Ramu Back to Full Production Levels Following Earthquake

NEWS RELEASE TSX Venture: NKL

FSE: 3JC0

RAMU BACK TO FULL PRODUCTION LEVELS FOLLOWING

EARTHQUAKE

TORONTO, ONTARIO, October 25, 2023 —Nickel 28 Capital Corp. (“ Nickel 28 ” or the

“Company”) (TSXV: NKL) (FSE: 3JC0) is pleased to announce the successful resumption of

full production levels at the Ramu Mine’s Basumuk HPAL plant following the earthquake on

October 7, referred to in our press release of October 10, 2023.

The earthquake, which had a magnitude of 6.7, triggered immediate safety protocols and a

comprehensive evaluation of the site's infrastructure. While the event disrupted operations

temporarily, MCC's commitment to safety, environmental responsibility and o perational

excellence guided the recovery process. The Company is pleased to report that there were no

injuries or significant environmental impacts associated with the earthquake or MCC’s subsequent

response efforts.

At this time, the Company is not anticipating any material impact on production and is still guiding

for annual production levels at Ramu of approximately 33,000 Mt of contained nickel and 2,900

Mt of contained cobalt in calendar 2023.

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 pro duction

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, pre-feasibility 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 operating performance of

Ramu; impact of the earthquake on Ramu Mine; anticipated annual production levels at Ramu;

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 circumstance s. 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:

Justin Cochrane, President

Tel: + 1 289 314 4766

Email: [email protected]