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Nickel 28 Announces Delay in Filing Annual Financial Statements and Voluntary Application for a Management Cease Trade Order

17.05.2024  |  Newsfile

Toronto, May 16, 2024 - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") announced today that it has made a voluntary application to the applicable Canadian securities regulatory authorities for a temporary management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by certain directors and officers of the Company until such time as the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, would continue to be able to trade in the Company's listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.

The Company expects it will be unable to file its audited annual consolidated financial statements for the year ended January 31, 2024, and the related management's discussion and analysis and chief executive officer and chief financial officer certificates for this period (collectively, the "Required Filings") before the May 30, 2024 filing deadline (the "Filing Deadline"). The Company's inability to make the Required Filings by the Filing Deadline is due to a combination of factors related to the management transition required following the termination of the Company's former Chief Executive Officer, President and Chief Financial Officer as publicly announced by the Company on May 6, 2024. Additional time is required to do the work necessary for the preparation and completion of the Required Filings. The Company currently anticipates that it will be a position to remedy the default by filing the Required Filings on or before June 30, 2024. The MCTO would remain in effect until the Required Filings are filed by the Company.

The Company intends to provide information in accordance with NP 12-203 with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports until the Required Filings have been filed and the MCTO has been lifted. The Company has no material information to disclose concerning the affairs of the Company that has not been generally disclosed to the public, has not taken any steps toward any insolvency proceeding and, other than as disclosed herein, is up to date in its filing obligations. The Company has made the foregoing representations in accordance with the requirements of applicable securities laws.

Appointment of Interim Chief Financial Officer

The Company today also announced that the Board of Directors has appointed Mr. Craig Lennon, the current Head of Asia Pacific of the Company, as Interim Chief Financial Officer of the Company with immediate effect.

Mr. Lennon was appointed as Head of Asia Pacific of the Company in 2019. Mr. Lennon is a highly experienced corporate and finance executive, having served as the Managing Director and Chief Executive Officer of ASX-listed Highlands Pacific Limited from 2016 to 2019, as well as Chief Financial Officer of Highlands Pacific for the preceding nine years. Prior to Highlands Pacific, Mr. Lennon worked for KPMG LLP for five years in Australia, gaining experience in industries including manufacturing, construction, retail, hospitality and mining, and also worked in the United Kingdom for two years in the manufacturing industry. Mr. Lennon is a Chartered Accountant (Australia) and member of The Institute of Chartered Accountants Australia.

About Nickel 28

Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: forward-looking information relating to the timing and completion of the filing of the Required Filings and the approval of the MCTO by the Canadian securities regulatory authorities. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.

The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.

Investor Relations Contact Information:

Nickel 28 Investor Relations
Attn: Brett A. Richards, Director
Tel: +1 905 449 1500

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