Nickel 28 Capital Corp · TSXV:NKL
Nickel 28 Capital — Investor Presentation (July 2026)
24 slides from Nickel 28 Capital's investor presentation, July 2026
Slide 1: Long-life, low-cost nickel and cobalt mine generating strong cashflows
TSX-V: NKL Investor Presentation | July 2026 Long-life, low-cost nickel and cobalt mine generating strong cashflows
Slide 2: Forward-looking statements and qualified person
Forward-looking Intro statements and qualified person Ramu Upside This presentation contains certain information which constitutes actual results, performance or achievements could vary materially from accurate, as actual results and future events could differ materially from ‘forward-looking statem
Slide 3: Investment highlights
Investment highlights Intro US$ Cash-flow generating low-cost nickel $8.1M Ramu Cash mine and pure nickel producer on TSX-V (as at April 30, 2026) Upside § Joint Venture interest in Ramu, a long-life, low-cost nickel and cobalt mine in Papua New Guinea Debt (as at April 30, 2026) $32.3M Why Nickel 2
Slide 4: Nickel28's portfolio
NORTH CANOL Nickel28’s portfolio Property 1 Intro Property 2 2% Co NSR Full pipeline SUNSET DUMONT Ni-Co 2% Co NSR RNC MINERALS Ramu 1.75% NSR PROFESSOR & WALDMAN of projects TURNAGAIN Ni-Co Property 1 GIGA METALS Property 2 2.0% NSR 2% Co NSR Upside RAMU Ni-Co SEWA BAY Ni-Co METALLURGICAL Pure Mine
Slide 5: Latest capitalization structure
Latest capitalization Intro structure Ramu Upside CA$ US$ As of April 30, 2026 (1 USD$ = 1.36 CAD$) Share Price $1.22 $0.90 Why Nickel 28 Basic Shares 86.5M 86.5M Basic Market Cap $105.5M $77.8M Total Debt $43.9M $32.3M Cash + Equivalent $11.0M $8.1M Enterprise Value $138.4M $102.0M 5 TSX-V: NKL
Slide 6: Leadership
Leadership Team Intro Ramu Upside Craig Lennon Cindy Davis Why Nickel 28 CEO CFO § Over 25 years of mining exploration and § Over 15 years of experience in accounting, financial development experience, former Managing reporting, regulatory compliance, and advisory services Director and CEO of Highla
Slide 7: Board of Directors
Board of Directors Intro Ramu Craig Lennon Edward (Ned) Collery Brett Richards David Whittle, CPA Clark Wang § Over 25 years of § Over a decade of § Experienced and § Over 30 years § Over 15 years of mining exploration experience investing accomplished experience with a focus experience in the metal
Slide 8: Exposure to nickel projects
Exposure to Nickel 28 is one of the few pure-play nickel investment opportunities offering immediate exposure to nickel prices through its producing interest in the Ramu Nickel-Cobalt Operation and portfolio of nickel royalties. nickel projects Ramu provides direct exposure to nickel prices and curr
Slide 9: Nickel margin from Ramu
Nickel 28 margin from Ramu Intro Ramu Low-cost Ramu mine highly Upside leveraged to commodity Why Nickel 28 price Margin 9 1. Actual cost per pound of nickel contained in MHP net of by-product credits. TSX-V: NKL
Slide 10: Ramu cash flow has reduced debt & delivered shareholder value
Ramu cash flow has reduced debt & delivered shareholder value Intro Ramu $111.9M $1.32/share Debt repayments since 2020 Debt repaid since 2020 Upside Attributable Revenue, Profit excluding depreciation Distributions Compared to Nickel Price Compared to Nickel Price 35,000,000 30,000 Why Nickel 28 80
Slide 11: RAMU
TSX-V: NKL Nickel28 Capital Corp. RAMU Long-life, low-cost nickel and cobalt mine generating strong cashflows
Slide 12: Ramu highlights
Ramu highlights Intro Ramu § Consistently ranks in the first-quartile of the global nickel cost curve1 § Expanding margins w/ annual Production Cost ~$2.50-$3.50/lb – Upside among the lowest-cost nickel operations globally § Producing at or above nameplate capacity since 2017 § Resource covers less
Slide 13: 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 –L ae H igh Exploration licence wa y Ramu All weather roads Nickel-Cobalt Operation Highway Madang Basamuk Plant Pipeline (
Slide 14: Ramu reserves and resources
Ore reserves Ramu reserves and As at December 31, 2025 Nickel Cobalt Intro (Mt) (%) (%) Proven Probable 68 8 0.87 0.90 0.09 0.09 resources Ramu Total reserves 76 0.87 0.09 Significant potential to extend production Mineral resources Upside As at December 31, 2025 (Mt) Nickel (%) Cobalt (%) beyond cu
Slide 15: Ramu production performance
Ramu Production in mixed hydroxide performance 000s of tonnes Intro Consistent Ramu production output Upside Why Nickel 28 15 1. Actual cost per pound of nickel contained in MHP net of by-product credits. TSX-V: NKL
Slide 16: Sensitivity to Ni Price
Basic Market Cap CA$105.5M Sensitivity to Ni Price (as of April 30, 2026) Intro CA$1.22 Share Price (as of April 30, 2026) Ramu Forecast Upside Dec 31, Jan 31, Jan 31, Jan 31, Jan 31, Jan 31, Jan 31, Year Ended 2020 2022 2023 2024 2025 2026 2027 Distribution 20.3 29.2 32.8 22.1 14.8 10.0 TBD Why Nic
Slide 17: China Minmetals Corporation
China Minmetals Corporation Intro § China Minmetals Corporation was founded in 1950 § 86th among Fortune Global 500 companies § Total Assets: over RMB 1.3 trillion (end of 2024) and over RMB 1.4 trillion (end of 2025) Ramu § Total Revenue: in 2024 exceeded RMB 833.2 billion and in 2025 reached RMB 7
Slide 18: 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 Why Nickel 28 PRE-LOAN REPAYMENT POST-LOAN REPAYMENT OPTION JV interest increases Acquire additi
Slide 19: UPSIDE
TSX-V: NKL Nickel28 Capital Corp. UPSIDE Royalty portfolio on some of the most prospective Ni –Co reserves and resources
Slide 20: 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 21: Dumont project and Royalty
Dumont project and Intro Royalty Ramu Upside Dumont Highlights § One of the world’s largest undeveloped nickel sulphide deposits, fully permitted and shovel ready § Dumont is a large-scale project located 25 km west of the town of Amos, in Quebec’s well-established Abitibi mining region Why Nickel 2
Slide 22: Turnagain project and Royalty
Turnagain project and Royalty Intro Turnagain Highlights Ramu § Among the world’s largest undeveloped nickel-cobalt sulphide deposits § Located in British Columbia, Canada § 85% / 15% joint venture between Giga Metals and Mitsubishi Corp. Upside § NI 43-101 mineral reserve containing: o Proven of 40
Slide 23: 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 24: 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 (July 2026) on 6ix