Mr. Barry Brown reports

FORT ST. JAMES TO DRILL MULTIPLE HIGH-PRIORITY VMS TARGETS INCLUDING HISTORIC 13.6% ZN / 8.15% PB ZONE AT NEPISIGUIT, WITHIN BATHURST MINING CAMP - NORTHERN NEW BRUNSWICK

Fort St. James Nickel Corp. is planning a diamond drilling program for 2026 at the Nepisiguit property, located in the famous Bathurst mining camp in northern New Brunswick.

"With historic intercepts exceeding 13 per cent zinc and 8 per cent lead, and several untested targets across the property, we believe Nepisiguit is poised for a major breakthrough. This upcoming drill program is a significant step toward unlocking that potential," said Barry Brown, president.

Fort St. James has compiled historical exploration information for the property and has identified multiple target areas for exploration for volcanogenic massive sulphide deposits, including four priority targets areas. The company is planning a 1,000-metre (m) diamond drilling program during 2026 at the property. The Nepisiguit property borders the Heath Steele property of Glencore Canada Corp., site of the historic Heath Steele mine.

During 2021, the company announced it had entered into a letter of intent agreement with a private company to acquire a 100-per-cent interest in the Nepisiguit base metal-precious metal property, located within the Bathurst mining camp of northern New Brunswick. The property consists of one mineral claim (claim No. 8116), covering an area of approximately 4,675 hectares. The term of the original letter of intent has been extended. A definitive agreement is expected to be negotiated between Fort St. James and the private company regarding the Nepisiguit property now that Fort St. James has completed a due diligence review of the property and identified exploration targets.

The company has incurred exploration expenditures on the Nepisiguit property, including diamond drilling (six holes totalling 1,131 meters) during 2021 and prospecting and rock geochemical sampling; soil geochemical sampling; magnetometer geophysical surveys; and drill core sampling during 2021 to 2025. Magnetite iron formation with anomalous levels for lead and intervals of semi-massive pyrite were intersected in 2020 to 2021 drill holes in the east-central region of the property establishing a target area for the company. Drill core sample analysis of magnetite iron formation intervals from two 2021 drill holes in this area revealed anomalous levels of lead in some samples. A 1.85-metre-long (core length) interval in drill hole NP-21-05 graded 2614 parts per million (ppm) lead (Pb) (0.2614 per cent Pb) and 32.0 per cent iron (Fe). Four core samples (each 1.00 metre long -- core length) from drill hole NP-21-06 returned lead values in the 3,010 to 3,110 ppm range (0.301 to 0.311 per cent Pb) and iron values in the range of 24.0 to 35.1 per cent. Fort St. James is planning additional diamond drilling in this area.

Fort St. James has identified a target area for diamond drilling in the southern region of the Nepisiguit property. Stratabound Minerals Corp. reported lead, zinc and copper mineralization in this area during 1997 to 1998. A 1998 drill hole reported in this area was reported to intersect 13.57 per cent zinc and 8.15 per cent lead over 0.20 m core length; and 2.08 per cent zinc and 0.88 per cent lead over 2.00 m core length (Lutes, 1998). Fort St. James has not verified this mineralization. Fort St. James has located two drill collars in this target area, interpreted by the company as Stratabound holes 98-15 and 98-19. Hole 98-19 was reported to intersect near-surface intervals of anomalous lead and zinc, including 0.69 per cent zinc and 0.52 per cent lead over 0.67 m core length (Lutes, 1998).

Fort St. James has identified target areas for diamond drilling in the east region of the Nepisiguit property. Major General Resources Ltd. reported geophysical anomalies (electromagnetic and induced polarization) in this region during 1996 and 2000 (LeBel, 1996, and Gill, 2000). Fort St. James has not verified these geophysical anomalies.

The company is in the process of outlining a diamond drilling program for 2026 of approximately 1,000 m, testing some or all of these target areas.

David Martin, PGeo (New Brunswick and Newfoundland and Labrador), a qualified person as defined by National Instrument 43-101 and project geologist for Fort St. James, approved the technical information contained in this news release.

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