FPX Nickel Delivers PFS for Baptiste Nickel Project with After-Tax NPV of US$2.01 Billion and 18.6% IRR

FPX Nickel Delivers PFS for Baptiste Nickel Project with After-Tax NPV of US$2.01 Billion and 18.6% IRR

 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce results from the preliminary feasibility study (" PFS ") for its 100%-owned Baptiste Nickel Project (" Baptiste " or the " Project ") in central British Columbia with an after-tax NPV 8% of $2.01 Billion and IRR of 18.6% at $8.75 lb Ni.  The PFS has been prepared in accordance with National Instrument 43-101 (" NI 43-101 ") and demonstrates the potential to develop a high-margin, long-life, large-scale, and low-carbon mine with unparalleled flexibility to produce either a high-grade concentrate (60% nickel) for direct feed into the stainless steel industry (the " Base Case ") or further refining into battery-grade nickel sulphate, cobalt precipitate, and copper concentrate products for the battery material supply chain (the " Refinery Option ").  All amounts are in US Dollars unless otherwise indicated.

Highlights
  • After-tax NPV 8% of $2.01 Billion and IRR of 18.6% at $8.75 /lb Ni
  • 29-year mine life producing an average 59,100 tonnes per year of nickel
  • Phased development approach, with expansion following the 3.7-year after-tax payback period
  • Life-of-mine (" LOM ") average C1 operating cost of $3.70 /lb Ni ( $8,150 /t), assuming no byproduct credits
  • LOM average annual pre-tax free cash flow of $578 million during operating years
  • Strategic product flexibility, with a Base Case high-grade nickel concentrate (60% nickel) for direct feed to the stainless steel industry, plus a Refinery Option to produce battery-grade nickel sulphate

"The PFS firmly establishes Baptiste as a key strategic asset in the development of Canada's critical minerals supply chain," commented Martin Turenne , FPX's President and Chief Executive Officer.  "Despite the inflationary pressures observed in the mining industry in recent years, the study has yielded after-tax NPV and IRR superior to those observed in the 2020 preliminary economic assessment, reflecting greater engineering maturity and incorporating the several optimizations identified by our class-leading project team in regards to resource modelling, mine planning, process recovery, and site design.  The Baptiste project represents a significant opportunity for First Nations, the governments of British Columbia and Canada , and FPX to work together to develop a project that creates substantial and sustainable benefits while protecting the environment for future generations. We look forward to continued collaboration with local Indigenous groups, and the provincial and federal governments to support the development of Canada's critical minerals ecosystem and to leverage health, economic and social benefits for local communities."

Webinar and Presentation

The Company's management will host a live webinar on Wednesday, September 6 at 10:00 a.m. Eastern ( 7:00 a.m. Pacific) to provide an overview of the PFS results and to answer questions from participants.  Participants can access the live webinar at the following link:
https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-tsx-v-fpx-otcqb-fpocf-2023-09-06-100000

The results of the PFS are summarized in a corporate presentation available on the homepage of the Company's website at www.fpxnickel.com .

PFS Overview

The Base Case outlines an open-pit mining project in central British Columbia which will produce an average of 59,100 tonnes of nickel per year in concentrate over a 29-year mine life.  The project will be developed in a phased approach, with an initial mill throughput rate of 108,000 tonnes per day (Phase 1), followed by an expansion to 162,000 tonnes per day (Phase 2) funded from free cash flow after the initial after-tax payback period of 3.7 years.  The mining strip ratio averages 0.41 in the Phase 1, and 0.56 overall for life-of-mine (excluding capitalized pre-stripping).

The Project will utilize a conventional processing flowsheet with SAG-mill based grinding followed by magnetic separation, froth flotation, and a flotation tailings leach circuit, as previously described in the Company's June 27, 2023 news release.  Overall Davis Tube Recoverable (" DTR ") nickel recovery is estimated to average 88.7% for the life-of-mine, with 93% of the nickel produced contained in a high-grade flotation concentrate (60% nickel) and the balance (7% of nickel produced) contained in a mixed hydroxide precipitate (" MHP ") produced from a tailings leach circuit.

The Project will be supplied with low-carbon power from the BC Hydro provincial electricity transmission grid, resulting in an estimated Scope 1 and 2 carbon intensity of 2.4 t CO 2 /t nickel produced, placing Baptiste within the lowest decile of global nickel production.  The Project will be accessed by a road system consisting of upgrades and expansions to an existing forest service road (" FSR ") network.  All mine tailings and waste rock are proposed to be managed within a single integrated facility that will utilize open pit pre-stripping material and waste rock for embankment construction.

Base Case economics are presented in Table 1, based on a $8.75 /lb nickel price.

Table 1 – Base Case Economics

Criteria

Units

Base Case

Initial Capital Cost

USD, millions

2,182

Operating Cost

$/t milled

8.15

C1 Operating Cost 1

USD /lb Ni

3.70

All-in Sustaining Cost ("AISC") 2

USD /lb Ni

4.17

After- Tax

NPV 8%

USD, millions

2,010

IRR

%

18.6

Payback Period

years

3.7

Mine Life-to-Payback

ratio

7.8

NPV-to-Initial Capex

ratio

0.92

Annual Free Cash Flow, Pre-Tax 3

USD, millions

578

Notes:


1.

Exclusive of any byproduct credits.

2.

Inclusive of operating cost, sustaining capital, expansion capital, closure capital, and royalties.

3.

For production years.

The Refinery Option outlines an off-site refinery to upgrade a portion of nickel-in-concentrate to produce 40,000 tpa of battery-grade nickel sulphate for the electric vehicle battery supply chain, with the balance of concentrate continuing to be directly supplied to the stainless steel industry.  Along with battery-grade nickel sulphate, this option also supports the valorization of cobalt and copper as refinery byproducts.  The Refinery Option presents incremental capital expenditure of $448 million with an incremental operating cost of $1.02 per pound of nickel (C1 cost of $0.79 /lb Ni, including credits for cobalt and copper byproducts), resulting in total NPV 8% of $2,127 million .  Further discussion of the Refinery Option is contained within the "Refinery Option" section near the end of this news release.

Mining & Mineral Reserves

The Baptiste deposit will be mined as a conventional large-scale truck and shovel operation with up to 60 Mt of material mined per year during Phase 1 and up to 120 Mt of material mined per year during Phase 2. The mining operation will feature 250 mm blast-hole electric drills, 42 m 3 electric excavators, and 300 t haul trucks working on nominal 10 m high benches. A flexible combination of dozers, graders, wheel loaders, and excavators will form the core of the support equipment fleet.

The mineral resource estimate (effective November 14, 2022 , see FPX news release) for the Project is based on updated drilling from the 2021 season, informing the Baptiste deposit geological model.  Taking advantage of the resource shape and local topography, mining will commence at the south of the deposit before moving northwest and northeast, respectively.  This approach provides two distinct advantages during the initial operating years, including a higher average mill feed grade and a lower mining strip ratio.  This approach allows capital advantages through the deferment of mining equipment to sustaining costs, as well as a lower mining operating cost during Phase 1.

A summary of the PFS mine plan is presented in Table 2, followed by a chart of tonnage moved and average mill feed grade throughput for the envisioned mine life (Figure 1).

Table 2 – PFS Mine Plan Summary


Phase 1

Phase 2

Total

Operating Years

1 to 9

10 to 29

29 years

Head Grade, Average (% DTR Ni)

0.135

0.128

0.130

Mill Throughput (tpd)

108,000

162,000

-

Tonnes Milled, Total (Mt)

345

1,143

1,488

Tonnes Waste, Total (Mt) 1

141

697

838

Strip Ratio (waste:ore) 1

0.41

0.61

0.56

Notes:


1.

Excludes capitalized pre-stripping.

Figure 1 – Material Moved and Mill Feed Grade by Year (CNW Group/FPX Nickel Corp.)

The Probable Mineral Reserves for the project are estimated at 1,488 Mt at an average grade of 0.13% DTR nickel (0.21% total nickel), resulting in 1,933 kt of contained DTR nickel metal (3,125 kt of total nickel metal) over the 29-year mine life.  Included in waste material for the PFS are 44 Mt of inferred material at an average grade of 0.113% DTR nickel.

Table 3 – Baptiste Nickel Project Reserve Estimate

Category

Tonnes

(Mt)

DTR
Nickel

(%)

Total
Nickel

(%)

Contained Metal

(kt DTR nickel)

Contained Metal

(kt total nickel)

Proven

-

-

-

-

-

Probable

1,488

0.13

0.21

1,933

3,125

Proven &
Probable

1,488

0.13

0.21

1,933

3,125

Notes:


1.

Mineral Reserves are reported effective September 6, 2023.

2.

The Qualified Person for the estimate is Mr. Cristian Hernan Garcia Jimenez, P.Eng, an independent consultant.

3.

Mineral Reserves were developed in accordance with CIM Definition Standards (2014).

4.

Mineral Reserves are reported using a fixed 0.06% DTR Ni cut-off grade, which represent approximately US$9/t NSR value, which is above the economic cut-off grade of US$5.5/t.

5.

The Mineral Reserves are supported by a mine plan, based on a pit design, guided by a Lerchs Grossmann (LG) pit shell. Inputs include $8.75/lb Ni, $1.98/t mining opex, $3.72/t process opex, $1.10 /t G&A opex, pit slopes varying from 42-44 degrees, and 85% process recovery

6.

Life-of-mine strip ratio is 0.56 (W:O), excluding capitalized pre-stripping.

7.

Ore and contained nickel tonnes are reported in metric units and grades are reported as percentages.

8.

All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum due to rounding as required by reporting guidelines.

Metallurgy & Process Facilities

The PFS metallurgical testwork program involved multiple bench- and pilot-scale campaigns (see FPX's June 27, 2023 news release). The overall processing strategy takes advantage of awaruite's unique characteristics in a simple flowsheet utilizing well-proven unit operations, as presented in Figure 2.  The estimated life-of-mine DTR nickel recovery for the PFS is 88.7%, as presented in Table 4.   Based on average grade of 0.21% total nickel, this equates to a 55% total nickel recovery.

Figure 2 – Baptiste PFS Concentrator Flowsheet (CNW Group/FPX Nickel Corp.)

Table 4 – Life of Mine DTR Nickel Recovery

Recovery

DTR Nickel
Recovery (%)

By
Processing
Stage

Roughing Magnetic Separation

95.0

Cleaning Magnetic Separation

99.3

Recleaning Magnetic Separation

99.7

Flotation

87.4

Flotation Tailings Treatment

54.8

Overall

To Awaruite Concentrate

82.2

To Mixed Hydroxide Precipitate

6.5

Combined To Both Nickel Products

88.7

The process plant will be developed in two phases, with the Phase 1 plant capable of processing 108,000 tpd of ore, and the Phase 2 expansion bringing total processing capacity to 162,000 tpd.  Processing facilities utilize conventional unit operations and configurations in comminution, magnetic separation, flotation, and tailings leach.

In consideration of ore grindability, low abrasivity, and low power cost, comminution will consist of primary gyratory crushing, followed by semi-autogenous (" SAG ") mill and ball mill grinding.  Based on awaruite's intense magnetic response, a coarse primary grind of 250 mm allows approximately 84% of the fresh plant feed to be diverted directly to final tailings in the primary magnetic separation stage.  Followed by two stages of regrind and cleaner magnetic separation, a further 12% of fresh plant feed is diverted to final tailings, resulting in a "magnetics only" concentrate consisting of awaruite and magnetite.  This results in a flotation circuit which only needs to treat less than 5% of fresh plant feed.

Flotation utilizes well-defined conditions in conventional mechanical flotation cells.  Roughing flotation followed by four stages of cleaning flotation produces a high-grade nickel concentrate (60% nickel) which is then dewatered, briquetted, and bagged for sale to market.  Flotation tailings are subjected to mild atmospheric tank leaching conditions to recover nickel not recovered in flotation (approximately 6.5% of DTR nickel).  Leach solution is purified and nickel is subsequently precipitated to a MHP product (containing 45% nickel) which is then dewatered and bagged for sale to market.

Other Facilities

The proposed tailings facility design considers management of tailings and mine waste in a single integrated facility, utilizing open pit pre-stripping material and waste rock for dam construction.  Deposition of waste rock and tailings is considered within the open pit in the final years of operations.  The tailings facility will incorporate cross-valley dams and is situated in close proximity to the open pit, with gravity-flow of tailings for the first 6 years of operations, followed by the installation of a tailings pumping system in Year 7.

The conceptual site water management plan includes management of site contact water in the tailings facility with collection of runoff water downstream of all other Project infrastructure/disturbances.  PFS water balance modelling indicates the site to be in an annual water deficit, requiring a modest allowance for freshwater makeup during operations, including for potable water requirements.

The Project considers a full suite of on-site infrastructure and ancillaries.  Both the construction and operation phases will be supported by an on-site camp facility.

The Project will connect with BC Hydro's low-carbon grid, with multiple options having been validated through a formal BC Hydro study.   The PFS considers a 230 kV connection to the Glenannan substation located to the south of the Project, with a line length of approximately 155 km. The current FSR network will suitably support the early stages of site construction. The current road network will be upgraded, including minor expansions, at the end of the first year of construction resulting in reduced travel times to site.  No other off-site facilities are envisioned to be required for the Project.

Project Execution

The Gantt chart presented in Figure 3 summarizes the conceptual project development timeline.  The critical path runs through the environmental assessment (" EA ") and permitting process, with an anticipated EA decision in the first quarter of 2027.  Approximately 9-12 months off the critical path are engineering studies, with key events including the feasibility study and front-end engineering and design (" FEED ") ahead of the final investment decision (" FID ").  Following a positive EA decision and permitting the project through 2027, the FID will approve the project to proceed with construction early works commencing in early 2028, followed by full construction and subsequent production of first nickel in the fourth quarter of 2030.

Figure 3 – Project Development Schedule (CNW Group/FPX Nickel Corp.)

Capital Cost Estimate

Initial capital costs have been estimated in alignment with AACE (Association for the Advancement of Cost Engineering) Class 4 standards and have a stated accuracy of +/- 25%.  The PFS contributors completed engineering, design, and costing inputs for their respective scope, with the overall estimate consolidated by Ausenco Engineering Canada Inc.  Sustaining and expansion capital costs have been estimated in alignment with AACE Class 5 standards, and closure capital costs have been estimated on an order-of-magnitude basis.

The total initial capital cost for the Project is estimated to be $2,182 million and is expended in Years -3, -2, and -1 ahead of start-up at the commencement of Year 1.  Expansion capital cost is estimated to be $763 million and is expended ahead of expansion start-up at the commencement of Year 10.  Sustaining capital cost is estimated to be $1,281 million .  Total closure capital cost is estimated to be $284 million .  No salvage value is considered due to the 29-year mine life.

Table 5 – Total Estimated Capital Costs

Capital
Cost Type

Category

Total

(USD, millions)

Initial
Capital

Costs

Mining

325

Process Plant

730

Tailings Facility

115

On-Site Infrastructure

106

Off-Site Infrastructure

127

Indirect Costs

401

Owner's Costs

106

Contingency

272

Total Initial Capital

2,182

Sustaining
Capital

Costs

Mine Equipment

643

Tailings Facility

421

Indirect Costs

20

Contingency

97

Total Sustaining Capital

1,181

Total Expansion Capital Costs

763

Total Closure Capital Costs

284

Total Capital Costs (life-of-mine)

4,410

Operating Cost Estimate

Total operating costs are estimated to average $8.15 per tonne milled for life-of-mine, for an equivalent C1 cost of $3.70 /lb nickel produced (exclusive of any byproduct credits).  Phase 1 operating costs of $7.88 /t milled are lower than the life-of-mine average, primarily due to the impact of the lower strip ratio in the early operating years.  Inclusive of royalties, sustaining capital, expansion capital, and closure capital, AISC is estimated to average $4.17 /lb nickel produced for life-of-mine.

Mine operating costs are estimated to average $3.14 per tonne milled for life-of-mine, with lower costs during Phase 1 ( $2.59 per tonne milled) due to the lower strip ratio.  Processing costs are estimated to average $3.63 per tonne milled for life-of-mine, with the Phase 2 costs slightly lower due to increased throughput.  G&A averages $1.09 per tonne milled for life-of-mine, benchmarking consistently with nearby major operating mines.  Concentrate transport averages $0.29 per tonne milled for life-of-mine, assuming shipment of concentrates from Baptiste to east Asia .

The Project is subject to a 1% net smelter return (" NSR ") which is payable on annual sales less transportation costs to market.

Table 6 – Life-Of-Mine Operating Cost and AISC

Category

Units

Phase 1

Phase 2

LOM
Average

Mining

$/t milled

2.59

3.31

3.14

Processing

$/t milled

3.75

3.59

3.63

G&A

$/t milled

1.23

1.05

1.09

Concentrate Transport

$/t milled

0.31

0.29

0.29

Total Cash Costs

$/t milled

7.88

8.24

8.15

C1 Operating Cost 1

$/lb nickel produced

3.48

3.76

3.70

AISC 2

$/lb nickel produced

3.97

4.23

4.17

Notes:


1.

Exclusive of any byproduct credits.

2.

Inclusive of operating cost, expansion capital, sustaining capital, royalties, and closure capital.

Economic Analysis

At an assumed nickel price of $8.75 /lb and a CAD:USD exchange rate of 0.76, the Project generates an after-tax NPV 8% of $2.01 billion , an after-tax IRR of 18.6%, and an after-tax payback of 3.7 years.  See Table 7 for further details regarding PFS economics and Table 8 for NPV 8% sensitivity to nickel price, recovery, initial capital cost, and operating cost.

CRU, a leading provider of analysis and consulting in the mining, metals and fertilizer markets, prepared a market analysis report that looked at the global ferronickel (" FeNi ") market and considered the applicability of the Baptiste FeNi briquette to stainless steel production and the strong comparability of the Baptiste FeNi briquette to standard FeNi.  Based on an average of the last six years of published data from a leading western ferronickel producer, payability of 95% of the LME nickel price has been assumed for the Baptiste FeNi product.

Based on published market data, the payability for nickel content in MHP ranged from 70% to 90% of the LME nickel price over the 2020-22 period, with the low-end of that payability range coinciding with the period of extreme market volatility and elevated LME nickel prices in the first half of 2022.  For the purposes of the PFS economic analysis, payability of 87% of the LME nickel price has been assumed for the Baptiste MHP product.

The PFS models provincial mining taxes in accordance with the British Columbia Mineral Tax Act, and combined provincial and federal income taxes.  The PFS reflects the impact of the federal government's refundable critical minerals investment tax credit, announced in the 2023 Federal Budget, which is proposed to be equal to 30% of the capital cost of eligible property for the extraction and processing of certain critical minerals, including nickel.  The PFS estimates total LOM taxes paid of C$6.3 billion including C$2.5 billion to the Province of British Columbia and C$3.8 billion to the Government of Canada , implying an estimated LOM tax rate on taxable income of approximately 37%.

Table 7 – PFS Economics

Economic Basis/Result

Units

Base Case

Nickel Price

USD/lb

8.75

Payability, FeNi Briquette

%

95

Payability, MHP

%

87

Pre-Tax

NPV 8%

USD, millions

2,923

After-Tax

NPV 8%

USD, millions

2,010

IRR

%

18.6

Payback

years

3.7

Mine Life-to-Payback

Ratio

7.8

NPV-to-Initial Capex

Ratio

0.92

Annual Free Cash Flow, Pre-Tax 1

USD, millions

$578

Notes:


1.

During operating years.

Table 8 – NPV Sensitivity

After-tax NPV 8% (USD, millions)

-20 %

-10 %

Base
Case

+10 %

+20 %

Nickel Price

837

1,427

2,010

2,593

3,173

Recovery

837

1,427

2,593

3,173

Initial Capital Cost

2,217

2,114

1,907

1,803

Operating Cost

2,444

2,227

1,794

1,577

As seen in Table 8, the project is most and equally sensitive to nickel price and recovery; however, economics remain robust at levels below Base Case assumptions.  In keeping with the long mine life, the Project is more sensitive to operating cost than initial capital cost.

Refinery Option

To demonstrate Baptiste's strategic flexibility to also produce nickel and cobalt for the battery material supply chain, a Refinery Option was developed to be discrete from the Base Case, envisioning the operation of a standalone refinery in Central British Columbia.   Located in an urban setting, the refinery would benefit from the infrastructure, services, and labour which would be available at an integrated battery material processing hub, such as those being developed in eastern Canada and other locations worldwide.

The refinery flowsheet has been optimized based on the results of FPX's hydrometallurgical testwork program (see FPX's May 17, 2023 news release).  Substantial improvements to the refinery flowsheet are centred in the optimization of the leaching circuit and the resultant simplification of downstream purification requirements.

The refinery is sized to produce 40,000 tonnes per year of nickel contained in battery grade nickel sulphate.  In addition, the refinery would produce approximately 700 tonnes per year of cobalt in MHP and 300 tonnes per year of copper in concentrate.  For the Refinery Option, the balance of nickel produced at the Baptiste mine (over and above the 40,000 tonnes in nickel sulphate) would continue to be marketed as a FeNi product to the stainless steel industry.

Based on market data published by Asian Metal, the 2022 nickel sulphate price in China ranged from a low of $23,677 to a high of $33,036 per tonne of contained nickel.  For the Baptiste nickel sulphate product, a premium of $1.00 /lb ( $2,205 /tonne) to the assumed base LME Ni price of $8.75 /lb ( $19,290 /tonne) has been applied in the Refinery Option economic analysis.

Initial capital costs for the Refinery Option have been estimated in alignment with AACE Class 5 standards.  As seen in Table 9, the Refinery Option economics are comparable to the Base Case.

Table 9 – Refinery Option Economics

Economic Basis/Result

Units

Refinery Option

Only

PFS Base Case +
Refinery Option

Nickel Refinery Capacity

Tpa

40,000 tpa of contained nickel in nickel sulphate

Nickel Sulphate Premium

$/lb Ni

1.00

Nickel Price

USD/lb

8.75

Cobalt Price

USD/lb

15.00

Copper Price

USD/lb

3.50

Initial Capital Cost

USD, millions

448

2,629

C1 Operating Cost 1

USD/ lb Ni

0.79

3.89

Payability, MHP

% LME price

87

87

After-Tax

NPV 8%

USD, millions

63

2,127

IRR

%

9.9

17.7

Payback

years

7.5

3.9

Notes:


1.

Inclusive of cobalt and copper byproduct credits from refinery.

Indigenous Engagement

The Baptiste area is located on the traditional territories of Tl'azt'en Nation and Binche Whut'en and within several Tl'azt'enne and Binche Whut'enne keyohs, a traditional governance system of the Dakelh people of the Stuart-Trembleur Lake area. FPX has maintained regular engagement with Tl'azt'en Nation and Binche Whut'en, formalizing those activities with a Memorandum of Understanding (" MoU ") signed in 2012 with Tl'azt'en Nation, and an Exploration and Development Memorandum of Agreement (" MoA" ) signed in 2022 with the Binche Keyoh Bu Society.

FPX acknowledges the potential impacts of resource projects and the concerns that Indigenous communities may have for such activities occurring on their territories.  The Company has been working collaboratively and meeting with local communities to understand key valued species and habitats in order to avoid and minimize impacts, and to identify significant mitigations and enhancements that have the potential to create long-term environmental benefits for the local area.  The Company is committed to ensuring the Rights of Indigenous Peoples are respected, and is focused on working with Indigenous leadership to advance a modern mining project that is aligned with global sustainable development goals and that protects people and the environment. FPX looks forward to continuing to evaluate all aspects of the potential project, building on on-going geological and engineering studies, Indigenous-led cultural and environmental baseline studies, and continued early engagement with all potentially-affected communities.

Technical Report

FPX intends to file on SEDAR and the FPX website within 45 days of this news release the Technical Report for the PFS prepared in accordance with the requirements of NI 43-101, including a description of the updated Mineral Resource Estimate and the Mineral Reserve Estimate.  For readers to fully understand the information in this news release, they should read the Technical Report in its entirety, including all qualifications, assumptions, exclusions, and risks that relate to the PFS.  The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

PFS Contributors

The Baptiste PFS included contribution from the parties listed in Table 10 (" PFS Contributors "), each of whom is a qualified person under NI 43-101.

Table 10 – PFS Contributors

PFS Contributor

Qualified Person

Scope of Responsibility

Ausenco Engineering Canada Inc.

Kevin Murray, P.Eng.

Recovery methods, process plant, on-
site infrastructure, capital cost
estimate, operating cost estimate,
financial model, opportunities, next
steps, and refinery option

Carisbrooke Consulting Inc.

David Baldwin, P.Eng.

Off-site power

Equity Exploration Consultants Ltd.

Ron Voordouw, P.Geo.

Geology

ERM Consultants Canada Ltd.

Rolf Schmitt, P.Geo.

Environmental, Permitting

International Metallurgical &
Environmental Inc.

Jeff Austin, P.Eng.

Metallurgy

Knight Piésold Ltd.

Duke Reimer, P.Eng.

Tailings, water management, &
geotechnical

Next Mine Consulting Ltd.

Richard Flynn, P.Geo.

Mineral resource estimate

Onsite Engineering Ltd.

Paul Mysak, P.Eng.

Off-site roads and bridges

TechSer Mining Consultants Ltd.

Cristian Garcia, P.Eng.

Mine design & mineral reserve
estimate

Qualified Persons Murray, Voordouw, Reimer, Flynn, Mysak, and Garcia all visited the Baptiste Nickel Project site during the development of their respective PFS contributions.   Additional information can be found in the pending Technical Report.

Qualified Person

The PFS contributors prepared or supervised the preparation of information that forms the basis of the PFS disclosure in this news release.

Andrew Osterloh , P.Eng., Senior Vice President, Projects and Operations for FPX, is a qualified person as defined by NI 43-101.  Mr. Osterloh has reviewed and approved the technical content of this news release.

About the Decar Nickel District

The Company's Decar Nickel District represents a large-scale greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex.  FPX's mineral claims cover an area of 245 km 2 west of the Middle River and north of Trembleur Lake, in central British Columbia.  Awaruite mineralization has been identified in several target areas within the ophiolite complex including the Baptiste Deposit and the Van Target, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling.  Since 2010, approximately US $30 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 focus of increasing resource definition (a total of 99 holes and 33,700 m of drilling completed), as well as environmental and engineering studies to evaluate its potential as a bulk-tonnage open pit mining project.  The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of our agreements with the Nations and keyoh holders.

About FPX Nickel Corp.

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.

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.

SOURCE FPX Nickel Corp.

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Exploring and developing the high-margin Baptiste nickel project in Canada

FPX Nickel and JOGMEC Initiate Exploration at the Expanded Klow Property in British Columbia

FPX Nickel and JOGMEC Initiate Exploration at the Expanded Klow Property in British Columbia

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce planned exploration activities at the Company's Klow property (" Klow " or the " Property "), located 45 km north of the Company's Baptiste Nickel Project. Exploration will be 100% funded by the Japan Organization for Metals and Energy Security (" JOGMEC ") under the terms of an earn-in agreement which provides JOGMEC the option to earn up to a 60% interest in the Property. The Company has recently expanded the mineral claims at Klow by 600%, bringing the Property to 164 km 2 and is currently preparing a wide-ranging surface rock sampling program over the summer of 2025 with the goal of advancing Klow to drill-ready status.

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FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.

FPX Nickel Provides Update on Affiliate Company CO2 Lock Corp.

 FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on the activities of its affiliate company, CO2 Lock Corp. (" CO2 Lock ").

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Background

In 2022, FPX announced the formation of CO2 Lock as a self-funding subsidiary to pursue geoscience-related carbon capture and storage (" CCS ") opportunities via permanent mineralization of carbon dioxide. FPX retains 100% of the carbon credits associated with CCS on FPX's own properties, and can use any intellectual property developed by CO2 Lock for the benefit of FPX's own properties.

Since its inception, CO2 Lock has completed multiple field programs at its flagship SAM site in central British Columbia , including a successful CCS field program in 2023, which included drilling an exploration well. This achievement marked a significant milestone in the development of CO2 Lock's innovative in-situ CO 2 mineralization technology.

Commercial Updates

In recent months, CO2 Lock has achieved several commercial milestones, including the signing of preliminary agreements with key counterparties in the CCS value chain as follows:

  • Letter of Intent with Cielo Carbon Solutions (" Cielo ") and Carbon Quest outlining the framework for capturing and sequestering 100,000 tonnes of CO 2 per year, scaling up to a target of 1 million tonnes per year. This strategic relationship combines Cielo and Carbon Quest's point-source carbon capture solution with CO2 Lock's storage solution to create an end-to-end value chain from industrial emitters to the permanent storage of carbon dioxide.

  • Memorandum of Understanding with Ionada Carbon Solutions LLC (" Ionada ") to pursue a variety of commercial arrangements relating to the capture and storage of carbon dioxide and the related sale of carbon credits into the commercial market. The collaboration will integrate Ionada's proprietary carbon capture technology with CO2 Lock's permanent mineralization storage solutions, creating end-to-end carbon capture storage systems that are cost-effective and scalable.

  • Letter of Intent with a leading carbon marketplace platform (the " Platform "), under which the Platform will purchase up to 33% of the carbon credits generated annually from CO2 Lock's flagship SAM carbon sequestration site, representing the potential for over 300,000 verified carbon credits (tonnes) per year.

Following the successful field program in 2023, CO2 Lock has submitted an application for a carbon capture and storage exploratory reservoir license with British Columbia's Ministry of Energy and Climate Solutions. Receipt of this license would provide CO2 Lock with the regulatory approval to advance the project towards commercial operations at the SAM project.

CO2 Lock Financing and Restructuring

CO2 Lock recently completed the final $600,000 tranche of its latest funding round, which raised a cumulative total of $1.7 million through a Simple Agreement for Future Equity (" SAFE ") from third-party investors. Since its inception, CO2 Lock has raised a total of approximately $3.4 million from third-party investors.

In connection with the closing of the SAFE round, FPX and CO2 Lock have agreed to a restructuring of CO2 Lock's capital structure such that FPX's undiluted ownership interest in CO2 Lock has been reduced from approximately 88% (prior to the SAFE round) to 30% (on conclusion of the SAFE round). This restructuring better positions CO2 Lock to seek additional funding from third party investors going forward, while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize CO2 Lock's intellectual property for the benefit of FPX's own properties.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.  For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or 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.

SOURCE FPX Nickel Corp.

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FPX Nickel Announces Board and Management Changes

FPX Nickel Announces Board and Management Changes

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the appointment of Dan Apai, P. Eng., as the Company's Vice President, Projects effective May 1, 2025 . Mr. Apai succeeds Andrew Osterloh who will be departing his role as a Company employee on May 9, 2025 . Further, the Company is pleased to announce that Mr. Osterloh will be nominated for election as a Board member at the Company's annual general meeting to be held on June 26, 2025 .

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Martin Turenne , President and CEO of FPX stated, "On behalf of the Board of Directors, I would like to thank Andrew for his dedication and service to the Company. During Andrew's tenure and under his leadership, the Company has significantly improved the development basis for the Baptiste Nickel Project, including progressing technical maturity in the areas of metallurgy, engineering, and execution planning. We are grateful for his efforts and wish him the very best going forward."

Mr. Turenne continued, "I am delighted to welcome Dan to our senior management team. Dan has been a valuable contributor since he joined the Company in January 2023 as our Engineering Manager. Dan brings a wealth of knowledge from prior experience developing and commissioning multiple large-scale projects and his deep familiarity with Baptiste will ensure a smooth transition as we further advance the Project."

"We are very happy to welcome Andrew to the FPX Board," commented the Company's Chairman, Peter Bradshaw . "Andrew has demonstrated exceptional leadership in progressing Baptiste through the development of the prefeasibility and refinery studies. His deep understanding of the Project and strategic insights will be a significant asset to our Board. We look forward to his contributions as a Board member to the Company's continued success."

Mr. Osterloh joined FPX in June 2021 , bringing with him extensive experience from project management roles at Fluor Canada and site operations positions at several notable mining projects, including Eskay Creek (that is now being redeveloped by Skeena Gold & Silver) and Huckleberry, operated by Imperial Metals, both located in British Columbia . Mr. Osterloh will be assuming the role of VP, Engineering & Construction at Skeena Gold & Silver, as the Company undertakes redevelopment of the Eskay Creek Project.

Mr. Apai, the Company's Engineering Manager since January 2023 , has over twenty years' mining industry experience in civil engineering and engineering management over a diverse range of projects. As Principal Civil Engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources, and Newcrest. Dan's technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Mr. Apai is a Member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .

About the Baptiste Nickel Project

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The absence of sulphur and our ability to connect to the BC Hydro grid means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world and will produce a very high grade product that does not required any intermediate smelting or complex refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US$55 million has been spent on the exploration and development of Baptiste.

FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at https://fpxnickel.com/ or contact Martin Turenne , President and CEO, at (604) 681-8600 or 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.

SOURCE FPX Nickel Corp.

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FPX Nickel Provides Update on 2025 Community Initiatives

FPX Nickel Provides Update on 2025 Community Initiatives

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on recent community investment initiatives. FPX is committed to positively contributing to the communities where we operate through investments in programs or organizations that address inequality and are strongly aligned with Company values. FPX established the Community Office in 2024 in Fort St. James which is located approximately 90 km from the Baptiste Nickel Project (the " Project "). The Company hosts regular open houses which offer the opportunity for local community members to learn about the Company, its employees, and the Project, and to provide early feedback to inform the Company's activities.

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FPX Nickel Announces Extension to Generative Exploration Alliance with JOGMEC

FPX Nickel Announces Extension to Generative Exploration Alliance with JOGMEC

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the extension of the Company's Global Generative Exploration Alliance (the " Generative Alliance ") with Japan Organization for Metals and Energy Security (" JOGMEC "). Building on strong progress achieved through the first two years of the Generative Alliance, FPX and JOGMEC have agreed to convert the arrangement into an open-ended joint venture going forward. The program will remain focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the Company's flagship Baptiste Nickel Project (" Baptiste ") in central British Columbia .

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Talon Metals and Westmoreland Mining Sign Land Agreement to Progress North Dakota Minerals Processing Facility

Former coal mining site is set to be developed to process critical minerals for domestic defense and energy requirements, reducing current dependence on China and Russia

Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) through its wholly owned subsidiary Talon Nickel (USA) LLC ("Talon" or the "Company") is pleased to announce that it has secured a site currently owned by Westmoreland Mining LLC ("Westmoreland") as the location where Talon will develop its Beulah Minerals Processing Facility ("BMPF"). This milestone marks a significant achievement in U.S. domestic critical mineral processing infrastructure for nickel and other key minerals.

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Noble Mineral highlights Successful Exploration Results announced by Canada Nickel, including Mann West

Noble Mineral highlights Successful Exploration Results announced by Canada Nickel, including Mann West

(TheNewswire)

Noble Mineral Exploration Inc.

TORONTO TheNewswire - May 28, 2025 Noble Mineral Exploration Inc. (" Noble " or the " Company ") (TSXV: NOB) (OTCQB: NLPXF) is pleased to announce successful exploration drilling results from its joint venture partner Canada Nickel Company in the East Timmins Nickel Company, operating in the Timmins area of Northern Ontario.

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WESTERN COPPER FORMALLY EXTENDS INVESTOR RIGHTS AGREEMENT WITH MITSUBISHI MATERIALS

WESTERN COPPER FORMALLY EXTENDS INVESTOR RIGHTS AGREEMENT WITH MITSUBISHI MATERIALS

 western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce that Mitsubishi Materials Corporation ("Mitsubishi Materials") has completed the precondition for the previously announced extension of their investor rights agreement.

Western Copper and Gold Corporation Logo (CNW Group/Western Copper and Gold Corporation)

Mitsubishi Materials acquired two million common shares of the Company through open market purchases, taking their overall ownership to approximately 5%. Consequently, the investor rights agreement between the two groups has now been extended to May 30, 2026 , in accordance with the amended terms announced on April 15, 2025 .

"We are extremely pleased to maintain, and enhance, our relationship with Mitsubishi Materials." said Sandeep Singh , President and CEO. "They remain an incredibly supportive shareholder, and we value their expertise as we advance the Casino Project."

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

"Sandeep Singh"

Sandeep Singh
President and CEO
western copper and gold corporation

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding the anticipated advancement of the Casino Project, the continued support and involvement of Mitsubishi Materials, and the potential benefits of the extended investor rights agreement.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino project, potential impacts on operational continuity, changes in general market conditions that could affect the Company's performance; and other risks and uncertainties disclosed in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.

Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure document.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward-looking statements represent the Company's views as of the date of this news release. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.

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SOURCE western copper and gold corporation

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