Mr. Martin Turenne reports

FPX NICKEL ANNOUNCES BATTERY SUPPLY CHAIN MOU WITH JOGMEC AND PRIME PLANET ENERGY & SOLUTIONS

On Sept. 21, 2023, FPX Nickel Corp. signed a non-binding memorandum of understanding (MOU) with Japan Organization for Metals and Energy Security (JOGMEC) and the Prime Planet Energy & Solutions (PPES) joint venture between Toyota Motor Company and Panasonic Corp.

The non-binding MOU provides a framework for FPX and PPES to explore collaborative opportunities for the vertical integration of nickel production involving the development of FPX's Baptiste nickel project through to the production of nickel sulphate and cathode active materials for the PPES supply chain. Under the terms of the MOU, FPX, PPES and JOGMEC will work collaboratively to share technical information and expertise, and to explore potential strategic arrangements and business structures.

It is anticipated that any potential binding agreements among the parties would provide FPX with additional financing to advance the Baptiste project, including the preparation of a feasibility study and activities relating to the environmental assessment and permitting processes. The MOU is non-exclusive and non-binding, and there can be no certainty that a binding commercial agreement among the parties will arise from this framework; further, there is no fixed timing envisioned among the parties for the execution of any binding agreements.

FPX president and chief executive officer Martin Turenne said: "We are pleased to initiate this MOU with PPES and JOGMEC, two groups leading the global transition to a low-carbon, electrified economy. This MOU demonstrates the strategic nature of the Baptiste project and its potential to produce an ideal nickel feedstock for the battery supply chain. We look forward to collaboration with our Japanese partners to support the development of North America's critical minerals ecosystem, and to develop Baptiste in a manner that creates substantial and sustainable benefits for local communities while protecting the environment for future generations."

"It is our pleasure to be able to co-operate with FPX and JOGMEC as partners that share the desire to establish a green battery supply chain with a reduced environmental footprint. By combining FPX's low-carbon nickel mining process and PPES's battery know-how and technology, we are sure to realize further decarbonization and cost reductions in this field. As with the Japan-Canada partnership agreement, we aim to spread the use of electric vehicles in light of decarbonized society as one team."

Prime Planet Energy & Solutions started operations in April, 2020, as a joint venture for automotive prismatic batteries (owned 51 per cent by Toyota Motor and 49 per cent by Panasonic).

JOGMEC is a Japanese government independent administrative agency whose mission is to secure a stable and affordable supply of energy and mineral resources to strengthen Japan's industrial base.

On April 3, 2023, FPX announced a global generative exploration alliance with JOGMEC. The purpose of the generative alliance, which is being solely funded by JOGMEC, is to carry out worldwide mineral exploration activities for the identification and acquisition of high-quality properties which are prospective for the same style of awaruite nickel mineralization as contained at the company's flagship Baptiste nickel project.

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.