Mr. Anthony Milewski reports

NICKEL 28 RELEASES RAMU Q2 2023 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has released operational results for the production quarter ended June 30, 2023, for the company's largest asset, being the Ramu nickel-cobalt integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56-per-cent joint venture interest in Ramu, which is operated by Metallurgical Corp. of China.

Q2 2023 Ramu highlights:

• Production of 7,784 tonnes of contained nickel and 717 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter, continuing to place Ramu as one of the top producers of MHP globally.
• Sales of 9,078 tonnes of contained nickel and 822 tonnes of contained cobalt in MHP during the second calendar quarter.
• LME average nickel price of $10.16 (U.S.) per pound in the second quarter of 2023, a decline of 23 per cent from the same period last year. The average first half 2023 LME nickel price was $10.99 (U.S.) per pound, compared with an average LME nickel price of $12.50 (U.S.) per pound for H1 2022.
• Fast Markets average cobalt price of $15.07 (U.S.) per pound in Q2 2023, a decline of 61 per cent from the same period last year. The average H1 2023 Fast Markets cobalt price was $16.03 (U.S.) per pound, compared with an average Fast Markets cobalt price of $36.93 (U.S.) per pound for H1 2022.
• Actual cash cost, net of byproduct credits, of $3.92 per pound of nickel produced as MHP, representing a 29-per-cent increase from the same period last year. H1 2023 cash cost, net of byproduct credits, of $3.49 per pound of nickel, representing an increase of 57 per cent from the same period the prior year.

"The second quarter of 2023 saw slightly reduced production at Ramu, which impacted cash costs; however, we anticipate costs will return to historical levels by the end of the calendar year," stated Nickel 28's executive chairman, Anthony Milewski. "Softness in demand for NiSO4 [nickel sulphate] and CoSO4 [cobalt sulphate] in China provided an opportunity for Ramu to carry out maintenance activities, which were scheduled for later in the year; however, the project was still able to produce at near capacity in the quarter, a testament to Ramu's credibility as a consistent producer of MHP. In addition, a decline in byproduct credits, primarily due to significantly reduced cobalt prices compared to 2022, contributed to elevated cash costs. The stabilization in input commodity costs, including sulphur and fuel oil, have partially offset the impact of the decline in byproduct credits. Our indications are that Chinese demand for MHP will continue to improve through the balance of 2023, despite the significant growth in Indonesian supply, which should result in improved product pricing."

Ramu's unaudited operating performance for the period is presented in an attached table (along with comparison with prior years).

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

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