FPX Nickel Corp. outline plans for advancement of the Baptiste Nickel Project in 2024. Building on the completion of the robust 2023 preliminary feasibility study ("PFS"), the Company's strategy is designed to prioritize critical path activities in preparation for entry into the Provincial and Federal environmental assessment ("EA") in the first quarter of 2025.

Critical readiness activities for the EA are focused on three key areas: Collaboration with Indigenous communities: Achieved through building of relationships and progression towards establishment of EA agreements with potential participating Indigenous communities. This will include enshrining protocols for collaborative decision-making and consent-based processes with each community. Cultural and environmental baseline studies: FPX is committed to an Indigenous-led baseline program, and the Company's ongoing and expanded program will continue to build the comprehensive dataset required for the EA process and engineering studies.

Engineering studies and feasibility readiness: Through desktop and laboratory programs, the Company will continue to refine key Project elements, readying the project for the EA and feasibility study processes. Project Design & Engineering: Following completion of the PFS in October 2023, the Company conducted a comprehensive planning exercise to define the path forward for Baptiste through project development and into production, and to ensure the Company will enter the EA process with the level of engineering definition necessary to de-risk the overall Project timeline. In 2024, engineering work will be centered on metallurgical testing and value engineering activities.

The PFS was robustly supported by an extensive metallurgical testwork program which included extensive bench and multiple pilot-scale testwork programs. The Company has now commenced the feasibility study ("FS") metallurgical program, which is focused on refining select elements of the flowsheet while also completing the typical testwork elements required to support FS detailing. The FS metallurgical program commenced with pilot-scale testing of the concentrator flowsheet to (a) refine select elements of the Baptiste concentrator flowsheet, and (b) produce sufficient awaruite concentrate to support larger-scale testwork of the downstream refinery flowsheet. The concentrator pilot-scale testwork program is nearing completion, and results along with the confirmed plan for refinery testwork for the production of battery-grade nickel sulphate will be presented in April 2024.

Both of these programs are being funded in part by a non-repayable grant from the federal government of Canada under the Critical Minerals Research, Development, and Demonstration ("CMRDD") program. Other elements of the FS testwork program in 2024 include the types of typical and routine testwork required to support FS detailing, including bulk material handling characterization, solid-liquid separation, comminutionability, briquetting, and flotation tailings leach optimization testwork. Additionally, the Company will evaluate the potential opportunities which were presented in the PFS, such as nickel sulphide flotation and upgrading of a potential iron ore concentrate.

The FS testwork program is expected to run through to 2025, and material findings will be sequentially released when completed. Building on the technical and commercial viability demonstrated in the PFS, the Company has commenced a value engineering program which looks to further improve project value, and also provide suitable layout and execution certainty ahead of the EA process. To this effect, concurrent value engineering studies are focusing on optimization of the following areas: process plant design, overall site layout, carbon intensity, and linear infrastructure (access road and powerline).

The value engineering exercise has identified several potential improvements to the conceptual Project design; the Company will report the full results of the value engineering program in the second quarter of 2024. Technically and economically feasible alternatives that are identified through value engineering will be further evaluated through collaboration with Indigenous communities, as described above. Feasibility Study Planning: The Company will also progress scoping and planning for the 2025 field season, which will focus on data collection to support the feasibility study, including geotechnical investigations, continued environmental baseline data collection, and resource drilling.

Andrew Osterloh, P.Eng., FPX's Senior Vice President, Projects & Operations, FPX's Qualified Person under NI43-101, has reviewed and technical content of this news release, has reviewed and approved the scientific and technical content of this news released.