Mr. Anthony Milewski reports

NICKEL 28 RELEASES RAMU Q4 AND FULL YEAR 2023 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided an update on the strong operational results for the quarter ending Dec. 31, 2023, and for the full year of 2023 for the company's largest asset, being its interest in the Ramu nickel-cobalt integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56% joint-venture interest in Ramu which is operated by Metallurgical Corporation of China.

Full Year and Q4 2023 Ramu Highlights:

Ramu Q4 2023 nickel production of 7,825 tonnes, representing an 8% decrease from the same period last year, mainly due to unplanned outages as a result of earthquake events.

Full year production of 33,604 tonnes of contained nickel in Mixed Hydroxide Precipitate ("MHP"), which was a 2% decrease from 2022 and represented 103% of nameplate capacity.

Ramu Q4 2023 cobalt production of 706 tonnes and full year production of 3,072 tonnes of contained cobalt in MHP, essentially flat from 2022 due to higher cobalt grade in ore feed.

Ramu Q4 2023 nickel sales of 8,298 tonnes and full year sales of 34,122 tonnes of contained nickel.

Ramu Q4 2023 cobalt sales of 755 tonnes and full year sales of 3,086 tonnes of contained cobalt.

LME average nickel price of US$7.81/lb. in Q4 2023, representing a 32% decrease from the same period last year. The full year LME nickel price averaged US$9.76/lb., a decrease of 16% over the 2022 average of US$11.61/lb.

Fast Markets average cobalt price of US$15.07/lb. in Q4 2023, representing a 34% decrease from the same period last year. Full year cobalt prices averaged US$15.76/lb. compared to US$30.75/lb. for 2022 representing a 49% decline.

Full year 2023 cash costs were US$3.26/lb. of nickel produced, net of byproduct credits, in MHP which consistently ranks as one of the lowest cash costs for an integrated High Pressure Acid Leach nickel operation.

"2023 saw a massive increase in production from Indonesia, which negatively impacted nickel and cobalt prices globally. However, given Ramu's reputation as a reliable and consistent supplier of MHP, along with our strong position as one of the world's lowest cost MHP producers, Ramu once again delivered strong results," stated Nickel 28's CEO, Anthony Milewski. "Our analysis indicates that MHP availability from Indonesia increased by almost 150% in 2023 which has established MHP as the preferred feed stock of EV battery producers. We see MHP becoming a more important raw material going forward with continued pressure on costs. In this respect, Ramu is well positioned to remain profitable and weather the current commodity price cycle. In 2024, we expect to take a 30 day shutdown in September to undertake some capital improvement projects, which are expected to increase Ramu's production capacity and should put us in a good position going into 2025. As the year progresses, we will update the market as to expected production guidance for 2024," continued Mr. Milewski.

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

About Mixed Hydroxide Precipitate

The Ramu High Pressure Acid Leach ("HPAL") operation in Papua New Guinea is one of a handful of nickel operations that produces MHP product and one of only two that has been commissioned in the last 20 years that consistently exceeds design capacity. Ramu MHP contains approximately 40% nickel, 4% cobalt on a 60% wet basis (the balance being moisture), making it a high value nickel intermediate product that can be converted to a multitude of finished products. MHP is currently the most coveted feedstock in the manufacturing of nickel sulphate and cobalt sulphate products for the lithium-ion battery industry.

About Nickel 28

Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% 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 our 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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