Mr. Brett Richards reports

NICKEL 28 FILES FISCAL Q2 2026 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its results for the quarter ended July 31, 2025.

Quarterly highlights

Key financial and operating highlights from the company's second financial quarter ended July 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, include the following:

• Production of 8,564 tonnes of contained nickel and 787 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter.
• Sales of 7,846 tonnes of contained nickel and 719 tonnes of contained cobalt in MHP during the second calendar quarter.
• Average production costs for the second calendar quarter, net of byproduct sales, of $2.68 (U.S.)/pound of contained nickel.
• Share of operating profit from Ramu nickel mine of $1.2-million (U.S.) during the second calendar quarter.
• Total net and comprehensive profit of $100,000 (U.S.) (zero U.S. cents/share) for the three months ended July 31, 2025.
• Financial quarter end cash balance of $8.0-million (U.S.).
• Total non-recourse construction debt of $37.5-million (U.S.) as at July 31, 2025.

Craig Lennon, the company's chief executive officer, stated: "As detailed in our Q2 2025 operating performance press release, the second quarter of calendar year 2025 was strong and the activities undertaken during the quarter have set the project up for what we expect to be a very good second half of calendar year 2025. 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. Production to date in Q3 2025 has been very strong and we continue to achieve record weekly production rates.

"Financially we have ended the quarter with a strong cash balance, have our corporate costs down to our target levels (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) and saw the completion of the normal course issuer bid (NCIB) through which we purchased and cancelled 3,466,500 common shares for the 12 months ended July 25, 2025."

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 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.

Scientific and technical information

Disclosures of a scientific or technical nature in this news release have been reviewed on behalf of Nickel 28 by Alan Lambden, PGeo, an independent consultant to Nickel 28 and a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.