Mr. Martin Turenne reports

FPX NICKEL ANNOUNCES FULL EXERCISE OF PARTICIPATION RIGHT BY CORPORATE STRATEGIC INVESTOR AND COMPLETION OF RESULTANT PRIVATE PLACEMENT

FPX Nickel Corp. has noted that, in connection with the $16-million strategic investment by Outokumpu Oyj announced on May 30, 2023, the company's existing corporate strategic investor has exercised its participation right in full to re-establish a 9.95-per-cent ownership of FPX's issued and outstanding common shares.

On Nov. 29, 2022, FPX announced a private placement of common shares with the corporate strategic investor which provided the corporate strategic investor the right to participate in equity financings to maintain its 9.95-per-cent interest in the company. In connection with the exercise of the participation right, the company has completed an additional private placement through the issuance of 3,251,184 common shares of the company to the corporate strategic investor at a price of 60 cents per common share, for gross proceeds of $1,950,710.

"We are very pleased with the continued interest that our corporate strategic investor has shown in FPX and our Baptiste nickel project, and look forward to the advancement of Baptiste toward the completion of a preliminary feasibility study and beyond," said Martin Turenne, FPX's president and chief executive officer.

The company intends to use the net proceeds of the private placement primarily for development activities at the project, including the completion of a preliminary feasibility study for Baptiste, continuance of environmental baseline activities and feasibility study readiness activities, as well as general corporate and administrative purposes. The TSX Venture Exchange has provided final acceptance of the private placement and the common shares issued pursuant to the private placement are subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. No finder's fees or commissions were paid on the private placement.

About the Decar nickel district

The company's Decar nickel district represents a large-scale greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. FPX's mineral claims cover an area of 245 square kilometres west of the Middle River and north of Trembleur Lake, in central British Columbia. Awaruite mineralization has been identified in several target areas within the ophiolite complex, including the Baptiste deposit and the Van target, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling. Since 2010, approximately $28-million (U.S.) has been spent on the exploration and development of Decar.

Of the four targets in the Decar nickel district, the Baptiste deposit has been the focus of increasing resource definition (a total of 99 holes and 33,700 metres of drilling completed), as well as environmental and engineering studies to evaluate its potential as a bulk-tonnage open-pit mining project. The Baptiste deposit is located within the Baptiste Creek watershed, on the traditional and unceded territory of Tl'azt'en nation and Binche Whut'en first nation, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of its agreements with the nations and keyoh holders.

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 unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.

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