Mr. Martin Turenne reports

FPX NICKEL DEFINES SIGNIFICANT NEAR-SURFACE HIGH-GRADE AWARUITE NICKEL ZONE IN FIRST DRILL HOLES AT ADVOCATE NICKEL PROPERTY IN NEWFOUNDLAND; EXPANDS DRILL PROGRAM TO OVER 5,000 METRES

FPX Nickel Corp. has released positive results from the first four holes drilled along a single section at the Birchy North target on the Advocate nickel property in Newfoundland. Given strong results to date at both the Birchy North and Wolverine targets, the inaugural Advocate drill program has been expanded from an initially planned 4,000 metres to over 5,000 metres.

Highlights:

• Birchy North target: significant intercepts and scale:
  • 279.0 metres at 0.11 per cent davis tube recoverable (DTR) nickel, including 54.0 metres at 0.14 per cent DTR nickel, from 29.0 metres downhole in hole B26-004;
  • 347.5 metres at 0.10 per cent DTR nickel, including 63.0 metres at 0.13 per cent DTR nickel, from 234.0 metres in hole B26-001;
  • Drill holes B26-001 through B26-004 were drilled on one section and define high-grade awaruite nickel mineralization across approximately 350 meters wide by 300 metres deep;
  • Subsequent holes (B26-005 through B26-008) test Birchy North over a strike length of 1,250 metres; assays for holes B26-005 through B26-008 are pending;
• Wolverine target: continuing and expanded drilling:
  • Planned drilling at the Wolverine target has been expanded to include nine holes over a strike length of 1,800 metres;
  • Five holes have been completed to date at Wolverine; all holes show significant visible awaruite over broad intervals;
• Advocate property expansion:
  • The company has further increased mineral tenure holdings at the Advocate property from 210.5 square kilometres (km) to 237.5 square km through recent staking activities.

"These results, from the first four drill holes at our Advocate property in Newfoundland, demonstrate that Advocate can host awaruite mineralization with similar DTR nickel grades to those which define our Baptiste deposit in British Columbia," commented Keith Patterson FPX's vice-president, exploration. "The near-surface, high-grade intercept encountered in hole B26-004 (54 metres at 0.14 per cent DTR nickel from 29 metres downhole) is a highly positive indication of the potential for this system to host high-grade awaruite mineralization over significant volumes."

Advocate nickel property

The Advocate nickel property is located in north-central Newfoundland, approximately midway between Deer Lake and the mining town of Baie Verte. The 237.5 square km land package covers highly prospective, serpentinized ultramafic rocks and includes over 45 km strike length of the Advocate complex ophiolite. Access is via a high-quality network of logging roads, generally no more than five to 10 km from the Trans-Canada Highway or Newfoundland Highway 410. The property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the property.

Birchy North target

As described in the company's Oct. 1, 2026, news release, eight diamond drill holes totalling over 2,400 metres were completed at the Birchy North target testing an area of 1,250 metres by up to 600 metres. Results have been received from the first four holes drilled and are summarized in table 1.

The first four holes, drilled along a single lateral section at Birchy North, have returned DTR nickel grades over their entire lengths that average significantly above the calculated cut-off grade of 0.06 per cent DTR nickel at FPX's Baptiste deposit in British Columbia (indicated resource of 1,815 million tonnes (t) at 0.129 per cent DTR nickel using a cut-off of 0.06 per cent; see the company's Nov. 14, 2022, news release).

Holes B26-001, B26-002 and B26-004 define a high-grade awaruite nickel core approximately 350 m wide by 300 m deep with DTR nickel grades generally in excess of 0.10 per cent. This high-grade core remains open to the northwest. Within this high-grade core, hole B26-004 intersected a near-surface very high-grade interval of 54 m at 0.14 per cent DTR nickel from only 29 m depth.

Holes B26-005 through B26-008 test the Birchy North target along 1,250 m of strike length and show visible awaruite mineralization across significant intervals in all holes. DTR nickel assay results are expected to be received in the coming weeks.

Wolverine target

Drilling continues at the Wolverine target, located approximately 24 km northeast of the Birchy North target. Based on positive visual interpretation of awaruite abundance in the initial holes, the planned program at Wolverine has been expanded to include up to nine drill holes totalling approximately 2,800 metres. Planned drilling will now cover a strike length of approximately 1.8 km. Assays for all completed drill holes at Wolverine are pending.

Total nickel values and davis tube recoverable nickel

Total nickel values in ultramafic rock samples from drilling at the Birchy North target range from 0.18 per cent to 0.25 per cent. These values are consistent with typical background nickel values from ultramafic rocks sampled globally and do not represent potentially recoverable nickel. The high DTR nickel values reported indicate that the nickel in these target areas is primarily contained in awaruite with grain sizes sufficiently coarse to be recovered by magnetic separation.

Option agreement and FPX-JOGMEC joint venture

As announced in the company's Sept. 23, 2025, news release, FPX has signed an option agreement with Shoreline Exploration Inc. to acquire up to 100 per cent of the Advocate nickel property.

JOGMEC has accepted the Advocate nickel property as a designated property within the broader FPX-JOGMEC generative alliance. JOGMEC has the ability to obtain a 60-per-cent interest in Advocate and has financed 60 per cent of project expenditures to date; FPX holds the remaining 40-per-cent interest in Advocate and has financed 40 per cent of project expenditures to date.

Sampling and analytical method

Diamond drill core samples were collected under the supervision of Mercator Geological Services staff. Drill core was transported from the drill site to the logging facility in Baie Verte where it was logged, photographed and split in half by diamond saw prior to being sampled. Samples were then bagged and awaruite-specific reference materials inserted at regular intervals. Approximately 10 per cent of the sample stream is comprised of QA/QC (quality assurance/quality control) samples, including certified reference materials and duplicates. Samples were grouped and batches shipped to Activation Laboratories (Actlabs) in Ancaster, Ont.

Sample preparation by Actlabs involved crushing the entire sample to 80 per cent less than two millimetres (mm), riffle splitting 250 grams (g) and pulverization of the split to greater than 95 per cent passing 74 microns. Analytical procedures included whole rock analysis by lithium metaborate/tetraborate fusion ICPOES, davis tube magnetic separation and lithium borate fusion XRF analysis on the magnetic separate. The DTR nickel grade is calculated by multiplying the magnetic separate XRF fusion nickel value by the weight of the magnetic fraction, divided by total DTR sample weight. All QA/QC data were reviewed and found to be within acceptable limits. The DTR method is a bench scale metallurgical test procedure and is used to provide a measure of magnetically recoverable nickel and is the global, industry standard for geometallurgical testing for magnetic recovery operations and exploration projects.

Reported drill hole lengths are drill intersections and not necessarily true widths.

Qualified person

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.

Stock option grant

FPX has granted 250,000 stock options to an employee of the company. The stock options have an exercise price of 30 cents per share and will expire on Nov. 6, 2031.

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.