Mr. Craig Lennon reports

NICKEL 28 FILES FISCAL Q3 2026 FINANCIAL STATEMENTS

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

Quarterly highlights

Key financial and operating highlights from the company's third financial quarter ended Oct. 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 9,242 tonnes of contained nickel and 887 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the third calendar quarter;
• Sales of 9,880 tonnes of contained nickel and 948 tonnes of contained cobalt in MHP during the third calendar quarter;
• Average production costs for the third calendar quarter, net of byproduct sales, of $3.07 (U.S.)/lb of contained nickel;
• Share of operating profit from Ramu nickel mine of $1.4-million (U.S.) during the third calendar quarter;
• Total net and comprehensive profit of $600,000 (U.S.) (one U.S. cent/share) for the three months ended Oct. 31, 2025;
• Financial quarter-end cash balance of $9.5-million (U.S.);
• Total non-recourse construction debt of $35.4 million (U.S.) as at Oct. 31, 2025.

Craig Lennon, the company's chief executive officer, stated: "The third quarter of calendar year 2025 was interruption free in terms of planned shutdowns and scheduled maintenance, and as a result the project had strong production, sales tonnages and financial results. Calendar Q4 2025 is expected to produce similar results as calendar Q3 2025, and this should lead to an improved result in terms of loan repayment and cash distribution for the second half of 2025 compared to the first half of 2025.

"Financially, we have ended the quarter with an improved cash balance of $9.5-million (U.S.) and while our corporate costs were assisted by insurance reimbursements for the company's legal costs to defend former management claims, our corporate costs are well within our targeted and budgeted levels excluding these reimbursements. Net overheads are under $2.5-million (U.S.) for the year ended Jan. 31, 2026, excluding any costs associated with legal claims and other one-time transaction costs -- categories of expense which we cannot reasonably forecast.

"In terms of commodity markets, nickel prices continue to remain flat while cobalt prices have increased slightly quarter over quarter, however, payables for both are continuing to improve. Developments in Indonesia, in terms of Indonesian government policy and actions, continue to be a focus for the sector. It has been recently reported that the Indonesian government announced significant fines for illegal mining which may result in some short-term tightening and/or restrictions on ore supply."

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 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 and approved 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.