News Releases

TORONTO, ONTARIO, May 9, 2022 — Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) is pleased to provide operational results for the quarter ending March 31, 2022 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 the Metallurgical Corporation of China (“MCC”).

Q1 2022 Ramu Highlights:

• Ramu Q1 2022 production of 8,756 tonnes of contained nickel in MHP.
• Ramu Q1 2022 production of 830 tonnes of contained cobalt in MHP.
• Ramu Q1 2022 nickel sales of 3,336 tonnes of contained nickel.
• LME average nickel price of $11.97/lb. in Q1 2022, a 50% increase from the same period last year and a 33% increase from Q4 2021.
• Fast Markets average cobalt price of $36.24/lb. in Q1 2022, a 67% increase from the same period last year and a 22% increase from Q4 2021.
• Actual cash cost, net of by-product credits of $1.48/lb. of nickel produced as MHP, a cost reduction of 12% from Q1 2021.

“Ramu’s production has rebounded to expected levels in Q1 2022 as PNG and the rest of Asia begin to emerge from the global pandemic” stated Nickel 28’s Chairman, Anthony Milewski. “Despite significant increases in raw materials and input costs, Ramu was able to improve its cash costs for the quarter because of significantly improved by-product credits, mainly cobalt credits. We expect that Ramu’s full year costs and production will remain within guidance being 32,000 to 33,000 tonnes of contained Nickel in MHP and cash costs below $2.00/lb. of Nickel provided by-product credits remain consistent. Sales in the first quarter were impacted by increased restrictions in our main export destination as a result of the global pandemic and the 2022 Winter Olympics. We expect this to normalize in Q2 2022” continued Mr. Milewski.

Ramu’s operating performance for the period are presented below along with comparison to prior years, noting that these figures are unaudited.

Note (1) Ramu design capacity of 32,600 tonnes per year of nickel contained in MHP

Note (2) actual cost per pound of nickel contained in MHP net of by-product credits

A. These figures have not been audited and are subject to change. As the company has not yet finished its year-end annual close procedures, and the audit of its annual financial statements is not complete, the anticipated financial information presented in this press release is preliminary, subject to final year-end closing adjustments and may change materially. The information presented above has not been audited by the company's independent accountants, should not be considered a substitute for audited financial statements and should not be regarded as a representation by the company as to the actual financial results.

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 13 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.

Cautionary Note 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 and figures with respect to the operational and financial results of the Ramu project; statements related to the production and sales impacts of the Covid-19 pandemic and 2022 Winter Olympics; 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.

Investor Contact:

Nickel 28 Investor Relations
Tel: 647.846.7765
Email: info@nickel28.com