Mr. Craig Lennon reports

NICKEL 28 RELEASES RAMU Q2 2025 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the quarter ended June 30, 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.

Second quarter 2025 Ramu highlights:

• Production of 8,564 tonnes of contained nickel in mixed hydroxide precipitate, compared with 7,555 tonnes in the same period last year;
• Production of 787 tonnes of contained cobalt in MHP, compared with 675 tonnes in the same period last year;
• Nickel sales of 7,846 tonnes of contained nickel, compared with 7,666 tonnes in the same period last year;
• Nickel inventory on hand at quarter-end was 2,843 tonnes of nickel in MHP;
• Cobalt sales of 719 tonnes of contained cobalt, compared with 684 tonnes in the same period last year;
• LME average nickel price of $6.88 (U.S.) per pound in Q2 2025, a decrease of 18 per cent from the same period last year;
• Average cobalt price of $15.23 (U.S.) lb in Q2 2025, an increase of 18 per cent from the same period last year;
• Production costs, net of byproduct credits, were $2.68 (U.S.) per lb of nickel produced as MHP in Q2 2025, compared with $3.37 (U.S.) per lb in the same period last year. First half 2025 cash cost, net of byproduct credits, was $3.10 (U.S.) per lb of nickel produced as MHP, compared with $3.17 (U.S.) per lb.

Nickel 28's chief executive officer, Craig Lennon, stated: "Performance during Q2 2025 was strong, and the activities undertaken set the project up for what we expect will be a very good second half of the year. The beginning of Q2 2025 continued as Q1 2025 ended, with record weekly production rates. As detailed in the Q1 2025 press release, these record production rates are the direct result of the capital upgrades undertaken last year. During June, the project undertook annual shutdown maintenance on two of the project's three HPAL (high-pressure acid leach) autoclaves. The third HPAL autoclave underwent annual maintenance during Q1 2025. That annual maintenance has been completed means that, assuming no unforeseen issues, we expect the second half of 2025 will be interruption-free in terms of production. On the sales front, the second half of 2025 is also expected to be stronger than the first half in terms of tonnages sold, with strong production and an inventory balance of 2,843 t of nickel in MHP on hand at the end of Q2 2025 driving this higher sales expectation."

Ramu's operating performance for the period is presented below along with a comparison to the prior year.

The figures in the table above 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, final 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.

First quarter 2025 reported nickel inventory correction

On April 25, 2025, Nickel 28 reported the Q1 2025 operating performance for the Ramu mine. Due to an inadvertent error, that press release stated that Ramu had nickel (in MHP) inventory on hand at the end of the quarter of 4,134 tonnes. The correct figure for nickel inventory on hand at the end of Q1 2025 was 2,125 tonnes.

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 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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