Nickel 28 Announces Proposed Normal Course Issuer Bid

On January 7, 2026, Nickel 28 announced a proposed Normal Course Issuer Bid (NCIB). The company intends to repurchase and cancel up to 7,050,819 common shares over a 12-month period, representing approximately 8.1% of its issued and outstanding shares. The buyback will be conducted through Haywood Securities Inc. on the open market. CEO Craig Lennon stated that the shares trade at a "substantial discount" to the company's net asset value (NAV) and that using excess liquidity for this purpose is accretive to remaining shareholders.

The impact is Material - Positive for the following reasons: - Shareholder Accretion: An 8.1% reduction in share count is a significant capital return initiative for a micro-cap company. If the company’s assessment of its NAV is accurate, buying shares at $0.94 provides a higher internal rate of return than other available cash deployments. - Liquidity Utilization: The company reported a cash balance of $9.5 million as of October 31, 2025. Repurchasing 7 million shares at current prices would require approximately $6.6 million. This indicates management is confident that the Ramu Nickel Mine’s distributions will continue to cover corporate overhead and debt servicing. - Market Signal: This follows a previous year where the company repurchased approximately 3.46 million shares. The expansion of the buyback program suggests a pivot from legal defense and internal turmoil toward capital management.

Nickel 28 is a base metals streaming and royalty company. Its flagship asset is an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation in Papua New Guinea, operated by Metallurgical Corp. of China (MCC). Ramu is a long-life, low-cost HPAL (High-Pressure Acid Leach) operation. The company also holds a portfolio of royalties on several nickel-cobalt projects, including the Dumont (1.75% NSR) and Turnagain (2.0% NSR) projects.