FPX Nickel Announces Appointment of Cooper Quinn as New CEO of Subsidiary Company CO2 Lock Corp.

VANCOUVER. BC, July 5, 2022 - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is pleased to announce the appointment of Cooper Quinn as the President and Chief Executive Officer of its carbon capture and storage ("CCS") subsidiary company, CO2 Lock Corp ("CO2 Lock"). Mr. Quinn brings to CO2 Lock over 15 years of experience in Canadian and international geoscience, with a diverse background in senior management of exploration programs and company leadership.

"We are very pleased to welcome Cooper as CO2 Lock's CEO, who will lead the charge in our pursuit of opportunities in large-scale, low-cost and permanent CCS," commented FPX's Chairman, Peter Bradshaw. "Cooper brings a demonstrated track record of value creation in the geosciences and a personal passion for environmental sustainability, key attributes for accelerating our ambitions to achieve gigaton-scale carbon mineralization in prospective geological settings around the planet."

On March 30, 2022, FPX announced the formation of CO2 Lock to pursue geoscience-related CCS opportunities. Expanding from five years of laboratory and field research conducted with partners including the University of British Columbia ("UBC") and Natural Resources Canada ("NRCan"), CO2 Lock is focused on developing CCS operations in geological settings worldwide with similarities to FPX's Decar Nickel District. CO2 Lock has established ownership interests in prospective mineral tenures and is developing intellectual property associated with the operation of CCS sites worldwide.

"I'm very excited about the opportunity represented by CO2 Lock," said Cooper Quinn. "Shifting our planet to net-zero is going to require a staggering amount of emissions reduction and CCS to return the atmosphere to pre-industrial levels. I'm hopeful CO2 Lock can contribute a meaningful amount to this global challenge. Having access to the five years of CCS data and research from FPX, we have an excellent head start, including a global database of potential storage locations that gives us a first-mover advantage in developing standalone sites to permanently mineralize and store CO2."

Mr. Quinn has over 15 years of experience in the mining industry, ranging from on-site project exploration to public company management, mergers-and-acquisitions, and due diligence mandates. Most recently, he was the President of Canterra Minerals, a public company conducting exploration activities in Newfoundland. Prior to joining Canterra, Mr. Quinn was President of Osprey Gold, an exploration company focused on Nova Scotia, which was acquired in 2020 by MegumaGold. He has worked for a variety of exploration and development companies across numerous commodities with projects in North America, Greenland, Europe, and the South Pacific Islands.

Mr. Quinn assumes the role of CO2 Lock's CEO from David Molinski, who served as the entity's founding CEO. Mr. Molinski will continue to serve on CO2 Lock's board of directors alongside Peter Bradshaw and FPX's President and CEO, Martin Turenne.

For further information on CO2 Lock and FPX Nickel's carbon mineralization testwork, see the Company's news releases dated March 30 and May 31, 2022.

CO2 Lock's vision is to commercialize the CCS potential of ultramafic brucite-rich serpentinized peridotite host rocks, with a mission to license or construct and operate commercial CCS projects capable of permanently and profitably locking away hundreds of millions of tonnes of CO2 per year at scale. In pursuit of this objective, CO2 Lock will execute exploration and engineering activities to advance the development of large-scale carbon operations capable of mineralizing carbon dioxide in these rocks and associated carbon-depleted waters both at-surface (ex-situ mineralization) and underground (in-situ mineralization). CO2 Lock's website is accessible at www.co2lockcorp.com.

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.

SOURCE FPX Nickel Corp.