Nickel 28 Capital Corp. announced that Mr. Justin Cochrane, former President 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 Special Committee members have asked Mr. Milewski to resign from the Board.

The Company has reserved all of its rights against the aforementioned individuals and intends to take such steps or initiate such proceedings as may be available and appropriate to recover from the terminated individuals the losses it alleges the Company has suffered, and may continue to suffer, and recover the gains the Company alleges they may have benefited from, due to the serious misconduct found by the Special Committee. The Special Committee's findings are currently not expected to materially change or impact the Company's prior financial statements and associated reportings. Mr. Brett Richards, also a current member of the Board and an experienced and accomplished natural resources executive and corporate director with over 37 years of experience in senior and operational management, project development and business development roles in the mining and metals industry, has agreed to provide certain transition consultancy services to the Company in the coming months to support the Company's ongoing business and operations until the vacant leadership roles have been filled.

Mr. Martin Vydra, EVP, Strategy, and Mr. Craig Lennon, Head of Asia Pacific, remain with the Company and will continue their roles helping to manage Nickel 28's business and operations.