Mr. Craig Lennon reports

NICKEL 28 ANNOUNCES CONFIRMATION OF CASH DISTRIBUTION FROM RAMU JOINT VENTURE

Nickel 28 Capital Corp. has noted the pending receipt of its ninth cash distribution from the Ramu joint venture.

Nickel 28 has received confirmation of a cash distribution for H1 2025 operating performance of approximately $1.4-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 $2.5-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 $34.9-million (U.S.). The timing of receipt of the distributions remains to be confirmed but is anticipated to occur during October, 2025.

Nickel 28 chief executive officer Craig Lennon commented: "The cash distribution received, and the loan repayment made was impacted by reduced production in the first half of 2025, however with a full six months of uninterrupted production expected in the second half of 2025 we would expect a better result in six months' time, assuming commodity prices remain the same or improve. As we have detailed previously, the first half of 2025 was impacted by the 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. As previously mentioned, all three HPAL trains completed their annual maintenance in the first half of 2025."

Mr. Lennon also noted: "Projects within our royalty portfolio are progressing well, with an article published recently on the Dumont nickel project, indicating positive developments on a power allocation. As well, Giga Metals has announced that it is undertaking a geophysics program at its flagship Turnagain project in Northern British Columbia, and Australian Mines announce a targeted approximately 1,000 m drilling program at its Flemington project in NSW, Australia. While the projects still have some time until they are in production, these activities are all positive developments for Nickel 28's royalty portfolio.

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.

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