Mr. Christopher Wallace reports

NICKEL 28 RESPONDS TO MERITLESS LITIGATION BY FORMER EXECUTIVE

Nickel 28 Capital Corp. has become aware of an action commenced by Justin Cochrane, former president of the company, against the company and two of its directors, Brett Richards and Edward (Ned) Collery. The company believes that the action has no merit and will vigorously defend it.

Mr. Cochrane was terminated for cause on May 3, 2024, after the company found evidence of serious misconduct, breach of duties and obligations, repeated lack of judgment, care and diligence, and non-compliance with various of Nickel 28's policies and procedures. Mr. Cochrane's lawsuit seeks damages for, among other things, wrongful termination, breach of contract and unjust enrichment.

When the company announced Mr. Cochrane's termination for cause on May 6, 2024, the company stated that none of its findings were proven in court, and reserved its rights against Mr. Cochrane to recover the losses the company alleges it suffered, and may continue to suffer, and recover the gains the company alleges he may have benefited from, due to the serious misconduct found by the special committee. The company will do both in response to Mr. Cochrane's lawsuit.

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.