Mr. Justin Cochrane reports

RAMU PAUSES OPERATIONS FOLLOWING EARTHQUAKE IN MADANG PROVINCE

On Oct. 7, 2023, at approximately 6:34 p.m. local time, an earthquake of magnitude 6.7 struck Papua New Guinea (PNG), with the epicentre approximately five kilometres to the south of Nickel 28 Capital Corp.'s Basumuk high-pressure acid leaching plant (56 km southeast of Madang) at the Ramu mine. Immediately following the earthquake, Ramu mine personnel initiated a controlled plant shutdown in order to address any issues and to ascertain the extent of any damage that may have occurred as a result of the incident. No casualties or serious injuries have been reported, all operations have maintained integrity throughout the incident, and there is no known impact to the mining operations.

Once a full-integrity inspection has been completed and full-system operations can be reasonably assured, the Ramu mine intends to restart operations. During these challenging times, the company's thoughts are with the people of Madang and all those affected by this earthquake. The company will provide an additional update once further information is available.

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 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.

We seek Safe Harbor.