Mr. Craig Lennon reports

NICKEL 28 ANNOUNCES CONFIRMATION OF CASH DISTRIBUTION FROM RAMU JOINT VENTURE

Nickel 28 Capital Corp. is pending receipt of its 10th cash distribution from the Ramu joint venture.

Nickel 28 has received confirmation of a cash distribution for H2 2025 operating performance of approximately $2.1-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 Metallurgical Corp. of China. Nickel 28 also received confirmation of the repayment of $4.0-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 $31.9-million (U.S.). The timing of receipt of the distributions remains to be confirmed but is anticipated to occur during May, 2026.

Nickel 28 chief executive officer Craig Lennon commented: "Two thousand twenty-five was a strong operational year for the Ramu project, with production of 33,007 tonnes of nickel and 3,099 tonnes of cobalt contained in mixed hydroxide precipitate (MHP), alongside sales of 32,627 tonnes of nickel and 3,061 tonnes of cobalt in MHP. Margins remained robust throughout the year, supported by average realized nickel prices of $6.88 (U.S.)/pound ($15,164 (U.S.)/tonne) and cobalt prices of $16.07 (U.S.)/lb ($35,418 (U.S.)/t). In addition, payable terms improved progressively over the course of the year."

Mr. Lennon also noted: "Operationally, 2026 has commenced positively, with production tracking in line with target levels, nickel and cobalt prices trending above 2025 averages, and payable terms continuing to strengthen. The key challenge remains the significant increase in sulphur prices, which is a major consumable input for HPAL operations. HPAL projects in Indonesia are experiencing increasing difficulty sourcing sulphur, and where supply is available, elevated pricing is placing pressure on operating margins. While our margins are also being impacted, we currently continue to secure supply through the strong relationships and market access of our operating manager and major partner."

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 the company's shareholders direct exposure to two metals which are critical 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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