Mr. Martin Turenne reports

FPX NICKEL ANNOUNCES APPOINTMENT OF KEITH PATTERSON AS VICE PRESIDENT OF GENERATIVE EXPLORATION FOR JOGMEC JOINT VENTURE

FPX Nickel Corp. has appointed Keith Patterson, PGeo, as the company's vice-president of generative exploration. Mr. Patterson, formerly director of project generation and greenfield strategy with Eldorado Gold, has worked as an exploration professional for over 25 years throughout North America, South America, Europe and Asia. He will lead FPX's newly formed global generative exploration alliance with Japan Organization for Metals and Security (JOGMEC) which aims to build on the successes of the Baptiste nickel project by identifying new large-scale awaruite nickel deposits worldwide.

"We are very excited to welcome Keith, who will play a pivotal role in leading our new joint venture with JOGMEC," commented Andrew Osterloh, FPX Nickel's vice-president, projects. "Keith brings to the team a robust skill set in grassroots target delineation and early exploration execution on multiple continents. Our generative alliance with JOGMEC represents a significant endorsement of the technical and economic viability of awaruite nickel deposits, which we believe represent a disruptive new source of nickel supply for the electric vehicle battery supply chain. The generative alliance has the potential to expose FPX's shareholders to numerous exploration discoveries on a global scale."

Mr. Patterson has over 25 years of mining industry experience spanning a diverse range of roles. In his previous role as director of project generation with Eldorado Gold, he managed global exploration and project generation. Prior to Eldorado Gold, Mr. Patterson was vice-president of exploration for Jinshan Gold Mines where he was responsible for the execution of exploration programs and project evaluations in China. Earlier in his career, Mr. Patterson spent time with the Geological Survey of Canada. Mr. Patterson is a registered professional geoscientist with the Engineers and Geoscientists of British Columbia and holds a master of geological sciences and a bachelor of geological engineering, both from the University of British Columbia.

The generative alliance with JOGMEC will build on the successes at Baptiste to target awaruite nickel deposits worldwide. JOGMEC will solely finance the work over the next two years, with the work overseen by a jointly staffed management committee. FPX will be the initial operator of the generative alliance and will earn an operator fee for providing such management services. The generative alliance will benefit from the extensive global database developed by FPX during the 2010 to 2015 period, when the company performed reconnaissance exploration activities for awaruite nickel targets in over a dozen countries across four continents.

Stock option grants -- clarification

On May 26, 2023, the company announced that at its annual general and special meeting held on May 25, the shareholders approved the company's share compensation plan. This new plan is a rolling share-based compensation plan pursuant to which up to an aggregate of 10 per cent of the company's common shares outstanding may be reserved for issuance under the omnibus plan and any other security-based compensation plans of the company, including with respect to the issuance of stock options, restricted share units (RSUs) and deferred share units (DSUs). The omnibus plan was approved and adopted by the board on April 26, 2023, and is subject to final acceptance by the TSX Venture Exchange.

The omnibus plan will replace the company's existing stock option plans. An aggregate of 13.84 million stock options previously granted under the former plans will continue to be governed by those plans until they are exercised or expire and no further stock options will be granted under the former plans.

On June 9, 2023, the company announced that a total of 4,005,000 options had been granted to the company's directors, officers and employees, exercisable at a price of 60 cents per share expiring on June 8, 2028 (not June 9, as previously disclosed), and with a hold period expiring Oct. 9, 2023. These options were conditionally granted under the omnibus plan, pending acceptance by the TSX-V.

Today, the company is announcing that Mr. Patterson has been granted 300,000 options, exercisable at a price of 60 cents per share, expiring on June 19, 2028, and with a hold period expiring Oct. 20, 2023. These options are also conditionally granted under the omnibus plan, pending acceptance by the TSX-V.

Including the 13.84 million options outstanding under the former plans, together with the 4,005,000 options and the 300,000 options conditionally granted under the omnibus plan on June 8, 2023, and today, respectively, there is an aggregate of 18,145,000 options that are currently reserved for issuance, representing in the aggregate 6.63 per cent of the common shares outstanding.

Pursuant to the policies of the TSX-V, rolling share-based compensation plans such as the omnibus plan must receive shareholder approval annually.

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.

We seek Safe Harbor.