Nickel 28 Releases Ramu Q2 2023 Operating Performance

Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) is pleased to provide operational results for the production quarter ending June 30, 2023 for the Company’s largest asset, being the Ramu Nickel-Cobalt (“Ramu”) integrated operation in Papua New Guinea. Nickel 28 currently holds an 8.56% joint-venture interest in Ramu which is operated by Metallurgical Corporation of China.

Q2 2023 Ramu Highlights:

• Production of 7,784 tonnes of contained nickel and 717 tonnes of contained cobalt in mixed hydroxide precipitate ("MHP") during the second calendar quarter, continuing to place Ramu as one of the top producers of MHP globally.
• Sales of 9,078 tonnes of contained nickel and 822 tonnes of contained cobalt in MHP during the second calendar quarter.
• LME average nickel price of US$10.16/lb. in Q2 2023, a decline of 23% from the same period last year. The average H1 2023 LME nickel price was $10.99/lb. compared to an average LME nickel price of $12.50/lb. for H1 2022.
• Fast Markets average cobalt price of US$15.07/lb. in Q2 2023, a decline of 61% from the same period last year. The average H1 2023 Fast Markets cobalt price was $16.03/lb. compared to an average Fast Markets cobalt price of $36.93/lb. for H1 2022.
• Actual cash cost, net of by-product credits of $3.92/lb. of nickel produced as MHP, representing a 29% increase from the same period last year. H1 2023 cash cost, net of by-product credits of $3.49/lb. of nickel representing an increase of 57% from the same period the prior year.

“The second quarter of 2023 saw slightly reduced production at Ramu, which impacted cash costs; however, we anticipate costs will return to historical levels by the end of the calendar year,” stated Nickel 28’s Executive Chairman, Anthony Milewski. “Softness in demand for NiSO₄ and CoSO₄ in China provided an opportunity for Ramu to carry out maintenance activities, which were scheduled for later in the year; however, the project was still able produce at near capacity in the quarter, a testament to Ramu’s credibility as a consistent producer of MHP. In addition, a decline in by-product credits, primarily due to significantly reduced cobalt prices compared to 2022, contributed to elevated cash costs. The stabilization in input commodity costs, including sulphur and fuel oil, have partially offset the impact of the decline in by-product credits. Our indications are that Chinese demand for MHP will continue to improve through the balance of 2023, despite the significant growth in Indonesian supply, which should result in improved product pricing,” continued Mr. Milewski.

Ramu’s unaudited operating performance for the period is presented below (along with comparison to prior years).

About Nickel 28

Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% 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 our 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.

Cautionary Statements Regarding Forward-Looking Statements

This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements with respect to the prospects for nickel, cobalt and other commodities markets; statements and figures with respect to the operational and financial results of the Ramu project; and statements with respect to the business and assets of the Company and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company’s control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.

The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.

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