Mr. Anthony Milewski reports

NICKEL 28 FILES FISCAL Q3 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its results for the quarter ended Oct. 31, 2023. All figures are expressed in U.S. dollars unless otherwise indicated.

"During the quarter, Ramu distributed $13.7-million to the company via a cash distribution of $4.8-million and a reduction of its non-recourse construction debt of $8.9-million from the company's share of Ramu's [first half] 2023 operating surpluses," stated Anthony Milewski, the company's chief executive officer. "For the current period, Ramu had another strong calendar quarter of operations. Increased production and reduced input commodity prices contributed to lower cash costs net of byproduct credits on a quarter-over-quarter basis, dropping 29 per cent to $2.77 per pound of nickel produced as [mixed hydroxide precipitate]. Additionally, despite the interruption caused by the previously reported earthquakes in [Papua New Guinea], we still expect Ramu to produce at or above nameplate capacity in 2023."

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:

• Cash distribution from Ramu for H1 2023 operating surpluses of $4.8-million and repayment of $8.9-million of construction debt during the quarter for a total distribution of $13.7-million;
• Strong quarter-end cash balance of $9.8-million;
• Total non-recourse construction debt of $49-million as at Oct. 31, 2023;
• Production of 8,979 tonnes of contained nickel and 851 tonnes of contained cobalt in mixed hydroxide precipitate during the third calendar quarter, placing Ramu as one of the top producers of MHP globally;
• Sales of 8,832 tonnes of contained nickel and 836 tonnes of contained cobalt in MHP during the third calendar quarter;
• Actual cash costs for the third calendar quarter, net of byproduct sales, of $2.77 per lb of contained nickel, a 29-per-cent decrease compared with second quarter, largely as a result of reduced input commodity prices;
• Share of operating profit from Ramu of $3.7-million during the third calendar quarter;
• Total net and comprehensive income of $1.1-million (one cent per share) for the three months ended Oct. 31, 2023, largely as a result of the company's share of operating profit from Ramu.

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

We seek Safe Harbor.