Nickel 28 loses $1.1-million (U.S.) in fiscal 2025

• Nickel 28 Capital Corp. filed its annual audited financial statements for the fiscal year ended January 31, 2026.
• Total Ramu project revenue reached approximately $529 million (U.S.), an increase from $471 million in the prior fiscal year.
• Net loss for the year was $1.1 million (U.S.) or $0.01 per share, improving upon a net loss of $1.9 million ($0.02/share) in the previous year.
• Production volumes included 33,007 tonnes of contained nickel and 3,099 tonnes of contained cobalt in mixed hydroxide precipitate (MHP).
• The company repaid $6.5 million (U.S.) of construction debt during the full year, reducing the remaining balance to $31.9 million (U.S.).
• Cash balance at year-end was $9.1 million (U.S.), up from $8.1 million in the prior fiscal year.
• Distributions received totaled $3.5 million (U.S.) in October 2025 and April 2026.
• Average realized nickel price was $6.88 per pound, while cobalt averaged $16.07 per pound.
• Production costs net of byproduct sales were $3.47 per pound of contained nickel.

• The financial results are consistent with previous operational guidance provided in February 2026 and do not contain unexpected surprises regarding production volumes or cost structures.
• Improvement in the net loss position from $1.9 million to $1.1 million is positive but incremental, reflecting continued debt servicing costs and corporate overhead rather than a fundamental shift in profitability.
• Debt repayment of $6.5 million confirms progress toward the ownership increase trigger (from 8.56% to 11.3%), which was previously disclosed in May 2026 reserve updates.
• Revenue growth is driven by higher sales volumes and stable pricing, offsetting some margin pressure from rising sulphur costs noted in earlier operational updates.
• The news validates the company's capital return policy (NCIB) and cash management strategy without altering the fundamental investment thesis.

• Company Name: Nickel 28 Capital Corp. (TSXV: NKL).
• Strategy: Leverage a world-class, low-cost nickel-cobalt operation (Ramu) to generate free cash flow while diversifying through a royalty portfolio.
• Flagship Project: Ramu Nickel-Cobalt Integrated Operation in Papua New Guinea.
• Ownership Interest: Currently holds an 8.56% joint-venture interest; increases to 11.3% upon full construction debt repayment. Option exists to purchase additional 9.25% up to 20.55%.
• Production Status: Producing since 2012; FY2026 production of ~33,007 tonnes nickel and ~3,099 tonnes cobalt.
• Royalty Portfolio: Includes Dumont (Quebec), Turnagain (BC), Nyngan (Australia), Flemington (Australia), and others focused on Ni-Co-Scandium critical minerals.