Mr. Martin Turenne reports

FPX NICKEL ROCK SAMPLING PROGRAM ESTABLISHES MICH PROPERTY AS COMPELLING LARGE-SCALE TARGET WITH SURFACE GRADES COMPARABLE TO FLAGSHIP BAPTISTE NICKEL PROJECT

FPX Nickel Corp. has released the results of a grid-based rock sampling program at the 100-per-cent-owned Mich property in the Yukon territory. This program has both expanded the footprint of known awaruite mineralization and identified new areas of awaruite mineralization beyond the previous claim boundary. Based on the expanded database of Mich rock sampling results, the grade profile of surface rock samples at Mich is considered comparable with similar samples at FPX Nickel's flagship Baptiste nickel project in British Columbia.

Highlights:

• The Mich Central zone, as defined by surface rock sample results, has been increased to 2.2 kilometres in length by up to 575 metres in width.
• Within the Central zone, results ranged from below detection to 0.16 per cent Davis Tube recoverable (DTR) nickel, with 44 per cent of samples greater than 0.10 per cent DTR nickel and 83 per cent of samples greater than 0.06 per cent DTR nickel, and total nickel values range from 0.19 to 0.31 per cent.
• Rock sampling in previously unexplored areas has returned DTR nickel values of up to 0.11 per cent, leading the company to expand the Mich claim package from 87 square kilometres to 105 square kilometres.

"We are pleased the 2024 Mich program has successfully expanded the footprint of Mich's known awaruite zone with grades comparable to Baptiste, as well as identified new areas of awaruite mineralization beyond the previous claims boundary," commented Andrew Osterloh, FPX Nickel's senior vice-president of projects and operations. "When considered alongside FPX's continued development of Baptiste and our ongoing generative exploration joint venture with Jogmec, the exploration success at Mich continues to position awaruite as a disruptive new source of low-carbon, low-cost nickel for both the stainless and [electric vehicle] battery supply chains."

Background

The Mich claims are underlain by serpentinized ultramafic rocks of the Cache Creek terrane, the same belt of rocks that host the awaruite mineralization at FPX Nickel's flagship Baptiste nickel project in central British Columbia. The Mich property is located 50 km southeast of Whitehorse, just 18 km off the Alaska Highway. The Mich mineral claims are located on the territories of the Ta'an Kwach'an Council, the Kwanlin Dun First Nation and the Carcross/Tagish First Nation.

As announced in the company's June 10, 2024, news release, the Mich claim package was expanded from 19 to 87 square kilometres in the first half of 2024, and a surface sampling program was planned with the objective of advancing the project to a drill-ready state. This surface sampling program is concluded, and results are reported herein.

2024 field program results

Grid-based sampling was conducted at 100-metre-by-200-metre spacing within and around the Mich Central zone, and at 400-metre-by-400-metre spacing within previously unexplored areas in the new claims. In total, 363 rock samples from an area of approximately 25 square kilometres were collected in 2024, complementing the company's historic DTR nickel database, which included 181 surface samples collected from 2012 to 2014 and two drill holes completed in 2014. Both holes were drilled from the same collar location at the southern end of the known mineralized zone, and both holes identified long intercepts of near-surface awaruite mineralization, including 0.087 per cent DTR nickel over 454 metres. Mineralization remains open in all directions.

Within the Mich Central zone, 175 rock samples define the expanded mineralized footprint, which measures 2.2 km in length by up to 575 m in width. This mineralized footprint is defined by DTR nickel grades generally in excess of 0.06 per cent, the Baptiste cut-off grade. Within this footprint, values ranged from below detection up to 0.16 per cent DTR nickel with 44 per cent of samples returning values greater than 0.10 per cent DTR nickel, and 83 per cent of samples returning values greater than 0.06 per cent DTR nickel. As seen in the attached table, this grade profile is comparable with Baptiste, where 37 per cent of historic surface samples within the preliminary feasibility study pit footprint measure greater than 0.10 per cent DTR nickel and 79 per cent of samples measure greater than 0.06 per cent DTR nickel.

Ultramafic rocks sampled at Mich have returned total nickel values ranging from 0.19 per cent to 0.31 per cent nickel. While the range of total nickel content at Mich is typical of background nickel values from ultramafic rocks sampled worldwide, the high DTR nickel values at Mich indicate that Mich's nickel is primarily contained in awaruite with grain sizes coarse enough for metallurgical recovery. In samples with low to below detection limit DTR nickel, the total nickel value generally represents nickel contained within silicate minerals (primarily olivine) or ultrafine awaruite, both of which are not metallurgically recoverable.

In previously unexplored areas within newly staked areas to the southeast of the previous claim boundary, wider-spaced sampling returned two significant samples, including 0.11 per cent and 0.10 per cent DTR nickel, respectively. In response, additional follow-up sampling is planned for the next field campaign, and the company has newly staked a further 18 square kilometres in this area, bringing the total Mich claims package to 105 square kilometres.

Sampling and analytical method

One- to two-kilogram rock samples were collected in the field from outcrop or locally sourced float in areas where outcrop was unavailable. Samples were collected on a 100-metre-by-200-metre nominal grid over the Mich target and a 400-metre-by-400-metre nominal grid in outlying areas. Locations were adjusted in the field depending on available rock. Locations were documented using hand-held GPS units and entered directly to a field-based GIS system. 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 105 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 industry standard commercial standards in all phases of the analytical procedures, duplicates at multiple stages in the preparation procedures and blanks. All QA/QC protocols were performed by Activation Laboratories. The DTR method is a bench-scale metallurgical test procedure, 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.

Keith Patterson, PGeo, FPX Nickel's vice-president, generative exploration, and FPX Nickel'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.