Nickel 28 Releases Ramu Q4 and Full Year 2020 Operating Performance

Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) is pleased to provide operational results for the quarter ending December 31, 2021 and for the full year of 2021 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”).

Full Year and Q4 2021 Ramu Highlights:

• Ramu Q4 2021 production of 6,368 tonnes and full year production of 31,594 tonnes of contained nickel in MHP.
• Ramu Q4 2021 production of 579 tonnes and full year production of 2,953 tonnes of contained cobalt in MHP.
• Ramu Q4 2021 nickel sales of 4,987 tonnes and full year sales of 32,793 tonnes of contained nickel.
• Ramu Q4 2021 cobalt sales of 478 tonnes and full year sales of 3,035 tonnes of contained cobalt.
• LME average nickel price of US$8.99/lb. in Q4 2021, a 24% increase from the same period last year. The full year LME nickel price averaged US$ 8.39/lb. an improvement of 34% over the 2020 average of US$6.25/lb.
• Fast Markets average cobalt price of US$29.79/lb. in Q4 2021, a 89% increase from the same period last year. Full year cobalt prices averaged US$24.34/lb. compared to US$15.58/lb. for 2020 representing a increase of 56%.
• Full year 2021 cash costs are expected to be consistent with prior reporting periods and should fall in the range of $1.80 to $2.20/lb. of nickel produced net of byproduct in MHP.

“Despite 2021 being a challenging year as global industry continued to be impacted by the pandemic, Ramu delivered strong results despite incurring an unplanned outage in Q4 due to the pandemic” stated Nickel 28’s Chairman, Anthony Milewski. “In comparison to the year prior, Ramu’s operational performance was essentially unchanged producing slightly under 32,000 tonnes of contained nickel and almost 3,000 tonnes of contained cobalt in MHP. I would like to congratulate our partner MCC, for navigating the operation through extremely challenging circumstances which saw much of our workforce remain at site for prolonged rotations as a result of travel restrictions both in PNG and their respective home countries. The fact that our operations continued under such conditions and upholding the highest safety and environmental standards is a testament to MCC’s capability as a premier operator” 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.

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 2021 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 with respect to the prospects of nickel and cobalt in the global electrification of vehicles; statements related to the repayment of the Company’s Ramu operating debt (and the timing thereof); statements related to the Company’s attributable cash flow and future cash flow receivable by the Company (and the receipt and timing thereof); statements related to the production impacts of the Covid-19 pandemic; statements related to future evaluation of mineral resource and reserve estimates by representatives of MCC and the Company; 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.

This news release also contains references to estimates of mineral reserves and mineral resources. The estimation of mineral reserves and mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral reserve and mineral resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in nickel, cobalt or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive or maintain required permits, approvals and licences.

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.

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