Mr. Brett Richards reports

NICKEL 28 RELEASES RAMU Q4 AND FULL YEAR 2024 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the quarter ending Dec. 31, 2024, and for the full calendar year of 2024 for the company's largest asset, the Ramu Nickel-cobalt integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56-per-cent joint venture (JV) interest in Ramu, which is operated by the Metallurgical Corporation of China (MCC).

Full-year and Q4 (fourth quarter) 2024 Ramu highlights:

• Ramu Q4 2024 production of 5,952 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared with 7,825 tonnes in the same period last year. The decrease was due to the planned full plant shutdown during September/October, 2024;
• Full-year production of 28,669 tonnes of contained nickel in MHP. The decrease was due to the planned full plant shutdown during September/October, 2024;
• Ramu Q4 2024 production of 549 tonnes and full-year production of 2,625 tonnes of contained cobalt in MHP, compared with 706 tonnes in the same period last year and 3,072 tonnes for the 2023 full year;
• Ramu Q4 2024 nickel sales of 5,308 tonnes and full-year sales of 30,523 tonnes of contained nickel, compared with 8,298 tonnes in the same period last year and 34,122 tonnes for the 2023 full year;
• Ramu Q4 2024 cobalt sales of 488 tonnes and full-year sales of 2,793 tonnes of contained cobalt, compared with 755 tonnes in the same period last year and 3,086 tonnes for the 2023 full year;
• LME (London Metal Exchange) average nickel price of $7.26 (U.S.) per pound (lb) in Q4 2024 and $7.63 (U.S.) per lb for the full year. This was a decrease of 7 per cent from the same period last year and a decrease of 22 per cent from the 2023 average;
• Average cobalt price of $9.95 (U.S.) per lb in Q4 2024 and $11.26 (U.S.) per lb for the full year. This was a decrease of 34 per cent from the same period last year and a decrease of 29 per cent from the 2023 average;
• Ramu Q4 2024 production costs, net of byproduct credits, were $4.17 (U.S.) per lb of nickel produced as MHP. Full-year 2024 cash costs, net of byproduct credits, were $3.33 (U.S.) per lb.

2025 production guidance:

• For the 2025 calendar year, the project is targeting production of 32,000 tonnes of contained nickel and 2,900 tonnes of contained cobalt in MHP.
• This production target is impacted by the acid plant (one of two) that is currently non-operational and expected to be back online by the end of February.

"While the annual production at Ramu for 2024 was impacted by the Q3/Q4 planned shutdown and below nameplate for the first time in eight years, it was still a very strong performance by Ramu. More importantly, the planned capital improvement projects were completed and, when the acid plant is back on line in late February, 2025, we believe the project will achieve production rates above those prior to the improvements," stated Nickel 28's chief executive officer, Craig Lennon. "At the project level, MCC is focusing on lowering costs and increasing production levels during a period where nickel and cobalt prices continue to be weak. At Nickel 28, our focus continues to be on keeping corporate costs low and continuing to purchase shares in the open market under the company's NCIB. Corporate costs for the current year (FY 2026) are estimated to be under $2.5-million (U.S.), excluding any costs associated with legal claims and transaction costs -- categories of expense which we cannot reasonably forecast. This compares favourably to the level of costs in previous years. Like-for-like costs in FY 2023, the most recent year without abnormal legal and other costs, were approximately $5.7-million (U.S.), excluding stock-based compensation," continued Mr. Lennon."

Ramu's operating performance for the period are presented in the attached table, along with a comparison with prior years.

The figures in the table have not been audited and are subject to change. As Ramu has not yet finished any audit or review procedures in respect of the fiscal quarter, the financial information presented in this news release is preliminary, subject to adjustment and may change materially. The information presented above has not been reviewed or audited by the company's auditor, should not be considered a substitute for reviewed or audited financial statements, and should not be regarded as a representation by the company as to the actual financial results.

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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