FPX Nickel Advances Multiple Targets and Announces Inaugural Drill Program at Advocate Nickel Property in Newfoundland

Executive Summary

• FPX Nickel Corp. announced advanced bedrock sampling results at its Advocate Nickel Property in Newfoundland, delineating four large-scale, high-grade awaruite nickel targets open to expansion.
• The company plans to execute an inaugural drill program in summer 2026 to test one or more of these targets, following the recent completion of a large-scale airborne magnetic survey to refine drilling plans.
• The property is operated under a 60/40 joint venture with JOGMEC and is subject to an option agreement with Shoreline Exploration Inc. to acquire up to 100% interest.

Key Details

• Target Delineation & Sampling Results:
• Birchy North: 800 m by 350 m drill-ready target; consistently high-grade awaruite mineralization up to 0.13% DTR Ni across 41 samples (28 accessed via shallow pits); mineralization remains open to the northeast and south.
• Wolverine: 2,400 m by 650 m target; samples returned up to 0.14% DTR Ni across 41 samples; largely unsampled due to lack of natural outcrop; grid-based delineation sampling planned for 2026 to define size and grade.
• North Brook: Newly discovered target with ~3 km strike length; samples up to 0.12% DTR Ni; extent currently unconstrained with significant areas requiring additional sampling.
• Birchy Lake: 500 m by 400 m target; 16 samples collected (15 > 0.04% DTR Ni, 4 ≥ 0.08% DTR Ni, highest at 0.12% DTR Ni); deeper overburden (5-15m) hindered sampling, requiring new approaches in the 2026 field program.
• Drilling & Survey Plans:
• Inaugural drill program scheduled for summer 2026 to test one or more high-grade, highly prospective targets; scope and scale details to be provided in coming weeks.
• Large-scale airborne magnetic survey covering all known target zones completed; results expected in the coming weeks to precisely delineate target geology and refine drilling plans.
• Mineralogy & Metallurgy:
• QEMSCAN, optical microscopy, and SEM analysis on 18 samples confirmed the presence of awaruite in all tested samples.
• Higher-grade samples contain abundant coarse-grained awaruite (grains up to 250 µm), providing confidence that the mineralization is likely recoverable using magnetic separation similar to Baptiste mineralization.
• Total nickel values in ultramafic rock samples range from 0.18% to 0.30% (average 0.23%), consistent with typical global background values; high DTR Ni values indicate nickel is primarily contained in coarse, recoverable awaruite.
• Property & Joint Venture Structure:
• Advocate Nickel Property covers over 45 km strike length of the highly prospective Advocate Complex ophiolite in north-central Newfoundland.
• FPX-JOGMEC Joint Venture: JOGMEC holds a 60% interest and has funded 60% of project expenditures to-date; FPX holds the remaining 40% interest and funded 40%.
• FPX holds an option agreement with Shoreline Exploration Inc. to acquire up to 100% of the Advocate Nickel Property.
• Sampling & Analytical Methodology:
• 528 samples collected and analyzed for Davis Tube Recoverable (DTR) nickel to date.
• Samples processed at Activation Laboratories using lithium metaborate/tetraborate fusion ICPOES, Davis Tube magnetic separation, and lithium borate fusion XRF on the magnetic separate.
• QA/QC procedures included commercial and awaruite-specific standards, blanks, and duplicates at multiple preparation stages; all data reviewed and found acceptable.

Notable Quotes

• "I congratulate our field teams on the significant progress made to date at Advocate," commented Keith Patterson, FPX's Vice President, Exploration. "Each sampling campaign has resulted in new discoveries, with Birchy North now confirmed as our first drill-ready target. I'm looking forward to continued work with our joint venture partners JOGMEC in the 2026 field season, including the execution of our first drill program at the Property this summer."