Mr. Martin Turenne reports

FPX NICKEL ANNOUNCES EXTENSION TO GENERATIVE EXPLORATION ALLIANCE WITH JOGMEC

FPX Nickel Corp. has extended the company's global generative exploration alliance with Japan Organization for Metals and Energy Security (JOGMEC). Building on strong progress achieved through the first two years of the generative alliance, FPX and JOGMEC have agreed to convert the arrangement into an open-ended joint venture going forward. The program will remain focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the company's flagship Baptiste nickel project in central British Columbia.

Highlights:

• Global generative exploration alliance budget established at $1.5-million for year three (covering April, 2025, to March, 2026);
• FPX assumes majority position in the generative alliance, contributing 60 per cent of expenditures and thereby securing 60-per-cent ownership in new joint venture projects generated by the generative alliance going forward;
• With over 2,000 samples collected through continuing evaluations in 10 international and four Canadian jurisdictions, the generative alliance has acquired its first designated project, with further details on this project expected to be announced in coming months.

"Having made excellent progress during the first two years of our global exploration partnership with JOGMEC, we are excited to have identified and secured the first designated project for this joint venture," commented Keith Patterson, FPX's vice-president, exploration. "Ongoing activities continue to reinforce confidence in our targeting strategy, and we look forward to securing and announcing additional large-scale awaruite property acquisitions in the third year of the generative alliance."

A JOGMEC representative commented, "JOGMEC is very pleased to proceed with year three activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realization of a carbon-neutral society."

Financing structure

In April, 2023, FPX and JOGMEC initiated a generative alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets on a worldwide basis. The program financing has been structured as follows:

• Year one (April, 2023, to March, 2024): JOGMEC financed 100 per cent of the $650,000 budget in year one.
• Year two (April, 2024, to March, 2025): FPX and JOGMEC expanded the year two budget to $1.5-million; after achieving the initial JOGMEC financing commitment, JOGMEC provided 60 per cent of year two financing, and FPX provided 40 per cent.
• Year three (April, 2025, to March, 2026): FPX will assume a majority position in the generative alliance, financing 60 per cent of expenditures, with JOGMEC financing 40 per cent going forward.

Designated projects

Subject to agreement between FPX and JOGMEC, one or more specific targets identified by the generative alliance may be advanced to a second phase to be further developed as a separate designated project. Each designated project will have its own work program and budget with the objective of testing and further developing the identified targets. For each designated project identified from April 1, 2025, onward, FPX will own 60 per cent, and JOGMEC will own 40 per cent of each designated project, and finance approved work programs consistent with its party's ownership interest.

The generative alliance has acquired its first designated project. For strategic reasons, the company is not able to disclose details regarding the location and planned work program for this project at this time. The company expects to be in a position to disclose specific project information in the coming months.

During the first two years of the generative alliance, FPX's exploration team has conducted evaluations and/or sampling programs in 10 international and four Canadian jurisdictions. With multiple evaluations continuing and further prospective opportunities identified, the program is on track to identify additional designated projects in its third year. As and when designated projects are confirmed, FPX will provide additional disclosure regarding the location and planned work programs for such 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.

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