FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.
Vancouver, May 20 , 2025 – FPX Nickel Corp . TSX-V: FPX, OTCQB: FPOCF ) (“ FPX” or the
“Company”) is pleased to provide an update on the activities of its affiliate company, CO2 Lock Corp .
(“CO2 Lock”).
Background
In 2022, FPX announced the formation of CO2 Lock as a self -funding subsidiary to pursue geoscience -
related carbon capture and storage (“CCS”) opportunities via permanent mineralization of carbon dioxide.
FPX retains 100% of the carbon credits associated with CCS on FPX’s own properties, and can use any
intellectual property developed by CO2 Lock for the benefit of FPX’s own properties.
Since its inception, CO2 Lock has completed multiple field programs at its flagship SAM site in central
British Columbia, including a successful CCS field program in 2023, which included drilling an exploration
well. This achievement marked a significant milestone in the development of CO2 Lock’s innovative in-
situ CO2 mineralization technology.
Commercial Updates
In recent months, CO2 Lock has achieved several commercial milestones, including the signing of
preliminary agreements with key counterparties in the CCS value chain as follows:
• Letter of Intent with Cielo Carbon Solutions (“Cielo”) and Carbon Quest outlining the framework
for capturing and sequestering 100,000 tonnes of CO 2 per year, scaling up to a target of 1 million
tonnes per year. This strategic relationship combines Cielo and Carbon Quest’s point-source carbon
capture solution with CO2 Lock’s storage solution to create an end -to-end value chain from
industrial emitters to the permanent storage of carbon dioxide.
• Memorandum of Understanding with Ionada Carbon Solutions LLC (“Ionada”) to pursue a variety
of commercial arrangements relating to the capture and storage of carbon dioxide and the related
sale of carbon credits into the commercial market. The collaboration will integrate Ionada’s
proprietary carbon capture technology with CO 2 Lock’s permanent mineralization storage
solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable.
• Letter of Intent with a leading carbon marketplace platform (the “Platform”), under which the
Platform will purchase up to 33% of the carbon credits generated annually from CO2 Lock’s
flagship SAM carbon sequestration site, representing the potential for over 300,000 verified carbon
credits (tonnes) per year.
Following the successful field program in 2023 , CO2 Lock has submitted an application for a carbon
capture and storage exploratory reservoir license with British Columbia’s Ministry of Energy and Climate
Solutions. Receipt of this license would provide CO2 Lock with the regulatory approval to advance the
project towards commercial operations at the SAM project.
CO2 Lock Financing and Restructuring
CO2 Lock recently completed the final $600,000 tranche of its latest funding round, which raised a
cumulative total of $1.7 million through a Simple Agreement for Future Equity (“SAFE”) from third-party
investors. Since its inception, CO2 Lock has raised a total of approximately $3.4 million from third-party
investors.
In connection with the closing of the SAFE round, FPX and CO2 Lock have agreed to a restructuring of
CO2 Lock’s capital structure such that FPX’s undiluted ownership interest in CO2 Lock has been reduced
from approximately 88% (prior to the SAFE round) to 30% (on conclusion of the SAFE round). This
restructuring better positions CO2 Lock to seek additional funding from third party investors going forward,
while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize
CO2 Lock’s intellectual property for the benefit of FPX’s own properties.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, 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 uncertainties, as disclosed in the Company’ s
periodic filings with Canadian securities regulators. Actual results co uld differ from those currently
projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.