Mr. Craig Lennon reports

NICKEL 28 PROVIDES CORPORATE UPDATE

Nickel 28 Capital Corp. has appointed Cindy Davis as chief financial officer and granted stock options.

Appointment of CFO

Further to Nickel 28's news release dated Dec. 2, 2024, the company is pleased to announce the appointment of Mrs. Davis as the company's CFO. Mrs. Davis replaces Craig Lennon following his appointment as president and chief executive officer of the company effective Jan. 1, 2025.

Mrs. Davis possesses over 15 years of experience, providing accounting, financial reporting, regulatory compliance and management advisory services to a diverse portfolio of Canadian reporting issuers through Marrelli Support Services Inc. She has served as CFO for a number of junior resource reporting issuers. Mrs. Davis is a Canadian chartered professional accountant, and holds a bachelor of science degree specializing in accounting and economics from the University of West Indies in Jamaica.

"We are pleased to welcome Cindy to the role of chief financial officer of Nickel 28," noted Mr. Lennon. "We have had the opportunity to work with Cindy over the past number of years, and her skills and experience will continue to be invaluable as we advance the company through its next stages of value creation."

Grant of stock options

The company has also granted an aggregate of 1.05 million stock options to purchase common shares of the company to Mr. Lennon under the company's fixed stock option plan in connection with Mr. Lennon's long-term incentive compensation for the forthcoming financial year ended Jan. 31, 2026. These stock options are exercisable at a price of 84 cents per common share for a period of five years. If earned, the stock options will vest rateably over three years with the first anniversary date set for Feb. 1, 2026. The stock options will only be earned if the following total shareholder return (TSR) performance criteria during the period from Jan. 22, 2025, to close of the market on Jan. 30, 2026, are met: (i) 25 per cent of the stock options will be earned if the TSR over this period is 20 per cent or greater; (ii) a further 25 per cent of the stock options will be earned if TSR over this period is 40 per cent or greater; (iii) a further 25 per cent of the stock options will be earned if TSR over this period is 60 per cent or greater; and (iv) a further 25 per cent of the stock options will be earned if TSR over this period is 80 per cent or greater.

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 the company's shareholders direct exposure to two metals that 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.

We seek Safe Harbor.