FPX Nickel Corp. announced additional drill results further confirming the significant lateral extension of the new nickel discovery at the Van Target (‘Van') in the Company's Decar Nickel District (‘Decar' or the ‘District') in central British Columbia. These drill results expand nickel mineralization approximately 1 km to the west of previous drilling, bringing the mineralized footprint at Van to approximately 2 km in strike length by 1 km in width.

Based on the first two drilling campaigns completed to-date, the scale of nickel mineralization at Van is trending toward being comparable to the Baptiste Deposit, which has a strike length of approximately 3 km with an average width of approximately 1 km. Highlights: Drilling at Van has outlined strong nickel mineralization over a large footprint measuring approximately 2 km2, with mineralization open both laterally and at depth. Final set of Van drill holes reported herein (22VAN-013 to 22VAN-019) extend nickel mineralization by approximately 1 km to the west from previously reported holes.

New drill hole 22VAN-016 intersected 426.9 m grading 0.127% DTR Nickel (0.204% Total Nickel), starting at an approximate vertical depth of 9 m below surface. The higher grades to-date at Van are in the southwest portion of the target area, where future step-out drilling is planned to test the further lateral and depth extension of mineralization. Van Target Drilling: The results described herein are from a ten-hole, 2,504 m drill program completed in 2022 at the Van Target, which is located 6 km north of Baptiste at a similar elevation, and also accessible via active logging roads.

This drill program was designed to follow up on the inaugural drilling in 2021, stepping out aggressively from the initial discovery area to define the extent of mineralization up to 1 km south and 1.5 km west of the holes drilled in 2021. The results of the first three holes from the 2022 program (22VAN-010 to 22 VAN-012) were previously reported in the Company's December 12, 2022 news release. The nickel mineralization at the Van target, as defined by just 19 holes drilled in 2021 and 2022, is approaching the scale of the Baptiste deposit, which measures 3 km along strike with an approximate width of 1 km.

Mineralization at the Van target remains open along strike to the west, southwest, and south, and at depth, confirming the potential for Van to host a large-scale, standalone nickel deposit. The nickel mineralization intersected within 22VAN-013 through to 22VAN-019 is characterized by disseminated, fine- to coarse-grained awaruite (nickel-iron alloy) mineralization hosted in serpentinized ophiolitic rocks and is very analogous to the mineralization and geological setting at the Baptiste Deposit. 22VAN-013 was collared 1.3 km west of 21VAN-005 and drilled to the north-northeast at minus 55 degrees.

The hole encountered bedrock at 18.7 meters (approximately 14 m vertical depth) and thereafter intersected 201.4 m of low-grade awaruite mineralization (averaging 0.019% DTR Ni) to a downhole depth of 221 m. 22VAN-014 was collared 700 m north of 22VAN-013 and drilled to the north-northeast at minus 55 degrees. The hole encountered bedrock at 2.3 m downhole and thereafter intersected low-grade awaruite mineralization (averaging 0.038% DTR Ni) to a downhole depth of 316.1 m. 22VAN-015 was collared 250 m northwest of 21VAN-006 and drilled to the north-northeast minus 55 degrees. The hole encountered bedrock at 21.2 m downhole and thereafter intersected 277 m of medium-grade awaruite mineralization (averaging 0.079% DTR Ni), to a downhole depth of 298.2 m. Mineralization in this drill hole remains open at depth.

22VAN-016 was collared in the same location as 22VAN-015 and drilled to the southwest at minus 55 degrees. The hole encountered bedrock at 12 m downhole and thereafter intersected 426.9 m of high-grade awaruite mineralization (averaging 0.127% DTR Ni) to a downhole depth of 439.3 m. Mineralization in this drill hole remains open at depth. 22VAN-017 was collared 500 m west along section from 22VAN-016 and drilled to the north-northeast at minus 55 degrees.

The hole encountered bedrock at 13.1 m downhole and thereafter intersected 165.2 m of medium-grade awaruite mineralization (averaging 0.087% DTR Ni) to a downhole depth of 178.3 m. 22VAN-018 was collared in the same location as 22VAN-017 and drilled to the south-southwest at minus 55 degrees. The hole encountered bedrock at 16 m downhole and thereafter intersected 100 m of medium-grade awaruite mineralization (averaging 0.080% DTR Ni) to a downhole depth of 116 m. Mineralization in this drill hole remains open at depth. 22VAN-019 was collared 800 m south-southeast of 22VAN-013 and drilled to the north-northeast at minus 55 degrees.

The hole encountered bedrock at 8.4 m downhole. This drill hole intersected low-grade awaruite mineralization (averaging 0.035% DTR Ni) and was terminated at 106 m.