Mr. Brett Richards reports

NICKEL 28 FILES FISCAL Q1 2027 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its financial results for the quarter ended April 30, 2026.

Quarterly highlights

Key financial and operating highlights from the company's first financial quarter ended April 30, 2026, and the operations of the company's principal asset, an 8.56-per-cent joint venture interest in the Ramu nickel-cobalt integrated operation in Papua New Guinea, included the following:

• Production of 8,785 tonnes of contained nickel and 855 tonnes of contained cobalt in mixed hydroxide precipitate (MHP);
• Sales of 8,632 tonnes of contained nickel and 838 tonnes of contained cobalt in MHP;
• Actual production costs, net of byproduct sales, of $2.81 (U.S.) per pound (lb) of contained nickel;
• Share of operating profit from Ramu nickel mine of $4.0-million (U.S.);
• Total net and comprehensive profit of $2.1-million (U.S.) (two U.S. cents per share);
• Financial quarter-end cash balance of $8.1-million (U.S.);
• Total non-recourse construction debt of $32.3-million (U.S.).

Craig Lennon, the company's chief executive officer, stated: "The first quarter of calendar year 2026 (fiscal year 2027) delivered a strong operational and financial performance for Ramu. Production and sales volumes were robust, supported by favourable nickel and cobalt prices, strong payability levels for both metals, and relatively low operating costs net of byproduct credits. These factors contributed to a strong financial outcome from the company's investment in Ramu and for the company over all. Ramu generated a profit contribution of $4.0-million (U.S.) for the quarter, after depreciation and amortization of $2.2-million (U.S.).

"The company ended the quarter with a cash balance of $8.1-million (U.S.). This balance excludes a cash distribution of $2.1-million (U.S.) received from the Ramu project subsequent to quarter-end in May, 2026. Corporate overheads have returned to more normalized levels, with expenditure associated with legal matters and one-off transaction costs remaining relatively low during the quarter.

"Looking ahead, the company expects production, sales and payabilities in the second quarter to remain broadly consistent with those experienced during the first quarter. Consensus forecasts also show nickel and cobalt prices to remain relatively unchanged quarter over quarter as well. It is however anticipated that the flow through of higher sulphur prices will have a negative impact on operating margins.

"During the quarter, the company instituted a new normal course issuer bid (NCIB) to which an aggregate of up to 7,050,819 common shares are able to be repurchased for cancellation and for the three months ending April 30, 2026, 753,300 common shares were repurchased for an aggregate cost of $605,475 (U.S.)."

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 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.

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