Mr. Martin Turenne reports

FPX NICKEL SIGNS EXPLORATION AGREEMENT WITH TAKLA NATION FOR KLOW PROPERTY

FPX Nickel Corp. has signed an exploration agreement with the Takla Nation for exploration activities associated with the Klow property in central British Columbia. The agreement outlines a collaborative framework for FPX and Takla Nation to move forward responsibly with early-stage exploration, establishing important protocols for engagement, environmental protection, employment, training and business opportunities.

"This agreement underscores our commitment to engagement with indigenous communities from the earliest stages of our exploration work," said Martin Turenne, president, chief executive officer and director of FPX. "We look forward to continuing to work with the Takla Nation, guided by transparency, respect and a shared vision for sustainable development in Takla territory."

"The signing of this agreement marks an important step in strengthening our relationship with FPX. By establishing clear principles for engagement, this agreement ensures that our voices are heard from the earliest stages of exploration," commented Chief John French of Takla Nation. "We look forward to working collaboratively with FPX to protect our lands and ensure shared benefits for our community."

Background

The Klow property is situated approximately 120 kilometres northwest of Fort St. James and around 45 km north of FPX's flagship Baptiste nickel project. Portions of the Klow property are accessible by an all-season public road, which connects Fort St. James to Takla Landing. Like the Baptiste nickel project, the exploration target for the Klow property is nickel in the form of awaruite, a sulphur-free, nickel-iron mineral (Ni3Fe) hosted by serpentinized ultramafic rocks.

Exploration at the Klow property has advanced in several stages since its initial evaluation. Between 2010 and 2012, FPX conducted geological mapping and rock sampling that delineated a large awaruite target area measuring approximately 1.5 by 1.0 kilometres, with encouraging surface grades. In 2012, a five-hole, 1,579-metre diamond drill program tested a portion of this target, with hole DH-4 intersecting 316 metres grading 0.10 per cent nickel in alloy (1) from 10 metres downhole. In 2024, the company reanalyzed 68 archived core samples from DH-4 using Davis Tube recoverable methods, which confirmed strong correlation with historical nickel-in-alloy values and returned DTR nickel grades averaging 7 to 10 per cent higher than the original nickel-in-alloy results. Also in 2024, FPX expanded the Klow mineral claims to 251 square kilometres, covering mainly prospective ultramafic rocks of the Trembleur ultramafite, host to mineralization at Baptiste.

As announced in May, 2025, FPX undertook a summer 2025 surface rock sampling program, 100 per cent financed by the Japan Organization for Metals and Energy Security. The agreement with Takla Nation will enable planning and readiness for future exploration activities.

Klow property earn-in agreement

As previously disclosed, FPX and Jogmec have entered into an earn-in agreement, which provides Jogmec the option to earn a beneficial interest in the company's Klow property in central British Columbia.

The key terms of the Klow earn-in agreement are as follows:

• FPX grants to Jogmec the option to earn a 60-per-cent beneficial interest in Klow by financing $1-million in exploration expenditures by no later than March 31, 2027 (extended from a prior deadline of March 31, 2026, by mutual agreement of the parties).
• Once JOGMEC has earned its 60-per-cent beneficial interest in Klow, the parties will thereafter finance exploration expenditures pro rata to their ownership interest.
• If either party's beneficial interest in Klow is diluted below 10 per cent, that party's beneficial interest will be converted into a 1.5-per-cent net smelter return royalty over Klow, with the other party retaining a right to buy back 1.0 per cent of the NSR royalty for $3.5-million.

Note (1): Results were obtained by geochemical analysis and may not accurately represent Davis Tube recoverable nickel grades. DTR nickel values refer to the portion of the total contained nickel that is recovered from a magnetically separated fraction of the sample. Nickel-in-alloy results refer to nickel recovered by a selective geochemical leach, which targets nickel contained in awaruite. While both methods measure nickel in awaruite, awaruite particle exposure and grain size influence each method slightly differently; therefore, these results are not directly comparable.

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.