FPX Nickel and JOGMEC Delineate Multiple Awaruite Nickel Targets at the Expanded Klow Property in British Columbia
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
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FPX Nickel and JOGMEC Delineate Multiple Awaruite Nickel
Targets at the Expanded Klow Property in British Columbia
Vancouver, March 26, 202 6 – FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the
“Company”) is pleased to announce the results from a large -scale rock and stream sediment sampling
program at the Company’s Klow property (“Klow” or the “ Property”), located 45 km north of the
Company’s Baptiste Nickel Project . Three new awaruite target zones were delineated through
reconnaissance rock sampling in 2025 with Davis Tube Recoverable (“DTR”) nickel values of up to 0.09%.
Work was 100% funded by the Japan Organization for Metals and Energy Security (“JOGMEC”) under
the terms of an earn-in agreement which provides JOGMEC the option to earn up to a 60% interest in the
Property.
Highlights
• Four large-scale awaruite nickel targets are now known within the district-scale Klow Property
• Stream sediment sampling suggests high potential in additional areas of the Property that remain
unexplored to date
• The 2025 sampling program was 100% funded by JOGMEC; the earn-in agreement with
JOGMEC has been extended by mutual agreement to March 31, 2028
• FPX and JOGMEC plan a focused follow-up sampling program in 2026
“With support from JOGMEC, our partners on the Klow Property, I’m pleased to report on progress in
advancing previously known targets and delineating new targets at Klow” said Keith Patterson, FPX’s Vice
President of Exploration. “Located along trend from our Baptiste Nickel Deposit, these are som e of the
most prospective rocks on the planet for awaruite nickel mineralization, and we continue to advance targets
at Klow towards drill-ready status.”
Figure 1 – Klow Property map with 2025 rock and stream sediment sampling results
2025 Exploration Program
The Klow Property covers approximately 164 km2 and is located 120 km northwest of Fort St. James and
45 km north of FPX’s flagship Baptiste Nickel Project. An all -season public road runs along the eastern
margin of Klow, with a rail alignment located approximately 12 km west of the property.
Crews mobilized to the property in summer 2025, and assisted by periodic helicopter moves, were able to
cover large portions of the district-scale Klow Property with focused rock and stream sediment sampling.
In total, crews collected 17 stream samples, and 465 samples of prospective serpentinized ultramafic rocks.
Klow Target
Previous work by FPX at the Klow Target outlined a broad zone of awaruite mineralization measuring
approximately 1.0 by 1.5 km defined by surface rock samples containing elevated grades of up to 0.13%
nickel-in-alloy (a targeted chemical dissolution used to estimate nickel contained in awaruite
mineralization, more fully described in Note 1 below). A five -hole drill program was completed in 2012;
DH-04 returned a significant result of 316 m at 0.1% nickel-in-alloy, from 10 m below surface (see October
4, 2012 FPX press release).
In 2024, a 175.19m interval from drillhole DH-4 (68 samples) was re-analyzed for DTR nickel. The DTR
results show a very good correlation with nickel-in-alloy grades; the DTR nickel results average 7-10%
higher grade than the previous nickel-in-alloy results.
In 2025, limited additional rock sampling was conducted at the Klow Target, with new rock samples from
this zone returning up to 0.09% DTR nickel (figure 2).
Upper Klow Target
The Upper Klow Target is located 1.5 km south of the Klow Target (figure 2) and shows a broad area of
anomalous DTR nickel covering an area of 1.4 by 1.7 km and DTR nickel values of up to 0.09% DTR
nickel. 102 samples were collected at this target with the following distribution of grades:
DTR Ni (%) Number of samples
> 0.08 3
0.04 - 0.08 37
0.02 - 0.04 21
< 0.02 41
Total 102
Figure 2 – Klow and Upper Klow Target areas
Mesa Target
The Mesa Target is a broad area of anomalous DTR nickel results which requires additional sampling and
geological mapping to delineate potential drill targets. The target area currently measures approximately
8.5 by 3.0 km (figure 3); it is expected that additional target delineation work would likely resolve this area
into several discrete awaruite target zones. Rock sampling results include DTR nickel values of up to 0.09%
and include the following distribution of grades:
DTR Ni (%) Number of samples
> 0.08 1
0.04 - 0.08 23
0.02 - 0.04 67
< 0.02 42
Total 133
Figure 3 – Mesa Target area
Nick Target
The Nick target area is located in the south of the Klow claim group. Only limited work was completed
here in 2025 but encouraging DTR nickel values of up to 0.08% were received from rock sampling (figure
4). This area will be a target for future follow-up sampling and delineation efforts.
DTR Ni (%) Number of samples
> 0.08 1
0.04 - 0.08 1
0.02 - 0.04 5
< 0.02 2
Total 9
Figure 4 – Nick Target area
Stream Sediment Sampling
17 stream sediment samples were collected from drainages sourcing material from serpentinized ultramafic
rocks on the Klow Property. Highly anomalous results of up to 0.09% DTR nickel were obtained from the
magnetic fraction of -12 mesh (1.68 mm) stream sediments. One sample from the central portion of the
Property was collected from a drainage sourcing material from a large area of currently un explored, yet
prospective, serpentinized ultramafic rocks. This area will be a high priority for follow -up in future
sampling campaigns.
2026 Program
In partnership with JOGMEC, FPX is planning a program of follow -up rock sampling at Mesa and Nick
during the 2026 field season. Additionally, first pass rock sampling will be undertaken targeting areas above
anomalous stream sediment samples collected in 2025.
Klow Property Earn-In Agreement
On April 1, 2023, FPX and JOGMEC entered into an earn-in agreement (the “Klow Earn-In Agreement”)
which provides JOGMEC the option to earn a beneficial interest in FPX’s Klow Project (“Klow”) in central
British Columbia.
The key terms of the Klow Earn-in Agreement are as follows:
• FPX grants to JOGMEC the option to earn a 60% beneficial interest in Klow by funding $1,000,000
in exploration expenditures by no later than March 31, 2028 (extended in the first quarter of 2026
from a prior deadline of March 31, 2027 by mutual agreement of the parties)
• Once JOGMEC has earned its 60% beneficial interest in Klow, the parties will thereafter fund
exploration expenditures pro rata to their ownership interest
• If either party’s beneficial interest in Klow is diluted below 10%, that party’s beneficial interest
will be converted into a 1.5% NSR royalty over Klow, with the other party retaining a right to buy-
back 1.0% of the NSR royalty for $3,500,000
First Nations Engagement
The Klow Property is located on the traditional territories of multiple First Nations , many of whom are
engaged on the nearby Baptiste property. On October 1, 2025, FPX announced the signing of an Exploration
Agreement with the Takla Nation which outlines a collaborative framework for FPX and Takla Nation to
move forward responsibly with early-stage exploration.
Note 1: Historic Sampling and Analytical Methods
Many of the historic rock and drill -core results within the Company’s Klow Property database were
analyzed for “nickel-in-alloy” by a proprietary geochemical extraction which selectively targets nickel in
awaruite ( nickel-iron alloy) and does not recover significant nickel from sulphide or silicate minerals.
Current industry best practices for analysis of magnetically recoverable nickel (awaruite) utilize Davis Tube
Recoverable (DTR) analysis. DTR nickel values refer to the portion of the total contained nickel that is
recovered from a magnetically separated fraction of the sample . While both methods measure nickel in
awaruite, awaruite particle exposure and grain size influence each method slightly differently ; therefore
these results are not directly comparable.
2025 Sampling and Analytical Methods
One- to two-kilogram rock samples were collected in the field from outcrop or locally sourced float in areas
where outcrop was unavailable. Locations were documented using handheld GPS units. Once bagged,
tagged, and sorted, samples were shipped to Activation Laboratories in Kamloops, British Columbia and
Ancaster, Ontario.
Sample preparation involved crushing the entire sample to 80% less than 2 mm, riffle splitting 250 g, and
pulverization of the split to greater than 95% passing 74 microns. Analytical procedures included whole
rock analysis by lithium metaborate/tetraborate fusion ICPOES, Davis Tube magnetic separation, and
lithium borate fusion XRF analysis on the magnetic separate. The DTR nickel grade is calculated by
multiplying the magnetic separate XRF fusion nickel value by the weight of the magnetic fraction, divided
by total recorded weight.
QA/QC procedures included the insertion of commercial and awaruite-specific standards and blanks at up
to 10% rated in certain batches. Actlabs inserts additional commercial standards in all phases of the
analytical procedures, duplicates at multiple stages in the preparation procedures and blanks. All QA/QC
data was reviewed and found acceptable given the stage of the sampling programs conducted . The DTR
method is a bench scale metallurgical test procedure and is used to provide a measure of magnetically
recoverable nickel and is the global, industry standard for geometallurgical testing for magnetic recovery
operations and exploration projects.
Keith Patterson, P.Geo., FPX’s Vice President, Exploration, FPX’s Qualified Person under NI 43-101, has
reviewed and approved the scientific and technical content of this news release.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in
central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron
alloy mineralization known as awaruite. For more information, please view the Company’s website at
https://fpxnickel.com/ or contact Martin Turenne, President and CEO, at (604) 681 -8600 or
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and Director
Forward-Looking Statements
Certain of the statements made and information contained herein is considered “forward -looking
information” within the meaning of applicable Canadian securities laws. These statements address future
events and conditions and so involve inherent risks and u ncertainties, as disclosed in the Company's