Mr. Justin Cochrane reports

NICKEL 28 ANNOUNCES RECONSTITUTION OF BOARD OF DIRECTORS

Nickel 28 Capital Corp. has reconstituted its board of directors in accordance with the recommendations of an independent review committee of the board (the IRC) established for the purposes of, among other things, considering whether the resignations previously tendered by five of the company's directors pursuant to Nickel 28's majority voting policy should be accepted.

Based upon the recommendations of the IRC, the board has been reconstituted as follows:

• The resignations of Anthony Milewski and Maurice Swan as directors were not accepted such that Mr. Milewski and Mr. Swan continue on the board.
• The resignations of Justin Cochrane, Lance Frericks and Philip Williams as directors have been accepted.
• Edward (Ned) Collery, Brett A. Richards and Christopher S. Wallace have been appointed to the board to fill the vacancies created by these resignations.
• C. Ian Ross, who was appointed on June 16, 2023, as an independent director and the chair and sole member of the IRC, also continues on the board.
• After giving effect to the foregoing changes, the board now comprises the following six directors: (i) Ned Collery, (ii) Anthony Milewski, (iii) Brett Richards, (iv) C. Ian Ross, (v) Maurice Swan and (vi) Chris Wallace.
• Mr. Milewski will continue to lead the company's management team, now as Nickel 28's chief executive officer.
• The board has unanimously appointed C. Ian Ross as its new non-executive chair of the board.

The reconstituted board unanimously approved the issuance of the following joint statement:

"We support the reconstitution of the board announced today, and look forward to a new and bright future for the company. Each of us is committed to ensuring that the reconstituted board collectively provides effective and independent oversight, governance, and direction to the company. We look forward to the future success of Nickel 28 under the revitalized board's stewardship."

Appointed director biographies

Edward (Ned) Collery has over a decade of experience in investing in the natural resources and mining space. Mr. Collery is the founder and president of Pelham Investment Partners LP, a private investment partnership and a significant shareholder of the company. Prior to founding Pelham Investment Partners LP, Mr. Collery worked as a research analyst and partner in the investment management industry. Mr. Collery holds a BA in economics from Vanderbilt University with a minor in financial economics.

Brett A. Richards is an experienced and accomplished natural resources executive and corporate director with over 37 years of experience in senior and operational management, project development, and corporate business development in the mining and metals industry. Mr. Richards is the chief executive officer and a director of TSX Venture Exchange-listed Goldshore Resources Inc. Mr. Richards is also a director and chair of the board of Banro Corp. Ltd.

Christopher S. Wallace is managing director of CCC Investment Banking, a mid-market investment bank that is involved in mergers and acquisitions, financings, valuations, and provides fairness and expert opinions. Mr. Wallace is an experienced corporate director and currently sits on the board of GoviEx Uranium Inc., the fifth-largest publicly traded uranium company by resource size in the world. Mr. Wallace also serves as chair of the audit committee and as a member of the human resources and compensation committee of the board of GoviEx Uranium Inc.

Background to the independent review committee

As previously disclosed, each of the members of the board elected at the annual general and special meeting of the shareholders of Nickel 28 held on June 12, 2023, received a majority withhold vote. On June 16, 2023, Nickel 28 announced that, following due consideration of the application of the policy to the AGM, the board had determined that the principles underlying the policy were engaged and that the policy would apply with respect to the AGM. Nickel 28 also announced that each of the members of the board elected at the AGM had tendered his resignation for consideration in accordance with the policy.

On June 16, 2023, Mr. Ross was appointed by the board as an independent director and as chair and the sole member of the IRC. The IRC undertook an independent review of each resignation, including a stakeholder consultation process, and made recommendations in accordance with the policy. The IRC was advised by independent legal counsel.

The objective of the process undertaken by the IRC was to reconstitute the board in a manner that is in the best interests of Nickel 28 and its shareholders and other stakeholders generally and that best positions the reconstituted board to provide effective board oversight and direction to Nickel 28 going forward. As part of that, the IRC sought to ensure that the reconstituted board comprises directors who as a group have the skills, experience and independence necessary to provide effective stewardship, governance and oversight to Nickel 28, and who are expected to collectively have the trust and confidence of Nickel 28's shareholders and other stakeholders going forward.

The IRC independently determined that it was in the best interests of Nickel 28 to maintain appropriate board continuity, including to safeguard the company's key relationships and maintain management stability, with the result that the IRC recommended against accepting the resignations of Mr. Milewski and Mr. Swan as directors. The IRC concluded that exceptional circumstances justified not accepting these resignations. Such circumstances included those surrounding the AGM, including its contested nature and the issuance of the previously disclosed decision of the Supreme Court of British Columbia shortly before the AGM, as well as the importance in the context of the company's business and affairs of maintaining appropriate board continuity including to safeguard the company's key relationships. In addition, the IRC gave due consideration to feedback from the company's significant shareholders with respect to the identity of the directors appointed to the reconstituted board.

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

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