Mr. Brett Richards reports

NICKEL 28 RELEASES RAMU Q1 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the calendar quarter ended March 31, 2026, for the company's largest asset, the Ramu nickel-cobalt integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56-per-cent joint venture interest in Ramu, which is operated by the Metallurgical Corp. of China (MCC).

Q1 2026 Ramu highlights:

• Production of 8,785 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared with 6,970 tonnes in the same period last year;
• Production of 855 tonnes of contained cobalt in MHP, compared with 648 tonnes in the same period last year;
• Nickel sales of 8,632 tonnes of contained nickel, compared with 6,133 tonnes in the same period last year;
• Cobalt sales of 838 tonnes of contained cobalt, compared with 569 tonnes in the same period last year;
• Nickel inventory on hand at quarter-end was 1,828 tonnes of nickel in MHP, compared with 1,674 tonnes at Dec. 31, 2025;
• LME (London Metal Exchange) average nickel price of $7.88 (U.S.) per pound in Q1 2026, an increase of 11 per cent from the same period last year;
• Average cobalt price of $25.47 (U.S.) per pound in Q1 2026, an increase of 130 per cent from the same period last year;
• Production costs, net of byproduct credits were $2.81 (U.S.) per pound of nickel produced as MHP, compared with $3.61 (U.S.) per poundin the same period last year, a decrease of 24 per cent.

Nickel 28's chief executive officer, Craig Lennon, stated: "Q1 2026 was strong from an operational perspective, with production tracking in line with expectations. While it remains early in the year, management remains confident the project will achieve its full-year production targets. No planned maintenance shutdowns occurred during Q1 2026; these are scheduled for Q2 and Q3.

"Nickel and cobalt pricing have remained robust, building on the positive momentum experienced at the end of 2025. Indonesian governmental policy initiatives appear to be targeting a nickel price environment of at least $18,000 (U.S.) ($8.17 (U.S.) per pound). The broader industry continues to closely monitor the allocation of Indonesian governmental production quotas (RKAB) for the remainder of the year, with respect to commodity price impact. Payability levels for both nickel and cobalt have also remained strong, consistently exceeding 90 per cent, and management expects these favourable terms to continue through Q2 and Q3.

"The principal uncertainty currently facing the Ramu operation is the cost of sulphur, driven by reduced global supply given the ongoing conflicts in the Middle East. As higher-cost sulphur inventories are procured and consumed throughout the balance of the year, operating margins are expected to come under pressure, assuming nickel prices remain unchanged, relative to Q1 and Q2 to date. This impact of sulphur availability and pricing is being felt globally across the industry.

"The MHP market remains relatively tight, as evidenced by the strong payability levels currently being achieved. Should Indonesian governmental RKAB quota allocations constrain production and/or sulphur supply disruptions continue, further tightening of the MHP market could occur, potentially providing positive support for market pricing."

Ramu's operating performance for the period is presented below, along with comparison with prior years.

The figures in the table above have not been audited and are subject to change. As Ramu has not yet completed its local or corporate audit and has not yet reviewed accounting procedures in respect of the fiscal quarter, the financial information presented in this press release is preliminary, is subject to audit and final adjustment, and may change materially. The information presented above has not been reviewed or audited by the company's auditor and should not be considered a substitute for reviewed or audited financial statements and should not be regarded as a representation by the company as to the actual financial results.

About Nickel 28 Capital Corp.

Nickel 28 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 that 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.

Scientific and technical information

Disclosures of a scientific or technical nature in this news release have been reviewed and approved on behalf of Nickel 28 by Alan Lambden, PGeo, an independent consultant to Nickel 28 and a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.