Nickel 28 Capital Corp. (TSX-V: NKL) (FSE: 3JC0) is pleased to provide an update on mineral resources and reserves based on data (unaudited) for the Ramu Nickel-Cobalt operation from the project operator, China Metallurgical Group Corporation.

Nickel 28 currently holds an 8.56% joint-venture interest in Ramu. Ramu is operated by MCC which, along with its partners, owns an 85.0% interest. Following repayment of the Company’s construction debt owed to MCC, Nickel 28’s ownership interest in Ramu will automatically increase to 11.3% at no cost to the Company. Additionally, when the Company has repaid the construction debt, the Company will have the option to purchase an additional 9.25% interest in Ramu at market value, which if exercised would take the Company’s interest to 20.55%.

The updated Ramu mineral resources and reserves estimated from MCC (prepared by Nanjing Center, China Geological Survey, “Nanjing“, which is MCC’s Competent Person) includes the addition of resources and reserves from exploration work undertaken in 2024, and was prepared according to the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves by Competent Persons as defined by those guidelines. The effective date of resource and reserve estimation is December 31, 2024.

• 10% increase in total reserves year-over-year
• 18% increase in Measured & Indicated resources and 146% increase in Inferred resources
• Year-over-year increases in reserves and resources are a result of continued exploration success in 2024 with over 1,370 boreholes drilled for a total of 17,687 metres

The 2024 remaining in-situ mineral resources have been adjusted to account for material depletion resulting from mining activities completed since the previous estimate in 2023. The overall increase in total mineral resources is primarily attributable to additional exploration drilling completed in Areas 3 and 4 at the Ramu project.

The Company wishes to caution investors that these updated estimates from Nanjing have not been prepared to National Instrument 43-101 – Standards for Disclosure for Mineral Projects standards.

“Ramu is a world-class operation, and the ability for the project to be able to increase mineral resources and convert those mineral resources to ore reserves year after year is impressive”, commented Craig Lennon, Nickel 28’s Chief Executive Officer and President. “In the last 12 months, the project has again been able to increase mineral resources and replace ore reserves mined, and in fact increase ore reserves. There is still considerable ground within the exploration license that is yet to be drilled, therefore we are confident of increasing Ramu’s mineral resources and ore reserves further in the future,” continued Mr. Lennon.

In November 2022, the Company’s independent consulting firm (RedDot3D Inc.) was able to visit the Ramu facility and mine site in order to satisfy themselves regarding drilling procedures, QA/QC, and general adherence to good practice with respect to mining activities. The Company and its independent consultants are satisfied that the Nanjing report accurately represents Ramu’s mineral resources and reserves.

Mineral Resources and Mineral Reserves

The following tables summarize the updated end-of-year 2024 mineral resources (Table 1) and reserves (Table 2) extracted from the JORC report dated May 20, 2025, prepared by Nanjing. The end-of-year 2023 summary of the mineral resources and reserves are shown for the purpose of identifying changes.

Table 1 – Ramu Mineral Resources – Effective Date December 31, 2024 (100% basis)

 Note: Mineral resources at a cut off of 0.5% Ni and a minimum mineable thickness of 0.5m; mineral resources are inclusive of mineral reserves; the figures may not add exactly due to rounding; mineral resources do not include the +2mm rock fragments in the rocky saprolite layers; mineral resources that are not mineral reserves do not have demonstrated economic viability.

Table 2 – Ramu Mineral Reserves – Effective Date December 31, 2024 (100% basis)

 Note: Mineral reserves at a cut off of 0.5% Ni and a minimum mineable thickness of 0.5m; mineral reserves are included in mineral resources; the figures may not add exactly due to rounding; mineral reserves do not include the +2mm rock fragments in the rocky saprolite layers.

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.