FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on key findings from a series of engineering trade-off studies (" TOS ") which have tangibly de-risked and improved the value of the Baptiste Nickel Project (the " Project "). These TOS focused on those project elements which have the strongest influence on overall Project value, with common objectives of optimizing Project economics, reducing the risk profile and better defining optionality ahead of the next study phase.

"The completion of these trade-off studies marks a significant milestone for FPX, demonstrating our commitment to a methodical, risk-based approach to project development," noted Martin Turenne , the Company's President and CEO. "These findings have yielded a more robust project model, one which will contribute to lower development risk and improved project economics in the next stage of study."

Following on the September 2020 release of the Baptiste Nickel Project Preliminary Economic Assessment (the " PEA "), the Company has been focused on both optimization and de-risking efforts ahead of the next study stage. Results from the Company's 2021 field and metallurgical testwork programs were fed into a series of value-based TOS conducted from the fourth quarter of 2021 through to the second quarter of 2022. The TOS were conducted with assistance from several of the Company's key service providers, including:

While TOS results will be further refined at the commencement of the next formal Project study, the early addressing of optionality will allow the next study phase to be more efficient, focusing on robust project definition rather than optionality. In addition to improving Project value, the TOS findings provide a more mature technical and economic basis as the Company advances towards progressive engagement, consultation, and accommodation activities, thereby supporting more meaningful discussions and more informed decisions in defining the Project scope.

The Company's comminution trade-off study looked at defining the best value crushing and grinding technology for the Project, with the PEA's HPGR flowsheet as a base case. Key criteria for this TOS were extracted from 2021 grindability and pilot-scale HPGR testwork (summarized in the Company's news release dated December 8, 2021 ) and augmented by benchmarking of other ultramafic deposits worldwide.

Initial screening of suitable technologies and configurations shortlisted conventional flowsheets utilizing either HPGR or SAG technologies. Further evaluations supported a holistic, value-based decision basis considering capital cost, operating costs, constructability, operability, maintainability, execution schedule, project footprint, and emissions.

Following evaluation, a SAG-based comminution circuit was definitively identified as best value, with contributing factors including:

Comminution TOS findings were validated through additional grindability testwork and an independent subject matter expert (" SME ") review of all testwork, flowsheet selection, and equipment sizing, with results confirming the TOS basis and recommendation.

This trade-off study looked at challenging the PEA's single-build 120,000 tonne per day concentrator throughput scenario. This evaluation considered project scales ranging from 60,000 to 150,000 tpd as part of both single-build and phased construction approaches. Key differentiators in the TOS include reducing the initial project build burden, maximizing the mine's higher-grade profile during payback years, initial build versus expansion funding scenarios (financing versus free cash flow), and improved metallurgical flexibility during the initial operating years due to new grind size opportunities identified in the tailings trade-off study basis (see below).

Tangible value was identified in a phased construction approach, including an initial operating phase of 4-7 years at approximately 100,000 tpd, followed by an expansion to approximately 150,000 tpd.  This initial throughput level reduces the initial capital burden and build intensity, with the expansion to 150,000 tpd resulting in a similar volume of total nickel produced as the single-build 120,000 tpd approach, but over a shorter total mine life.

This improved approach to project throughput and construction favourably impacts the Project's initial capital burden, better utilizes the mine grade profile, funds the expansion from free cash flow at the  end of the PEA's identified payback period, and accelerates the overall resource extraction basis, all contributing to increased Project value.

The tailings trade-off study looked at available tailings deposition locations and technologies, with the PEA tailings storage facility location and dam construction methodology as a base case. A preliminary tailings alternatives assessment looked for potential storage locations on a regional scale, with all viable technologies (including management of filtered tailings) and locations then shortlisted for further technical evaluation.

Further evaluation indicated that there are multiple conventional and technically viable options for tailings management, as well as hybrids thereof.  Notably, options were identified which reduce the requirement for the coarse primary grind as presented in the PEA, thereby providing the Project with the opportunity to increase nickel recovery, which is particularly beneficial during the higher-grade initial operating years.

Learnings on the associated technical, environmental, social, and economic risks and opportunities of each option will be important inputs to the Company's planned multi-criteria analysis resulting in identification of a technically, environmentally and socially preferred strategy for tailings management. This process will include review and input from multi-disciplinary independent technical experts and Project partners and stakeholders.

This trade-off study looked at an improved understanding of the impact of primary grind size on Project economics. A relatively coarse primary grind of 300 µm was considered in the PEA so that sufficient sand quantities would be available to support construction of the PEA tailings storage facility, which included a sand dam. The associated limiting impact on metallurgical recovery due to this coarse primary grind was clearly identified and included in the PEA financial model.

With the identification of multiple tailings locations and construction strategies which can utilize finer primary grinds, there is an opportunity to improve nickel recovery and overall Project economics. This TOS defined the opportunity associated with finer primary grind sizes and the results will seed upcoming evaluations as the Project configuration is further refined.

These studies looked at potential concepts and alignments for key linear facilities, including the site access road and off-site power system. The Access Road TOS confirmed the PEA's site access road upgrade approach, with the majority of the existing road network alignment confirmed as suitable for Project requirements. The Off-Site Power System TOS identified multiple technically feasible connection options to the British Columbia hydroelectric grid, including the associated impact of each on the Project basis. Results from both TOS will support the Company's planned engagement, consultation, and accommodation activities prior to the selection of final design concepts.

Andrew Osterloh , P. Eng., FPX Nickel's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.

The Company's Decar Nickel District claims cover 245 km 2 of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia . The district is a two-hour drive from Fort St. James on a high-speed logging road.

Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni 3 Fe), which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, and the B, Sid and Van targets, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling on all four targets. Since 2010, approximately US $28 million has been spent on the exploration and development of Decar.

Of the four targets in the Decar Nickel District, the Baptiste Deposit, which was initially the most accessible and had the biggest known surface footprint, has been the focus of diamond drilling since 2010, with a total of 99 holes and 33,700 m of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as bedrock exposures in the area were very poor prior to more recent logging activity.  In 2021, the Company executed a maiden drilling program at Van, which has returned promising results comparable with the strongest results at Baptiste.

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 www.fpxnickel.com or contact Martin Turenne , President and CEO, at (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel Corp.

"Martin Turenne" Martin Turenne , President, CEO and Director

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 could 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.

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Nickel plays a vital role in electric vehicle (EV) and battery manufacturing, a sector that sees rapid expansion year after year. Market research projects a growing nickel demand to reach upwards of 1.3 million metric tonnes per annum by 2030 as nickel content in electric vehicles increases to over 40 kilograms per car battery.

Despite its significant role in powering a global shift to greener energies, analysts also project an undersupply of nickel for the next several years due to decreasing production and a lack of new active mines. Mining companies operating high-grade nickel projects offer investors exposure to a market that has great economic growth and success potential.

One such company is FPX Nickel (TSXV: FPX) (OTXQB: FPOCF), focused on exploring and developing its wholly-owned advanced development-stage Tier 1 Baptiste project in the Decar Nickel District in central British Columbia. The company’s project developments demonstrate the Decar Nickel District’s potential to supply high-concentration nickel and cobalt sulfates suitable for the growing electric vehicle battery industry as well as more traditional markets for nickel such as stainless steel.

The Decar Nickel District hosts the Baptiste project, which leverages an existing 2020 Preliminary Economic Assessment (PEA) and mineral resource estimate. Together, these NI 43-101 compliant reports show the Baptiste project has the potential to become one of the world’s largest-scale, lowest-cost nickel producers. The positive geological interpretation of the Van target at Decar offers further blue sky potential for the Decar property.

The Decar Nickel District project has the potential to mimic the successes of its geographic neighbors such as New Gold’s (TSX:NGD, NYSEMKT:NGD) CAD$1.8 billion Blackwater Gold open-pit project, which recently received federal and provincial environmental assessment certificates, a key milestone on the path to becoming a fully-permitted mine.

FPX Nickel released an updated PEA for the Baptiste project in 2020. According to the report, at the PEA base case of US$7.75 /lb nickel, the Baptiste Project is expected to generate an after-tax net present value of US$1.7 billion and an after-tax internal rate of return of 18.3 percent.

Additionally, the company closed $16.1 million in a bought deal public offering in April 2021. FPX Nickel intends to put net proceeds of the financing towards the exploration and development of the Baptiste nickel project.

The Baptiste project presents FPX Nickel with the potential to produce refined nickel with a significantly lower carbon footprint than other sources of production in the global nickel industry. Recent leach testing of awaruite nickel concentrates produced from Baptiste achieved nickel recoveries of 98.8 percent to 99.5 percent in producing a high-purity chemical solution containing 69.4 to 70.1 g/L nickel.

One of FPX Nickel’s long-term goals for the Baptiste project is to build a carbon-neutral mining operation. In keeping with that goal, FPX Nickel and mining companies such as Anglo American majority-owned (LSE:AAL,OTCQX:AAUKF) DeBeers and Canada’s Government has co-founded a multi-university led research program aimed at studying carbon capture and storage at mining sites.

FPX Nickel’s management team consists of highly experienced capital markets and mining professionals, including chairman of the Board, Dr. Peter Bradshaw and director Rob Pease. With nearly five decades of mineral exploration experience across 30 countries, Dr. Bradshaw has made numerous key discoveries earning him the honorable distinction of being a Member of the Canadian Mining Hall of Fame.

Additionally, geologist Rob Pease has more than 30 years of experience in exploration, mine development and construction, including as the former CEO of Terrane Metals during the development of the Mt. Milligan copper-gold mine was later acquired by Thompson Creek for C$650 million. Pease also served as the former director of Richfield Ventures, which was acquired along with the Blackwater Gold project by New Gold for CAD$500 million.

The Decar Nickel District covers 245 square kilometers and 80 kilometers west of the Mt. Milligan mine, central British Columbia. The property hosts the highly prospective Baptiste nickel project, which has the potential to become the world’s best development-stage nickel project. The asset is accessible via logging and paved road, with railway and hydropower nearby.

In February 2021, the company released results from initial field tests, demonstrating the potential for significant direct air carbon capture in the tailings on the property. “These exciting results mark an important step in our objective to develop Baptiste as the world’s first large-scale, carbon-neutral nickel operation,” commented FPX Nickel president and CEO Martin Turenne.

Baptiste hosts nickel-iron alloy mineralization, bulk-tonnage potential and open-pit nickel mining possibilities across its four primary targets. Exploration has also indicated resources at an average grade of 0.123 percent DTR nickel for 2.3 million tonnes and 391 million tonnes of inferred resources with an average grade of 0.115 percent DTR nickel. Its main Van target is drill-ready with advantageously mild-pressure leaching conditions.

Since 2010, FPX Nickel has spent approximately CAD$25 million in the exploration and development of Decar. The company put this funding towards surface sampling, PEA reporting, processing plant construction and diamond drilling campaigns.

Martin Turenne is a senior executive with over 15 years of experience in the commodities industry, including over five years in the mining industry. He has extensive leadership experience in strategic management, fundraising, economic analysis, financial reporting, regulatory compliance and corporate tax. Turenne formerly served as CFO of First Point Minerals Corp. from 2012 to 2015 and in positions at KPMG LLP and Methanex Corporation. He is a member of the Canadian Institute of Chartered Accountants.

Ms. Wilson has over 18 years' experience in exploration, resource and mine geology. In her previous role as the Chief Mine Geologist for Pure Gold Mining, she had oversight and responsibility for mine site geological and block models, working with senior management in developing geological work programs and managing a strong safety culture in compliance with company policies and occupational health and safety regulations. Prior to joining Pure Gold Mining, Ms. Wilson worked in a number of roles for Goldcorp and Newmont at the Red Lake Gold Mines for nine years. As the lead Exploration Geologist and Production Geologist at the Couchenour Project, she developed and managed multi-million dollar work programs, supervising geological site personnel and integrating drill results for the growth of mineral reserves and resources at the project.

Trevor Rabb is a professional geologist with over ten years of experience in mineral exploration, including over five years specializing in nickel-iron alloy deposits. Rabb formerly served as First Point’s senior geologist and VP of Exploration from 2010 to 2016. He was a crucial player in exploration discoveries for First Point’s Decar, Mich, Wale and Klow properties.

Christopher Mitchell is a business consultant with more than 40 years of experience in the mineral industry. He served as senior VP of Viceroy Resource Corp., executive VP and CFO of Orvana Minerals Corp. Mitchell holds MBA and M.Sc. degrees, University of British Columbia and is a member of the Association of Professional Engineers of British Columbia. He is also a director of Endurance Gold Corp.

Dr. Peter Bradshaw is a geologist with 45 years of international mineral exploration experience in over 30 countries with Barringer Research, Placer Dome and Orvana Minerals. He is a member of the Canadian Mining Hall of Fame. Dr. Bradshaw’s key discoveries and projects he was directly involved with include: Porgera Gold Mine, Papua New Guinea; Kidston Gold Mine, Queensland, Australia; Misima Gold Mine, Papua New Guinea; Big Bell Gold Mine, Western Australia; Omai Gold Mine, Guyana; Decar Nickel Project, British Columbia, Canada; director of Aquila Resources; co-founder and first chairman of the Mineral Deposit Research Unit, University of British Columbia.

Rob Pease is a geologist with over 30 years of experience in exploration, mine development and construction. He served as the former CEO of Terrane Metals, acquired by Thompson Creek for CAD$650 million. Pease also served as the former director of Richfield Ventures, acquired by New Gold for CAD$500 million. He is a Director of Pure Gold Mining Inc. and Liberty Gold Corp.

William Myckatyn is a mining engineer with over 34 years of experience in the mining industry. Myckatyn is the founder and CEO of Quadra Mining Ltd. He served as chairman and subsequently co-chairman of Quadra FNX Mining until its takeover in 2012. Prior, Myckatyn was chairman, president and CEO of Dayton Mining Corp., where he led the restructuring and merger with Pacific Rim Mining Corp. He also served as the former president and CEO of Princeton Mining and Gibraltar Mines Ltd. For over 17 years, he worked for various operations controlled by Placer Dome Inc. and its associated predecessor companies, including four separate mines in Australia and the Philippines. He is a director of San Marco Resources and OceanaGold.

Peter Marshall is a mining engineer with 30 years of experience in mine development and construction. Marshall was formerly VP of Project Development at New Gold and SVP Project Development at Terrane Metals. He has extensive mine development experience in central British Columbia, including completing the Blackwater gold project feasibility study and development and early construction of Mt. Milligan copper-gold mine, acquired by Thompson Creek for CAD$650 million in 2010.

James Gilbert has more than 30 years of investment and transaction execution experience, with more than 20 years focused on the international mining and metals industry. Gilbert held senior management positions with Rothschild, Gerald Metals Inc. and Minera S.A., a private mining investment company. His experience covers mergers and acquisitions, debt and equity financing, off-take and specialty refining agreements, joint venture negotiations and strategic marketing. He was formerly director of AQM Copper Inc., acquired by Teck Resources in 2016.

Dr. John McDonald is a geologist with more than 40 years of international experience as both a professor and mineral explorer. He served as VP of Exploration for both Diamondex and Winspear Diamonds Inc. He and his technical team were directly responsible for discovering and developing the Snap Lake diamond deposit. De Beers acquired Winspear’s majority ownership in the Snap Lake deposit for US$305 million in 2000. In 2000, McDonald received the HH “Spud” Huestis Award for excellence in prospecting and mineral exploration from the B.C. and Yukon Chamber of Mines. In January 2008, he received the Hugo Dummett Diamond Award for Excellence in Diamond Exploration and Development. He is a director of Canterra Minerals Corp., Hudson Resources Inc.and Independence Gold Corp.

Anne Currie is a recognized leader in the permitting of major Canadian mining projects, with over 30 years of experience in the private and public sector, including as a former senior partner with the leading global consultancy Environmental Resources Management (" ERM "), and in her prior role as British Columbia's Chief Gold Commissioner, the chief regulatory authority for the Mineral Tenure Act. Exceptional track record in steering the environmental assessment and permitting processes for major mining projects in British Columbia, including for the KSM, Brucejack, Kemess Underground, and Blackwater projects

Mr. MacGillivray has over 25 years’ experience in permitting and community consultation and engagement activities at mining projects and operations in British Columbia and abroad. In his previous role at Centerra Gold’s Mount Milligan Mine and Kemess project in British Columbia , he was responsible for negotiating, implementing and maintaining compliance with Impact Benefit Agreement commitments and Environmental Assessment Certificate conditions. This experience included developing and leading joint implementation and environmental management committees with impacted First Nations in central and northern B.C. Prior to joining Centerra, Mr. MacGillivray occupied several senior environmental and community engagement roles in the mining industry, including as Director, Environment and Sustainability for Thompson Creek Metals Company, as Manager, Environment for Coeur Mining and as Environmental Superintendent for Barrick Gold’s Eskay Creek and Snip Mines in northwestern B.C. Mr. MacGillivray holds a Bachelor of Science in Geology from the University of British Columbia .

Mr. Marte, formerly Senior Process Engineer with Fluor Canada Ltd. specializing in the metallurgical recovery of base and battery metals, will lead the advancement of the metallurgical understanding of FPX's projects, including the PEA-stage Baptiste Nickel Project in central British Columbia. He has 15 years' mining industry experience in mineral processing and hydrometallurgy. In his role as Senior Process Engineer for Fluor, he led the metallurgical development for several base and battery metal projects for clients including, South32, ioneer, Albermarle, and Freeport McMoRan. Prior to joining Fluor, Mr. Marte acted as Senior Process Engineer at Wood (formerly Amec Foster Wheeler), where he led and/or supported process engineering for clients including Teck, Rio Tinto and Lundin Mining. Earlier in his career, he was the Lead Process Engineer for the Baja Mining Owner's Team on the Boleo project, supporting detailed design and commissioning of a whole-ore refinery producing copper cathode, cobalt cathode, and zinc sulphate salts.

Nickel Rock Resources Inc. (the "Company" and "Nickel Rock") (TSX-V: NICL) (OTCQB: NICKLF) (FSE: NMK2) is pleased to announce the confirmation of a significant new nickel discovery from the maiden drilling program at the Van Target at nearby FPX Nickel Corp. (TSX-V: FPX) Baptiste Deposit in the Decar Nickel District as announced by FPX Nickel Corp. on October 19, 2021 ( News Release ).

As reported on July 8, 2021 , Nickel Rock has optioned out an 80% interest on certain mineral claims within the Hard Nickel 4 and Nickel 100 exploration project, to Surge Battery Metals (TSXV: NILI) in order to concentrate on its exploration efforts on the Nickel Group Claims directly adjacent to the FPX Nickel Corp. (TSXV: FPX) Baptiste Nickel Deposit.  The option transaction remains subject to TSX Venture Exchange approval.

On September 3, 2021 , the Company announced ( News Release ) that it has completed the second phase of the its initial exploration program has been completed on its Nickel exploration claims located in northern British Columbia, Canada . The BC Nickel Exploration Project (the "Project") consists of four non-contiguous mineral claims groups held by Nickel Rock Resources Inc. through three separate agreements. The exploration stage project is in the Trembleur Lake area of central British Columbia , partially adjacent to FPX Nickel Corp.'s Decar Nickel Project, which is an advanced project targeting awaruite, a nickel-iron alloy mineral, hosted by serpentinized ultramafic intrusive rocks of the Trembleur Ultramafic Unit.

The subject claims are partially underlain by rocks like those hosting the Decar project of FPX Nickel where mineralization includes nickel, cobalt, and chromium.  Previous exploration suggests that at least some of the nickel mineralization occurs as awaruite which is a naturally occurring nickel-iron alloy important in the manufacture of environmentally efficient batteries for the electric vehicle markets globally. The mineral awaruite is both highly magnetic and very dense and is therefore amenable to concentration by mechanical processes including magnetic and gravity separation. This style of deposit is unique and presents considerable metallurgical and processing cost saving advantages.

Significantly, the awaruite found is found in a serpentinized ultramafic rock. In 2018, G. Dipple at the University of British Columbia began the Geoscience BC funded research project "Carbon Mineralization Potential Assessment for BC" scheduled for completion in early 2021. In late 2020 a preliminary assessment report was published. One of the key items from the report was " The use of reactive serpentinite tailings from nickel mining as a carbon sink has the potential to make nickel mining carbon neutral or a net carbon sink. " The presence of serpentinized ultramafic rocks has been repeatedly documented in the areas covered by the claims of the Nickel Rock Projects, as well as at FPX Nickel Corp.'s Decar Project (Dipple, G. et.al., Geoscience BC Report 2020-15).

The Company has seen the commodity spot price for nickel to be in a steady uptrend while world stockpiles have been on the decline and EV manufacturers are calling for more supply of nickel because nickel quantities are increasing in batteries as they increase the amount of charge a battery can hold, thus allowing the EV's to travel greater distances.  One such company is Tesla Inc., the world's leading EV manufacturer. Tesla's Founder, Elon Musk , stated that a large contract would be signed if a company could produce nickel with a lowered carbon footprint by using more environmentally friendly ways of mining ( Reuters: September 11, 2020 ). Robert Setter , Company President and CEO comments " Elon Musk's comments made waves in the nickel space and several juniors have benefited from his comments and surged 2 to 3 times their value."

Robert Setter , Company President and CEO continues "We are very pleased with the results from our initial exploration program on the Hard Nickel and Nickel 100 claim group and specifically with the work completed during phase 2 of this initial exploration program.   So far, we have recorded some relatively high Ni readings measured via portable XRF on the Nickel S block, as mentioned in our news from June 28, 2021 , and our geological team suspects these ultramafic rocks have potential to host awaruite mineralization.  This second phase of exploration includes both soil and rock sampling, technical report writing, mapping and assay work, with the remaining work to be done on trenching, geological, geochemical and geophysical surveying."

Recap of the Company's 2021 Work Program

The Company currently has sufficient funds in its treasury to fully fund its 2021 proposed work program and its remaining working capital needs for 2021 and 2022.

The proposed work program consists of trenching, surface exploration, diamond drilling, camp construction, and exploration activities to support drilling and trenching such as soil sampling, rock sampling, prospecting, and geological mapping. The company proposes a 12-man camp to be built in a cirque on the north slope of the un-named mountain west of and adjacent to Mount Sydney Williams, and will be built next to a sub-alpine lake at the headwaters of Van Decar Creek . The location of camp was selected based on past exploration camps at this location and is suitable for supporting exploration. Camp will be used to accommodate field personnel and will be accessed with helicopter.  The work program is managed by Jeremy Hansen , P. Geol. and Hardline Exploration Corp.

The Company estimates that this 2021 work program includes a total of $600,000 in exploration expenditures.

Jacques Houle , P.Eng., a qualified person as defined by NI 43 – 101, is responsible for the technical information contained in this release. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest.

About Nickel Rock Resources Inc. www.nickelrockresources.com

The Company is a Canadian-based mineral exploration company active in the exploration for nickel-iron alloy in British Columbia and lithium in Nevada. Nickel Rock Resources Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange.  The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.

About Clayton Valley Nevada Lithium Project

The Company owns a 100% in 77 lithium placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone.  As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events.  These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/

About the British Columbia, Canada Nickel Projects

The Mount Sidney Williams Group consists of five claim blocks in four groups with a total area of 6,125.32 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C. , in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite.  The Mitchell Range Group area claim consist of two contiguous claim blocks covering 3,134.70 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented. The Company has optioned out an 80% interest on certain mineral claims within the Hard Nickel 4 and Nickel 100 exploration project, to Surge Battery Metals Inc. (TSXV:NILI).  The transaction is subject to Exchange approval.

The Company has entered into an Option Agreement to acquire a 100% interest, subject to a 2% NSR, in 6 mineral claims (Funk claims) located approximately 15 km west of Mt Sydney Williams near Fort St James , BC.

The Company also entered into an option agreement whereby the Company may earn an undivided 100% interest in the Klone Group of mineral claims (1,400 ha) adjoining the property of FPX Nickel Corp (TSXV:FPX) located 100km northwest of Fort St. James BC in the Omineca Mining division.

The Company has also entered an option

On Behalf of the Board of Directors

Robert Setter , President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

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SOURCE Nickel Rock Resources Inc.

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FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to announce it has received positive results from the 2020 Preliminary Economic Assessment (“PEA”) for the Baptiste Project (“Baptiste” or the “Project”) at its wholly-owned Decar Nickel District in central British Columbia. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by BBA Inc. of Montreal, Canada with work on mine planning and tailings by Stantec Inc. of Vancouver, Canada.

Cautionary Statement: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the conclusions or results as reported in the PEA will be realized.

“This PEA establishes Baptiste as a premier large-scale nickel project,” commented FPX Nickel’s President and CEO, Martin Turenne. “The Project has the potential to be a significant global nickel operation, with a multi-generational operating life and average annual production of 99 million pounds of contained nickel. Baptiste’s enormous scale, combined with low C1 operating costs of US$2.74/lb, has the potential to deliver robust operating margins throughout the nickel price cycle, generating average earnings (before royalties, taxes and depreciation) of US$481 million per year and an after-tax NPV of US$1.7 billion. With its proximity to zero-carbon hydroelectric power, the fact that its nickel product can bypass smelters for direct sale to end users, and the carbon-absorbing properties of Baptiste host rock, the Project is well positioned to address the growing market demand for environmentally sustainable nickel production.”

The Company has also identified a number of optimization opportunities to be investigated in the next phase of project development, including but not limited to:

With its lengthy mine life and rapid payback, Baptiste ranks favourably among global development-stage nickel projects, providing potential exposure to multiple cycles in the nickel market while efficiently repaying upfront capital. Figure 1 demonstrates the strategic value of Baptiste in comparison to other pre-production nickel projects, as expressed by its high ratio of projected mine life (35 years) to after-tax payback period (4 years).

Figure 1 – Comparison of Global Nickel Projects

Source: Company economic studies; see Table 11 below.

Overview of PEA Results and Assumptions

The Baptiste PEA demonstrates the potential for establishing a greenfield open-pit mine and an on-site magnetic separation and flotation processing plant, using conventional technology and equipment. At a throughput rate of 120,000 tonnes per day (or 43.8 million tonnes per year), annual production is projected to average 99 million pounds nickel contained in ferronickel (“FeNi”) briquettes at C1 operating costs of US$2.74 per pound of nickel. It is anticipated that the Baptiste FeNi briquette will be sold directly to stainless steel producers and garner 98% of the London Metal Exchange (“LME”) nickel price, in line with payabilities earned by standard FeNi products in the global marketplace.

All amounts are in United States dollars unless otherwise specified; table totals may not sum due to rounding.

Table 1 – Baptiste Project PEA Results and Assumptions (all in US$)

The total pre-production capital costs, including direct costs, indirect costs and contingency was estimated at $1.67 billion. This represents the pre-production capital expenditure required to support start-up of operations in year 1. The capital cost related to the implementation of in-pit tailings deposition in year 22 was estimated at $103 million. This is the capital expenditure specifically required to allow for finer primary grinding (resulting in improved nickel recovery) and for pumping tailings to the mined-out pits for in-pit deposition, and other associated costs (see further discussion under Metallurgy and Mineral Processing and Tailings Management below). Sustaining capital costs (which excludes the capital cost related to the implementation of finer primary grinding and in-pit deposition) were estimated at $1.01 billion. These costs include items such as mine equipment fleet additions and replacements, facilities additions and improvements and costs relating to tailings storage facility and surface water management which are incurred over the life-of-mine (“LOM”).

Table 3 presents a summary of the estimated average operating costs for the initial Phase 1 (Years 1 to 21), Phase 2 (Years 22 to 35, during which period the Project will adopt finer primary grinding and in-pit tailings deposition) and for the life-of-mine, expressed in US$/tonne of dry material processed (milled).

Table 3 – Total Estimated Phase and Average LOM Operating Costs (US$/t milled)

Table 4 presents estimated phase and average LOM operating costs stated on a per unit of nickel production basis.

Table 4 – C1 costs and AISC costs (US$/lb nickel)

The PEA incorporates an updated 2020 resource estimate for the Baptiste Deposit including all data from the 83 surface drillholes completed since 2010 and 2,053 samples from a re-sampling program of 2010/2011 drill core that was carried out in 2012. The estimate is geologically constrained within four mineralized domains and is reasonably comparable among different estimation methods (i.e., ordinary kriging, inverse distance squared weighting, nearest neighbour).

The 2020 resource model comprises a large, delta shaped volume that measures approximately 3.0 km in length and 150 to 1,080 m in width and extends to a depth of 540 m below the surface. The Baptiste Deposit remains open at depth over the entire system and is covered by an average of 12 metres of overburden.

Table 5: 2020 Baptiste Deposit Pit-Constrained Mineral Resource Estimate *

* See Notes for Tables 5 and 6 below.

Table 6: 2020 Baptiste Deposit Block Model Tonnage and Grades Reported at a Range of Cut-off Grades (Base Case 0.06% DTR Ni) *

The PEA mine plan is based on the mineral resource estimate and its underlying geological block model. The mine plan envisions a three-phased open pit mine development, with the Phase 1 pit covering the first 21 years of mine life. During this phase, tailings will be deposited in an external tailings storage facility (“TSF”). The Phase 2 and 3 pits expand laterally towards the northwest and northeast from the Phase 1 pit, providing mill feed for years 22 to 35, allowing tailings to be placed in the mined-out Phase 1 pit. A pit rim dam will be constructed in year 25 to allow access from the phase 3 pit to the plant and to accommodate the additional tailings that will be stored in the Phase 1 and Phase 2 pits after they are mined out.

Mining will be conducted using conventional truck and shovel methods. Large-scale open pit mining will provide the mineral processing plant feed at a rate of 120,000 tonnes per day, or 43.8 million tonnes per annum. Annual mine production of mill feed and waste will peak at 80.1 Mt/a with a life-of-mine stripping ratio of 0.40:1 including preproduction (0.32 during the first 10 years of operation, and 0.22 over the first 16 years of operation). Ultimate pit quantities with corresponding DTR nickel grades are shown in Table 7.

Table 7 – Ultimate Design Pit Quantities

Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability

Pit phasing (Phases 1 through 3) was developed to maximize grade early in the mine life, with a starter pit being developed at the beginning of Phase 1 to target a shallow higher-grade zone of nickel mineralization. A production schedule showing tonnage and grade by mining phase is presented in Table 8.

Table 8 – Mining Schedule by Phase

Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability

The metallurgical testwork for the PEA was performed at ALS in Kamloops, British Columbia and was focused on the following:

A conceptual mineral processing flowsheet was developed as the basis for the PEA. The process flowsheet is based on traditional grinding, magnetic separation and flotation processes. Unit operations in this flowsheet include crushing and grinding, magnetic separation, magnetic concentrate re-grinding to 25 microns (P80), further magnetic cleaning stages, followed by rougher and cleaner flotation stages to produce a final nickel concentrate grading 63% nickel.

The metallurgical testwork results indicated that at a primary grind of 300 µm, it is possible to produce a 63% nickel concentrate with a nickel recovery of 85% of the DTR nickel feed grade. In Year 22, when in-pit tailings deposition is implemented, a finer primary grind of 170 µm can be achieved through the addition of a third ball mill resulting in a DTR nickel recovery of 90%.

Subsequent to the flotation process, the 63% nickel concentrate is dewatered, filtered to a filter cake and briquetted into a final saleable ferronickel product. The flotation process also produces a magnetite-rich tailings stream which has the potential to be sold or further valorized as a saleable iron ore product. For the PEA, no by-product revenues have been recognized for the potential sale of this magnetite-rich product.

Metallurgical testwork performed for the PEA Study has shown that the Baptiste Project can produce a clean, high-grade, ferronickel concentrate through a conventional mineral processing flowsheet. The FeNi concentrate, agglomerated in briquette form, constitutes the final saleable product generated by the Project for consumption by stainless steel producers. The projected product specification for the Baptiste briquettes is presented in Table 9.

Table 9: Projected Product Specification for Baptiste FeNi Briquettes

The selling price to be obtained from the sale of the Baptiste FeNi briquettes to stainless steel producers will generally be a function of two variables: (1) the LME nickel price and (2) a discount or premium to the LME nickel price, based on the market positioning of the Baptiste FeNi briquettes in relation to competing sources of nickel feedstock to stainless producers, including stainless steel scrap, nickel pig iron, standard FeNi and Class 1 nickel briquettes or cathode. The selling price determined by the analysis of these two components is the price used for the economic analysis performed for the PEA.

A long-term LME base nickel price assumption of $7.75 per pound is assumed in the PEA which is consistent with the average long-term nickel price of forecasts provided by six base metals analysts. In order to assess the potential payability for the Baptiste product, stated as a percentage of the LME base price, the following sources of information were considered:

The analysis, in consideration of the aforementioned information sources, concluded that a discount of 2% applied to the LME nickel price provides a reasonable assumption for determining the selling price to be used for the PEA.

The Decar District site access road, having a total length of 121 km, consists of an existing paved road segment and an existing forestry service road (“FSR”). A new 110-m span bridge and a new 4.5 km FSR segment will be required to access the property. Also, upgrades will be required to an existing 20-m span bridge and to 12 km of existing FSR segments.

A road-to-rail transfer facility is proposed to be constructed off-site in the vicinity of the existing CN Rail branch line. The transfer facility is to be used primarily for transloading containerized FeNi briquettes onto railcars for transport to the Prince Rupert port terminal for eventual delivery to ports in Asia. The FeNi briquettes will be loaded into containers at the mine site and trucked by the Company to the transfer facility. The Project will, on average, produce about 72,000 tonnes of FeNi briquettes annually, or an average of approximately 200 tonnes per day.

Electric power to the Project will be provided through a new hydro-electric power transmission line with a capacity of 120 MW and a transmission voltage of a single, 230 kV circuit. The proposed power transmission line is based on a tie-in point located approximately 98 km from the Project.

The proposed tailings disposal strategy for the Baptiste Project is based on two phases. For Phase 1, spanning from years 1 to 21, tailings are disposed of within a conventional external tailings storage facility. The proposed external TSF is proposed to be constructed using the centerline construction method with a downstream slope of 3H:1V. It will be constructed primarily with cycloned sand tailings generated in the mineral processing plant and designed to retain tailings produced during the first 21 years of production based on the mine schedule. Geotechnical design criteria are based on regional experience as no site investigations related to the TSF structures have been completed to date.

Thereafter, tailings are proposed to be disposed within the exhausted open pit based on an in-pit disposal strategy. Upon completion of mining of the Phase 1 pit in year 21, the pit would then start being backfilled with tailings produced while processing material mined in the Phases 2 and 3 pits, starting in year 22. A pit rim dam will be required in order to accommodate the tailings produced while mining the Phase 3 pit to the end of the 35-year mine life.

A sensitivity analysis was performed on a pre-tax and after-tax basis, whereby pre-production capital cost, annual operating costs and product selling price were individually varied between +/-20% to determine the impact on the Project’s IRR and NPV at an 8% discount rate. Results are presented in Table 10.

At the LME spot nickel price of $6.86/lb. (closing price on September 7, 2020), the Project’s after-tax IRR and NPV (8% discount rate) would be 15.2% and US$1.16 billion, respectively.

Several project optimization opportunities requiring further study have been identified which may further enhance project economics, including the following:

The Company’s management will host a live webinar on Thursday, September 10 at 1:00 p.m. Eastern (10:00 a.m. Pacific) to provide an overview of the PEA results and to answer questions from participants. Participants can access the live webinar at the following link: https://zoom.us/j/99574244901

The PEA was produced by a team of independent consultants who possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of this news release.

The effective date of the 2020 PEA is September 9, 2020 and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

Information in Figure 1 regarding the mine life and payback period of global nickel projects is taken from company reports and economic studies, as shown in Table 11 below.

Table 11 – Mine Life and Payback for Selected Nickel Project Economic Studies

The scientific and technical information contained in this news release pertaining to the Project has been reviewed, verified and approved by the following Qualified Persons as defined by NI 43-101: Angelo Grandillo, P. Eng. of BBA Inc., Gordon Chen, P. Eng. of Stantec Inc., Sean Ennis, P. Eng. of Stantec Inc., Jeff Austin, P. Eng. of IME Inc., Ronald G. Simpson, P. Geo. of GeoSim Services Inc., and Ronald Voordouw, P. Geo. of Equity Exploration Consultants Ltd. (who has also verified the sampling, analytical, and test data underlying the disclosed Mineral Resource estimate). All of the above-noted Qualified Persons are independent of FPX Nickel. Dr. Peter Bradshaw, P. Eng., FPX Nickel’s Qualified Person under NI 43-101, is responsible for the other technical information (information not directly related to the PEA) in this news release.

About the Decar Nickel District

The Company’s Decar Nickel District claims cover 245 square kilometres of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia. The District is a two-hour drive from Fort St. James on a high-speed logging road.

Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite, which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, the B target, the Sid target and Van target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, approximately $25 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 main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.

As reported in the current NI 43-101 resource estimate, having an effective date of September 9, 2020, the Baptiste Deposit contains 1.996 billion tonnes of indicated resources at an average grade of 0.122% DTR nickel, thus equating to 2.4 million tonnes of nickel, and 593 million tonnes of inferred resources with an average grade of 0.114% DTR nickel, containing 0.7 million tonnes of nickel, reported at a cut-off grade of 0.06% DTR nickel. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

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 www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600 or at ceo@fpxnickel.com.

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 could 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.

Click here to connect with FPX NIckel Corp (TSXV:FPX) for an Investor Presentation

FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to announce the appointment of Stuart Harshaw, P. Eng., MBA, to the Board of Directors, effective immediately. Mr. Harshaw is a leading figure in the global nickel market, with over 30 years’ experience in the production and marketing of nickel products worldwide, including in his roles as the Vice President of Marketing and Operations for Asia Pacific and Vice President, Ontario Operations for Vale S.A. (“Vale”) until 2017.

“We are very happy to welcome Stuart to the FPX Nickel Board,” commented the Company’s Chairman, Peter Bradshaw. “Stuart has deep operational experience in the development and management of major nickel operations in North America and Asia, and has an extensive background in the marketing of nickel products to global consumers in the stainless steel and battery markets. As a recognized leader in the global nickel industry, he will play a critical role in helping us to advance our flagship Baptiste Deposit at the Decar Nickel District, fostering the ongoing development of relationships with key strategic players in the nickel market, including offtakers, trading companies and major mining companies.”

Mr. Harshaw established a record of success over a 28-year career at Vale and its predecessor firm Inco, occupying senior leadership roles in operations, marketing and corporate strategy. He was responsible for creating and managing annual budgets of greater than $1.0 billion and for managing external relations with provincial and municipal governments and First Nations. Before serving as Vice President Operations at Vale’s Sudbury complex, Mr. Harshaw acted as Vice President Marketing and Operations in Vale’s Asia Pacific division, where he was responsible for nickel refineries in Japan, China and Taiwan and for marketing Vale’s nickel products to the stainless steel, specialty alloy and battery industries. Mr. Harshaw obtained his MBA from Laurentian University (where he currently serves on the Board of Governors) and a Bachelor of Science in Metallurgical Engineering from Queen’s University.

The appointment of Mr. Harshaw is subject to receipt of approval from the TSX Venture Exchange and the Securities Regulatory Authorities. Mr. Harshaw has been granted options on 250,000 shares of the Company’s common stock, exercisable at a price of $0.45 per share for a five-year period commencing on August 14, 2020.

About the Decar Nickel District

The Company’s Decar Nickel District claims cover 245 square kilometres of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia. The District is a two hour drive from Fort St. James on a high-speed logging road. A branch line of the Canadian National Railway is less than 5 kilometres east from Decar’s Baptiste Deposit and the BC Hydro power grid comes within 110 kilometres south of the property.

Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite, which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, the B Target, the Sid Target and Van Target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, more than $25 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 main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid Target was tested with two holes in 2010 and the B Target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van Target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.

As reported in a NI 43-101 resource estimate prepared on February 26, 2018, the Baptiste Deposit contains 1.843 billion tonnes of indicated resources at an average grade of 0.123% DTR nickel, for 2.3 million tonnes of DTR nickel, and 391 million tonnes of inferred resources with an average grade of 0.115% DTR nickel, for 0.4 million tonnes of DTR nickel, reported at a cut-off grade of 0.06%. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy 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 www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600.

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 could 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.

Click here to connect with FPX NIckel Corp (TSXV:FPX) for an Investor Presentation

FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to provide an update on its corporate activities, including its plans for the preparation of an updated National Instrument (“NI”) 43-101 preliminary economic assessment (“PEA”) report on the Company’s Baptiste Deposit at its 100%-owned Decar Nickel District in central British Columbia. As previously disclosed in its news release dated February 25, 2020, the Company anticipates completion of the PEA in the late third quarter or fourth quarter of 2020.

FPX Nickel continues to monitor the outbreak of COVID-19 and the health and safety of its employees and consultants, who are being encouraged to work from home, where possible. The Company has access to all field and laboratory data which it requires to complete the preparation of the updated Baptiste PEA, and as a result does not anticipate any changes in the projected timeline for the completion of the study.

FPX Nickel has a current cash balance of approximately $2.1 million. Completion of the updated Baptiste PEA, budgeted at approximately $500,000, will be funded from the Company’s existing working capital.

Dr. Peter Bradshaw, P. Eng., FPX Nickel’s Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.

About the Decar Nickel District

The Company’s Decar Nickel District claims cover 245 square kilometres of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia. The District is a two hour drive from Fort St. James on a high-speed logging road. A branch line of the Canadian National Railway is less than 5 kilometres east from Decar’s Baptiste Deposit and the BC Hydro power grid comes within 110 kilometres south of the property.

Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite, which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, the B Target, the Sid Target and Van Target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, more than $25 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 main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid Target was tested with two holes in 2010 and the B Target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van Target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.

As reported in a NI 43-101 resource estimate prepared on February 26, 2018, the Baptiste Deposit contains 1.843 billion tonnes of indicated resources at an average grade of 0.123% DTR nickel, for 2.3 million tonnes of DTR nickel, and 391 million tonnes of inferred resources with an average grade of 0.115% DTR nickel, for 0.4 million tonnes of DTR nickel, reported at a cut-off grade of 0.06%. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy 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 www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600.

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 could 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.

Click here to connect with FPX NIckel Corp (TSXV:FPX) for an Investor Presentation

FPX Nickel Corp. (TSXV:FPX) (“FPX” or the “Company”) is pleased to report that it has closed its previously announced non-brokered private placement of 8,333,332 shares at $0.18 per share for gross proceeds of $1,500,000 (the “Offering”).

The closing follows receipt of Conditional Acceptance of the Offering from the TSX Venture Exchange (“Exchange”). Within the next several days, FPX will be submitting the documentation needed the enable the Exchange to issue its Final Acceptance of the Offering. The Company anticipates receiving Final Acceptance shortly thereafter.

In closing the financing, the Company has issued 8,333,332 shares priced at $0.18 per share. Finder’s fees of $22,140 were paid on a portion of the proceeds. Officers and directors of the Company subscribed for 2,319,167 shares for gross proceeds of $417,450.

All the securities issued pursuant to this private placement will be subject to a four (4) month hold period expiring on July 13, 2020. The proceeds raised from the Offering will be used for general working capital purposes and for the early settlement of up to $687,000 in amounts owing under the Company’s long-term debt arrangements.

The Company further announces that a total of 3,100,000 stock options have been granted to the Company’s directors, officers and employees. The stock options have an exercise price of $0.20 per share and will expire on March 11, 2025.

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 www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600.

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 could 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.

Click here to connect with FPX NIckel Corp (TSXV:FPX) for an Investor Presentation

Metallum Resources Inc. (TSXV: MZN) (OTCQB: MTLLF is developing a high-grade zinccopper project in Ontario. BTV chats with President & CEO, Kerem Usenmez to learn more.

Metallum Resources Inc.(TSXV: MZN) (OTCQB: MTLLF)

CEO Clips is the largest library of publicly traded company CEO videos in Canada and the US. These 60 second video profiles broadcast on national TV and online via 12 financial sites including: Thomson Reuters, Bloomberg, Yahoo! Finance and Stockhouse.com.

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Contact: Trina Schlingmann (604) 664-7401 x 5 trina@b-tv.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127151

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Midnight Sun Mining Corp. (TSXV: MMA) (OTCQB: MDNGF) (the "Company" or "Midnight Sun") has received notification of Rio Tinto Mining and Exploration Limited's ("Rio Tinto") intention to terminate the previously announced Earn-In and Joint Venture Agreement (the "Earn-In Agreement") (see the Company's news release dated April 27, 2020). Termination will be effective June 28, 2022.

Under the terms of the Earn-In Agreement, Rio Tinto has not earned any ownership of the Solwezi Licences, and control will be returned to Midnight Sun, along with all samples and data collected while Rio Tinto acted as the project operator.

Al Fabbro, President & CEO commented, "While Rio Tinto were not satisfied with the results generated by their work on our properties, I do not share their feelings. From the outset of this Agreement, Rio Tinto made it clear to me they were looking for a 'Rio sized deposit.' Falling short of their parameters does not mean we don't have the makings of an economic orebody on our hands. They have generated excellent databases of geochemical and geophysical information that tell me the Solwezi Licences are very much still alive and warranting further work."

Midnight Sun has received the 2021 Solwezi exploration report from Rio Tinto. All of the work in this field season was focused on license 12124-HQ-LEL and total expenditures for the 2021 program were approximately USD $2.95 million.

The work consisted of 5,968 meters ("m") of drilling divided into: 2,483 m of diamond drilling ("DD") over 8 holes, 1,050 m of Reverse Circulation drilling ("RC") and 2,682 m of air core drilling ("AC"). There were also 668 new soil samples taken and 1,200 AC samples from Mitu reanalyzed.

A total of five target areas were examined: Gameno, Likoko, Sanda, Mawemba and Dumbwa.

There were three DD holes at Gameno totalling 1,300 m. The program was designed to test a Cu-Bi anomaly that was upgraded by two AC holes in 2020 that returned 18 m of 0.21% Cu and 14 m of 0.23% Cu. The three best intercepts were 2.1 m of 0.68% Cu from 360 m, 1.5 m of 0.79% Cu from 188.5 m, and 1.42 m of 8.3% Cu from 164 m.

No further work is recommended due to lack of strike continuity and thickness. It is also the most populous part of the licenses, running into the town of Solwezi, which hampers further exploration and potential development.

Two DD holes, totalling 461 m tested the Mitu extension to the southeast over a moderate copper soil anomaly coincident with a strong Versatile Time Domain Electromagnetic ("VTEM") anomaly and an audiomagnetotelluric ("AMT") conductor. Neither diamond drill hole intersected Cu mineralisation, indicating further geological and structural modelling of the Mitu Trend is required to understand the controls of mineralisation and the fluid focusing mechanism along this target area.

Two DD holes totalling 499 m tested a weak soil geochemical anomaly and a large VTEM anomaly similar to Mitu. Weak mineralisation was encountered in each hole.

One diamond drill hole was completed to test a Cu in soil anomaly on the north-west edge of a large mafic intrusive body. This diamond drill hole intercepted 20 m of 0.19% Cu from 27.3 m.

At Mawemba NE, 18 air core holes were drilled across three fences, testing a Cu in soil anomaly and along a linear magnetic anomaly. The strongest result was 1 m of 1.13% Cu from 26 m, terminating in mineralization.

Rio Tinto performed a full review of the diamond drilling previously performed by Midnight Sun on the area to get an understanding of the geology and mineralisation of the area. A 200 m x 200 m infill soil geochemical grid confirmed the continuity of the anomaly and seven reverse circulation holes were drilled.

Midnight Sun engaged an independent Copperbelt expert, Dr. Simon Dorling, to review the data generated by Rio Tinto's work and prepare recommendations for Midnight Sun's 2022 work program.

All samples collected by Rio Tinto including soil samples and all drilling were sent to ALS Global Ndola facility for preparation and on turn ALS Vancouver for analysis. The prepared samples was provisionally analysed by ALS certified pXRF at Ndola and in turn by ICP-AES/MS method in Vancouver. One duplicate sample and one certified standard sample were inserted by Rio Tinto in every 20 samples analysed for quality control/quality assurance purposes.

Qualified Person: Richard Mazur, P.Geo., a Director of the Company anda Qualified Person under NI 43-101, has reviewed and approved the technical data and contents of this release.

ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.

Al Fabbro President & CEO

For Further Information Contact: Al Fabbro President & CEO Tel: +1 604 351 8850

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.

This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127225

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Fireweed Zinc LTD. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF) is pleased to provide the results of its Annual and Special Meeting of Shareholders which was held on May 25, 2022, and to announce Fireweed shares are now eligible for electronic clearing and settlement with the Depository Trust Company ("DTC") for trading in the USA.

Annual and Special Meeting At the Annual and Special Meeting of shareholders, 25,038,453 shares were voted and the Company received majority shareholder approval for the following:

Details of the matters approved at the meeting are set out in the Company's Information Circular dated April 19, 2022 and available under the Company's profile on SEDAR at www.sedar.com .

Depository Trust Company Eligibility in USA The Company is pleased to announce that Fireweed shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the USA. DTC is a subsidiary of the Depository Trust & Clearing Corporation and manages the electronic clearing and settlement of publicly traded companies. Securities which are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." The Company believes that being DTC eligible will simplify and make trading in its common shares on the OTCQB Venture Market more accessible to the US investment community with accelerated settlement periods and expected reduction in costs for investors and brokers.

DTC eligibility compliments Fireweed's OTCQB ® Venture Market (the "OTCQB") listing (OTCQB: FWEDF) in the USA. The OTCQB, operated by the OTC Markets Group in New York, is the premiere marketplace for early stage and developing U.S. and international companies, and is recognized by the United States Securities and Exchange Commission ("SEC") as an established public market providing public information for analysis and value of securities.

About Fireweed Zinc Ltd. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F ): Fireweed Zinc is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed Zinc and its projects can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .

ON BEHALF OF Fireweed Zinc LTD.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements This news release may contain "forward-looking" statements and information relating to the Company including its DTC eligibility that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Additional risks are set out in the Company's prospectus dated May 9, 2017, and filed under the Company's profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

Contact: Brandon Macdonald Phone: (604) 646-8361

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TSXV:AUC)(OTCQB:AUCCF)(Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce that it will be exhibiting at the annual 2022 Prospectors & Development Association of Canada Convention (PDAC), the world's premier mineral exploration & mining event. We invite all our shareholders and conference delegates to visit us at booth # 3352. The in-person event will be held at the Metro Toronto Convention Centre (MTCC) from Monday, June 13 to Wednesday, June 15, 2022

We welcome all stakeholders to come visit our senior team members who are attending PDAC from Portugal and BC and discuss one on one Goldplay's plans for 2022 and beyond.

Goldplay Mining is a Canadian public company listed on TSXV and in US on OTCQB. Goldplay holds large district scale gold, and copper-gold projects located in BC's Golden Triangle and southwestern BC with potential for world class mineral discoveries. The Company also holds several brownfield gold, and copper-gold projects located in Portugal with near term mining potential.

On behalf of the Board of Directors "Catalin Kilofliski" President, CEO & Director

For further information please contact:

Goldplay Mining Inc. Mr. Catalin Kilofliski, President & CEO Suite 650 - 1021 West Hastings Street Vancouver, BC V6E 0C3 T: (604) 655-1420 E: catalin@goldplaymining.ca www.goldplaymining.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Metal Energy Corp. (" Metal Energy " or the " Company ") (TSXV: MERG) is pleased to announce that it will be featured at Ore Day which will be broadcast today June 10 th at 9 am ET at www.Oreday.com

Ore Day is a conference hosted by the Ore Group of Companies who focus on gold, copper, nickel, and uranium development projects.

Ore Day will also feature keynote talks and interview with industry experts, including:

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's expectations regarding future operations and other forward-looking information. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the application of the proceeds of the Offering as anticipated by management and the inability to obtain the necessary TSX Venture Exchange approval to complete the Offering. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to close the Offering, that the Company's financial condition and development plans do not change as a result of unforeseen events, and that the Company will receive all required regulatory approvals, TSX Venture Exchange approval, for the Offering.

Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The Company does not assume any obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content: http://www.newswire.ca/en/releases/archive/June2022/10/c3605.html

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Azarga Metals Corp. ("Azarga Metals" or the "Company") (TSXV:AZR) is pleased to announce the appointment of Doris Meyer as a director. The number of directors of the Company is now restored to three by this appointment

Doris Meyer is the Corporate Secretary of the Company. She gained her early experience in the mining industry as Vice President Finance of Queenstake Resources Ltd. from 1985 to 2003. Ms. Meyer launched her private company Golden Oak in October 1996 with Queenstake as her first client. Since that time, Golden Oak has provided publicly traded mineral exploration companies with administrative, financial reporting and corporate compliance services. Ms. Meyer is also Corporate Secretary and Director for a number of publicly listed exploration companies trading on the TSX-V. Ms. Meyer is a past member of the Institute of Chartered Professional Accountants of British Columbia. Ms. Meyer has been the Corporate Secretary of the Company since 2008.

Gordon Tainton, President and CEO

For further information please contact: Doris Meyer, at +1 604 536-2711 ext. 3 or visit www.azargametals.com. The address of the head office of Azarga Metals is Unit 1 - 15782 Marine Drive, White Rock, BC V4B 1E6, British Columbia, Canada.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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