Mr. Justin Cochrane reports

NICKEL 28 FILES FISCAL Q1 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its results for the quarter ended April 30, 2023.

"In the first calendar quarter of 2023, Ramu had another outstanding quarter of production and sales," stated Anthony Milewski, the company's executive chairman. "Additionally, we're starting to see a material reduction in Ramu's cash costs on reduced input and operating costs."

Quarterly highlights

The company's principal asset, an 8.56-per-cent joint-venture interest in the Ramu nickel-cobalt integrated operation in Papua New Guinea, had another outstanding quarter. Highlights from Ramu and the company during the quarter include:

• Production of 9,016 tonnes of contained nickel and 798 tonnes of contained cobalt in mixed hydroxide precipitate during the first calendar quarter, placing Ramu as one of the top producers of MHP globally;
• Sales of 7,914 tonnes of contained nickel and 673 tonnes of contained cobalt in MHP during the first calendar quarter;
• Actual cash costs for the first calendar quarter, net of byproduct sales, of $3.12 (U.S.) per pound of contained nickel, a 32-per-cent reduction compared with fourth quarter 2022;
• Strong quarter-end cash balance of $10.6-million (U.S.);
• Total net and comprehensive income of $500,000 (U.S.) (one U.S. cent per share) for the three months ended April 30, 2023, largely as a result of the company's share of operating profit from Ramu nickel mine;
• Receipt by the company of a cash distribution of approximately $9.7-million (U.S.) from Ramu for its distributable share of the mine's operating surpluses for the second half of calendar 2022;
• Total non-recourse construction debt of $56.5-million (U.S.) as at April 30, 2023.

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 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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