Nickel 28 Provides Corporate Update

Rhea-AI Summary

Nickel 28 (CONXF) announced a grant of 810,811 stock options to Craig Lennon on February 9, 2026 as part of long-term incentive compensation for the fiscal year ending January 31, 2027.

The options are exercisable at $1.01 per share for five years, vest rateably over three years starting February 1, 2027, and are performance-contingent based on TSR hurdles measured from a $1.09 starting price through market close on January 31, 2027 (25% tranches at 20%, 40%, 60%, and 80% TSR thresholds).

News Market Reaction – CONXF

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+4.34% News Effect

On the day this news was published, CONXF gained 4.34%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario--(Newsfile Corp. - February 9, 2026) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") today announced the grant of stock options of the Company.

Grant of Stock Options

The Company has granted an aggregate of 810,811 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, 2027. These stock options are exercisable at a price of $1.01 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, 2027. The stock options will only be earned if the following total shareholder return ("TSR") performance criteria are met using a starting price of $1.09 per common share and running until the close of the market on January 31, 2027: (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 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 Nickel 28 and its strategy going forward. 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 Richards, Director
Tel: +1 905 449 1500
Email: info@nickel28.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283168

FAQ

What stock option award did Nickel 28 (CONXF) grant on February 9, 2026?

They granted 810,811 stock options to Craig Lennon as long-term incentive compensation. According to the company, options are exercisable at $1.01 per share for five years and vest subject to performance and time-based conditions.

What are the exercise price and term for CONXF's stock options granted February 9, 2026?

The options carry an exercise price of $1.01 per share and a five-year term. According to the company, they become exercisable for five years from grant and vest rateably over three years starting February 1, 2027.

How do the TSR performance conditions work for Nickel 28 (CONXF) options?

Options vest only if specified TSR hurdles are met between a $1.09 start price and January 31, 2027. According to the company, four 25% tranches require 20%, 40%, 60%, and 80% TSR respectively over that period.

When will the CONXF stock options begin vesting and over what schedule?

Vesting begins on February 1, 2027 and occurs rateably over three years. According to the company, options that meet TSR performance criteria will vest in equal portions annually after the first anniversary.

What shareholder impact should investors expect from Nickel 28's option grant (CONXF)?

The grant increases potential dilution by up to 810,811 shares if fully exercised at $1.01. According to the company, actual dilution depends on TSR performance and whether options are earned and ultimately exercised.