On May 9, 2022, Nickel 28 released its first quarterly report, which announced the operating results of the Ramu Nickel-Cobalt Mine (“Ramu”) business for the quarter ended March 31, 2022. The integrated business of Ramu nickel-cobalt mine is the company's largest asset and is located in Papua New Guinea. Nickel 28 currently holds an 8.56% joint venture interest in the Ramu business, which is operated by China Metallurgical Group (“MCC”).

Ramu Business Highlights in Q1 2022:

Ramu produced 8,756 tonnes of nickel-containing MHP in the first quarter of 2022.

Ramu produced 830 tonnes of cobalt-containing MHP in the first quarter of 2022.

Ramu sold 3,336 tonnes of nickel-containing MHP in the first quarter of 2022.

In the first quarter of 2022, the average LME nickel price was US$11.97/lb, up 50% year-on-year and 33% month-on-month.

In the first quarter of 2022, the average cobalt price on Fast Markets was $36.24/lb. , an increase of 67% year-on-year and a month-on-month increase of 22%.

· Nickel-containing MHP cash cost, net of by-product gains of $1.48/lb, decreased 12% year-over-year.

Anthony Milewski, chairman of Nickel 28, said Ramu production returned to expected levels in the first quarter of 2022 as Papua New Guinea and the rest of Asia began to emerge from the global outbreak. Ramu was able to raise its cash cost in the quarter due to a significant improvement in by-product earnings, primarily cobalt earnings, despite a significant increase in raw material and input costs. It is expected that Ramu's full-year cost and production will remain at 32-33,000 tons of nickel-containing MHP, and the nickel cash cost is less than $2.00/lb (including by-product gains). Increased restrictions on major export destinations due to the global pandemic and the 2022 Winter Olympics impacted sales in the first quarter, which are expected to return to normal in the second quarter of 2022.

Below are Ramu's operating results for the quarter and how it compares to the previous year. Note that these data are unaudited.