FPX enters Klow exploration deal with Takla Nation

Executive Summary

• FPX Nickel Corp. signed a new exploration agreement with the Takla Nation for its Klow property in central British Columbia, establishing protocols for engagement, environmental protection, employment, training and business opportunities.
• The agreement supports future early‑stage exploration activities on the Klow property, which hosts nickel‑awaruite mineralization similar to FPX’s flagship Baptiste project.
• Existing earn‑in arrangement with JOGMEC was extended, allowing the partner to fund $1 million of exploration by March 31 2027 to earn a 60% interest in the property.

Key Details

• Parties: FPX Nickel Corp. (President/CEO: Martin Turenne) and the Takla Nation (Chief John French).
• Property: Klow, ~120 km NW of Fort St. James, ~45 km north of Baptiste; 251 km² claim area covering serpentinized ultramafic rocks.
• Exploration Target: Nickel in the form of awaruite (Ni₃Fe).
• Historical Work:
• 2010‑2012 geological mapping and rock sampling identified a 1.5 × 1.0 km awaruite target with encouraging surface grades.
• 2012 five‑hole, 1,579 m diamond drill program; Hole DH‑4 intersected 316 m grading 0.10 % Ni in alloy (Ni‑in‑alloy) from 10 m depth.
• 2024 re‑analysis of 68 archived core samples from DH‑4 using Davis Tube recoverable methods showed DTR nickel grades 7‑10 % higher than original results.
• Recent Activity: Summer 2025 surface rock sampling program fully financed by the Japan Organization for Metals and Energy Security.
• Agreement Highlights (Takla Nation):
• Collaborative framework for early‑stage exploration, including protocols for community engagement, environmental stewardship, employment, training and business opportunities.
• Emphasis on transparency, respect and shared sustainable development in Takla territory.
• Earn‑in Agreement with JOGMEC:
• Option to earn a 60 % beneficial interest by funding $1 million of exploration expenditures no later than March 31 2027 (extension from prior March 31 2026 deadline).
• Post‑earn‑in, exploration costs will be shared pro rata to ownership.
• Dilution clause: If either party’s interest falls below 10 %, it converts to a 1.5 % net smelter return royalty; the other party may repurchase 1.0 % of that royalty for $3.5 million.
• Qualified Person: Keith Patterson, P.Geo., Vice‑President Exploration, reviewed and approved all scientific and technical content per NI 43‑101.

Notable Quotes

“This agreement underscores our commitment to engagement with indigenous communities from the earliest stages of our exploration work,” – Martin Turenne, President, CEO & Director, FPX Nickel Corp.

“The signing of this agreement marks an important step in strengthening our relationship with FPX… we look forward to working collaboratively … to protect our lands and ensure shared benefits for our community,” – Chief John French, Takla Nation.