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Nickel 28 Royalty Portfolio Update

Mergers & Acquisitions

Nickel 28 Royalty Portfolio Update

Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - Nickel 28 Capital Corp.

(TSXV: NKL) (FSE:

3JC0)

("

Nickel 28

" or the "

Company

") is pleased to provide an update on recent developments across

four projects underlying the Company's royalty portfolio: the Dumont Nickel-Cobalt Project in Quebec; the

Turnagain Nickel-Cobalt Project in British Columbia; and the Flemington and Nyngan scandium projects

in New South Wales, Australia.

The royalty portfolio continues to provide Nickel 28 with long-term exposure to a diversified group of

critical minerals without requiring the Company to fund project-level exploration, development or

construction capital. Recent activity across the portfolio includes permitting and government support at

Dumont, expanded exploration at Turnagain, advancement of Flemington into pre-feasibility work and an

update of the definitive feasibility study at Nyngan. Collectively, these developments may increase the

strategic relevance of the portfolio at a time when secure supplies of nickel, cobalt and scandium are

becoming increasingly important to defence, aerospace, advanced manufacturing, energy infrastructure

and battery supply chains. The Company's royalty interests and recent developments across the four

projects are summarized below.

Project

Royalty

Primary Metals

Project Status

Recent Development

Dumont,

Quebec

1.75% NSR

Ni-Co

Development stage

Filon support; project

authorization extended

through 2031

Turnagain,

B.C.

2.0% NSR

Ni-Co

2023 PFS completed

2026 property-scale

geophysical program

underway

Flemington,

NSW

1.5% GRR

Ni-Co-Sc

PFS underway

PFS assessing potential

production scenarios

Nyngan,

NSW

1.7% GRR

Ni-Co-Sc

DFS update underway

Lycopodium appointed to

update the DFS

Notes: NSR means net smelter return royalty; GRR means gross revenue royalty; PFS means pre-feasibility study; and DFS means definitive

feasibility study. Ni means nickel; Co means cobalt; and Sc means Scandium.

Nickel 28's Chief Executive Officer, Craig Lennon, commented

:

"We are encouraged by the

progress being made across our royalty portfolio. Dumont continues to advance toward a potential

final investment decision with renewed regulatory certainty and direct support from the Government of

Quebec, while Turnagain continues to demonstrate the scale and exploration potential of a large,

undeveloped nickel-cobalt sulphide deposit. At the same time, the advancement of Flemington and

the update to the definitive feasibility study now underway at Nyngan are strengthening our exposure

to scandium, a critical mineral with growing strategic importance in lightweight aluminium alloys,

aerospace, defence and other advanced applications.

Nickel, cobalt and scandium are all increasingly important to critical-mineral supply chains. Our

royalty interests provide shareholders with long-term exposure to these commodities and to projects

in Canada and Australia, without the associated project development capital requirements. We

believe the continued advancement of these assets has the potential to create value for Nickel 28

shareholders over time."

Dumont Nickel-Cobalt Project - Quebec, Canada

Nickel 28 Royalty: 1.75% life-of-mine net smelter return ("NSR") royalty

The Dumont Nickel-Cobalt Project ("Dumont"), located in Quebec's established Abitibi mining region, is

a large undeveloped nickel sulphide deposit. In a July 27, 2026, news release, Dumont Nickel stated that

it is targeting annual nickel production of approximately 25,000 tonnes over an operating life exceeding

45 years, with production targeted to commence in 2030. Nickel 28 has not obtained or reviewed the

2026 technical report referenced in Dumont Nickel's July 27, 2026, news release and has not

independently verified these targets. These targets are forward-looking and remain subject to further

project development, financing and a final investment decision.

Dumont achieved two important milestones during the third quarter of 2026. On July 27, 2026, Dumont

Nickel announced that the project had been selected as one of the first projects to benefit from "Filon", a

specialized Government of Quebec support service intended to accelerate strategic mining projects. On

August 5, 2026, Dumont Nickel announced that the Government of Quebec had extended the validity of

the government decree authorizing the project through 2031. The extension preserves a key regulatory

approval and provides additional certainty as Dumont advances toward a potential final investment

decision and construction.

Dumont Nickel continues to advance engineering, financing, strategic partnership and offtake initiatives.

The project benefits from established road and rail infrastructure and access to hydroelectric power,

supporting its objective of becoming a long-life source of nickel and cobalt for North American and allied

critical-mineral supply chains.

Turnagain Nickel-Cobalt Project - British Columbia, Canada

Nickel 28 Royalty: 2.0% NSR royalty on all future contained metal production

The Turnagain Nickel-Cobalt Project ("Turnagain") is located in northern British Columbia and is held

through an 85%/15% joint venture between Giga Metals Corporation and Mitsubishi Corporation.

Turnagain is a large, undeveloped nickel-cobalt sulphide project. A 2023 pre-feasibility study

contemplated a 30-year processing-plant operating period.

In June 2026, Giga Metals commenced a fully funded property-scale geophysical program at Turnagain

focused on the Attic Zone, a large and underexplored area adjacent to the existing nickel-cobalt

resource. The program includes approximately 17 kilometres of magnetotelluric surveying and

approximately 504 line-kilometres of HeliSAM electromagnetic surveying across an area of

approximately 6.5 kilometres by 4.5 kilometres.

The program expands the exploration focus at Turnagain to include potential copper, platinum and

palladium mineralization and is designed to identify conductive targets at greater depths than previously

tested. Giga Metals has stated that the results will inform continued exploration of the Attic Zone during

the balance of 2026.

Flemington Scandium-Nickel-Cobalt Project - New South Wales, Australia

Nickel 28 Royalty: 1.5% life-of-mine gross revenue royalty ("GRR")

The Flemington Scandium-Nickel-Cobalt Project ("Flemington"), located in central New South Wales,

has advanced during 2026. Australian Mines Limited reports a JORC 2012 mineral resource estimate,

effective January 8, 2025, comprising 3.12 million tonnes in the measured category grading 455 ppm

scandium, 3.02 million tonnes in the indicated category grading 441 ppm scandium and 0.15 million

tonnes in the inferred category grading 371 ppm scandium, in each case using a 300 ppm scandium

cut-off. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Inferred mineral resources are considered too speculative geologically to have economic considerations

applied that would enable them to be categorized as mineral reserves.

Following completion of an updated scoping study during 2026, Australian Mines advanced Flemington

into the pre-feasibility study ("PFS") stage. In July 2026, Australian Mines announced that the PFS would

evaluate potential annual scandium oxide production scenarios of up to 180 tonnes. The 180-tonne

scenario is an assessment case and does not constitute a production target or forecast. Australian

Mines indicated that the PFS is expected to take approximately six to nine months to complete.

In August 2026, Australian Mines confirmed the validity of a water licence associated with Flemington

and subsequently announced preparations for a multi-purpose drilling program. The program is intended

to test extensions adjacent to the existing scandium resource and provide additional information for

metallurgical work, infrastructure planning and the PFS.

Nyngan Scandium Project - New South Wales, Australia

Nickel 28 Royalty: 1.7% life-of-mine GRR

The Nyngan Scandium Project ("Nyngan"), located approximately 500 kilometres northwest of Sydney, is

100% owned by Scandium International Mining Corporation. Nyngan is an advanced primary scandium

development project and has received the principal governmental approvals required to proceed with

development, including the grant of Mining Lease ML 1893 in 2025.

According to Scandium International's June 17, 2026, news release, the existing 2016 feasibility-study

design contemplates approximately 75,000 tonnes per year of ore throughput and nameplate production

of approximately 38,500 kilograms of scandium oxide annually. The 2016 feasibility study reported

average production of approximately 37,690 kilograms annually over a 20-year operating period. The

study is currently being updated, and these figures should not be interpreted as current production

guidance.

In June 2026, Scandium International announced the appointment of Lycopodium Limited to update the

Nyngan definitive feasibility study. The update is intended to incorporate current capital and operating

costs, potential capital and operating efficiencies, opportunities to selectively process higher-grade

material and evolving customer product requirements. Scandium International has stated that it is fully

funded to complete the study.

Scandium International continues to pursue commercial opportunities for scandium oxide and

aluminium-scandium master alloy products. Securing sufficient commercial offtake remains an important

component of the project financing and final investment decision process.

About Nickel 28

Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% 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 shareholders direct

exposure to two metals which are important 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, P.Geo., an independent consultant to Nickel 28 and a "qualified

person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The

scientific and technical information concerning the underlying royalty projects is based on public

disclosure by the applicable project owners, as identified in the relevant sections of this news release.

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; statements with respect to the potential

strategic importance of nickel, cobalt and scandium; statements and figures with respect to the potential

future development of, and prospects for, the Dumont, Turnagain, Flemington and Nyngan projects

(including statements with respect to the estimated timeframes for the achievement of future milestones,

as well as regarding the potential value of the Company's royalty interests in respect of such projects);

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.

For more investor information - please contact:

Nickel 28 Investor Relations

Attn: Mr. Brett Richards

+1 905 449 1500

Email:

[email protected]

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/313970