Mr. Martin Turenne reports

FPX NICKEL BEGINS INAUGURAL DRILL PROGRAM AT THE ADVOCATE NICKEL PROPERTY IN NEWFOUNDLAND

FPX Nickel Corp. has recently commenced a 4,000-metre diamond drill program testing two large-scale targets within the Advocate nickel property in Newfoundland.

Highlights:

• Airborne magnetic survey results:
  • FPX recently completed a large unmanned airborne magnetic survey at Advocate covering over a 30-kilometre strike length of prospective Advocate complex ultramafic rocks.
  • The results of the magnetic survey more precisely delineate host geology and structures that may have played a role in localizing awaruite mineralization.
  • Magnetic data have been instrumental in extrapolating known zones of awaruite nickel mineralization into areas with little to no rock sampling due to overburden.
• Birchy North drill target:
  • Drilling is planned to test 1.2 km of the 2.6-kilometre-by-700-metre Birchy North target as defined by Birchy North's magnetic signature.
  • Previous bedrock samples at Birchy North have returned high-grade awaruite values up to 0.13 per cent Davis Tube recoverable nickel.
• Wolverine drill target:
  • Drilling is planned to test the core area of the Wolverine target, which is defined by a strong magnetic high feature measuring seven kilometres by up to one kilometre wide.
  • Previous surface samples at Wolverine have returned high-grade awaruite values of up to 0.14 per cent DTR nickel.

"The Advocate drill program marks an important milestone in our global generative alliance with Jogmec," commented Keith Patterson FPX's vice-president, exploration. "The large-scale, high-grade awaruite targets at Birchy North and Wolverine are similar in size and surface DTR nickel grades to those at the Baptiste deposit, and we look forward to confirming Advocate mineralization with the drill bit."

Advocate Nickel property

The Advocate nickel property is located in north-central Newfoundland, approximately midway between Deer Lake and the mining town of Baie Verte. The 12,175-hectare land package covers highly prospective, serpentinized ultramafic rocks and includes over 45-kilometre strike length of the Advocate complex ophiolite. Access is through a high-quality network of logging roads, generally no more than five to 10 km from the Trans-Canada Highway or Newfoundland Highway 410. The property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the property.

Birchy North drill target

As described in the company's June 23, 2026, news release, the Birchy North target is delineated by anomalous DTR nickel values of up to 0.13 per cent from top-of-bedrock sampling over an area of approximately 800 m by 350 m. This target area has been significantly expanded to 2.6 km by 700 m using the airborne magnetic data to extrapolate into areas of limited or no sampling.

The company expects to drill holes testing multiple wide-spaced sections covering a strike length of up to 1.2 kilometres.

Wolverine target

As described in the company's June 23, 2026, news release, the Wolverine target is delineated by anomalous DTR nickel values of up to 0.14 per cent over an area of approximately 2.4 km by 650 m. This sampled target area corresponds to a consistent high-magnetics feature which extends over seven km in strike length and up to one km in width.

The company plans an initial drill test of the Wolverine target comprising multiple drill holes primarily targeting areas of high DTR nickel from rock sampling over a strike length of 800 m. If successful, a significantly expanded follow-up program would be required to test the full strike length of this very large target.

The final location and orientation of drill holes at Birchy North and Wolverine may differ materially from the current plan as shown, subject to field observations.

Airborne magnetic survey

The company commissioned Abitibi Geophysics to fly an unmanned airborne magnetic survey over the Advocate property with 50-metre-spaced lines and more detailed 25-metre-spaced lines over known target areas. In total, 2,226 line kilometres of airborne magnetics were collected and processed. Abitibi provided both plan maps and a 3-D inversion of the magnetic data, which have been used extensively in planning the current drill program.

Total nickel values and Davis Tube recoverable nickel

Total nickel values in ultramafic rock samples collected to date from the Advocate property range from 0.18 per cent to 0.30 per cent and average 0.23 per cent. These values are consistent with typical background nickel values from ultramafic rocks sampled globally and do not represent potentially recoverable nickel. The high DTR nickel values obtained from the Advocate zones indicate that the nickel in these target areas is primarily contained in awaruite with grain sizes sufficiently coarse to be recovered by magnetic separation.

Option agreement and FPX-Jogmec joint venture

As announced in the company's Sept. 23, 2025, news release, FPX has signed an option agreement with Shoreline Exploration Inc. to acquire up to 100 per cent of the Advocate nickel property.

Jogmec has accepted the Advocate nickel property as a designated property within the broader FPX-Jogmec generative alliance. Jogmec has the ability to obtain a 60-per-cent interest in Advocate and has financed 60 per cent of project expenditures to date. FPX holds the remaining 40-per-cent interest in Advocate and has financed 40 per cent of project expenditures to date.

Sampling and analytical method

One- to two-kilogram rock samples were collected in the field from excavator dug pits, outcrop or locally sourced float in areas where outcrop was unavailable. Locations were documented using hand-held GPS units. Once bagged, tagged and sorted, samples were shipped to Activation Laboratories in Ancaster, Ont.

Sample preparation involved crushing the entire sample to 80 per cent less than two millimetres, riffle splitting 250 grams and pulverization of the split to greater than 95 per cent passing 74 microns. Analytical procedures included whole rock analysis by lithium metaborate/tetraborate fusion ICPOES, Davis Tube magnetic separation and lithium borate fusion XRF analysis on the magnetic separate. The DTR nickel grade is calculated by multiplying the magnetic separate XRF fusion nickel value by the weight of the magnetic fraction, divided by total recorded weight.

Quality assurance/quality control procedures included the insertion of commercial and awaruite-specific standards and blanks at up to 10 per cent rated in certain batches. Actlabs inserts additional commercial standards in all phases of the analytical procedures, duplicates at multiple stages in the preparation procedures and blanks. All QA/QC data were reviewed and found acceptable given the stage of the sampling programs conducted. The DTR method is a bench-scale metallurgical test procedure and is used to provide a measure of magnetically recoverable nickel, and is the global, industry standard for geometallurgical testing for magnetic recovery operations and exploration projects.

Qualified person

Keith Patterson, PGeo, FPX's vice-president, exploration, FPX's qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical content of this news release.

About FPX Nickel Corp.

FPX Nickel is focused on the exploration and development of the Baptiste nickel project, located in central British Columbia and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.

We seek Safe Harbor.