Patrick Sheridan Provides Update on Ownership of Securities of FNX Inc.

TORONTO, Oct. 5, 2026 /CNW/ -- Patrick Sheridan announces today that he has indirectly disposed of ownership and control of 1,221,478 subordinate voting shares (the "Shares") of FNX Inc. (the "Company") in connection with the transfer of Mr. Sheridan's 100% ownership interest in Exploreco International Limited for no consideration (the "Transfer"). Prior to completion of the Transfer, Mr. Sheridan had ownership and control (together with any joint actors) over an aggregate of 11,348,710 Shares (which represented approximately 47% of the then issued and outstanding Shares) and convertible securities entitling Mr. Sheridan to acquire an additional 3,500,000 Shares (which represented approximately 53% of the Shares on a partially diluted basis). Following completion of the Transfer, Mr. Sheridan has ownership and control (together with any joint actors) over an aggregate of 10,127,232 Shares (which represents approximately 42% of the issued and outstanding Shares) and convertible securities entitling Mr. Sheridan to acquire an additional 3,500,000 Shares (which represents approximately 49% of the Shares on a partially diluted basis).

The Transfer was completed for estate planning purposes. Depending on various factors including, without limitation, the Issuer's financial position, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Company's business or financial condition and other factors and conditions the acquiror deems appropriate, Mr. Sheridan may increase or decrease his beneficial ownership of Shares or other securities of the Company whether in the open market, by privately negotiated agreement or otherwise.

An early warning report is being filed in connection with Mr. Sheridan's ownership percentage decreasing by 5% (from 47% to 42% of the Shares) as a result of the Transfer. A copy of the early warning report filed in connection with the matters set forth above may be obtained by contacting:

Patrick Sheridan
141 Adelaide Street West, Suite 1101
Toronto, Ontario M5H 3L5
[phone]
Email: [email protected]

The Company's head office is located at 141 Adelaide Street West, Suite 1101, Toronto, Ontario M5H 3L5.

SOURCE Patrick Sheridan

Patrick Sheridan, 141 Adelaide Street West, Suite 1101, Toronto, Ontario M5H 3L5, [phone], Email: [email protected]