Nickel 28 Capital Corp. announced that Mr. Anthony Milewski, former Chief Executive 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. The Board has appointed Mr. Christopher S. Wallace as Interim Chief Executive Officer of the Company with immediate effect.

As a current member of the Company's Board appointed as part of the reconstitution undertaken last year, chair of the Company's Audit Committee, and with a wealth of experience in leadership and finance, including in the critical minerals industry through other public corporate directorships, Mr. Wallace brings a renewed perspective and discipline of oversight during this transition period. During the transition, the Board will ensure the Company has the management expertise and skills needed to execute on its strategic vision and plans; and will exit the transition with a Board that is properly constituted with the requisite skills and experience to lead the Company accordingly.