FPX, JOGMEC to work on Advocate nickel project

Executive Summary

• FPX Nickel Corp. signed an option agreement to acquire up to 100 % of the Advocate nickel property in Newfoundland, with a staged cash payment of $225,000 and work commitments of $2.5 M for the first 80 % interest, followed by a $6 M payment for the remaining 20 %.
• JOGMEC accepted Advocate as the first designated project within the FPX‑JOGMEC generative alliance; JOGMEC will hold a 60 % working interest and finance 60 % of expenditures, while FPX retains 40 % and funds the balance.
• A $450,000 exploration budget for 2025 has been approved to conduct property‑wide rock sampling, top‑of‑bedrock sampling, and excavator test pitting, with the goal of defining drill targets by year‑end.

Key Details

• Property Overview: Advocate covers 86.25 km² (8,625 ha) with >45 km strike length of serpentinized ultramafic rocks; three zones of awaruite mineralization identified (Wolverine Pond, Birchy Lake, Birchy Lake North).
• Sampling Results: Surface rock samples returned Davis Tube Recoverable (DTR) nickel grades up to 0.14 % (Wolverine Pond), 0.12 % (Birchy Lake), and 0.13 % (Birchy Lake North); total nickel values in bulk samples range from 0.18 %–0.29 % (average 0.23 %).
• Exploration Budget: $450,000 allocated for 2025 work on Advocate; additional $1.5 M budget for global generative activities under the FPX‑JOGMEC alliance.
• Joint‑Venture Structure: JOGMEC to obtain a 60 % interest and finance 60 % of project expenditures; FPX retains 40 % interest and finances the remaining 40 %.
• Option Agreement Terms – First Option (3 yr):
• Cash payments total $225,000 (staged).
• Work commitments total $2.5 M (staged).
• Earn 80 % ownership upon completion of cash and work obligations.
• Option Agreement Terms – Second Option (5 yr):
• Cash payment of $6 M to acquire the remaining 20 % for full 100 % ownership.
• Planned Work: Property‑wide rock sampling, grid‑based top‑of‑bedrock sampling, excavator test pitting; aim to delineate drill targets at one or more zones by year‑end.
• Analytical Methodology: Davis Tube magnetic separation with XRF analysis on the magnetic fraction; QA/QC performed by Activation Laboratories (Ancaster, ON).
• Qualified Person: Keith Patterson, P.Geo., Vice‑President Exploration, FPN’s qualified person under NI 43‑101.

Notable Quotes

“After reviewing over 50 targets in 10 jurisdictions worldwide… we have selected Advocate as the first designated project to be advanced by our FPX‑JOGMEC generative alliance,” – Keith Patterson, Vice‑President Exploration, FPX Nickel Corp.