Mr. Anthony Milewski reports

NICKEL 28 FILES FISCAL Q2 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its results for the quarter ended July 31, 2023.

"In the second calendar quarter of 2023, Ramu continued its strong performance of operations maintaining its industry-leading low costs and ability to operate at above nameplate capacity," stated Anthony Milewski, the company's chief executive officer. "Ramu experienced reduced production during the quarter as it pursued the opportunity to implement certain maintenance procedures and upgrades. Nickel 28's share of operating profit from Ramu exceeded the previous quarter and exceeded the same quarter last year, notwithstanding the maintenance work that was undertaken."

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 7,784 tonnes of contained nickel and 717 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter, placing 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;
• Actual cash costs for the second calendar quarter, net of byproduct sales, of $3.92 (U.S.) per lb of contained nickel, a 26-per-cent increase compared with Q1;
• Share of operating profit from Ramu nickel mine of $5.1-million during the second calendar quarter;
• Strong quarter-end cash balance of $6.5-million (U.S.);
• Total net and comprehensive income of $600,000 (U.S.) (one U.S. cent per share) for the three months ended July 31, 2023, largely as a result of the company's share of operating profit from Ramu nickel mine and higher costs attributable to the company's contested annual general and special meeting;
• Total non-recourse construction debt of $57.2-million (U.S.) as at July 31, 2023.

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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