Mr. Martin Turenne reports

FPX NICKEL RENEWS GLOBAL GENERATIVE EXPLORATION ALLIANCE WITH JOGMEC

FPX Nickel Corp. has renewed the company's Global Generative Exploration Alliance with Japan Organization for Metals and Energy Security (JOGMEC). Building on strong progress achieved through the first three years of the generative alliance, the program remains focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the company's flagship Baptiste nickel project.

Highlights

• Global Generative Exploration Alliance budget established at $1.2-million for year four (covering April, 2026, to March, 2027).
• FPX maintains majority position in the Generative Alliance, contributing 60 per cent of expenditures and thereby securing 60-per-cent ownership in new joint venture projects generated by the Generative Alliance going forward.
• Work completed to date has identified multiple highly prospective properties across several jurisdictions with strong potential for acquisition in the coming year.

"We are very pleased to continue our global collaboration with JOGMEC, a government body whose mission is to secure a stable and affordable supply of energy and mineral resources to strengthen Japan's industrial base," commented Keith Patterson, FPX's vice-president, exploration. "JOGMEC's continued participation in our generative alliance represents a significant endorsement of the technical and economic viability of awaruite nickel deposits, underwriting FPX's continued exposure to exploration discoveries on a global scale."

Funding structure

In April, 2023, FPX and JOGMEC initiated a generative alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets globally. The program funding has been structured as follows:

• Year one (April, 2023, to March, 2024): JOGMEC financed 100 per cent of the expenditures in year one.
• Year two (April, 2024, to March, 2025): After achieving the initial JOGMEC funding commitment, JOGMEC provided 60 per cent of year two funding and FPX provided 40 per cent.
• Years three and four (April, 2025, and beyond): FPX assumed a majority position in the generative alliance, funding 60 per cent of expenditures with JOGMEC funding 40 per cent going forward.

Designated projects

Subject to agreement between FPX and JOGMEC, one or more specific targets identified by the generative alliance may be advanced to a second phase to be further developed as a separate designated project. Each designated project will have its own work program and budget with the objective of testing and further developing the identified targets. For each designated project identified from April 1, 2025, onward, FPX will own 60 per cent and JOGMEC will own 40 per cent of each designated project, and finance approved work programs consistent with its party's ownership interest.

During the first three years of the generative alliance, FPX's exploration team has conducted evaluations and/or sampling programs in international and Canadian jurisdictions. With multiple evaluations continuing and further prospective opportunities identified, the program is on track to identify additional designated projects the coming year. As and when new designated projects are confirmed, FPX will provide additional disclosure regarding the location and planned work programs for such projects.

Qualified person

Keith Patterson, PGeo, FPX's vice-president, exploration, FPX's qualified person under NI 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.

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