FPX Nickel Corp. announces that further to its news release dated September 6, 2023, it has filed the associated National Instrument 43-101 Standards for Disclosure for Mineral Projects ("NI 43-101") technical report (the "Report") for the Preliminary Feasibility Study ("PFS") for the Baptiste Nickel Project ("Baptiste" or the "Project") at its wholly-owned Decar Nickel District in central British Columbia. The PFS outlines an open-pit mining project which will produce an average of 59,100 tonnes of nickel per year in concentrate over a 29-year mine life.

The project will be developed in a phased approach, with an initial mill throughput rate of 108,000 tonnes per day (Phase 1), followed by an expansion to 162,000 tonnes per day (Phase 2) funded from free cash flow after the initial after-tax payback period of 3.7 years. The Company's Decar Nickel District represents a large-scale greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. FPX's mineral claims cover an area of 245 km2 west of the Middle River and north of Trembleur Lake, in central British Columbia.

Awaruite mineralization has been identified in several target areas within the ophiolite complex including the Baptiste Deposit and the Van Target, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling. Since 2010, approximately $30 million has been spent on the exploration and development of Decar. Of the four targets in the Decar Nickel District, the Baptiste Deposit has been the focus of increasing resource definition (a total of 99 holes and 33,700 m of drilling completed), as well as environmental and engineering studies to evaluate its potential as a bulk-tonnage open pit mining project.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs.