FPX Nickel Corp. announce that it has successfully completed a large-scale mineral processing pilot testing campaign for the Baptiste Nickel Project ("Baptiste" or the "Project"), the first significant component of the ongoing feasibility study ("FS") metallurgical testwork campaign. Results from this testwork confirm the 2023 preliminary feasibility study ("PFS") basis, thereby validating FPX's processing strategy, flowsheet, and key metallurgical criteria, including estimated recoveries.

The pilot testing campaign was funded in part by a $725,000 grant from Natural Resources Canada ("NRCan") under the Government of Canada'sCritical Minerals Research, Development and Demonstration ("CMRDD") program, which is advancing the commercial readiness of processing technologies that will support the development Canada's EV battery material supply chain. The Baptiste processing strategy leverages awaruite's distinct properties in a simple, yet robust flowsheet. The front end of the flowsheet utilizes magnetic separation to create a "magnetics rich" concentrate of awaruite and magnetite ?

a process made effective due to awaruite's intense ferromagnetism and high density. The back end of the flowsheet then utilizes conventional froth flotation to separate awaruite from magnetite ? a process made effective due to awaruite's active surface properties and magnetite's general lack of floatability.

Finally, based on awaruite's very high nickel content, a very high-grade nickel concentrate (60% nickel) can be produced. Downstream of the mineral processing plant, awaruite's properties continue to provide distinct advantages, including unparalleled downstream market flexibility. Unlike conventional nickel mineral concentrates which have a high sulphur content, Baptiste's awaruite concentrate is nearly sulphur-free and low in deleterious elements, meaning it can bypass intermediate smelting and be used directly in stainless steel fabrication.

Alternatively, the Baptiste awaruite concentrate is also an ideal feedstock for the production of high-purity, battery-grade nickel sulphate for the electric vehicle ("EV") supply chain. The Company's PFS metallurgical testing programs have well demonstrated this flexibility, and the FS metallurgical testing program is expected to confirm these previous findings at an even larger scale.