Mr. Craig Lennon reports

NICKEL 28 ANNOUNCES CONFIRMATION OF CASH DISTRIBUTION FROM RAMU JOINT VENTURE

The receipt of Nickel 28 Capital Corp.'s eighth cash distribution from the Ramu joint venture is pending.

Nickel 28 has received confirmation of a cash distribution for second half 2024 operating performance of approximately $1.2-million (U.S.) in respect of its 8.56-per-cent joint venture interest in the Ramu nickel-cobalt project in Papua New Guinea, which is operated by Metallurgical Corp. of China. Nickel 28 also received confirmation of the repayment of $2.1-million (U.S.) of Nickel 28's portion of the remaining Ramu joint venture partner construction debt, reducing Nickel 28's attributable balance to approximately $36.5-million (U.S.). The timing of receipt of the distributions remains to be confirmed but is anticipated to occur during April, 2025.

"As already noted in our prior press releases, the second half of 2024 was impacted by two independent events which reduced production. One was the planned 30-day plant-wide shutdown during September/October, undertaken to implement capital improvement projects which have increased Ramu's production capacity. The other was the temporary reduction in production due to a mechanical failure of one of the two blowers in the acid plant at Ramu's HPAL facility that reduced production from mid-November, 2024, through to mid-February, 2025," commented Craig Lennon, Nickel 28's chief executive officer. "This impact on production obviously has a significant impact on the cash distribution we receive and the loan repayment we make. We expect 2025 will be a better year in terms of production, but it remains to be seen what impact commodity prices will have in these times of global economic uncertainty. Something we can control at the project level is production costs, and at a company level is corporate costs. Ramu remains one of the lowest-cost nickel laterite operations in the world, and the project manager continues to work hard in the areas of cost and production efficiency. At the Nickel 28 company level, we continue to focus on maintaining a reduced and disciplined cost profile and continue to expect corporate costs for the current year (FY 2026) to be under $2.5-million (U.S.), excluding any costs associated with legal claims and transaction activity."

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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