Nickel 28 Capital Corp. announced that on October 7, 2023 an earthquake of magnitude 6.7 struck Papua New Guinea ("PNG") with the epicenter approximately 5 km to the south of Ramu Mine's Basumuk HPAL plant (56 km southeast of Madang). Immediately following the earthquake, Ramu Mine personnel initiated a controlled plant shutdown in order to address any issues and to ascertain the extent of any damage that may have occurred as a result of the incident.

No casualty or serious injuries have been reported, all operations have maintained integrity throughout the incident and there is no known impact to the mining operations. Once a full integrity inspection has been completed and full system operations can be reasonably assured, the Ramu Mine intends to re-start operations. During these challenging times, the Company's thoughts are with the people of Madang and all those affected by this earthquake.

The Company will provide an additional update once further information is available.