Mr. Craig Lennon reports

NICKEL 28 RELEASES RAMU Q1 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has released operational results for the quarter ending March 31, 2025, 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 interest in Ramu, which is operated by the Metallurgical Corp. of China (MCC).

Q1 2025 Ramu highlights:

• Production of 6,970 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared with 8,282 tonnes in the same period last year;
• Production of 648 tonnes of contained cobalt in MHP, compared with 767 tonnes in the same period last year;
• Nickel sales of 6,133 tonnes of contained nickel, compared with 8,864 tonnes in the same period last year. Nickel inventory on hand at quarter-end was 4,134 tonnes of nickel in MHP;
• Cobalt sales of 569 tonnes of contained cobalt, compared with 822 tonnes in the same period last year;
• London Metal Exchange average nickel price of $7.06 (U.S.) per pound in Q1 2025, a decrease of 6 per cent from the same period last year;
• Average cobalt price of $11.09 (U.S.) per pound in Q1 2025, a decrease of 18 per cent from the same period last year;
• Production costs, net of byproduct credits, were $3.61 (U.S.) per pound of nickel produced as MHP, compared with $3 (U.S.) per pound in the same period last year, an increase year-over-year of 20 per cent;
• All production decreases and cost increases are attributed to the production curtailment in January, 2025, and part of February, 2025, due to the acid plan blower fan failure, and subsequent reduced production for the period the acid plant was off-line.

Nickel 28's chief executive officer, Craig Lennon, stated: "The first part of Q1 2025 was impacted by one of the two acid plants being off-line, impacting production and sales by approximately 20 per cent and increasing unit costs by about the same percentage. However, at the end of Q1 2025 and after the fan blower was repaired and the acid plant returned to full production, the operation performed at record operating levels. Part of the high performance exiting the fan repair is also due to the capital improvement projects undertaken in the planned shutdown late last year. It can be seen that as a result of these capital upgrades, the Ramu plant can consistently run at or slightly above designed nameplate capacity, as shown in the weekly record performances at the end of Q1 2025. Annual maintenance for the HPAL (high-pressure acid leach) autoclaves will be brought forward to Q2 2025, allowing the second half of 2025 to be interruption-free in terms of production. In Papua New Guinea, where our project is located, the government is considering revisions to the current mining act. We do not expect these revisions to impact our project, as we have a mining development contract in place and the special mining lease we hold should be grandfathered to the current mining act, ensuring there should be no changes, fiscal or otherwise, to how our project currently operates."

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

The figures in the attached 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 press release is preliminary, subject to audit and final adjustment, and may change materially. The information presented herein has not been reviewed or audited by the company's auditor, and 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 Capital 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 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.

We seek Safe Harbor.