Mr. Brett Richards reports

NICKEL 28 DIRECTORS SECURE DISMISSAL OF ACTIONS BROUGHT AGAINST THEM BY FORMER EXECUTIVES JUSTIN COCHRANE & CONOR KEARNS IN COURT

Further to the May 16, 2025, press release of Nickel 28 Capital Corp., the company announces today that two of its board members, Brett Richards and Edward Collery, were entirely successful in striking the lawsuits brought against them by former executives Justin Cochrane and Conor Kearns.

On Nov. 3, 2025, Mr. Collery and Mr. Richards brought parallel motions to strike the claims against them on the basis that the claims do not disclose any reasonable cause of action against them personally. In a decision dated Dec. 5, 2025 (2025 ONSC 6742), Justice Merritt of the Superior Court of Justice granted the motions brought by each of Mr. Collery and Mr. Richards, and dismissed Mr. Cochrane's and Mr. Kearns' actions against them entirely. In a separate decision released on Jan. 15, 2026, the court has also awarded costs to each of Mr. Collery and Mr. Richards as the successful parties on their motions to strike.

In arriving at its decision, the court concluded that Mr. Cochrane and Mr. Kearns did not plead the material facts required to support their lawsuit against Mr. Richards or Mr. Collery, personally. The court further denied a request from Mr. Cochrane and Mr. Kearns to amend their claims against Mr. Richards and Mr. Collery, finding that there was no conduct that could be pleaded that would support a lawsuit against the Nickel board members, and that Mr. Cochrane's and Mr. Kearns' own claims contained "allegations that would be completely inconsistent with many of the facts that would be required to support claims against [Collery and Richards]."

As previously disclosed, the company terminated each of Mr. Cochrane's and Mr. Kearns' employment for cause on May 3, 2024, as a result of findings of serious misconduct made by an independent special committee of the company's board of directors. The misconduct findings included involvement in trades that violated the company's policies, self-dealing that resulted in, amongst other things, Mr. Cochrane and Mr. Kearns facilitating grossly excessive compensation payments to themselves and others, awards of securities to themselves and others in breach of the company's long-term incentive plans, and causing the company to enter into improper consulting contracts.

After their terminations, Mr. Cochrane and Mr. Kearns started substantially similar and meritless lawsuits for wrongful termination and loss of competitive advantage against the company and Mr. Collery and Mr. Richards. With the claims against Mr. Collery and Mr. Richards being dismissed with costs, the company shall continue defending against Mr. Cochrane's and Mr. Kearns' lawsuits and pursuing its counterclaim against them for, amongst other things, millions of dollars for breach of contract, breach of fiduciary duties, breach of confidence, breach of trust, negligence, unjust enrichment, spoliation, conspiracy and tortious interference with economic interests and contractual relations, as well as punitive damages.

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, prefeasibility and exploration projects in Canada, Australia and Papua New Guinea.

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