Mr. Brett Richards reports

NICKEL 28 ANNOUNCES PROPOSED RAMU EXPANSION AND RELATED DEVELOPMENTS

Nickel 28 Capital Corp. has been advised by Ramu NiCo Management Ltd., the operator of the Ramu nickel-cobalt integrated operation in Papua New Guinea, that a proposal for development has been lodged with the Mineral Resources Authority of Papua New Guinea under the Mining Act, detailing a proposed phase 2 expansion of the Ramu operation.

Based on the application materials supporting the proposed expansion that the company has reviewed, if completed, the proposed expansion would be expected to approximately double the production capacity of the current Ramu operation at a projected cost of approximately $1.6-billion (U.S.). Among other things, the proposed expansion would be conditional upon the grant of requisite mining leases and permits by the government of Papua New Guinea and the execution of certain required agreements with the government of Papua New Guinea and other key stakeholders.

Nickel 28 holds its interest in the Ramu operation through its indirect wholly owned subsidiary, Ramu Nickel Ltd., which is party to certain master and joint venture agreements with MCC Ramu NiCo, the majority joint venture partner, and the other Ramu joint venture partners. In connection with MCC giving effect to and implementing a qualifying proposal to expand or materially change the Ramu operation, certain governance steps under the joint venture agreements are required. Among other things, MCC must make an offer to purchase from each qualifying minority joint venture partner (including Ramu Nickel) its respective interest in the Ramu operation for fair market value. A minority joint venture partner that does not sell its interest can elect to continue as a partner in the Ramu operation, and either finance its pro rata share of the prescribed costs (including its share of the expansion costs) or have its interest diluted using a formula defined in the joint venture agreements. Generally, the dilution formula in the joint venture agreements compares the development cost of the proposed expansion against all costs (including capital and operating) incurred over the life of the project (1). In parallel with the above process of determining a qualifying minority joint venture partner's ultimate equity position in the Ramu operation, MCC is entitled to exercise its rights under the joint venture agreements to give effect to and implement the expansion proposal following the expiry of the prescribed offer period.

In light of the proposed expansion, which meets the definition of a qualifying proposal under the joint venture agreements, the company is currently analyzing and evaluating its various options afforded to it under the joint venture agreements.

"The proposed expansion represents a noteworthy development for Ramu," stated Craig Lennon, president and chief executive officer of the company. "Ramu has been a consistent producing operation, and MCC is an experienced operator and developer of nickel HPAL operations. We are confident that MCC has the expertise and capabilities to make the proposed expansion a success. The company will carefully evaluate the options available to it under the joint venture agreements in connection with the proposed expansion and continue to work constructively with MCC, with a view to maximizing value for shareholders," he concluded.

Note (1): Under the joint venture agreements, if a joint venture party elects not to contribute its proportionate share of costs for a proposal, that party's ownership interest in Ramu will be gradually reduced, or diluted, on a monthly basis over the period during which the proposal is being implemented. Specifically, each month, the party's ownership interest is recalculated by comparing the total historical costs of the existing Ramu project (excluding costs related to the new Proposal) against the combined total of those existing Ramu project costs plus the costs incurred in implementing the new proposal. As spending on the new proposal increases relative to the base Ramu project costs, the non-contributing party's interest decreases proportionally. During this dilution period, the party's share of Ramu project benefits, including its entitlement to product, as well as its share of continuing Ramu project costs, will be adjusted each month to reflect its reduced ownership interest.

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 Ramu nickel-cobalt operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production, thereby offering its 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.

We seek Safe Harbor.