Mr. Martin Turenne reports

FPX NICKEL EXPANDS LAND PACKAGES AT THE DECAR NICKEL DISTRICT AND KLOW PROJECT IN CENTRAL BRITISH COLUMBIA

FPX Nickel Corp. has made an expansion that almost doubles the mineral claims package at the Baptiste nickel project, located within the company's wholly owned Decar nickel district. The total area of the Decar claims package is now approximately 451 square kilometres (km), providing several benefits to the development of Baptiste, including geological potential, project development flexibility and simplification of the regional engagement landscape.

Decar nickel district expansion

The company has expanded the Decar claims from 245 square km to approximately 451 square km, through a combination of staking and acquisition of claims from a previous operator.

FPX has staked approximately 188 square km of new ground adjacent to Decar, on the northern, western and southeastern boundaries. In addition, the company has acquired from a previous operator a 100-per-cent interest in 18 square km of claims adjacent to the southern boundary of Decar, for cash consideration of $185,000. These new claims collectively provide FPX with additional project development flexibility and the opportunity to manage the areas surrounding the Baptiste nickel project in an environmentally responsible manner.

Klow project expansion

As part of the transaction, the company also acquired, for cash consideration of $50,000, approximately 87 square km of claims adjacent to the southern boundary of FPX's Klow project, which is located approximately 50 km north of Baptiste. These newly acquired claims have strong geological potential for awaruite mineralization similar in style to the Baptiste deposit. Rock sampling by a previous operator returned values of up to 0.087 per cent Davis tube recoverable (DTR) nickel (Ni) and 69 of the 197 samples analyzed returned greater than 0.03 per cent DTR Ni.

As disclosed in the company's April 3, 2023, news release, FPX Nickel and Japan Organization for Metals and Energy Security (JOGMEC) have previously entered into an earn-in agreement which provides JOGMEC the option to earn a beneficial interest in the Klow project.

The key terms of the Klow earn-in agreement are as follows:

• FPX grants to JOGMEC the option to earn a 60-per-cent beneficial interest in Klow by financing $1-million in exploration expenditures by no later than March 31, 2026.
• Once JOGMEC has earned its 60-per-cent beneficial interest in Klow, the parties will thereafter finance exploration expenditures pro rata to its ownership interest.
• If either party's beneficial interest in Klow is diluted below 10 per cent, that party's beneficial interest will be converted into a 1.5-per-cent NSR (net smelter return) royalty over Klow, with the other party retaining a right to buy back 1.0 per cent of the NSR royalty for $3.5-million.

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

About the Baptiste nickel project

The company's Baptiste nickel project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 451 square km, west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claim package, most notably at the Van target which is located six km to the north of the Baptiste deposit. Since 2010, approximately $30-million (U.S.) has been spent on the exploration and development of Baptiste.

The Baptiste deposit is located within the territories, keyohs and consultative boundaries of the Tl'azt'en Nation, Binche Whut'enne, Yekooche First Nation and Takla Nation.

About FPX Nickel Corp.

FPX Nickel is focused on the exploration and development of the Decar nickel district, located in central British Columbia, and other occurrences of the same distinctive style of awaruite nickel-iron mineralization.

We seek Safe Harbor.