Mr. Anthony Milewski reports

NICKEL 28 RELEASES RAMU 2023 PRODUCTION AND PROVIDES 2024 PRODUCTION GUIDANCE

Nickel 28 Capital Corp. has provided nickel and cobalt production levels 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).

Announcement highlights:

• For the calendar year ending Dec. 31, 2023, Ramu produced 33,604 tonnes of nickel (Ni) and 3,072 tonnes of cobalt (Co) contained in mixed hydroxide precipitate (MHP), exceeding Ramu's design capacity for a seventh consecutive year.
• For the 2024 calendar year, MCC will undertake a $33-million (U.S.) capital upgrade plan at Ramu, requiring a 30-day plant shutdown throughout September. As a result, the company is expecting to produce approximately 30,000 tonnes of contained nickel and 2,700 tonnes of contained cobalt in MHP in 2024.
• The capital upgrades will primarily focus on enhancing equipment performance and stability, as well as phasing out outdated equipment. It is expected that these upgrades will have a positive impact on production levels.

The 2023 production figures are subject to final year-end adjustment, which is expected to be negligible, and are consistent with previously reported guidance of 33,000 tonnes of Ni.

"Given that Ramu experienced multiple earthquake events in the later half of 2023 and lost over seven production days to ascertain potential damage from these earthquakes, this is a remarkable achievement," commented Anthony Milewski, Nickel 28's chief executive officer. "In 2024, Ramu will undertake significant capital upgrades to improve longer-term production and reliability levels after 11 years of production," continued Mr. Milewski.

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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