Nickel 28 Reports Strong Q2 Financial Performance

Nickel 28 Capital Corp., 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, has released its financial results for the quarter ended July 31, 2026. The quarter highlights include strong operational and financial performance for the Ramu project, with production of 8,234 tonnes of contained nickel and 811 tonnes of contained cobalt in mixed hydroxide precipitate (MHP) during the second calendar quarter. Sales of 8,967 tonnes of contained nickel and 881 tonnes of contained cobalt in MHP were also reported during the second calendar quarter.

The actual production costs for the second calendar quarter, net of by-product sales, were US$4.81/lb of contained nickel. The share of operating profit from Ramu Nickel Mine was US$5.3 million for the second calendar quarter. Total net and comprehensive profit for the three months ended July 31, 2026, was US$2.8 million (US$0.03/share). The quarter-end cash balance stood at US$9.2 million. Nickel 28 also repurchased 744,600 common shares for an aggregate cost of US$629,638 during the quarter.

The Company ended the quarter with a cash balance of US$9.2 million. A further cash distribution will be received and loan repayment made in October 2026 when the June 30, 2026, Ramu Joint-Venture audit is completed. Corporate overheads continue to be in line with budget.

Nickel 28, a company managing a portfolio of 10 nickel, cobalt and other metal royalties on development and exploration projects in Canada, Australia, and Papua New Guinea, also manages a portfolio of 10 nickel, cobalt and other metal royalties on development and exploration projects in Canada, Australia, and Papua New Guinea.

The financial quarter-end cash balance of US$9.2 million, along with the repurchase of shares, underscores the company's financial strength and its ability to manage cash effectively. The company's focus on maintaining a strong cash position is crucial for its operations and future growth prospects.

Looking ahead, the company expects production and sales in the second half of 2026 to be broadly in line with the first half, although the revenue factors, including nickel and cobalt prices together with respective payabilities, are difficult to forecast. The Indonesian policy and decisions by producers in Indonesia continue to be a focus for the market, as any changes there could impact supply and therefore pricing.

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 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, cobalt and other metal royalties on development and exploration projects in Canada, Australia, and Papua New Guinea.