Mr. Craig Lennon reports

NICKEL 28 RELEASES RAMU Q2 OPERATING PERFORMANCE

Nickel 28 Capital Corp. has provided operational results for the calendar quarter ending June 30, 2026, 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).

Q2 2026 Ramu highlights:

• Production of 8,234 tonnes of contained nickel in mixed hydroxide precipitate (MHP), compared with 8,564 tonnes in the same period last year;
• Production of 811 tonnes of contained cobalt in MHP, compared with 787 tonnes in the same period last year;
• Nickel sales of 8,967 tonnes of contained nickel, compared with 7,846 tonnes in the same period last year;
• Cobalt sales of 881 tonnes of contained cobalt, compared with 719 tonnes in the same period last year;
• Nickel inventory on hand at quarter-end was 1,094 tonnes of nickel in MHP, compared with 1,828 tonnes at March 31, 2026;
• LME (London Metal Exchange) average nickel price of $8.24 (U.S.) per pound in Q2 2026, an increase of 20 per cent from the same period last year ($6.88 (U.S.) per pound);
• Average cobalt price of $25.65 (U.S.) per pound in Q2 2026, an increase of 68 per cent from the same period last year ($15.23 (U.S.) per pound);
• Production costs, net of byproduct credits, were $4.81 (U.S.) per pound of nickel produced in MHP, compared with $3.21 (U.S.) per pound in the same period last year, primarily reflecting higher sulphur prices; first-half 2026 production costs, net of byproduct credits, were $3.78 (U.S.) per pound of nickel produced in MHP, compared with $3.39 (U.S.) per pound.

Nickel 28's chief executive officer, Craig Lennon, stated: "Ramu delivered another strong quarter of operational performance during the second quarter of 2026, with robust production and sales volumes that continue to demonstrate the reliability and consistency of the operation. Despite the completion of one of the three scheduled annual HPAL [high-pressure acid leaching] train maintenance shutdowns during the quarter, production remained strong, and management remains confident that the project is well positioned to achieve its full-year production guidance. The remaining two planned shutdowns were successfully completed shortly after quarter-end, leaving the operation well placed for a strong second half of the year.

"Market conditions also remained supportive throughout the quarter. Nickel and cobalt prices continued to benefit from improving market fundamentals while payable terms for both metals remained at high levels, underpinning strong operating cash flow.

"The principal cost pressure during the quarter continued to be sulphur, which is the project's largest operating consumable. Global sulphur markets remain tight following supply disruptions that continue to support elevated prices across the HPAL industry. While these higher input costs have impacted margins, the operation continues to perform strongly, supported by solid production, favourable metal pricing and disciplined cost management.

"The Indonesian government's RKAB production quota allocations remain the single most important external factor influencing the global nickel market. The industry continues to closely monitor future quota approvals as they have a direct impact on Indonesian nickel supply and, consequently, global nickel pricing. We expect Indonesian production policy will continue to play a significant role in determining market balance through the remainder of 2026."

Ramu's operating performance for the period is presented below, along with comparison with prior years.

The figures in the table above have not been audited and are subject to change. As Ramu has not yet completed its local or corporate audit or completed the review of accounting procedures for 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 Capital 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 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 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.

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