Nickel 28 Capital Corp. announced that Mr. Conor Kearns, former Chief Financial Officer of the Company, have been terminated for cause with immediate effect after the Company found evidence of serious misconduct, breach of duties and obligations, repeated lack of judgment, care and diligence and non-compliance with various of Nickel 28's policies and procedures. None of the Company's findings have been proven in court.

Messrs. Milewski, Cochrane and Kearns' employment and/or consulting arrangements with the Company have been terminated for cause with immediate effect following the close of business on May 3, 2024 after the Company's board of directors (the "Board") received and considered the findings and recommendations made by an independent special committee of the Board (the "Special Committee"). The Special Committee was formed in early December 2023 to conduct an independent investigation, in consultation with independent legal counsel and professional advisors, into, among other things, historical compensation arrangements, including grants made under the Company's Omnibus Long-Term Incentive Plan, compliance with the Company's various internal policies and procedures (including its Insider Trading Policy, Expense Policy and Code of Business Conduct and Ethics), as well as a review of policies and practices relating to actual or potential conflicts of interest and related party and similar transactions involving the Company's insiders and key employees.

Following its review, the Special Committee reported its findings to the Board and unanimously recommended to the Board, and the Board approved, the termination for cause of each of Messrs. Milewski, Cochrane and Kearns.