Announcement • Jun 23
FPX Nickel Corp. Advances Multiple Targets And Announces Inaugural Drill Program At Advocate Nickel Property In Newfoundland FPX Nickel Corp. announced additional results from bedrock sampling at the Advocate Nickel Property in Newfoundland. Sampling at Advocate has now delineated four large-scale targets with high-grade awaruite nickel results. Planning is underway for 2026 drill testing of one or more targets. Four large-scale, high-grade awaruite targets have been identified at Advocate, with each target open to expansion: Birchy North is an 800 by 350 m drill-ready target where bedrock sampling has delineated consistently high-grade awaruite mineralization with up to 0.13% Davis Tube Recoverable ("DTR") nickel. Wolverine is a 2,400 by 650 m target with samples returning up to 0.14% DTR nickel. North Brook is a newly-discovered target of as-yet unknown size, with samples up to 0.12% DTR nickel. Birchy Lake is a 500 by 400 m target with samples up to 0.12% DTR nickel. A large-scale airborne magnetic survey covering all known target zones has been completed in recent days. Results are expected in the coming weeks and will be used to more precisely delineate target geology and refine drilling plans. Planning is underway for a summer 2026 drill program testing one or more of the high-grade, highly prospective targets at Advocate; the Company will provide further details on the scope and scale of planned drilling activities in coming weeks. The Advocate Nickel Property is located in north-central Newfoundland, approximately midway between Deer Lake and the historic mining town of Baie Verte. The mineral licenses cover over 45 km strike length of the highly prospective Advocate Complex ophiolite. Access is via a good quality network of logging roads, generally no more than 5 to 10 km from the Trans-Canada Highway or Newfoundland Highway 410. The Property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the Property. Significant advances in target delineation have been made at Birchy North with a program of approximately 100 by 100 m spaced bedrock sampling. A consistently well mineralized area of 800 m by 350 m has been delineated with 41 bedrock samples, 28 of which were accessed with shallow pits dug through till cover. Mineralized hand samples show coarse-grained awaruite from most sites and DTR nickel grades of up to 0.13% have been confirmed. The distribution of DTR nickel grades at Birchy North is as follows: DTR Ni (%) Number of samples > 0.10 4 0.08 – 0.10 12 0.06 – 0.08 8 0.04 – 0.06 11 < 0.04 6. Mineralization remains open to the northeast where the crew was unable to access bedrock below overburden of approximately 6 metres depth. The zone also remains open to the south where additional bedrock sampling is planned once field conditions allow. The Wolverine target has been expanded to cover an area of approximately 2,400 by 650 m. Awaruite mineralization is currently defined by 41 rock samples which have returned up to 0.14% DTR nickel and show the following distribution of DTR nickel grades: DTR Ni (%) Number of samples > 0.10 4 0.08 – 0.10 1 0.06 – 0.08 13 0.04 – 0.06 17 < 0.04 6. Much of the target area has little to no natural outcrop resulting in large, highly prospective areas that remain unsampled. In 2026, FPX will conduct a grid-based delineation program of bedrock sampling using shallow pits where required. This program will be designed to delineate the size and grade of this already large-scale target. Successful results from these planned programs are expected to lead to an inaugural drill program at Wolverine. The North Brook zone is a new discovery located approximately 10 km northeast of Birchy North, midway between Birchy North and Wolverine. Elevated DTR nickel values of up to 0.12% have been returned from samples over a 3 km strike length with significant areas remaining open and requiring additional sampling. At present, the extent of this zone is not constrained; additional bedrock sampling will be prioritized in 2026. Results from the North Brook zone to date include: DTR Ni (%) Number of samples > 0.10 1 0.08 – 0.10 2 0.06 – 0.08 5 0.04 – 0.06 4. The Birchy Lake target is defined by sixteen rock samples covering a 500 by 400 m area, with the zone remaining open in several directions. Of these sixteen rock samples, fifteen returned greater than 0.04% DTR nickel, four returned greater than or equal to 0.08% DTR nickel, and the highest-grade sample returned 0.12% DTR nickel. Bedrock sampling through pits was largely unsuccessful here due to deeper than anticipated overburden with only two of nine attempted sites reaching bedrock. Additional bedrock sampling is warranted here but will require a new approach capable of sampling below 5 to 15m of overburden. Options will be reviewed over the course of the summer 2026 field program. Two significant rock sampling programs were conducted at Advocate in the fourth quarter of 2025. The first was a property-scale effort designed to cover as much of the exposed prospective ultramafic as possible with first-pass reconnaissance rock sampling. 259 samples were collected and analyzed for DTR nickel during this program which resulted in the discovery of the new North Brook target and a significant expansion of the Wolverine target. Most of this sampling remains very wide spaced (500 to 1,000 m) and numerous areas require more detailed follow up sampling. The second program focused on 100 by 100 m delineation sampling at the Birchy North target. This work was aided by the excavation of a series of pits which allowed for bedrock sampling in areas of shallow till cover. 28 bedrock samples were collected and analyzed for DTR nickel. To date, 528 samples have been collected and analyzed for Davis Tube Recoverable (DTR) nickel at Advocate. Additional sampling activity targeting potential expansion to known zones and coverage in currently unsampled areas is planned for the 2026 field season. Mineralogical analysis in the form of QEMSCAN (Quantitative Evaluation of Minerals by Scanning Electron Microscopy), optical microscopy, and SEM (Scanning Electron Microscope) has been performed on eighteen samples from the Advocate property. The presence of awaruite was confirmed in all samples tested, higher-grade samples were determined to contain abundant coarse-grained awaruite with grains of up to 250 µm noted in certain samples. 
