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VANCOUVER, BC, April 7, 2025 /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is pleased to announce the extension of the Company's Global Generative Exploration Alliance (the "Generative Alliance") with Japan Organization for Metals and Energy Security ("JOGMEC"). Building on strong progress achieved through the first two years of the Generative Alliance, FPX and JOGMEC have agreed to convert the arrangement into an open-ended joint venture going forward. The program will remain focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the Company's flagship Baptiste Nickel Project ("Baptiste") in central British Columbia.

Highlights

• Global Generative Exploration Alliance budget established at $1,500,000 for Year Three (covering April 2025 to March 2026)

• FPX assumes majority position in the Generative Alliance, contributing 60% of expenditures and thereby securing 60% ownership in new joint venture projects generated by the Generative Alliance going forward

• With over 2,000 samples collected through ongoing evaluations in ten international and four Canadian jurisdictions, the Generative Alliance has acquired its first Designated Project, with further details on this project expected to be announced in coming months

"Having made excellent progress during the first two years of our global exploration partnership with JOGMEC, we are excited to have identified and secured the first Designated Project for this joint venture," commented Keith Patterson, FPX's Vice President, Exploration. "Ongoing activities continue to reinforce confidence in our targeting strategy, and we look forward to securing and announcing additional large-scale awaruite property acquisitions in the third year of the Generative Alliance."

A JOGMEC representative commented: "JOGMEC is very pleased to proceed with Year Three activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realization of a carbon-neutral society."

Funding Structure

In April 2023, FPX and JOGMEC initiated a Generative Alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets on a worldwide basis. The program funding has been structured as follows:

• Year One (April 2023 to March 2024): JOGMEC funded 100% of the $650,000 budget in Year One.

• Year Two (April 2024 to March 2025): FPX and JOGMEC expanded the Year Two budget to $1,500,000; after achieving the initial JOGMEC funding commitment, JOGMEC provided 60% of Year Two funding and FPX provided 40%.

• Year Three (April 2025 to March 2026): FPX will assume a majority position in the Generative Alliance, funding 60% of expenditures with JOGMEC funding 40% going forward.