Mr. Anthony Milewski reports

NICKEL 28 RELEASES RAMU Q3 2023 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the production quarter ending Sept. 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 (MCC).

Q3 2023 Ramu highlights:

• Ramu Q3 2023 production of 8,979 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared with 8,939 tonnes in Q3 2022;
• Ramu Q3 2023 production of 851 tonnes of contained cobalt in MHP, compared with 759 tonnes in Q3 2022;
• Ramu Q3 2023 nickel sales of 8,832 tonnes of contained nickel, compared with 13,676 tonnes in Q3 2022. Q3 2023 nickel sales are in line with historical averages. In Q3 2022, Ramu saw a rebound in nickel sales after COVID restrictions were lifted following lower-than-usual nickel sales in the first half of 2022;
• London Metal Exchange (LME) average nickel price of $9.23 (U.S.)/pound in Q3 2023, an 8-per-cent decrease from the same period last year. The average 2023 year-to-date (YTD) LME nickel price was $10.38/lb, compared with an average LME nickel price of $11.66/lb for same period 2022;
• Fast Markets average cobalt price of $16.58 (U.S.)/lb in Q3 2023, a 37-per-cent decrease from the same period last year. The average 2023 YTD Fast Markets cobalt price was $16.50/lb, compared with an average Fast Markets cobalt price of $33.35/lb for same period 2022;
• Actual Q3 2023 cash cost, net of byproduct credits, of $2.77/lb of nickel produced as MHP, compared with $4.34/lb in Q3 2022, largely as a result of reduced input commodity prices. Two thousand twenty-three YTD cash costs, net of byproduct credits, are $3.24/lb of nickel produced as MHP.

"Once again Ramu has been able to demonstrate its stable production and low-cost position within the growing MHP production market," stated the company's chief executive officer, Anthony Milewski. "The return to cash costs below $3/lb speaks volumes about Ramu's ability to produce cost-effectively at a steady rate. The demand for MHP in Ramu's largest market, China, remains robust and we anticipate full-year sales to be consistent with prior years," continued Mr. Milewski.

Ramu's unaudited operating performance for the period is presented herein (along with comparison with prior years).

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

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