Mr. Craig Lennon reports

NICKEL 28 ANNOUNCES CONFIRMATION OF CASH DISTRIBUTION FROM RAMU JOINT VENTURE

Nickel 28 Capital Corp. has noted the pending receipt of its eleventh cash distribution from the Ramu joint venture.

Nickel 28 has received confirmation of a cash distribution for H1 2026 operating performance of approximately $4.4-million (U.S.) in respect of its 8.56-per-cent joint-venture interest in the Ramu nickel-cobalt project in Papua New Guinea, which is operated by China Minmetals Corp./Metallurgical Corp. of China. Nickel 28 also received confirmation of the repayment of $8.2-million (U.S.) of Nickel 28's portion of the remaining Ramu joint venture partner construction debt, reducing Nickel 28's attributable balance to approximately $24.5-million (U.S.). The timing of receipt of the distributions remains to be confirmed but is anticipated to occur during October, 2026.

Nickel 28's chief executive officer, Craig Lennon, commented: "The first half of 2026 has delivered a very strong financial result for Nickel 28, with the company receiving a cash distribution of $4.4-million (U.S.) and a further $8.2-million (U.S.) in loan repayments from the Ramu nickel-cobalt operation. The combined $12.6-million (U.S.) received during the period reflects the strong operating performance of Ramu, supported by solid production and sales volumes, favourable nickel and cobalt pricing, and strong payable terms for both metals.

"While we are extremely pleased with the financial performance achieved during the first half of the year, we expect the operating environment to become more challenging during the second half of 2026. Operating margins are anticipated to come under increasing pressure as higher sulphur prices, which have risen significantly due to global supply constraints, continue to flow through to production costs. At the same time, nickel and cobalt prices have softened from the levels experienced earlier in the year, placing additional pressure on margins.

"Importantly, these challenges are largely driven by external market factors rather than the underlying operational performance of Ramu. The project continues to operate well, and management remains confident in achieving its full-year production targets. However, we expect the combination of higher operating costs and lower realized commodity prices to result in reduced profitability and cash generation during the second half of 2026 compared with the first half.

"Despite these near-term headwinds, Ramu remains a significant cash-generating asset for Nickel 28. The strong financial returns achieved during the first six months of the year demonstrate the value of our investment and its ability to deliver meaningful distributions."

About Nickel 28 Capital Corp.

Nickel 28 Capital is a nickel-cobalt producer through its 8.56-per-cent joint venture interest in the producing, long-life Ramu nickel-cobalt operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production, thereby offering shareholders direct exposure to two metals which are important to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.

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