FPX Nickel Commences Preliminary Feasibility Study on the Baptiste Nickel Project

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the commencement of a preliminary feasibility study (" PFS ") for the Baptiste Nickel Project (" Baptiste " or " the Project ") in central British Columbia. The PFS will mark the culmination of the extensive de-risking and optimization program that has been undertaken since the issuance of the 2020 preliminary economic assessment (" 2020 PEA "). The PFS is expected to be completed in September 2023 .

Highlights

The PFS will present a mature project basis, integrating FPX's extensive de-risking and optimization program undertaken since the 2020 PEA
The PFS will present two strategic options, including:

Base Case – production of a high-grade awaruite concentrate (50-65% Ni) for direct feed to the stainless steel market, utilizing a simple and robust concentrator flowsheet that is only possible due to Baptiste's awaruite mineralization
Option – further upgrading of the high-grade awaruite concentrate to produce battery-grade nickel sulphate and cobalt-rich products for the electric vehicle battery supply chain, utilizing moderate leaching conditions and standard hydrometallurgical unit operations

The PFS will be prepared by a team of industry-leading consultants, all of whom have meaningfully contributed to the Project's de-risking and optimization program since the 2020 PEA, thus maintaining strong continuity in the ongoing development of Baptiste

"The PFS will mark the culmination of several years of robust project de-risking and optimization activities, including resource definition drilling, engineering trade-off studies, baseline studies and pilot-scale metallurgical test programs," commented Martin Turenne , the Company's President and CEO. "Since completion of the 2020 PEA, we have consistently applied a major company-style mindset to project development, and believe the PFS will confirm Baptiste as a peer-leading development-stage nickel project, highlighting its potential for large-scale, low-cost and low-carbon nickel production spanning multiple decades."

The PFS will mark the culmination of an extensive de-risking and optimization program that has been undertaken since the issuance of the 2020 PEA. With data collection and fundamental optionality largely addressed during the post-PEA work program, FPX is confident that the PFS can be executed in an efficient manner, and the team will be able to focus on maximizing the project's technical and commercial maturity. Key work elements since the 2020 PEA and their respective impact on the PFS base case are presented in Table 1.

The PFS will present a base case of a mine and concentrator facility to produce a high-grade awaruite concentrate (50-65% Ni) which can be directly fed to the stainless steel industry without intermediate processing. As a strategic alternative, the PFS will present an option to further refine the high-grade awaruite concentrate within a standalone, off-site refinery to produce both battery-grade nickel sulphate and cobalt-rich products for the electric vehicle battery supply chain. This highly flexible approach is due to Baptiste's unique mineralogy and the resultant simple flowsheets for the production of high-value concentrate and sulphate products.

Table 1 – Baptiste Nickel Project: Summary of De-Risking & Optimization Program Since 2020 PEA

Work Elements	Description	Results
Geology & Resource Estimate	Completion of an in-fill drilling program, targeting conversion of near-surface, high-grade inferred resources to the indicated category.	Drill results converted inferred resources to indicated resources, as per Company objective. See FPX News Release dated March 14, 2022
Geology & Resource Estimate	Completion of an updated resource estimate incorporating 2021's in-fill drilling, combined with a new geological modelling approach and improved dike model.	2022 mineral resource estimate achieved a 6% Davis Tube Recoverable (" DTR ") Ni grade increase for indicated resources as compared to 2020 mineral resource estimate. 2022 mineral resource estimated included first-time reporting of Total Ni, DTR Co, and DTR Fe, providing the opportunity for potential inclusion of secondary products within the PFS economic basis. See FPX News Release dated November 14, 2022
Metallurgy	Phase 1 – Grindability and initial pilot-scale testwork on both mine phase and master composites	A mature dataset supporting PFS-level design criteria. See FPX News Release dated December 8, 2021
	Phase 2 – Mineralogy on both mine phase and master composites; and flotation testwork on master composite	A mature dataset to support PFS-level design criteria. See FPX News Release dated July 27, 2022
	Phase 3a – Larger-scale pilot testwork to validate the PFS flowsheet	Results both validate the PFS flowsheet as well as confirm tangible process benefits in plant-scale processing. See FPX News Release dated July 27, 2022 for initial results. Full results will be released in late January 2023.
	Phase 3b – Variabilty testwork on the concentrator flowsheet and optimization testwork on the hydrometallurgical refinery flowsheet for production of nickel sulphate	Testwork in progress to further support design criteria. Results forecast for release in April 2023.
Geotechnical	Completion of phased geotechnical and hydrogeological site investigation programs in 2021 and 2022. Historic open-pit geotechnical data analyzed to provide more mature open-pit design criteria.	Suitable site characterization information now available for PFS design and estimating purposes.
Engineering Studies	Focusing on project elements having the strongest influence on overall project value, a series of de-risking and optimization trade-off studies were conducted.	Project value improved through: · Change to SAG (semi-autogenous grinding) mill comminution · A phased development approach with a smaller scale of initial development as compared to the 2020 PEA approach · A detailed alternatives assessment of all available mine waste management strategies identified several viable alternatives, with the lowest overall risk option to be carried forward to the PFS · Improved understanding of linear facility options (road and power corridors) and economics · Evaluation of multiple mine planning scenarios, improving the metal production profile, optimizing hauling distances and overall footprint See FPX News Release dated June 9, 2022
Environmental & Cultural Baseline Studies	Execution of 2021 baseline readiness reconnaisance program, following by resumption of full environmental and cultural baseline studies in 2022, utilizing an Indigenous-led process which involves signifcant contributions from local stakeholders.	Collaborative approach with local stakeholders has produced high quality results on schedule.
Indigenous Engagement	A comphrehensive Memorandum of Agreement was signed with the Binche Whut'en First Nation, which provides support to FPX's project development activities.	See FPX News Release dated June 21, 2022

The PFS will fully incorporate de-risking and optimization results as summarized in Table 1. The PFS will be conducted with the assistance of industry-leading service providers, and the collective team will produce a fully integrated National Instrument 43-101 compliant technical report. Key service providers have all meaningfully contributed to previous Project works, which reduces both technical, commercial, and schedule risks. Key service providers contributing to the PFS are presented in Table 2.

Table 2 – Key Service Providers Contributing to the PFS

Participant	Scope of Responsibility	First Engaged on the Project
Ausenco Engineering Canada Ltd.	Process, infrastructure, and overall PFS integration	Q4-2021
Knight Piésold Ltd.	Tailings, water management, and geotechnical	Q2-2021
Onsite Engineering Ltd.	Site access road	Q4-2021
Carisbrooke Ltd.	Off-site power system	Q4-2021
Next Mine Consulting	Geological modelling and resource estimation	Q4-2021
Jeff Austin	Metallurgical consultant and Qualified Person	2018
Shas-Ti (an Ecofor Consulting and Binche Whut'en joint venture)	Environmental and cultural baseline studies	Q1-2022
ERM	Hydrology and meteorology	Q1-2021
Lorax	Geochemistry	Q4-2021
Sasuchan Environmental	Hydrogeology	Q4-2022

In addition to the technical work conducted since the PEA, the Company has also focused efforts on understanding the current project execution environment, including both cost escalation and schedule considerations. FPX and its consultants have reviewed recently constructed major concentrator projects as well as regional mining projects, and learnings from both efforts will bolster PFS execution planning and cost estimating efforts. With the resultantly mature technical and commercial basis presented in the PFS, the Company is confident that Baptiste's large scale, long life, favourable jurisdiction, and low-carbon intensity will support the continued development of the Project as a preferred feed source to either or both of the stainless steel and electric vehicle battery supply chains.

Andrew Osterloh , P.Eng., FPX Nickel's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.

About the Decar Nickel District

The Company's Decar Nickel District claims cover 245 km ² of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia . The district is a two-hour drive from Fort St. James on a high-speed logging road.

Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni ₃ Fe), which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, and the B, Sid and Van targets, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling on all four targets. Since 2010, approximately US $28 million has been spent on the exploration and development of Decar.

Of the four targets in the Decar Nickel District, the Baptiste Deposit, which was initially the most accessible and had the largest known surface footprint, has been the focus of diamond drilling since 2010, with a total of 99 holes and 33,700 m of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. In 2021, the Company executed an inaugural drilling program at Van which returned results comparable with the strongest results at Baptiste. In 2022, the Company executed a step-out drilling program at Van which demonstrated a sizeable expansion of the mineralized zone identified in the 2021 program.

About FPX Nickel Corp.

FPX Nickel Corp. 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 alloy mineralization known as awaruite.

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

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FPX Nickel Announces Results of 2025 Annual General and Special Meeting

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the results of its 2025 Annual General and Special Meeting held on June 26 2025.

Shareholders voted in favour of all items put forward by the Board of Directors and Management. Shareholders elected eight directors to the Company's Board, namely, Kim Baird , Peter M.D. Bradshaw , Anne Currie , James S. Gilbert , Peter J. Marshall , Andrew Osterloh , Robert B. Pease and Martin E. Turenne . The shareholders approved all other matters as proposed, including the appointment of DeVisser Gray LLP as the auditor of the Company and approval of the Company's 10% rolling share compensation plan.

About FPX Nickel Corp.

FPX Nickel Corp. 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 alloy mineralization known as awaruite. For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

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FPX Nickel Completes Production Run of Battery-Grade Nickel Sulphate to Support Discussions with Prospective EV Battery Supply Chain Partners

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce successful production of additional battery-grade nickel sulphate from its Baptiste Nickel Project (" Baptiste " or the " Project "). Building on the success of previous testing campaigns, a production run was completed to produce larger quantities of nickel sulphate crystals. The nickel sulphate samples, which meet the strict target specifications for battery applications, will be provided to selected prospective downstream partners including pCAM producers, battery companies, and automakers pursuing supply security, traceable sourcing, and low carbon intensity production.

"The production of high-purity nickel sulphate further positions us to engage in strategic discussions with prospective downstream partners across the global EV supply chain," commented Martin Turenne , FPX Nickel's President and Director. "This milestone further demonstrates the strategic flexibility of the Baptiste awaruite concentrate and the technical maturity of the awaruite refining process."

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FPX Nickel and JOGMEC Initiate Exploration at the Expanded Klow Property in British Columbia

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce planned exploration activities at the Company's Klow property (" Klow " or the " Property "), located 45 km north of the Company's Baptiste Nickel Project. Exploration will be 100% funded by the Japan Organization for Metals and Energy Security (" JOGMEC ") under the terms of an earn-in agreement which provides JOGMEC the option to earn up to a 60% interest in the Property. The Company has recently expanded the mineral claims at Klow by 600%, bringing the Property to 164 km 2 and is currently preparing a wide-ranging surface rock sampling program over the summer of 2025 with the goal of advancing Klow to drill-ready status.

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FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on the activities of its affiliate company, CO2 Lock Corp. (" CO2 Lock ").

Background

In 2022, FPX announced the formation of CO2 Lock as a self-funding subsidiary to pursue geoscience-related carbon capture and storage (" CCS ") opportunities via permanent mineralization of carbon dioxide. FPX retains 100% of the carbon credits associated with CCS on FPX's own properties, and can use any intellectual property developed by CO2 Lock for the benefit of FPX's own properties.

Since its inception, CO2 Lock has completed multiple field programs at its flagship SAM site in central British Columbia , including a successful CCS field program in 2023, which included drilling an exploration well. This achievement marked a significant milestone in the development of CO2 Lock's innovative in-situ CO ₂ mineralization technology.

Commercial Updates

In recent months, CO2 Lock has achieved several commercial milestones, including the signing of preliminary agreements with key counterparties in the CCS value chain as follows:

Letter of Intent with Cielo Carbon Solutions (" Cielo ") and Carbon Quest outlining the framework for capturing and sequestering 100,000 tonnes of CO ₂ per year, scaling up to a target of 1 million tonnes per year. This strategic relationship combines Cielo and Carbon Quest's point-source carbon capture solution with CO2 Lock's storage solution to create an end-to-end value chain from industrial emitters to the permanent storage of carbon dioxide.
Memorandum of Understanding with Ionada Carbon Solutions LLC (" Ionada ") to pursue a variety of commercial arrangements relating to the capture and storage of carbon dioxide and the related sale of carbon credits into the commercial market. The collaboration will integrate Ionada's proprietary carbon capture technology with CO2 Lock's permanent mineralization storage solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable.
Letter of Intent with a leading carbon marketplace platform (the " Platform "), under which the Platform will purchase up to 33% of the carbon credits generated annually from CO2 Lock's flagship SAM carbon sequestration site, representing the potential for over 300,000 verified carbon credits (tonnes) per year.

Following the successful field program in 2023, CO2 Lock has submitted an application for a carbon capture and storage exploratory reservoir license with British Columbia's Ministry of Energy and Climate Solutions. Receipt of this license would provide CO2 Lock with the regulatory approval to advance the project towards commercial operations at the SAM project.

CO2 Lock Financing and Restructuring

CO2 Lock recently completed the final $600,000 tranche of its latest funding round, which raised a cumulative total of $1.7 million through a Simple Agreement for Future Equity (" SAFE ") from third-party investors. Since its inception, CO2 Lock has raised a total of approximately $3.4 million from third-party investors.

In connection with the closing of the SAFE round, FPX and CO2 Lock have agreed to a restructuring of CO2 Lock's capital structure such that FPX's undiluted ownership interest in CO2 Lock has been reduced from approximately 88% (prior to the SAFE round) to 30% (on conclusion of the SAFE round). This restructuring better positions CO2 Lock to seek additional funding from third party investors going forward, while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize CO2 Lock's intellectual property for the benefit of FPX's own properties.

About FPX Nickel Corp.

FPX Nickel Corp. 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. For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

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FPX Nickel Announces Board and Management Changes

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the appointment of Dan Apai, P. Eng., as the Company's Vice President, Projects effective May 1, 2025 . Mr. Apai succeeds Andrew Osterloh who will be departing his role as a Company employee on May 9, 2025 . Further, the Company is pleased to announce that Mr. Osterloh will be nominated for election as a Board member at the Company's annual general meeting to be held on June 26, 2025 .

Martin Turenne , President and CEO of FPX stated, "On behalf of the Board of Directors, I would like to thank Andrew for his dedication and service to the Company. During Andrew's tenure and under his leadership, the Company has significantly improved the development basis for the Baptiste Nickel Project, including progressing technical maturity in the areas of metallurgy, engineering, and execution planning. We are grateful for his efforts and wish him the very best going forward."

Mr. Turenne continued, "I am delighted to welcome Dan to our senior management team. Dan has been a valuable contributor since he joined the Company in January 2023 as our Engineering Manager. Dan brings a wealth of knowledge from prior experience developing and commissioning multiple large-scale projects and his deep familiarity with Baptiste will ensure a smooth transition as we further advance the Project."

"We are very happy to welcome Andrew to the FPX Board," commented the Company's Chairman, Peter Bradshaw . "Andrew has demonstrated exceptional leadership in progressing Baptiste through the development of the prefeasibility and refinery studies. His deep understanding of the Project and strategic insights will be a significant asset to our Board. We look forward to his contributions as a Board member to the Company's continued success."

Mr. Osterloh joined FPX in June 2021 , bringing with him extensive experience from project management roles at Fluor Canada and site operations positions at several notable mining projects, including Eskay Creek (that is now being redeveloped by Skeena Gold & Silver) and Huckleberry, operated by Imperial Metals, both located in British Columbia . Mr. Osterloh will be assuming the role of VP, Engineering & Construction at Skeena Gold & Silver, as the Company undertakes redevelopment of the Eskay Creek Project.

Mr. Apai, the Company's Engineering Manager since January 2023 , has over twenty years' mining industry experience in civil engineering and engineering management over a diverse range of projects. As Principal Civil Engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Dan's technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Mr. Apai is a Member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .

About the Baptiste Nickel Project

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni ₃ Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high grade product that does not required any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km ² west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. 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. For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/29/c3955.html

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Element	Units	Nickel Sulphate Crystals
Element	Units	Baptiste Typical Sample	Target Specification ¹
Nickel	wt%	>22	>22
Aluminum	ppm
Arsenic	ppm
Calcium	ppm	2
Cadmium	ppm
Cobalt	ppm	2
Chromium	ppm
Copper	ppm
Iron	ppm	1
Potassium	ppm
Magnesium	ppm	1
Manganese	ppm
Sodium	ppm
Lead	ppm
Silicon	ppm
Zinc	ppm	1
Note 1: Based on review of industrially available products and battery producers' requirements

FPX Nickel Commences Preliminary Feasibility Study on the Baptiste Nickel Project

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Overview

Company Highlights

Key Project

Decar Nickel District - Baptiste Project

2023 Preliminary Feasibility Study (PFS)

Downstream Integration and Refinery Study

Pilot-Scale Success and Government Support

Management Team

Martin Turenne – President, CEO and Director

Dan Apai - Vice President, Projects

Tim Bekhuys – SVP, Sustainability and External Relations

Felicia de la Paz – CFO and Corporate Secretary

Dr. Peter M.D. Bradshaw – Chairman

Peter Marshall – Director

Anne Currie – Director

James S. Gilbert – Director

Kim Baird – Director

Rob Pease – Director

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