Mr. Martin Turenne reports

FPX NICKEL COMPLETES BIRCHY NORTH DRILLING AND COMMENCES DRILLING AT EXPANDED WOLVERINE TARGET AT ADVOCATE NICKEL PROPERTY IN NEWFOUNDLAND

FPX Nickel Corp. has completed its inaugural drilling program at the Birchy North target and has commenced drilling at the Wolverine target at the Advocate nickel property in Newfoundland.

Highlights -- Advocate nickel property drilling

• Birchy North target
  • Eight diamond drill holes completed for a total of 2,421 metres;
  • Visible awaruite nickel noted in all holes.
• Wolverine target
  • A minimum 1,600-metre drill program has begun at the Wolverine target;
  • Recent high-grade rock sampling results of up to 0.14 per cent davis tube recoverable (DTR) nickel have expanded the geochemical footprint of the Wolverine target to 5.4 kilometres in strike length, including a two km long high-grade zone.
• Advocate property expansion
  • The company has significantly increased mineral tenure holdings at the Advocate property by over 80 per cent to 210.5 square km through recent staking activities.

"We are encouraged to see visible awaruite in all holes drilled at the Birchy North target within the Advocate nickel property and look forward to reporting assay results in the coming weeks," commented Keith Patterson FPX's vice-president, exploration. "Further, results from this summer's rock sampling at Advocate's Wolverine target have significantly upgraded the importance of this target. We are excited to be moving the drill to Wolverine to commence testing this very large and high-grade awaruite target."

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 210.5 square km land package covers highly prospective, serpentinized ultramafic rocks and includes over 45 km strike length of the Advocate complex ophiolite. Access is via 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

Diamond drilling at the Birchy North target has tested an area of 1,250 metres by up to 600 metres with eight diamond drill holes on approximately 400-metre spaced sections. A total of 2,421 metres has been drilled at the Birchy North target.

Drill core logging shows abundant visually identifiable awaruite to be present in all holes, ranging from fine-grained (400 micrometres). SEM (scanning electron microscope) analysis completed by JOGMEC (Japan Organization for Metals and Energy Security) confirmed the presence of awaruite in all samples examined.

The company anticipates reporting DTR nickel results in late October or early November.

Wolverine target

Results of this summer's surface rock sampling program have significantly enlarged and upgraded the Wolverine target. The geochemical footprint of the Wolverine target now measures 5.4 kilometres in strike and up to 700 m in width, increased from the previously known 2.4 km by 650 m wide footprint. This footprint correlates well with the larger seven km long magnetic anomaly. Within the greater Wolverine target, a higher-grade awaruite nickel core zone measuring two km in strike will be the target of drilling.

The company plans to complete a minimum 1,600-metre drill program including up to six diamond drill holes at Wolverine, on four drill sections spaced approximately 400 m apart and covering approximately 1,200 m of strike length in total. The final location and orientation of drill holes may differ materially from the current plan as shown, subject to field observations.

The high-grade core zone at Wolverine is delineated by 38 rock samples. Six samples returned greater than 0.10 per cent DTR nickel including two which returned values of 0.14 per cent DTR nickel. The distribution of core zone rock sample results is as shown in the attached table.

The larger Wolverine target, including the high-grade core zone, is now defined by 105 surface rock samples with the following distribution of DTR nickel grades.

Advocate property expansion

The company has acquired, through staking, approximately 91.5 square km of new mineral tenure at the Advocate property, bringing the total Advocate land package to approximately 210.5 square km. This new ground primarily covers potential future mine infrastructure needs. Additionally, all Advocate mineral licences have now been transferred to direct FPX Nickel ownership with the vendor, Shoreline Exploration, retaining its interest contractually.

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 outcrop or locally sourced float in areas where outcrop was unavailable. Locations were documented using handheld GPS units. Once bagged, tagged and sorted, samples were shipped to Activation Laboratories (Actlabs) in Ancaster, Ont.

Sample preparation involved crushing the entire sample to 80 per cent less than two millimetres, riffle splitting 250 g and pulverization of the split to greater than 95 per cent passing 74 micrometres. 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.

QA/QC (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.