Mr. Martin Turenne reports

FPX NICKEL CLOSES $14.4 MILLION STRATEGIC EQUITY INVESTMENT FROM SUMITOMO METAL MINING

FPX Nickel Corp. has closed its private placement financing with a new cornerstone strategic investor, Sumitomo Metal Mining Canada Ltd. (SMCL), a wholly owned subsidiary of Sumitomo Metal Mining Co. Ltd., as previously announced in the company's Jan. 17, 2024, news release.

Under the terms of the private placement, FPX has issued 30,104,488 common shares in the capital of the company to SMCL at a price of 48 cents per private placement common share for gross proceeds of $14,450,154. On completion of the private placement, SMCL now owns 9.9 per cent of FPX's issued and outstanding common shares on a non-diluted basis.

The company intends to use the net proceeds of the private placement primarily for exploration and development activities at its Baptiste nickel project, the continuance of environmental baseline activities, feasibility study readiness activities, and general corporate and administrative purposes. The common shares issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.

In connection with the private placement, the company has agreed to pay a cash advisory fee in the amount of $578,006 (4 per cent of the gross proceeds of the private placement) to RCI Capital Group Inc.

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 mineralization known as awaruite.

We seek Safe Harbor.