Mr. Justin Cochrane reports

NICKEL 28 RELEASES LETTER TO SHAREHOLDERS AND FILES MEETING MATERIALS FOR THE UPCOMING ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Nickel 28 Capital Corp. has filed its management information circular and related proxy materials in connection with its annual general and special meeting of shareholders scheduled for June 12, 2023, at 10 a.m. (Toronto time).

Nickel 28 has also released a letter to shareholders that, along with the proxy materials, details the compelling value creation opportunity available to Nickel 28 shareholders under the continued stewardship of the company's five highly qualified nominees for the board of directors on the blue proxy.

The letter and proxy materials also detail:

• The careful positioning of the company by the board and management team of Nickel 28 that has created the premier investment vehicle to benefit from the growth and demand for battery metals.
• Pelham Investment Partners LP's repeated attempts to takeover Nickel 28, and the potentially value-destructive consequences to shareholders if it prevails in electing its nominees.
• Pelham's poorly qualified nominees for the board, and its lack of a record of value creation, relevant experience and a credible plan for Nickel 28.
• Nickel 28's transformational inflection point and the catalysts that can unlock and drive value for the benefit of all shareholders.

A copy of the letter is available at the ProtectNKL28 website and has been filed on SEDAR.

"The board and management team of Nickel 28 have worked tirelessly to position and actively manage the company's assets, which has brought us to a transformational inflection point. With Nickel 28 shareholders poised to capture the multiyear upside opportunity in battery metals, it is unfortunate but not surprising that an opportunistic hedge fund like Pelham has turned up to attempt to short circuit that value realization," said Philip Williams, lead independent director of Nickel 28.

"Our board and management team collectively own over 21 per cent of our shares, and they are highly aligned with shareholders. Our significant experience in mining, operations, commodity markets and sales, geology, and mergers and acquisitions, as well as experience managing and preserving local relationships has been vital to the active management of our Ramu joint venture interest and our royalty portfolio. Nothing that Pelham has disclosed about itself, or its nominees, suggests they can replace that expertise or experience," continued Mr. Williams.

Vote the blue proxy or blue VIF (voting instruction form) for Nickel 28's five director nominees to continue Nickel 28's proven strategy for value creation and strong momentum. Nickel 28 encourages you to vote well before the proxy voting deadline on June 8, 2023, at 10 a.m. (Toronto time).

The circular provides important information on the business of the meeting, including Nickel 28's board, as well as related matters such as voting procedures and how to attend the meeting. The board has selected Maurice Swan, an independent director, to act as chair of the meeting, and Mr. Swan has retained independent counsel to advise him in his capacity as chair with respect to, among other things, his review and consideration of the validity of the advance notice nomination provided by Pelham, which remains continuing. Shareholders are urged to read the circular carefully and in its entirety. The circular is available on Nickel 28's website and under the company's profile on SEDAR.

If you have any questions or need help voting your shares, please contact Kingsdale Advisors toll-free in North America at 1-888-518-1557, or call collect from outside North America at 416-623-4173, or by e-mail at contactus@kingsdaleadvisors.com if you need assistance with voting your shares.

Advisers

Stikeman Elliott LLP and Bennett Jones LLP are acting as legal counsel to Nickel 28. BMO Capital Markets is acting as financial adviser to Nickel 28. Kingsdale Advisors is acting as strategic shareholder adviser to Nickel 28. Gagnier Communications LLC is acting as strategic communications adviser to Nickel 28.

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 and world-class Ramu nickel-cobalt operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production, thereby offering its 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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