08:05 AM EDT, 09/23/2025 (MT Newswires) -- FPX Nickel ( FPOCF ) said Tuesday that the Advocate nickel project in Newfoundland will be the designated property to be advanced under its alliance with the Japan Organization for Metals and Energy Security (JOGMEC).

Under the alliance, JOGMEC can acquire a 60% interest in Advocate and FPX will hold the remaining 40%. A preliminary budget of $450,000 has been approved for the project in 2025, in addition to the $1.5 million budget for ongoing global generative activities.

FPX has signed an option agreement to acquire Advocate from Shoreline Exploration. Under the terms, FPX can acquire up to 80% of the project by paying $225,000 and spending $2.5 million on the development over three years.

FPX can raise its stake to 100% by paying $6 million under an additional five-year option.

"We are excited to unearth the full potential at Advocate through high-quality, systematic exploration over the coming years in tandem with our partners," said Keith Patterson, FPX's vice president of exploration.

FPX's share price rose 15% to a 52-week high of $0.345 on the TSXV.