Mr. Justin Cochrane reports

NICKEL 28 ANNOUNCES RESULTS OF SHAREHOLDER MEETING AND PROVIDES BOARD UPDATE

Nickel 28 Capital Corp. has released the results of its annual general and special meeting of shareholders held on June 12, 2023. At the meeting, all incumbent directors were duly re-elected as directors of Nickel 28. All other items put forward for consideration at the meeting were also approved, including confirmation of the shareholder rights plan. In light of the fact that each of the directors received less than majority support at the meeting, the board of directors is considering the application of the company's majority voting policy with respect to the meeting, and a further update will be provided promptly following the board's determination. A copy of the policy is available on the company's website.

Detailed results of the votes at the meeting are set out in the attached table.

At the meeting, the shareholders of the company also approved: (i) the reappointment of Baker Tilly WM LLP, Chartered Professional Accountants, as auditor of the company for the ensuing year and to authorize the board to fix their remuneration; and (ii) an ordinary resolution, with or without amendment, the full text of which is set out in the circular, confirming, ratifying and approving the shareholder rights plan of the company. The voting results on each resolution are set out in the attached table.

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, prefeasibility and exploration projects in Canada, Australia and Papua New Guinea.

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