Mr. Craig Lennon reports

NICKEL 28 RELEASES RAMU Q3 2025 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the quarter ended Sept. 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 (MCC).

Q3 2025 Ramu highlights:

• Production of 9,242 tonnes of contained nickel in mixed hydroxide Precipitate (MHP), compared with 6,880 tonnes in the same period last year;
• Production of 887 tonnes of contained cobalt in MHP, compared with 634 tonnes in the same period last year;
• Nickel sales of 9,880 tonnes of contained nickel, compared with 8,685 tonnes in the same period last year. Nickel inventory on hand at quarter-end was 2,205 tonnes of nickel in MHP;
• Cobalt sales of 948 tonnes of contained cobalt, compared with 798 tonnes in the same period last year;
• LME (London Metal Exchange) average nickel price of $6.81 (U.S.) per pound in Q3 2025, a decrease of 8 per cent from the same period last year;
• Average cobalt price of $15.48 9 (U.S.) per pound in Q3 2025, an increase of 34 per cent from the same period last year;
• Production costs, net of byproduct credits, were $3.07 (U.S.) per pound of nickel produced as MHP in Q3 2025, compared with $2.96 (U.S.) per pound in the same period last year;
• Year-to-date 2025 cash cost, net of byproduct credits, were $3.27 (U.S.) per pound of nickel produced as MHP, compared with $3.10 (U.S.) per pound in the same period last year.

Nickel 28's chief executive officer, Craig Lennon, stated: "The production and sales performance at Ramu during Q3 2025 was very strong. Production for the quarter was interruption-free in terms of planned shutdowns and scheduled maintenance, and we expect the same for Q4 2025. With respect to sales, the market continues to be stronger than the previous three quarters, and Ramu was able to sell more than it produced as it was able to reduce the inventory balance and take advantage of the stronger price environment. We are guiding for Q4 2025 that sales tonnage should be as equally strong as Q3 2025.

"In the commodity market during the period, nickel prices have been stable, driven largely by stainless steel supply and demand, and we are seeing an increase in payabilities as the MHP market tightens. Cobalt has also seen small positive increases in pricing and in payabilities, again driven by the tightness in the MHP market and due to the export restrictions on cobalt in the DRC, who continue to remain the largest global producer of cobalt.

"There has been a recent announcement by the Indonesian government indicating they are stopping the granting of new licences for plants only producing nickel pig iron, ferronickel, nickel matte and MHP, unless they include further downstream processing to stainless steel or nickel sulphate. This should prove to be an interesting development and may curtail some of the supply coming onto the market in the future."

Ramu's operating performance for the period is presented below, along with a comparison with 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, is subject to audit and final adjustment, and may change materially. The information presented above 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 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.

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.

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