Nickel 28 Provides Corporate Update

Rhea-AI Summary

Nickel 28 Capital Corp (TSXV: NKL) has announced two significant corporate updates. First, the company has appointed Cindy Davis as Chief Financial Officer, succeeding Craig Lennon who became President & CEO on January 1, 2025. Davis brings over 15 years of experience in accounting and financial services, particularly with Canadian reporting issuers through Marrelli Support Services Inc.

Additionally, the company has granted 1,050,000 stock options to Craig Lennon as part of his long-term incentive compensation. The options are exercisable at $0.84 per share for five years, with vesting over three years starting February 1, 2026. The options are tied to total shareholder return (TSR) performance criteria, with different tranches becoming eligible based on achieving TSR targets ranging from 20% to 80% during the period from January 22, 2025 to January 30, 2026.

Positive

• New CFO brings 15+ years of relevant experience in accounting and financial reporting
• Performance-based stock options align CEO compensation with shareholder returns
• Structured vesting schedule promotes long-term executive retention

Negative

• Potential shareholder dilution from 1,050,000 new stock options

Toronto, Ontario--(Newsfile Corp. - January 27, 2025) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") today announced the appointment of Cindy Davis as Chief Financial Officer and the grant of stock options.

Appointment of Cindy Davis as Chief Financial Officer

Further to Nickel 28's news release dated December 2, 2024, the Company is pleased to announce the appointment of Cindy Davis as the Company's Chief Financial Officer. Mrs. Davis replaces Craig Lennon following his appointment as President & Chief Executive Officer of the Company effective January 1, 2025.

Mrs. Davis possesses over 15 years of experience, providing accounting, financial reporting, regulatory compliance, and management advisory services to a diverse portfolio of Canadian reporting issuers through Marrelli Support Services Inc. She has served as Chief Financial Officer for a number of junior resource reporting issuers. Mrs. Davis is a Canadian Chartered Professional Accountant and holds a Bachelor of Science degree specializing in Accounting and Economics from the University of West Indies in Jamaica.

"We are pleased to welcome Cindy to the role of Chief Financial Officer of Nickel 28," noted Craig Lennon, President & Chief Executive Officer. "We have had the opportunity to work with Cindy over the past number of years and her skills and experience will continue to be invaluable as we advance the Company through its next stages of value creation."

Grant of Stock Options

The Company has also granted an aggregate of 1,050,000 stock options to purchase common shares of the Company to Mr. Craig Lennon under the Company's fixed stock option plan in connection with Mr. Lennon's long-term incentive compensation for the forthcoming financial year ended January 31, 2026. These stock options are exercisable at a price of $0.84 per common share for a period of five years. If earned, the stock options will vest rateably over three years with the first anniversary date set for February 1, 2026. The stock options will only be earned if the following total shareholder return ("TSR") performance criteria during the period from January 22, 2025 to close of the market on January 30, 2026 are met: (i) 25% of the stock options will be earned if the TSR over this period is 20% or greater; (ii) a further 25% of the stock options will be earned if TSR over this period is 40% or greater; (iii) a further 25% of the stock options will be earned if TSR over this period is 60% or greater; and (iv) a further 25% of the stock options will be earned if TSR over this period is 80% or greater.

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 statements with respect to the business and assets of the Company and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. 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 Relation Inquiries
Attn: Brett A. Richards - Advisor
T. +1 905 449 1500
E. brett@brettrichards.org

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238520

FAQ

What are the terms of Nickel 28's (CONXF) new stock option grant to CEO Craig Lennon?

The grant includes 1,050,000 stock options at $0.84 per share, exercisable for five years, vesting over three years from February 1, 2026, subject to TSR performance criteria ranging from 20% to 80%.

What are the TSR performance targets for Nickel 28's (CONXF) CEO stock options to vest?

The options vest in 25% tranches based on achieving TSR targets of 20%, 40%, 60%, and 80% during the period from January 22, 2025 to January 30, 2026.

Who is the new CFO of Nickel 28 (CONXF) and when did they start?

Cindy Davis was appointed as CFO, replacing Craig Lennon who became CEO. Davis has over 15 years of experience in accounting and financial services.

What is the vesting schedule for Nickel 28's (CONXF) new stock option grant?

The stock options will vest rateably over three years, with the first vesting date set for February 1, 2026, subject to meeting specified TSR performance criteria.