2,731,394
Current portion of lease liability (less than one year)	1,611,143	$ 1,365,697
Long-term lease liability (one to five years)		1,365,697
Lease additions	1,035,000	3,213,404
Lease payment	(2,241,906)	(550,295)
Interest expense on lease liabilities	301,098	68,285
Impact of FX translation	(214,443)
Lease liabilities, end of the year	$ 1,611,143	$ 2,731,394

LEASE LIABILITY - Lease cost an

LEASE LIABILITY - Lease cost and other supplemental lease (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 204,434	$ 51,124
Interest expense on lease liabilities	301,098	68,285
Lease payment	$ (2,241,906)	$ (550,295)

LEASE LIABILITY - Additional in

LEASE LIABILITY - Additional information (Details)

1 Months Ended

12 Months Ended

Aug. 01, 2024 CAD ($)

Aug. 01, 2024 BWP (P)

Jul. 01, 2023 CAD ($)

Jul. 01, 2023 BWP (P)

Mar. 14, 2023 CAD ($) item

Aug. 17, 2022 CAD ($)

Aug. 17, 2022 BWP (P)

Jul. 09, 2022 CAD ($) item

Jul. 09, 2022 BWP (P) item

Mar. 31, 2023 CAD ($)

Dec. 31, 2023 CAD ($)

Dec. 31, 2022 CAD ($)

Right-of-Use Assets

Aggregate purchase price payable

$ 1,035,000

$ 3,213,404

Discount rate for finance lease

6%

6%

Syringa Lodge

Right-of-Use Assets

Aggregate purchase price payable

$ 3,213,404

P 30,720,000

Amount of deposit paid

$ 482,011

P 4,608,000

Number of installments (excluding deposit) | item

2

2

Amount of installment

$ 1,365,697

P 13,056,000

$ 1,365,697

P 13,056,000

Number of monthly interest installments, year one | item

12

12

Syringa Lodge | Installment payments, year one

Right-of-Use Assets

Amount of monthly interest installments

$ 13,657

P 130,560

Syringa Lodge | Installment payments, year two

Right-of-Use Assets

Amount of monthly interest installments

$ 6,828

P 65,280

Drilling Equipment

Right-of-Use Assets

Aggregate purchase price payable

$ 2,942,000

Amount of deposit paid

$ 1,700,000

Number of monthly interest installments, year one | item

12

Amount of monthly interest installments

$ 103,500

Purchase price

$ 2,735,000

Implied interest rate (as a percent)

35%

NSR OPTION (Details)

NSR OPTION (Details)		12 Months Ended
	Jun. 28, 2023 CAD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
NSR Option
Proceeds from NSR option	$ 2,750,000
Option Payment
NSR Option
Proceeds from NSR option	$ 2,750,000
Number of subsidiaries	2
Fair value of call option		$ 0
Fair value of put option		$ 0
Option Payment | Premium Nickel Resources Proprietary Limited
NSR Option
Proceeds from NSR option	$ 2,500,000
Option Payment | Premium Nickel Group Proprietary Limited
NSR Option
Proceeds from NSR option	$ 250,000
Selebi NSR | Premium Nickel Resources Proprietary Limited
NSR Option
Percentage of NSR option which may be repurchased		50%
Amount due to liquidator upon repurchase of NSR option		$ 20,000,000
Selebi NSR | Premium Nickel Resources Proprietary Limited | Selebi Mines
NSR Option
Percentage of NSR royalty retained by the liquidator		2%
Selebi NSR | Premium Nickel Resources Proprietary Limited | Selebi Mines | Cymbria
NSR Option
Repurchase option, percentage of NSR royalty		0.50%
Percentage of repurchase price payable		50%
Amount of payment by third party to acquire NSR royalty		$ 10,675,231	$ 8,102,500
Selkirk NSR | Premium Nickel Group Proprietary Limited
NSR Option
Amount due to liquidator upon repurchase of NSR option		$ 2,000,000
Selkirk NSR | Premium Nickel Group Proprietary Limited | Selkirk Mine
NSR Option
Percentage of NSR royalty retained by the liquidator		1%
Selkirk NSR | Premium Nickel Group Proprietary Limited | Selkirk Mine | Cymbria
NSR Option
Repurchase option, percentage of NSR royalty		0.50%
Amount of payment by third party to acquire NSR royalty		$ 1,067,523	$ 810,250

SHARE CAPITAL, WARRANTS AND O_3

SHARE CAPITAL, WARRANTS AND OPTIONS - Common Shares Issued and Outstanding (Details)						1 Months Ended		12 Months Ended
	Dec. 14, 2023 CAD ($) $ / shares shares	Jun. 28, 2023 CAD ($) $ / shares shares	Feb. 24, 2023 CAD ($) $ / shares shares	Aug. 03, 2022 shares	Apr. 26, 2022	Apr. 30, 2022 CAD ($) $ / shares shares	Apr. 30, 2022 USD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($) shares	Aug. 02, 2022 shares
Common Shares Issued and Outstanding
Common shares, shares authorized								Unlimited	Unlimited
Number of Series 1 convertible preferred shares authorized								100,000,000
Proceeds from issuance of units | $		$ 16,249,200						$ 39,774,312	$ 23,404,857
Cash commission paid | $								$ 2,808,231	$ 1,535,727
Number of warrants issued								6,595,448	119,229
Legal fees | $		736,067
Share issuance costs | $		240,596
Assumptions used to calculate fair value of warrants
Proceeds from financing transactions | $	$ 21,600,000	$ 33,999,200
Number of common shares issued								149,300,920	116,521,343
Number of common shares outstanding								149,300,920	116,521,343
Share capital issued through private placement | $								$ 39,774,313	$ 22,388,599
Share consolidation ratio				5
EdgePoint
Common Shares Issued and Outstanding
Issue price per share or unit | $ / shares		$ 1.10
Proceeds from issuance of units | $		$ 16,249,200
Number of shares exercisable for each warrant		1
Number of units issued		14,772,000
Broker Warrants
Assumptions used to calculate fair value of warrants
Expected dividend yield			0%
Stock price | $ / shares			$ 1.73
Expected share price volatility			0.7752%
Risk free interest rate			0.0428%
Expected life of warrant			2 years
Transferrable Warrants
Assumptions used to calculate fair value of warrants
Expected dividend yield		0%
Stock price | $ / shares		$ 1.35
Expected share price volatility		0.9206%
Risk free interest rate		0.0413%
Expected life of warrant		3 years
Transferrable Warrants | EdgePoint
Common Shares Issued and Outstanding
Each unit of common share		1
Warrants issued on number of common shares purchase (in percent)		22.50%
Warrant exercise price | $ / shares		$ 1.4375
Fair value of warrants | $		$ 1,898,349
Number of warrants in a unit		1
Warrants term		3 years
Number of warrants issuable		3,324,000
Premium Nickel Resources Corporation (PNRC)
Assumptions used to calculate fair value of warrants
Exchange Ratio									1.054
Shares issued (in shares)				82,157,536
Assets acquisition, exchange outstanding shares				77,948,368						77,948,368
Premium Nickel Resources Corporation (PNRC) | NAN
Assumptions used to calculate fair value of warrants
Number of common shares outstanding				113,905,935
Exchange rate				1.054
Shares issued (in shares)				82,157,536
NAN
Assumptions used to calculate fair value of warrants
Number of common shares outstanding				31,748,399
Share consolidation ratio				5	5
Brokered private placement
Common Shares Issued and Outstanding
Number of shares issued			4,437,184
Issue price per share or unit | $ / shares	$ 1.20		$ 1.75
Proceeds from issuance of units | $	$ 15,760,040		$ 7,765,072
Cash commission paid | $	$ 796,983	$ 812,460	$ 473,383
Cash commission paid on percentage of gross proceeds (in percent)	6%	5%	6%
Cash commission paid to president's list purchasers on percentage of gross proceeds (in percent)	3%		3%
Legal fees | $			$ 133,164
Assumptions used to calculate fair value of warrants
Number of common shares issued	13,133,367
Brokered private placement | EdgePoint
Common Shares Issued and Outstanding
Number of shares issued	1,265,800
Brokered private placement | Broker Warrants
Common Shares Issued and Outstanding
Warrants issued on number of common shares sold (in percent)			6%
Warrants issued to president's list purchasers on number of common shares sold (in percent)			3%
Number of shares exercisable for each warrant			1
Warrant exercise price | $ / shares			$ 1.75
Number of warrants issued			221,448
Fair value of warrants | $			$ 167,939
Non-brokered private placement | Premium Nickel Resources Corporation (PNRC)
Common Shares Issued and Outstanding
Issue price per share or unit | $ / shares						$ 2
Proceeds from issuance of units						$ 22,388,599	$ 17,731,238
Cash commission paid on percentage of gross proceeds (in percent)						6%	6%
Assumptions used to calculate fair value of warrants
Number of common shares issued						8,936,167
Non-brokered private placement | Premium Nickel Resources Corporation (PNRC) | Finders
Common Shares Issued and Outstanding
Number of shares issued						70,548	70,548
Cash commission paid | $						$ 1,535,727
Assumptions used to calculate fair value of warrants
Common shares issued on units (in percent)						6%	6%
Share capital issued through private placement | $						$ 176,398

SHARE CAPITAL, WARRANTS AND O_4

SHARE CAPITAL, WARRANTS AND OPTIONS - Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number Outstanding
Outstanding, beginning of the year	1,098,786	0
Adjustment pursuant to the RTO		2,228,340
Issued	6,595,448	119,229
Exercised	(100,000)	(1,236,408)
Cancelled/expired	(703,135)	(12,375)
Outstanding, end of the year	6,891,099	1,098,786
Weighted Average Exercise Price
Outstanding, beginning of the year	$ 1.96	$ 0
Adjustment pursuant to the RTO		1.11
Issued	1.46	2.04
Exercised	1.75	0.46
Cancelled/expired	1.80	0.45
Outstanding, end of the year	$ 1.50	$ 1.96
Weighted Average remaining contractual life (years)	2 years 3 months	8 months 15 days
Warrants, Expiry Date, April 16, 2023
Number Outstanding
Outstanding, beginning of the year	683,905
Outstanding, end of the year		683,905
Weighted Average Exercise Price
Warrant exercise price		$ 1.75
Weighted Average remaining contractual life (years)		2 months 4 days
Warrants, Expiry Date, August 3, 2024
Number Outstanding
Outstanding, beginning of the year	295,652
Outstanding, end of the year	295,651	295,652
Weighted Average Exercise Price
Warrant exercise price	$ 2.40	$ 2.40
Weighted Average remaining contractual life (years)	7 days	5 months 4 days
Warrants, Expiry Date, February 24, 2025
Number Outstanding
Outstanding, end of the year	221,448
Weighted Average Exercise Price
Warrant exercise price	$ 1.75
Weighted Average remaining contractual life (years)	14 days
Warrants, Expiry Date, March 17, 2024
Number Outstanding
Outstanding, end of the year	350,000
Weighted Average Exercise Price
Warrant exercise price	$ 1.75
Weighted Average remaining contractual life (years)	3 days
Warrants, Expiry Date, June 28, 2026
Number Outstanding
Outstanding, end of the year	5,324,000
Weighted Average Exercise Price
Warrant exercise price	$ 1.44
Weighted Average remaining contractual life (years)	1 year 11 months 4 days
Warrants, Expiry Date, June 28, 2026
Number Outstanding
Outstanding, end of the year	700,000
Weighted Average Exercise Price
Warrant exercise price	$ 1.44
Weighted Average remaining contractual life (years)	3 months
Warrants, Expiry Date, November 25, 2023
Number Outstanding
Outstanding, beginning of the year	119,229
Outstanding, end of the year		119,229
Weighted Average Exercise Price
Warrant exercise price		$ 2.04
Weighted Average remaining contractual life (years)		1 month 6 days

SHARE CAPITAL, WARRANTS AND O_5

SHARE CAPITAL, WARRANTS AND OPTIONS - Stock Options (Details)		12 Months Ended
	Aug. 03, 2022 shares	Dec. 31, 2023 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2021 CAD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares
Assumptions used in determination of fair value of options
Expected dividend yield		0%	0%
Expected forfeiture rate		0%	0%
Expected share price volatility		87.92%
Premium Nickel Resources Corporation (PNRC)
Number Outstanding
Outstanding, beginning of the year	2,383,333
Issued			2,600,000
Weighted Average Exercise Price
Share-based payment expense | $				$ 7,731,117
Exercisable price | (per share)			$ 2.49		$ 2
Assumptions used in determination of fair value of options
Exchange value of private placement | $			$ 20,000,000
Premium Nickel Resources Corporation (PNRC) | Vesting on the date of grant
Assumptions used in determination of fair value of options
Vesting percentage			0.33%
Premium Nickel Resources Corporation (PNRC) | Vesting on the first anniversary
Assumptions used in determination of fair value of options
Vesting percentage			0.33%
Premium Nickel Resources Corporation (PNRC) | Vesting on the second anniversary
Assumptions used in determination of fair value of options
Vesting percentage			0.33%
Minimum
Assumptions used in determination of fair value of options
Expected share price volatility			125.83%
Risk free interest rate		4.28%	0.42%
Remaining life of options		3 years	4 years 1 month 28 days
Maximum
Assumptions used in determination of fair value of options
Expected share price volatility			129.48%
Risk free interest rate		4.68%	2.85%
Remaining life of options		4 years	5 years
Maximum | Premium Nickel Resources Corporation (PNRC)
SHARE CAPITAL, WARRANTS AND OPTIONS
Term of options (in years)			5 years
Plan
SHARE CAPITAL, WARRANTS AND OPTIONS
Term of options (in years)		5 years
Number Outstanding
Outstanding, beginning of the year		10,407,044	2,995,794
Issued		3,833,277	8,827,250
Exercised		(488,900)	(1,416,000)
Cancelled		(263,500)
Outstanding, end of the year		13,487,921	10,407,044	2,995,794
Weighted Average Exercise Price
Outstanding, beginning of the year | $ / shares		$ 1.10	$ 1.33
Issued | $ / shares		1.75	1.16
Exercised | $ / shares		0.49	0.46
Cancelled | $ / shares		2.40
Outstanding, end of the year | $ / shares		$ 1.39	$ 1.10	$ 1.33
Number of options vested		0
Share-based payment expense | $		$ 657,138
Amount of revaluation of the previous grant options due to extension of the expiry date of those options | $		$ 115,601
Assumptions used in determination of fair value of options
Options Exercisable		9,654,544	10,407,044		10,407,044
Weighted average remaining contractual life (years)		3 years 14 days	3 years 4 months 28 days
Plan | Options with expiry date February 24, 2025
Number Outstanding
Outstanding, beginning of the year		900,000
Outstanding, end of the year		780,000	900,000
Assumptions used in determination of fair value of options
Options Exercisable		780,000	900,000		900,000
Exercise Price | $ / shares		$ 0.80	$ 0.80
Weighted average remaining contractual life (years)		25 days	2 months 8 days
Plan | Options with expiry date August 19, 2025
Number Outstanding
Outstanding, beginning of the year		240,000
Outstanding, end of the year		240,000	240,000
Assumptions used in determination of fair value of options
Options Exercisable		240,000	240,000		240,000
Exercise Price | $ / shares		$ 0.45	$ 0.45
Weighted average remaining contractual life (years)		10 days	21 days
Plan | Options with expiry date January 26, 2026
Number Outstanding
Outstanding, beginning of the year		3,689,000
Outstanding, end of the year		3,320,100	3,689,000
Assumptions used in determination of fair value of options
Options Exercisable		3,320,000	3,689,000		3,689,000
Exercise Price | $ / shares		$ 0.39	$ 0.39
Weighted average remaining contractual life (years)		6 months	1 year 1 month 2 days
Plan | Options with expiry date February 25, 2026
Number Outstanding
Outstanding, beginning of the year		495,000
Outstanding, end of the year		495,000	495,000
Assumptions used in determination of fair value of options
Options Exercisable		495,000	495,000		495,000
Exercise Price | $ / shares		$ 1.60	$ 1.60
Weighted average remaining contractual life (years)		29 days	1 month 24 days
Plan | Options with expiry date September 29, 2026
Number Outstanding
Outstanding, beginning of the year		1,343,850
Outstanding, end of the year		1,343,850	1,343,850
Assumptions used in determination of fair value of options
Options Exercisable		1,343,850	1,343,850		1,343,850
Exercise Price | $ / shares		$ 0.91	$ 0.91
Weighted average remaining contractual life (years)		3 months 7 days	5 months 23 days
Plan | Options with expiry date October 25, 2026
Number Outstanding
Outstanding, beginning of the year		998,794
Outstanding, end of the year		998,794	998,794
Assumptions used in determination of fair value of options
Options Exercisable		998,794	998,794		998,794
Exercise Price | $ / shares		$ 2	$ 2
Weighted average remaining contractual life (years)		2 months 12 days	4 months 13 days
Plan | Options with expiry date January 20, 2027
Number Outstanding
Outstanding, beginning of the year		2,740,400
Outstanding, end of the year		2,476,900	2,740,400
Assumptions used in determination of fair value of options
Options Exercisable		2,476,900	2,740,400		2,740,400
Exercise Price | $ / shares		$ 2.40	$ 2.62
Weighted average remaining contractual life (years)		6 months 21 days	1 year 25 days
Plan | Options with expiry date August 8, 2028
Number Outstanding
Outstanding, end of the year		3,833,277
Assumptions used in determination of fair value of options
Exercise Price | $ / shares		$ 1.75
Weighted average remaining contractual life (years)		1 year 3 months 21 days
Plan | Maximum
SHARE CAPITAL, WARRANTS AND OPTIONS
Number of shares authorized		27,100,000
Term of options (in years)		10 years

SHARE CAPITAL, WARRANTS AND O_6

SHARE CAPITAL, WARRANTS AND OPTIONS - DSU Plan (Details)	12 Months Ended
	Dec. 31, 2023 CAD ($) D $ / shares shares	Dec. 31, 2022 CAD ($) D installment $ / shares shares
Fair Value
Fair value movement of deferred shares units	$ (128,114)
DSUs liability	$ 884,481	$ 298,000
Deferred Share Unit Plan
SHARE CAPITAL, WARRANTS AND OPTIONS
Number of installments for redemption of units | installment		4
Term of VWAP based on which cash payment on redemption is based | D		5
Unit redemption ratio		1
Number Outstanding
DSUs outstanding at the beginning (in shares) | shares	200,000	0
DSUs granted during the year (in shares) | shares	600,951	200,000
DSUs redeemed during the year (in shares) | shares	(69,976)
DSUs outstanding at the end (in shares) | shares	730,975	200,000
Market Price
DSUs outstanding at the beginning (in dollars per shares) | $ / shares	$ 1.49	$ 0
DSUs granted during the year (in dollars per shares) | $ / shares	1.33	1.49
DSUs redeemed during the year (in dollars per shares) | $ / shares	1.19
DSUs outstanding at the end (in dollars per shares) | $ / shares	$ 1.21	$ 1.49
Fair Value
DSUs outstanding at the beginning (in dollars)	$ 298,000
DSUs granted during the year (in dollars)	798,122	$ 298,000
DSUs redeemed during the year (in dollars)	(83,527)
Fair value movement of deferred shares units	(128,114)
DSUs outstanding at the end (in dollars)	884,481	298,000
Share based compensation	$ 798,122	298,000
Trading days to determine fair value of units by volume weighted average price | D	5
DSUs liability	$ 884,481	$ 298,000

RELATED PARTY TRANSACTIONS - Du

RELATED PARTY TRANSACTIONS - Due to related parties (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Due to related parties	$ 93,795	$ 43,235
Directors and officers
RELATED PARTY TRANSACTIONS
Due to related parties	$ 93,795	$ 43,235

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)					12 Months Ended
	Dec. 14, 2023 $ / shares shares	Jun. 28, 2023 $ / shares shares	Mar. 17, 2023 CAD ($)	Apr. 30, 2022 CAD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 CAD ($)	Mar. 03, 2022 CAD ($)
Financing Parties
RELATED PARTY TRANSACTIONS
Number of shares issued | shares	16,037,800	16,037,800
Percentage of shares issued	10.70%	10.70%
Number of warrants issued | shares	6,024,000	6,024,000
Term of warrants	3 years	3 years
Exercise price of warrants | $ / shares	$ 1.4375	$ 1.4375
Percentage of ownership interest held by related party	14.20%	14.20%
Interest paid					$ 793,392	$ 0
ThreeD Capital Inc. | Related Party
RELATED PARTY TRANSACTIONS
Number of shares owned by related party | shares					5,906,622	8,662,347	8,662,347
Percentage of ownership interest held by related party					3.96%	7.50%	7.50%
ThreeD Capital Inc. | Premium Nickel Resources Corporation (PNRC) | Related Party
RELATED PARTY TRANSACTIONS
Number of shares subscribed by related party | shares						1,279,069	1,279,069
Amount of investment by related party for subscription						$ 3,064,582	$ 2,427,076	$ 374,123
Promissory notes
RELATED PARTY TRANSACTIONS
Repayment of notes			$ 7,637,329
Promissory notes | Related Party
RELATED PARTY TRANSACTIONS
Principal amount									$ 2,067,180
Repayment of notes				$ 2,018,568
Promissory notes | Directors and officers
RELATED PARTY TRANSACTIONS
Principal amount									35,000
Promissory notes | Premium Nickel Resources Corporation (PNRC) | Related Party
RELATED PARTY TRANSACTIONS
Number of shares issued for debt | shares				326,740
Promissory notes | ThreeD Capital Inc. | Related Party
RELATED PARTY TRANSACTIONS
Principal amount									762,180
Promissory notes | North American Nickel Inc. (NAN) | Related Party
RELATED PARTY TRANSACTIONS
Principal amount									$ 1,270,000

RELATED PARTY TRANSACTIONS - Ke

RELATED PARTY TRANSACTIONS - Key management compensation (Details) - Related Party - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Key management compensation	$ 4,247,464	$ 7,144,957
Management fees
RELATED PARTY TRANSACTIONS
Key management compensation	3,122,689	2,418,984
Corporate and administration expenses
RELATED PARTY TRANSACTIONS
Key management compensation	467,637	102,884
Share base payment
RELATED PARTY TRANSACTIONS
Key management compensation	$ 657,138	$ 4,623,089

RISK MANAGEMENT - Foreign curre

RISK MANAGEMENT - Foreign currency denominated financial assets and liabilities (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BWP (P)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 BWP (P)
Short-term exposure
RISK MANAGEMENT
Financial assets	$ 2,576,180	P 755,386	$ 2,834,303	P 473,980
Financial liabilities	(501,458)	(4,851,201)	(1,246,825)	(2,176,110)
Total exposure	$ 2,074,722	(4,095,815)	$ 1,587,478	(1,702,130)
Long-term exposure
RISK MANAGEMENT
Financial assets		54,082,922		32,058,793
Financial liabilities		(3,508,714)		(1,530,341)
Total exposure		P 50,574,208		P 30,528,452

RISK MANAGEMENT - Foreign cur_2

RISK MANAGEMENT - Foreign currency denominated sensitivity (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 BWP (P)	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 BWP (P)	Dec. 31, 2022 CAD ($)
RISK MANAGEMENT
Change in exchange rate	5%	5%	5%	5%	5%	5%
CAD strengthened against USD
RISK MANAGEMENT
Loss for the year	$ 103,736	P (204,791)	$ (101,055)	$ 79,374	P (85,106)	$ (5,732)
Long-term exposure loss for the year		2,528,710			1,526,423
CAD weakened against USD
RISK MANAGEMENT
Loss for the year	$ (103,736)	204,791	$ 101,055	$ (79,374)	85,106	$ 5,732
Long-term exposure loss for the year		P (2,528,710)			P (1,526,423)

RISK MANAGEMENT - Contractual o

RISK MANAGEMENT - Contractual obligations (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
RISK MANAGEMENT
Trade payables and accrued liabilities	$ 4,280,146	$ 4,025,716
Current portion of lease liability (less than one year)	1,611,143	$ 1,365,697
Less than 1 year	8,074,578
1 - 2 years	2,183,289
2 - 5 years	21,972,487
Total	32,230,354
Vehicle financing
RISK MANAGEMENT
Less than 1 year	95,054
1 - 2 years	95,054
2 - 5 years	46,016
Total	236,124
Term loan
RISK MANAGEMENT
Less than 1 year	2,088,235
1 - 2 years	2,088,235
2 - 5 years	21,926,471
Total	$ 26,102,941

RISK MANAGEMENT - Capital (Deta

RISK MANAGEMENT - Capital (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RISK MANAGEMENT
Shareholder's equity	$ 9,745,686	$ 3,942,989	$ (7,416,892)
Term Loan	17,956,423
Lease liability	1,611,143	2,731,394
Capital, before cash	29,549,376	13,909,986
Cash	(19,245,628)	(5,162,991)
Capital, net of cash	10,303,748	8,746,995
Vehicle financing
RISK MANAGEMENT
Capital, before cash	236,124	164,644
Promissory Note
RISK MANAGEMENT
Capital, before cash		$ 7,070,959
Term loan
RISK MANAGEMENT
Term Loan	$ 17,956,423

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details)	12 Months Ended
	Dec. 31, 2023 CAD ($) segment	Dec. 31, 2022 CAD ($)
SEGMENTED INFORMATION
Number of reportable segments | segment	1
Number of operating segments | segment	3
Current assets	$ 20,890,908	$ 6,438,346
Property, plant and equipment	8,488,499	3,394,670
Exploration and evaluation assets	8,594,798	8,578,627
Canada Segment
SEGMENTED INFORMATION
Current assets	15,894,177	3,198,344
Property, plant and equipment	8,726	10,714
Barbados Segment
SEGMENTED INFORMATION
Current assets	104,024	493,552
Botswana Segment
SEGMENTED INFORMATION
Current assets	4,892,707	2,746,450
Property, plant and equipment	8,479,773	3,383,956
Exploration and evaluation assets	$ 5,844,798	$ 8,578,627

INCOME TAXES (Details)

INCOME TAXES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Loss before income taxes	$ (32,900,600)	$ (27,306,350)
Statutory tax rate	26.50%	26.50%
Expected income tax recovery at the statutory tax rate	$ (8,718,659)	$ (7,236,183)
Permanent differences and other	(25,642)	7,227
Stock based payment	351,695	(2,378,349)
Fair value adjustment on warrants		2,127,716
Change in estimates and other	31,343	(520,103)
Differences in foreign tax rates	510,308	360,345
Change in deferred tax assets not recognized	7,326,424	$ 7,639,347
Income tax recovery	$ (524,531)

INCOME TAXES - Deferred tax ass

INCOME TAXES - Deferred tax assets (liabilities) (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset
Non-capital losses available for carry forward	$ 1,362,834	$ 94,260
Right-of-use asset	354,451	600,907
Deferred tax liabilities
Term Loan	(512,921)
Right of use asset	$ (1,204,364)	$ (695,166)

INCOME TAXES - Unrecognized ded

INCOME TAXES - Unrecognized deductible temporary differences (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Exploration and evaluation assets	$ 4,312,654	$ 1,243,480
Loss carry forwards	20,894,974	10,066,250
Share issuance costs	5,067,311	2,124,869
Equipment	2,633,800	3,397
Total unrecognized deductible temporary differences	$ 32,908,739	$ 13,437,996

INCOME TAXES - Tax losses that

INCOME TAXES - Tax losses that have not been recognized expire (Details)	Dec. 31, 2023 CAD ($)
INCOME TAXES
Operating loss carryforwards	$ 20,894,974
Botswana
INCOME TAXES
Operating loss carryforwards	4,703,606
2029
INCOME TAXES
Operating loss carryforwards	1,317,415
2030
INCOME TAXES
Operating loss carryforwards	1,768,436
2038
INCOME TAXES
Operating loss carryforwards	101,573
2039
INCOME TAXES
Operating loss carryforwards	351,131
2040
INCOME TAXES
Operating loss carryforwards	942,144
2041
INCOME TAXES
Operating loss carryforwards	1,390,127
2042
INCOME TAXES
Operating loss carryforwards	1,891,361
2043
INCOME TAXES
Operating loss carryforwards	8,429,181
Between 2038 and 2043 | Canada
INCOME TAXES
Operating loss carryforwards	13,105,517
Between 2029 and 2030 | Barbados
INCOME TAXES
Operating loss carryforwards	3,085,851
Indefinite
INCOME TAXES
Operating loss carryforwards	$ 4,703,606

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Management fee	$ 3,122,689	$ 2,418,984
Advisory and consultancy	512,909	1,895,004
Consulting fees	1,017,842	455,228
General office expenses	1,119,026	735,518
Filing fees	285,205	109,701
Investor relationships	581,903	375,632
Professional fees	945,623	1,155,306
Salaries and benefits	367,267	115,367
Insurance	721,577	370,287
Total	$ 8,674,041	$ 7,631,027

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)				12 Months Ended
	Jun. 21, 2024 CAD ($) tranche $ / shares shares	Jun. 14, 2024 CAD ($) tranche $ / shares shares	Jun. 28, 2023 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2022 CAD ($) shares	Jun. 21, 2024 $ / shares shares	Jun. 14, 2024 $ / shares shares
SUBSEQUENT EVENTS
Number of common shares issued | shares				149,300,920	116,521,343
Proceeds from issuance of units | $			$ 16,249,200	$ 39,774,312	$ 23,404,857
Non-Transferable Warrants
SUBSEQUENT EVENTS
Warrant exercise price | $ / shares			$ 1.4375
Warrants term			3 years
Number of shares purchased by each warrant | shares			1
Subsequent Event
SUBSEQUENT EVENTS
Warrant exercise price | $ / shares						$ 1.10	$ 1.10
Warrants term	5 years	5 years				5 years	5 years
Class of warrant or right redemption of warrants or rights threshold trading days	20 days	20 days
Class of warrant or right redemption of warrants or rights threshold consecutive trading days	30 days	30 days
Share price | $ / shares	$ 2	$ 2
Subsequent Event | Private Placement
SUBSEQUENT EVENTS
Share price | $ / shares	$ 0.78	$ 0.78
Number of shares issued | shares	1,025,000	1,025,000
Advisory fee | $	$ 250,000	$ 250,000
Subsequent Event | Private Placement | Non-Transferable Warrants
SUBSEQUENT EVENTS
Number of shares purchased by each warrant | shares	1,025,000	1,025,000				1,025,000	1,025,000
Subsequent Event | Non-brokered private placement
SUBSEQUENT EVENTS
Number Of Tranches Company Closed | tranche	2	2
Number of common shares issued | shares	35,256,409	35,256,409				35,256,409	35,256,409
Issue price per share or unit | $ / shares	$ 0.78	$ 0.78
Proceeds from issuance of units | $	$ 27,500,000	$ 27,500,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (32,376,069)	$ (27,306,350)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false