Mr. Craig Lennon reports

NICKEL 28 ANNOUNCES FILING OF ANNUAL FINANCIAL STATEMENTS

Nickel 28 Capital Corp. filed on May 28, 2025, its annual audited financial statements for the financial year ended Jan. 31, 2025.

Full-year highlights

Key financial and operating highlights from the company's financial year ended Jan. 31, 2025, and the operations of the company's principal asset, an 8.56-per-cent joint venture interest in the Ramu nickel-cobalt integrated operation in Papua New Guinea, included the following:

• Production of 28,669 tonnes of contained nickel and 2,625 tonnes of contained cobalt in mixed hydroxide precipitate (MHP), making Ramu a significant producer of MHP globally;
• Sales of 30,523 tonnes of contained nickel and 2,793 tonnes of contained cobalt in MHP;
• Average production costs, net of byproduct sales, of $3.21 (U.S.) per pound of contained nickel;
• Total Ramu project revenue for the year of approximately $471-million (U.S.) (2023 financial year: $644-million (U.S.));
• Total net and comprehensive loss of $1.9-million (U.S.) (two U.S. cents per share) (2023 financial year: $6.2-million (U.S.) (seven U.S. cents per share));
• Financial year-end cash balance of $8.1-million (U.S.) (2023 financial year: $7.8-million (U.S.));
• Full-year debt repayment of $9.6-million (U.S.), with a remaining construction debt balance of $36.5-million (U.S.) as at Jan. 31, 2025.

"As detailed in previous releases, the 2024 financial year was not as strong as in previous years, due to operational issues and a planned shutdown for capital improvement projects. However, the Ramu nickel-cobalt project continues to be a world-class nickel producer, which has now returned to operating at or above nameplate capacity. As commodity prices improve, our low-cost operating profile will ensure the project generates strong margins and the company generates strong returns for its shareholders. During the financial year ended Jan. 31, 2025, the company repaid $9.6-million (U.S.) of its construction debt during the financial year, which leaves a remaining construction debt balance of $36.5-million (U.S.) as at the end of the financial year. In addition to the loan repayment, the company also received cash distributions for 2024 financial year totalling $5.2-million (U.S.) in October, 2024, and April, 2025. Even in this low-nickel-price environment, Ramu continues to be one of the lowest-cost producers in the sector and is well positioned when the market recovers from these low commodity prices," stated Craig Lennon, chief executive officer of Nickel 28.

Mr. Lennon went on to state: "Under the company's normal course issuer bid (NCIB), the company repurchased 1.96 million shares to Jan. 31, 2025, for a cost of $1,464,788, which has increased to 3,122,500 shares to April 30, 2025, for a cost of $2,337,147. The company's NCIB expires on July 25, 2025, and the company intends to apply for a further NCIB when the current NCIB expires. We will continue to focus on keeping corporate costs low, estimated to be under $2.5-million (U.S.) for the year ended Jan. 31, 2026, excluding any costs associated with legal claims and transaction costs -- categories of expense which we cannot reasonably forecast."

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 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.

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