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

Mr. Craig Lennon reports NICKEL 28 ANNOUNCES FILING OF ANNUAL FINANCIAL STATEMENTS Nickel 28 Capital Corp. has filed on May 27, 2026, its annual audited financial statements for the financial year ended Jan. 31, 2026 (2025 financial year). Full year highlights Key financial and operating highlights from the company's financial year ended Jan. 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 (Ramu), included the following: Production of 33,007 tonnes of contained nickel and 3,099 tonnes of contained cobalt in mixed hydroxide precipitate (MHP), positioning Ramu among the larger global MHP producers; Sales of 32,627 tonnes of contained nickel and 3,061 tonnes of contained cobalt in MHP. Average production costs, net of byproduct sales, of $3.47 (U.S.)/pound of contained nickel; Average realized nickel prices of $6.88 (U.S.)/pound ($15,164 (U.S.)/t) and cobalt prices of $16.07 (U.S.)/lb ($35,418 (U.S.)/t); Total Ramu project revenue for the year of approximately $529-million (U.S.) (2024 financial year $471-million (U.S.)); Total net and comprehensive loss of $1.1-million (U.S.) (one U.S. cent/share) (2024 financial year $1.9-million (U.S.), two U.S. cents/share); Financial year-end cash balance of $9.1-million (U.S.) (2024 financial year $8.1-million); Full year debt repayment of $6.5-million (U.S.), with a remaining construction debt balance of $31.9-million (U.S.) as at Jan. 31, 2026. "During the financial year ended Jan. 31, 2026, the company repaid $6.5-million (U.S.) of its construction debt, reducing the remaining balance to $31.9-million (U.S.) at year-end. In addition to the loan repayment, the company received cash distributions totalling $3.5-million (U.S.) in October, 2025, and April, 2026, and finished the year with a cash balance of $9.1-million (U.S.). While the operating margins for the Ramu project in 2025 were impacted by lower nickel prices, the company successfully reduced corporate costs relative to prior years," stated Craig Lennon, chief executive officer of Nickel 28. 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 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. 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. We seek Safe Harbor.