Mr. Justin Cochrane reports

NICKEL 28 FILES SUPPLEMENT TO CIRCULAR FOR UPCOMING ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Nickel 28 Capital Corp. has filed a supplement dated May 27, 2023, that modifies and supplements its management information circular dated May 10, 2023, 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.

The supplement provides additional information about the company's five highly qualified nominees for the board of directors on the blue proxy. In addition, the supplement reminds shareholders that the chairman of the meeting, advised by independent counsel, previously determined that Pelham Investment Partners LP failed to deliver a proper notice in compliance with the company's advance notice provisions under its articles.

As previously disclosed, the chairman's independent legal counsel has commenced a proceeding in the Supreme Court of British Columbia seeking a declaration confirming the decisions made by him in respect of the notice and the meeting. Pelham is purporting to solicit votes for its nominees in contravention of the chairman's determination that the director nominations contained in the notice will not be considered for election to the board at the meeting.

While the chairman remains resolute in his commitment to ensuring the meeting occurs in accordance with the company's articles and applicable laws and has notified Pelham that it will not be entitled to nominate directors, the company is reiterating the reasons why shareholders should vote their shares in favour of the company's nominees in the supplement in the face of Pelham's challenge to the chairman's determination.

The supplement reiterates:

• The many important reasons to support Nickel 28's recommended director nominees on the blue proxy, who have delivered for shareholders and positioned the company to become a leading battery metals investment vehicle;
• The reasons to withhold your votes from Pelham's nominees (if their nominations are determined to be valid by the court), including their lack of a plan to run the business and drive value for shareholders, and the nominees' lack of the necessary skills, experience and expertise.

Vote the blue proxy or blue voter information 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 and the supplement provide 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. Shareholders are urged to read the circular and supplement carefully and in their entirety. The circular and supplement are 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 416-867-2272, 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 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, prefeasibility and exploration projects in Canada, Australia and Papua New Guinea.

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