Nickel 28 Capital Corp · TSXV:NKL
Nickel 28 Capital — Investor Presentation (January 2026)
23 slides from Nickel 28 Capital's investor presentation, January 2026
Slide 1: World-class low-cost nickel mine interest, generating substantial cashflow
TSX-V: NKL Investor Presentation | January 2026 World-class low-cost nickel mine interest, generating substantial cashflow
Slide 2: Forward-looking statements and qualified person
Forward-looking Intro statements and qualified person Ramu Upside This presentation contains certain information which constitutes performance or achievements could vary materially from those expressed accurate, as actual results and future events could differ materially from ‘forward-looking statem
Slide 3: Investment highlights
Investment As of October 31, 2025 US$ highlights 10 Intro Royalties Ramu Cash-flow generating low-cost nickel $9.5M Cash mine and pure nickel producer on TSX-V Upside $21.6M Nickel 28’s est. ▪ Joint Venture interest in Ramu, a low-cost nickel and cobalt mine in Papua New Guinea annual revenue(1) (fr
Slide 4: Nickel28's portfolio
NORTH CANOL Nickel28’s portfolio Property 1 Intro Property 2 2% Co NSR SUNSET DUMONT Ni-Co 2% Co NSR RNC MINERALS Full pipeline Ramu 1.75% NSR TURNAGAIN Ni-Co PROFESSOR & WALDMAN Property 1 of projects GIGA METALS Property 2 2.0% NSR 2% Co NSR Upside RAMU Ni-Co SEWA BAY Ni-Co METALLURGICAL Pure Mine
Slide 5: Latest capitalization structure
Latest capitalization Intro structure Ramu Upside CA$ US$ As of October 31, 2025 (1 USD$ = 1.40 CAD$) Share Price $0.73 $0.52 Why Nickel 28 Basic Shares 86.9M 86.9M Basic Market Cap $63.4M $45.2M Total Debt $49.5M $35.4M Cash + Equivalent $13.3M $9.5M Enterprise Value $99.6M $71.1M 5 TSX-V: NKL
Slide 6: Nickel 28 revenue from Ramu
Nickel 28 revenue from Ramu Intro Ramu Nickel price: $8.00/lb Cobalt price: $17.50/lb Cash-flow (US$ Millions) (1) Nickel price: $10.00/lb Cobalt price: $30.00/lb Cash-flow (US$ Millions) (1) Low-cost Ramu mine highly US$24.0 US$40.0 Upside US$19.2 US$30.0 leveraged to commodity Why Nickel 28 US$14.
Slide 7: Debt repayment plan
Debt repayment Intro Operating and construction debt (in US$ millions)(1) US$140.00 US$120.00 plan Ramu US$100.00 Debt financing Upside US$80.00 potential given US$60.00 cash flow profile Why Nickel 28 US$40.00 Construction debt can be repaid at any time without penalty US$20.00 US$0.00 Dec-18 Dec-1
Slide 8: Leadership Team
Leadership Team Intro Ramu Upside Craig Lennon Cindy Davis Brett Richards Why Nickel 28 CEO CFO Director & Advisor to the CEO and Board ▪ Over 20 years of mining ▪ Over 15 years of experience in ▪ An experienced and accomplished natural resources exploration and development accounting, financial rep
Slide 9: Board of Directors
Board of Directors Intro Ramu Edward (Ned) Collery Brett Richards David Whittle, CPA Clark Wang ▪ Over a decade of ▪ Experienced and ▪ Over 30 years experience ▪ Over 15 years of experience investing in accomplished natural with a focus on strategic experience in the metals Upside the natural resour
Slide 10: Ramu
TSX-V: NKL Nickel28 Capital Corp. RAMU World-class low-cost nickel mine generating substantial cash-flow
Slide 11: Ramu highlights
Ramu highlights Intro Ramu Ramu high-margin Ni operation ▪ Consistently ranks in the first-quartile of the global nickel cost curve1 US$16.00 ▪ Expanding margins w/ annual Cash Cost ~$2.50-$3.50/lb – one of the Upside best performing Ni mines in the world today ▪ Producing at or above nameplate capa
Slide 12: Ni-Co integrated operation
Ra m u Ri ve r MADANG PROVINCE Ni-Co integrated Intro Madang Basamuk operation Ramu Usino Plant Ramu Nickel-Cobalt Operation Upside Kurumbukari Mine Site Ma Why Nickel 28 da ng– La eH igh Exploration licence wa y Ramu All weather roads Nickel-Cobalt Operation Highway Madang Basamuk Plant Pipeline (1
Slide 13: Ramu reserves and resources
Ore reserves Ramu reserves and As at December 31, 2023 Nickel Cobalt Intro (Mt) (%) (%) Proven 66 0.80 0.09 resources Ramu Probable 10 0.91 0.09 Total reserves 76 0.81 0.09 Mineral resources Significant potential Upside As at December 31, 2023 to extend production Nickel Cobalt (Mt) (%) (%) beyond c
Slide 14: Ramu performance
Ramu Production in mixed hydroxide performance 000s of tonnes Intro 35.4 34.7 Consistent production 33.7 34.3 33.6 Ramu 32.7 32.8 32.0 output for the last 8 years 28.7 25.6 Upside 22.3 21.0 Why Nickel 28 11.4 5.3 3.3 3.3 2.9 2.9 3.0 3.0 3.1 2.9 2.1 2.5 2.2 2.6 0.5 1.0 2012 2013 2014 2015 2016 2017 2
Slide 15: Sensitivity to Ni Price
Basic Market Cap CA$63.4M Sensitivity to Ni Price (as of October 31, 2025) Intro CA$0.73 Share Price (as of October 31, 2025) Ramu Upside NPV Sensitivity to Ni Price Why Nickel 28 Ni Price (US$) $7.00 $8.00 $10.00 $12.50 $15.00 Ramu JV NPV (US$)1 $93M $133M $215M $321M $421M Ramu NPV / Share (CA$)2
Slide 16: Metallurgical Corporation of China
▪ 69th on the Fortune Global 500 list (MinMetals) Metallurgical ▪ US$133B in revenue and US$153B in assets Corporation Intro ▪ MCC currently developing >2,000 projects worldwide of China ▪ Specializes in metallurgical engineering, construction and development Ramu ▪ MCC has engineered and constructe
Slide 17: JV structure and optionality
JV structure and optionality Intro Pro forma Ramu ownership Effective JV interest % Ramu Metallurgical Corporation of China Ni28 PNG Interests(1) JV interest increases to 11.3% once debt is repaid Upside 8.6% 6.4% 8.7% 14.5% 11.3% 20.6% Why Nickel 28 64.9% 85.0% 80.0% PRE-LOAN REPAYMENT POST-LOAN RE
Slide 18: Upside
TSX-V: NKL Nickel28 Capital Corp. UPSIDE Royalty portfolio on some of the most prospective Ni –Co reserves and resources
Slide 19: Portfolio of Royalties
Portfolio of Royalties Intro Ramu Primary Royalty Name Operator Location Stage Metal(s) Royalty Type Dumont RNC Minerals Québec Construction-ready Ni-Co 1.75% NSR Upside Turnagain Giga Metals British Columbia Exploration Ni-Co 2% NSR Nyngan Scandium Int’l Mining Australia Construction-ready Ni-Co-Sc
Slide 20: Dumont project and Royalty
Dumont project and Intro Royalty Ramu ▪ One of the largest undeveloped nickel and cobalt reserves in the world ▪ Fully permitted, construction-ready ▪ Impacts and Benefits Agreement successfully negotiated with local First Nickel Reserves Benchmarking (MT NI) Upside Nation 7 ▪ Initial mine life of 3
Slide 21: Turnagain project and Royalty
▪ Nickel-cobalt deposit, 85%/15% joint venture between Giga Metals and Turnagain Mitsubishi Corp. project Intro ▪ Among the world's largest undeveloped nickel-cobalt sulphide deposits and Royalty ▪ Low technical risk and significant exploration upside ▪ Ideally suited to be refined into Class 1 nick
Slide 22: Why Nickel 28
TSX-V: NKL Nickel28 Capital Corp. Why Nickel 28 Leveraged to nickel Increasing asset exposure Excellent investment opportunity that provides for JV ownership optionality with Nickel 28 able to increase its strong current cash flows, and direct leverage to a interest to 11.3% once the Ramu constructi
Slide 23: TSX-V: NKL
TSX-V: NKL Nickel 28 Capital Corp. 666 Burrard St Suite 1700 Vancouver, BC V6C 2X8 Canada info@nickel28.com nickel28.com
Nickel 28 Capital — Investor Presentation (January 2026) on 6ix