Mr. Craig Lennon reports

NICKEL 28 FILES FISCAL Q2 2027 FINANCIAL STATEMENTS

Nickel 28 Capital Corp. has released its financial results for the quarter ended July 31, 2026.

Quarterly highlights

Key financial and operating highlights from the company's second financial quarter ended July 31, 2026, 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, included the following:

• Production of 8,234 tonnes of contained nickel and 811 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter;
• Sales of 8,967 tonnes of contained nickel and 881 tonnes of contained cobalt in MHP during the second calendar quarter;
• Actual production costs for the second calendar quarter, net of byproduct sales, of $4.81 (U.S.) per pound of contained nickel;
• Share of operating profit from Ramu nickel mine of $5.3-million (U.S.) during the second calendar quarter;
• Total net and comprehensive profit of $2.8-million (U.S.) (three U.S. cents per share) for the three months ended July 31, 2026;
• Financial quarter-end cash balance of $9.2-million (U.S.);
• Total non-recourse construction debt of $32.7-million (U.S.).

Craig Lennon, the company's chief executive officer, stated: "The second calendar quarter of 2026 was a continuation of the first quarter, delivering a strong operational and financial performance for Ramu. Increasing operating costs, due to rising sulphur prices, were offset by relatively strong production and sales volumes, favourable nickel and cobalt prices, and strong payability levels for both metals. Ramu generated a profit contribution of $5.3-million (U.S.) for the quarter, after depreciation and amortization of $2.1-million (U.S.).

The company ended the quarter with a cash balance of $9.2-million (U.S.). A further cash distribution will be received and loan repayment made in October, 2026, when the June 30, 2026, Ramu joint venture audit is completed. Corporate overheads continue to be in line with budget.

Looking ahead, the company expects production and sales in the second half of 2026 to be broadly in line with the first half; however, the revenue factors, being nickel and cobalt prices, together with respective payables, are difficult to forecast. Sulphur prices in the second half will be higher than the first half, and, unless the revenue factors increase, then margins will be reduced. Indonesian policy and decisions by producers in Indonesia continue to be a focus for the market as any changes there could impact supply and therefore pricing.

During the quarter ended July 31, 2026, the company repurchased 744,600 common shares for an aggregate cost of $629,638 (U.S.).

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, cobalt and other metal 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. The scientific and technical information concerning Ramu is based on operational data provided by Ramu NiCo Management (MCC) Ltd. (MCC Ramu), the operator of Ramu, to Nickel 28 through its joint venture interest. Mr. Lambden reviewed the reported production and sales figures against the information provided by MCC Ramu and considers the information adequate for the purposes of this disclosure. Mr. Lambden has not independently verified the underlying operational data generated by MCC Ramu.

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