FPX Nickel Scoping Study Outlines Development of World's Largest Integrated Nickel Sulphate Operation for EV Battery Supply Chain at Baptiste Project in British Columbia

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the results of an internal engineering scoping study (" the Study ") evaluating the production of nickel sulphate for the electric vehicle (" EV ") battery supply chain from the high-grade awaruite nickel concentrate to be produced by the Company's Baptiste Nickel Project (" Baptiste " or " the Project ") in central British Columbia. The Study highlights FPX's potential to develop the world's largest integrated nickel sulphate production facility, linking the Company directly into the EV battery supply chain via the production of low-cost, low-carbon nickel sulphate over Baptiste's projected 35-year mine life.

Highlights

Development of an integrated nickel operation at Baptiste producing approximately 43,500 tonnes of nickel contained in nickel sulphate per annum, enough to fulfill approximately 17% of the projected North American EV battery demand for nickel in 2030 (according to Goldman Sachs ¹ )
Study outlines conventional hydrometallurgical flowsheet for production of high-purity nickel sulphate directly from Baptiste's high grade awaruite nickel concentrate (60-65% nickel), without the intermediate smelting typically required for sulphide concentrates or the extensive, aggressive pressure oxidation conditions required for laterite ores and sulphide concentrates
Anticipated capital costs for nickel sulphate production expected to be competitive with large-scale refinery operation recently developed by Terrafame ( Finland )
Nickel sulphate production at Baptiste is expected to be more environmentally sustainable than traditional production methods for nickel sulphate, with reduced carbon intensity, fewer supply chain participants, and synergies with an integrated site

"This scoping study demonstrates that Baptiste could become a globally significant producer of low-cost, low-carbon nickel for electric vehicles for decades to come," commented Martin Turenne , FPX's President and CEO. "Baptiste's awaruite nickel mineralization has clear technical advantages over sulphide and laterite ores for producing nickel sulphate, offering a lower-cost, lower-carbon path from mine-to-market in the EV battery supply chain. Given its extremely high nickel content (over 60% nickel) and low levels of impurities, our high-grade nickel concentrate has distinct advantages over low-grade nickel sulphide concentrates (under 20% nickel), and is already comparable to intermediate nickel sulphate feedstocks like mixed hydroxide precipitate (" MHP "), mixed sulphide precipitate (" MSP "), or nickel matte.

"We look forward to continued engagement with downstream participants in the EV battery supply chain, including chemical companies, battery makers and automotive OEMs, and expect to incorporate the results of this internal scoping study into the next stage of formal project study for Baptiste, with a new National Instrument 43-101 technical report anticipated in the first half of 2023."

Awaruite – An Advantageous Nickel Feedstock

Nickel mineralization at Baptiste is primarily present in awaruite (Ni ₃ Fe), a nickel-iron alloy composed of 75% nickel and 25% iron. In comparison to typical nickel sulphide concentrates, the Baptiste awaruite nickel concentrate is notable for its extremely high nickel content and low level of sulphur and associated impurities, as shown in Table 1.

Table 1 – Select Elemental and Mineral Content for Baptiste Nickel Concentrate and Typical Nickel Sulphide Concentrates

Elements and Minerals	Baptiste Awaruite Nickel Concentrate	Nickel Sulphide Concentrates
Nickel (Ni)	60-65%	8-21%
Iron (Fe)	30-32%	25-41%
Sulphur (S)	0.6 %	14-31%
Cobalt (Co)	1 %	0-1.2%
Copper (Cu)	0.5 %	0-5.0%
Magnesium Oxide (MgO)	1 %	4-10%

As described in the Company's January 7, 2020 news release, successful pressure leach testwork on Baptiste's awaruite nickel concentrate was undertaken by Sherritt Technologies (" Sherritt "). These tests demonstrated awaruite has favourable leaching characteristics, with up to 99% nickel extraction under moderate conditions and short treatment times. In addition, these tests demonstrated that the expected pregnant leach solution will contain low levels of impurities, allowing the utilization of conventional downstream unit operations for the production of nickel sulphate.

The favourable leaching characteristics of Baptiste's awaruite nickel concentrate, relative to a nickel sulphide concentrate, arises from the absence of sulphur in the awaruite mineral. While leaching of nickel sulphide concentrates is industrially proven, as demonstrated by Vale's Long Harbour refinery, they require more aggressive leaching conditions owing to the inherently refractory nature of sulphide minerals. Further to the simpler processing route, the significantly higher nickel grade of awaruite translates to a reduced plant size for a given nickel output.

Engineering Study Evaluating Nickel Sulphate Production

Strategy and Basis

Upstream of EV battery manufacturers are chemical plants producing P-CAM (precursor cathode active material) and CAM (cathode active material) for inclusion into the battery cathode cells. These chemical plants require nickel feedstock to produce P-CAM and CAM, with a preference for nickel sulphate specifically.

FPX engaged Ausenco Engineering Canada Ltd. (" Ausenco ") to complete an independent scoping study evaluating upgrading the high-grade Baptiste awaruite nickel concentrate to nickel sulphate. The Study evaluated options for producing nickel sulphate in either crystal form (Option 1) or solution form (Option 2), including an assessment of the various technical, economic and strategic considerations of each alternative. Figure 1 below provides a conceptual product flow diagram for each Option's integration into the EV battery supply chain.

Option 1 entails the production of nickel sulphate crystals at a hydrometallurgical refinery to be located either at the Baptiste site or a separate off-site location. The primary advantage of producing nickel sulphate in crystal form (versus Option 2's solution form) is the greater flexibility for servicing multiple downstream users, which is a tangible consideration considering the significant potential annual production volume from Baptiste (nominally 43,500 tonnes per year of nickel contained in approximately 200,000 tonnes per year of nickel sulphate crystal grading 22% nickel).

Option 2 is based on the transport of Baptiste concentrate to a refinery co-located with P-CAM and CAM manufacturing facilities (and potentially downstream battery cell manufacturing and battery pack assembly facilities). In this scenario, the refinery would produce a nickel sulphate solution, which would then be directly fed to an adjacent chemical plant producing P-CAM and CAM. The primary advantage of Option 2 is the potential synergies of co-locating refining, P-CAM, and CAM facilities in a common location.

In addition to the production of nickel sulphate, the Study also evaluated the capture of cobalt units into a cobalt intermediate product, representing a new by-product opportunity for the Project.

Processing Concept

The Study envisioned a processing concept with a conventional flowsheet, including unit operations of leaching, purification, solvent extraction, and crystallization. The process envisioned in the Study is also broadly comparable with the recently constructed Terrafame nickel refinery, which treats a mixed sulphide precipitate (" MSP ") product, with nickel intermediates such as MSP having broadly comparable processing requirements to Baptiste's awaruite nickel concentrate, as presented in Table 2.

Table 2 – Comparison of Baptiste's Awaruite Nickel Concentrate and Typical MSP Feedstock

Baptiste Awaruite

Nickel Concentrate

Typical MSP

Feedstock

Composition

Nickel (Ni)

Iron (Fe)

Sulphur (S)

Cobalt (Co)

Copper (Cu)

Magnesium Oxide (MgO)

60-65%

30-32%

0.6%

1.0%

0.5%

1%

55%

0.1-0.2%

33%

1-5%

Pressure Leaching Requirements:

Pressure (kpag)

Temperature (°C)

Residence Time (hours)

750

150

1.5

1,200-1,500

160-180

2.5

Pregnant Leach Solution:

Nickel (g/L)

Iron (g/L)

Free Sulphuric Acid (g/L)

60-70

2.0

10-25

80

0.5

20-30

Selection of the process design, equipment sizing and reagent quantities in the Study was based on a review of previous testwork, internal databases, and benchmarking against similarly-sized nickel sulphate operations, including Terrafame's refinery in Finland and BHP's Kwinana refinery in Australia. The FPX Study developed overall flowsheets, mass and energy balances, key mechanical equipment lists, general arrangement layouts, capital cost estimates, and operating cost estimates.

Figure 2 presents a comparison of the Study's processing concept to the comparable Terrafame processing concept, with key differences highlighted.

Key Results

Based on the Study's process design, the production of nickel sulphate from Baptiste's awaruite nickel concentrate is expected to achieve stage nickel recoveries of approximately 97%, resulting in the annual production of approximately 43,500 tonnes of nickel in nickel sulphate in the form of either crystals (Option 1) or solution (Option 2). At this scale, Baptiste would significantly exceed the scale of the world's current largest nickel sulphate producers.

Further, the proposed design is expected to yield cobalt recoveries from flotation concentrate of approximately 95%, resulting in the annual production of approximately 650 tonnes of cobalt in either an MSP or MHP product grading 40-50% Co. At this scale, Baptiste would become one of Canada's five largest cobalt operations, alongside nickel-cobalt mines operated by Glencore and Vale in central and eastern Canada .

Based on preliminary estimates developed for the Study, it is expected that the capital costs of nickel sulphate production at Baptiste will be competitive with the comparable Terrafame refinery in Finland , which was commissioned in 2021 (see Table 3). Similarly, the Study's operating cost estimate in well aligned with other industry benchmarks.

Table 3 – Key Parameters for Recent and Planned Nickel Sulphate Refinery Operations

	Baptiste	Terrafame
Basis	Independent scoping study	Constructed
Location	Canada	Finland
Feedstock	Awaruite concentrate 60-65% Ni	MSP 55% Ni
Production (tpa nickel contained in nickel sulphate)	43,500	37,400 ²
Capital Cost (USD, millions)	Internal Estimates	$333 ³
Capital Intensity (USD / tpa nickel)	Internal Estimates	$8,900
Operating Cost (USD / lb nickel)	Internal Estimates	Not published

The production of (a) nickel sulphate and (b) cobalt MHP (or MSP) products are expected to generate high-value alternatives for the utilization of Baptiste concentrate in the global EV battery supply chain. With easy access to well established domestic and international shipping routes, the Baptiste products can be readily integrated into the rapidly expanding EV production chain both within North America and abroad.

Comparison of Nickel Sulphate Feedstocks – Awaruite vs. Sulphides and Laterites

Typically, nickel sulphate is produced from intermediate or refined nickel products that have been subject to multiple complex metallurgical processes. These intermediate nickel products are typically either produced from sulphide or laterite nickel ores. The treatment process for Baptiste's awaruite nickel concentrate presents a simplified and lower risk route to producing large quantities of nickel sulphate.

Awaruite vs. Sulphide Ores

As compared to nickel sulphide concentrates, results from FPX's testwork and the Study suggest Baptiste's awaruite nickel concentrate has significant technical advantages, as follows:

Reduced Processing Requirements – the lack of sulphur and associated impurities eliminates the need for intermediate smelting prior to downstream hydrometallurgical processing into nickel sulphate (see Figure 3)
Reduced Process Complexity – the efficient dissolution of Baptiste's awaruite nickel concentrate eliminates the need for intermediate smelting and/or complex leaching processes, such as ultra-fine grinding, chlorine pre-leaching, chloride addition, or ammonia leaching
Reduced Carbon Intensity – the extremely high nickel content of Baptiste nickel concentrate (60-65% nickel) reduces the volume of concentrate for shipment by up to 85% in comparison with nickel sulphide concentrates, which typically grade 10-15% nickel, and the elimination of a secondary refining stage (e.g., smelting) further reduces the carbon emissions associated with transportation to multiple refining locations

Awaruite vs. Laterite Ores

As compared to nickel laterite ores, results from FPX's testwork and the Study suggest Baptiste's awaruite nickel concentrate has significant technical advantages, as follows:

Process Complexity – the leaching characteristics of awaruite require significantly lower pressure and temperature than high-pressure acid-leach ("HPAL") processes ( See Figures 4 and 5)
Process Footprint – the extremely high nickel content of Baptiste concentrate (60-65%+ nickel) tangibly reduces the volume of material subjected to pressure oxidation and leaching, significantly reducing the footprint and cost of the hydrometallurgical facility
Reduced Carbon Intensity – tangibly reduced process requirements for Baptiste concentrate fed by British Columbia's hydroelectric-based grid with demonstratively lower carbon intensity

Based on FPX's testwork and Study results, a refinery upgrading Baptiste's awaruite nickel concentrate would generate a low-carbon, low-cost, high-volume and high-purity nickel sulphate product for the EV battery supply chain, with a favourable competitive position driven by:

Single integrated facility to convert concentrate directly to nickel sulphate
Low cost of feedstock for a refinery integrated with the Baptiste mine-and-mill operation, versus higher-cost refined nickel feedstocks like nickel matte, MSP, MHP, powder, and briquettes
High refinery recovery rates for both nickel and cobalt
Efficiencies in the use of power, water and reagents and tailings disposal in an integrated site
Low-carbon footprint leveraging access to low-cost hydroelectric power in British Columbia

Next Steps

The near-term path for development of a nickel refinery upgrading Baptiste's awaruite nickel concentrate to nickel sulphate includes further testwork, further engineering studies, and general project development activities.

As part of FPX's ongoing three-phase metallurgical testwork campaign, approximately 17 tonnes of Baptiste material is currently being treated by a pilot plant at Corem in Quebec City. In addition to supporting refinement of the upstream mineral processing flowsheet, this large-scale piloting will also generate sufficient awaruite nickel concentrate for hydrometallurgical testwork. Concentrate is anticipated to be available in October 2022 , with the subsequent hydrometallurgical testwork campaign to run through the fourth quarter of 2022. This hydrometallurgical testwork campaign will:

Optimize awaruite nickel concentrate leaching conditions
Validate the conventional solution purification route for awaruite feedstock producing battery grade nickel sulphate
Evaluate opportunities specific to awaruite to further simplify the process and significantly reduce capital and operating costs

Building on the engineering studies to date and incorporating the testwork results as available, FPX will commence a more advanced engineering study in the fourth quarter of 2022, with results available in the second or third quarter of 2023. This new technical study will adhere to National Instrument 43-101, thereby allowing a fulsome disclosure of estimate results which will complement the more advanced engineering basis.

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

References:

Goldman Sachs Commodities Research, "Nickel's Class Divide", April 28, 2022 .
https://www.terrafame.com/media/terrafame-ltd-carbon-footprint.pdf
https://www.terrafame.com/news-from-the-mine/news/2021/06/production-ramp-up-at-terrafames-battery-chemicals-plant-has-started.html#:~:text=Production%20ramp%20up%20at%20Terrafame's%20new%20battery%20chemicals%20plant%20has,of%20the%20highest%20production%20capacities

About the Decar Nickel District

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. In 2021, the Company executed a maiden drilling program at Van, which has returned promising results comparable with the strongest results at Baptiste.

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. 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

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 TSXV:FPX Base Metals Investing

FPX:CA

FPX Nickel Announces Expansion to Generative Alliance with JOGMEC

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce an expansion of the Company's Global Generative Alliance (the " Generative Alliance ") program with Japan Organization for Metals and Energy Security (" JOGMEC "). Building on Year One progress and positive momentum achieved to-date, FPX and JOGMEC have agreed to an expanded Year Two budget. 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.

Highlights

Global Generative Alliance budget increased from initially planned $650,000 to $1,500,000 for Year Two
Through ongoing evaluations in five international and three Canadian jurisdictions, the Generative Alliance program remains on track to define Designated Projects to be joint ventured by FPX and JOGMEC starting in Year Two
The Generative Alliance program has staked approximately 120 km ² of prospective ground in British Columbia

"We are pleased with our progress during Year One of our Generative Alliance with JOGMEC and look forward to increasing momentum through a significantly expanded Year Two budget," commented Andrew Osterloh , FPX's Senior Vice-President of Projects and Operations. "Our shared vision of realizing new globally significant awaruite nickel deposits remains resolute, and with ongoing evaluations in multiple Canadian and International jurisdictions, we are on track to achieve our shared objective of defining Designated Projects starting in Year Two."

A JOGMEC representative commented: "JOGMEC has decided to increase funding for Year Two activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realization of a carbon-neutral society."

In April 2023 , FPX and JOGMEC initiated a Generative Alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets on a worldwide basis. Under the terms of the agreement, JOGMEC funded 100% of the $650,000 budget in Year One (covering the year ended March 31, 2024 ) and will fund 100% of the first $650,000 budgeted for Year Two (for the year ended March 31, 2025 ).

Building on Year One progress and the positive results of work completed to-date, FPX and JOGMEC have agreed to expand the Year Two budget to a total of $1,500,000 . Under the terms of the agreement for Year Two, after JOGMEC has funded a cumulative total of $1,300,000 , the parties will fund ensuing exploration activities on pro-rata basis (FPX 40% and JOGMEC 60%).

Subject to agreement between FPX and JOGMEC, one or more specific targets identified by the Generative Alliance may be advanced to a second phase to be further developed as a separate designated project (" Designated Project "). Each Designated Project will have its own work program and budget with the objective, of testing and further developing the identified targets. For each Designated Project, JOGMEC and FPX will respectively fund 60% and 40% for approved work programs.

During Year One of the Generative Alliance, FPX's exploration team conducted evaluations and/or sampling programs in five international and three Canadian jurisdictions. With multiple evaluations ongoing, and further prospective opportunities identified, the program is on track to identify Designated Projects in its second year.

Representing the first ground staked under the Generative Alliance, the Company is pleased to announce the acquisition of approximately 120 km ² of new mineral claims in British Columbia. This staking was based on historic sampling by FPX coupled with updated geological interpretation based on FPX's learnings at Baptiste.

The Company is currently strategizing on additional mineral tenure acquisitions within British Columbia , elsewhere in Canada , and in multiple international jurisdictions across multiple continents; one or more of such land packages may ultimately be selected as a Designated Project under the terms of the Generative Alliance. As and when Designated Projects are confirmed, FPX will provide additional disclosure regarding the location and planned work programs for such Projects.

Keith Patterson , P.Geo., FPX's Vice President, Generative Exploration, FPX's Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About the Decar Nickel District

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 Baptiste mineral claims cover an area of 245 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 $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the 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 agreements with First 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. For more information, please view the Company's website at https://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 Establishes Technical Advisory Committee with Representatives from Strategic Investors

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the creation of a Technical Advisory Committee (" TAC ") to provide guidance to FPX's management regarding the exploration and development of the Baptiste Nickel Project (" Baptiste " or the " Project ") in central British Columbia .

The TAC includes representatives of FPX's three strategic investors, each holding an approximate 9.9% interest in the Company's issued and outstanding shares – Sumitomo Metal Mining, Outokumpu Oyj, and the confidential corporate strategic investor first announced in November 2022 .

The TAC will benefit from the contribution of members from each of the strategic investors with diverse experience covering mineral exploration, mine project development and operations, sustainability and external relations. The group will review project materials and meet with FPX management on a quarterly basis to address risks and opportunities pertaining to the development of Baptiste. Consistent with the terms of the Company's investor rights agreements with each of its three strategic investors, the mandate of the TAC is strictly of an advisory nature; decisions regarding the Project will be subject to the sole determination of FPX's management and board of directors.

"We are grateful for the engagement of our three strategic investors in supporting the development of Baptiste," commented Martin Turenne , FPX's President and CEO. "Each of the three strategic investors brings unique technical capabilities, collectively covering the key aspects of mining, processing and downstream nickel consumption in the stainless steel and electric vehicle battery supply chains. The FPX management team looks forward to benefiting from this technical collaboration as we continue to advance Baptiste."

Market Maker Services

On March 1, 2024 , FPX retained PI Financial Corp. (" PI ") to provide market-making services in accordance with the TSX Venture Exchange (" TSX-V ") Policies. As disclosed in the Company's March 1, 2024 news release, in consideration of the Market Making Services, the Company is paying PI a monthly fee for a minimum term of three months. For additional clarity, the agreement provides an initial term of 12 months, which after three months may be terminated by the Company upon 30 days' written notice‎. After the initial 12-month term, the agreement continues on a month-to-month basis for an unspecified period. As of March 1, 2024 , PI did not have any interest, directly or indirectly in FPX or its securities, and did not possess any right to acquire such interest.

About the Decar Nickel District

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 Baptiste mineral claims cover an area of 245 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 $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the 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 agreements with First 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. For more information, please view the Company's website at https://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 Outlines Baptiste Nickel Project Advancement Activities

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to outline plans for advancement of the Baptiste Nickel Project (" Baptiste " or the " Project ") in 2024. Building on the completion of the robust 2023 preliminary feasibility study (" PFS "), the Company's strategy is designed to prioritize critical path activities in preparation for entry into the Provincial and Federal environmental assessment (" EA ") in the first quarter of 2025.

Highlights

Critical readiness activities for the EA are focused on three key areas:
- Collaboration with Indigenous communities: Achieved through building of relationships and progression towards establishment of EA agreements with potential participating Indigenous communities. This will include enshrining protocols for collaborative decision-making and consent-based processes with each community.
- Cultural and environmental baseline studies: FPX is committed to an Indigenous-led baseline program, and the Company's ongoing and expanded program will continue to build the comprehensive dataset required for the EA process and engineering studies.
- Engineering studies and feasibility readiness: Through desktop and laboratory programs, the Company will continue to refine key Project elements, readying the project for the EA and feasibility study processes.

"FPX is focused on prioritizing and advancing the key workstreams to successfully enter the EA process, which sits along the critical path for the overall development of the Baptiste Nickel Project," commented Martin Turenne , FPX's President and CEO. "We are committed to executing project development activities in partnership with Indigenous communities in the Project area and look forward to supporting the development of Canada's critical minerals ecosystem in keeping with our core values of safety, respect, and collaboration."

Collaboration with Indigenous Communities

In 2024, the Company will work to establish EA agreements with all potential participating Indigenous communities. FPX is committed to building relationships with Indigenous communities early and through inclusive processes, to providing resources to enable engagement and collaborative decision-making, to enabling Indigenous communities to advance self-determined goals, and to optimizing long-term sustainable benefits and opportunities connected to the Project.

FPX will continue collaborative Project design in advance of the EA process, building on a series of mine design workshops initiated in 2023. Initial discussions in these workshops have focused on community values and preliminary learnings from Indigenous-led environmental baseline studies and have emphasized the importance of respect and protection of the environment.

A collaborative decision-making process with Indigenous communities is planned in 2024 to determine key aspects of mine design including tailings facility location and powerline routing, in advance of entering the EA process. Agreements with Indigenous communities are a priority for the Company in 2024 as they will be a mechanism to formalize these commitments and initiatives.

Cultural and Environmental Baseline Studies

Cultural and environmental baseline studies have been ongoing for the Baptiste Nickel Project since early 2022 and include surface water hydrology and water quality, wildlife, vegetation, fisheries and aquatics, and archeology programs. Ongoing and expanded 2024 programs have been scoped in preparation for the EA process. The 2024 field program will include an expansion of activities in the Project area, and commencement of studies focused on linear infrastructure, including the Project access road and powerline corridors.

FPX is committed to the ongoing execution of an Indigenous-led cultural and environmental baseline program. To achieve this, the Company has prioritized engagement of Indigenous-owned businesses and partnerships, such as Shas-Ti Environmental LP and Sasuchan Environmental LP, to ensure integration of Indigenous perspectives into the scoping and execution of these studies.

"The environmental consulting group Ecofor and the community of Binche have a long history of working together and in 2022 this was formalized by the establishment of Shas-Ti Environmental, a partnership undertaking the Indigenous-led baseline studies and training of community members for the Baptiste Nickel Project," commented Dwayne Martin , Community Liaison Manager for Shas-Ti Environmental. "A Dakelh phrase that guides our approach to collaboration is Alhgoh 'uts'ut'en, meaning we all work together . We are extremely proud of the work we are doing and that FPX is committed to this philosophy of working together."

Project Design & Engineering

Following completion of the PFS in October 2023 , the Company conducted a comprehensive planning exercise to define the path forward for Baptiste through project development and into production, and to ensure the Company will enter the EA process with the level of engineering definition necessary to de-risk the overall Project timeline. In 2024, engineering work will be centered on metallurgical testing and value engineering activities.

Metallurgy

The PFS was robustly supported by an extensive metallurgical testwork program which included extensive bench and multiple pilot-scale testwork programs. The Company has now commenced the feasibility study (" FS ") metallurgical program, which is focused on refining select elements of the flowsheet while also completing the typical testwork elements required to support FS detailing.

The FS metallurgical program commenced with pilot-scale testing of the concentrator flowsheet to (a) refine select elements of the Baptiste concentrator flowsheet, and (b) produce sufficient awaruite concentrate to support larger-scale testwork of the downstream refinery flowsheet. The concentrator pilot-scale testwork program is nearing completion, and results along with the confirmed plan for refinery testwork for the production of battery-grade nickel sulphate will be presented in April 2024 . Both of these programs are being funded in part by a non-repayable grant from the federal government of Canada under the Critical Minerals Research, Development, and Demonstration (" CMRDD ") program.

Other elements of the FS testwork program in 2024 include the types of typical and routine testwork required to support FS detailing, including bulk material handling characterization, solid-liquid separation, comminution variability, briquetting, and flotation tailings leach optimization testwork. Additionally, the Company will evaluate the potential opportunities which were presented in the PFS, such as nickel sulphide flotation and upgrading of a potential iron ore concentrate. The FS testwork program is expected to run through to 2025, and material findings will be sequentially released when completed.

Value Engineering

Building on the technical and commercial viability demonstrated in the PFS, the Company has commenced a value engineering program which looks to further improve project value, and also provide suitable layout and execution certainty ahead of the EA process. To this effect, concurrent value engineering studies are focusing on optimization of the following areas: process plant design, overall site layout, carbon intensity, and linear infrastructure (access road and powerline).

The value engineering exercise has identified several potential improvements to the conceptual Project design; the Company will report the full results of the value engineering program in the second quarter of 2024. Technically and economically feasible alternatives that are identified through value engineering will be further evaluated through collaboration with Indigenous communities, as described above.

Feasibility Study Planning

The Company will also progress scoping and planning for the 2025 field season, which will focus on data collection to support the feasibility study, including geotechnical investigations, continued environmental baseline data collection, and resource drilling.

Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects & Operations, FPX's Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About the Decar Nickel District

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 Baptiste mineral claims cover an area of 245 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 $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the 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 agreements with First 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. For more information, please view the Company's website at www.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.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/05/c6824.html

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FPX Nickel Appoints Market Maker

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce that it has retained PI Financial Corp. (" PI ") to provide market-making services in accordance with the TSX Venture Exchange (" TSX-V ") Policies.

PI, an investment dealer located in Vancouver, British Columbia , will trade the securities of FPX on the TSX-V, adhering to regulatory exchange policies to maintain a reasonable, fair market and to enhance the liquidity of the Company's shares (" Market Making Services "). In consideration of the Market Making Services, the Company will pay PI a monthly fee of $5,000 for a minimum term of three months. After three months, the agreement with PI may be terminated by the Company at any time upon 30 days' written notice. FPX and PI are unrelated and unaffiliated entities. PI will not receive shares or options as compensation and the capital used for market-making will be provided by PI.

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 mineral 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 agreements with First 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. For more information, please view the Company's website at www.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 materially from those currently projected by management at the time of writing due to many factors the majority of which are beyond the control of FPX and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: the duration of the Marketing Making Services and the frequency of any trades in connection with the Market Making Services. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company does not assumes the obligation to update any forward-looking statement except as expressly required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/01/c5688.html

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FPX Nickel Subsidiary CO2 Lock Corp. Achieves Successful Injection of CO2 at SAM Project in British Columbia

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to provide an update on the activities of CO2 Lock Corp. (" CO2 Lock "), its majority-owned subsidiary specializing in carbon capture and storage (" CCS ") via permanent mineralization. CO2 Lock has completed a comprehensive field program at its SAM site in central British Columbia including the first-ever successful injection of CO 2 into a brucite-rich ultramafic mineral project. This achievement marks a significant milestone in the development of CO2 Lock's innovative in-situ CO 2 mineralization technology.

Highlights

Successful injection of CO ₂ at depth, with downhole sensors verifying the desired CO ₂ content throughout the carbonated water injection, bolstering confidence in the effectiveness of CO2 Lock's proprietary approach
Geological analysis confirms that the SAM deposit has promising mineralogy for CO ₂ mineralization and permanent storage, with high values of brucite (key carbon-reactive mineral)
Extraction of multi-tonne surface bulk sample for use in an ex-situ CO ₂ mineralization pilot at CO ₂ Lock's laboratory in the Vancouver area

"The promising geological analysis and successful demonstration of the CO ₂ injection into the SAM project highlight the significant potential of CO2 Lock's in-situ mineralization technology," commented Martin Turenne , FPX's President and CEO. "We look forward to seeing CO2 Lock's next steps in advancing its proprietary approaches to both in-situ and ex-situ carbon mineralization at its SAM project."

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Ramp Metals Inc. Opens the Market

Jordan Black Chief Executive Officer and Director, Ramp Metals Inc. (TSXV: RAMP) ("Ramp Metals" or the "Company"), and his team joined Omar Khafagy Manager, Corporate Access, Toronto Stock Exchange (TSX), to open the market and celebrate the Company's listing to TSX Venture Exchange (TSXV).

Ramp Metals is a battery and base metal exploration company with two flagship properties located in northern Saskatchewan and one property in Nye County, Nevada .

View original content to download multimedia: https://www.prnewswire.com/news-releases/ramp-metals-inc-tsxv-ramp-opens-the-market-302127855.html

SOURCE Toronto Stock Exchange

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/25/c9697.html

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Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

2023 Operational and Project Highlights:

The Company raised over $17 million for exploration, with cash and cash equivalents of $5,540,312 at the year end
Completed aggressive exploration programs with 21,126 meters in 47 holes drilled in 2023.
Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the updated Mineral Resources estimation reported in Q1 2024, which includes:
- A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
- 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.
- Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.

Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2023.

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Aston Bay Holdings Announces Non-Brokered Private Placement

(NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.)

Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it will conduct a non-brokered private placement (the "Offering"), subject to acceptance by the TSX Venture Exchange (the "Exchange"), for aggregate gross proceeds of up to $5,000,000. The Offering will consist of non-flow through units (the "Units") at a price of $0.12 per Unit (the "LIFE Offering"), and flow-through shares (the "FT Shares") at a price of $0.15 per FT Share

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Aston Bay Signs Definitive Agreement to Option the Epworth Sediment Hosted Copper-Silver-Zinc-Cobalt Project, Nunavut, Canada; Dr. Elizabeth Turner Joins Advisory Board

Expanding Aston Bay's large-scale high-grade copper portfolio

Aston Bay Holdings Ltd. (TSX-V:BAY)(OTCQB:ATBHF) (the "Company" or "Aston Bay") is pleased to announce that on April 23, 2024, it entered into a definitive agreement (the "Agreement") with Emerald Geological Services ("EGS") pursuant to which it has been granted an option (the "Option") to acquire an undivided 80% beneficial interest in a property owned by EGS in Nunavut, Canada (the "Property") (see March 1, 2024 Aston Bay press release). In addition, the Company is excited to announce the appointment of Dr. Elizabeth Turner to the Company's Technical Advisory Board

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Atico Produces 3.34 Million Pounds of Cu and 2,156 Ounces of Au in First Quarter 2024

Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTCQX: ATCMF) announces its operating results for the three months ended March 31, 2024 from its El Roble mine. Production for the quarter totaled 3.34 million pounds of copper and 2,156 ounces of gold in concentrates, an increase of 44% for copper and a decrease of 16% for gold, respectively, over the same period in 2023.

"The El Roble mine operated in line with set expectations for this quarter as we improved on almost all metrics over the same period last year," said Fernando E. Ganoza, CEO. "For the remainder of the year, the team will be focused on optimizing production to take advantage of the higher metal price environment and to deliver on this year's set guidance. In parallel, we continue to drill new high-grade resources in the mine vicinity target areas. These new areas will be incorporated into our mine plan as well as the new resource update which is planned to be published imminently."

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	Q1 2024 Total	Q1 2023 Total	% Change
Production (Contained in Concentrates)
Copper (000s pounds)	3,338	2,319	44%
Gold (ounces)	2,156	2,566	-16%
Mine
Tonnes of ore mined	64,873	60,568	7%
Mill
Tonnes processed	65,787	62,793	5%
Tonnes processed per day	811	747	9%
Copper grade (%)	2.51	1.88	34%
Gold grade (g/t)	1.64	2.20	-25%
Recoveries
Copper (%)	91.8	89.2	3%
Gold (%)	62.1	57.9	7%
Concentrates
Copper and Gold Concentrates (dmt)	8,274	5,813	42%

Payable copper produced (000s lbs)	3,137	2,180	44%

	Q1 2024 Total
Amounts in dry metric tonnes
Opening inventory	8,227
Production	8,274
Sales	-9,383
Number of shipments	1
Closing inventory	7,002

FPX Nickel Scoping Study Outlines Development of World's Largest Integrated Nickel Sulphate Operation for EV Battery Supply Chain at Baptiste Project in British Columbia

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Overview

Company Highlights

Key Project

Decar Nickel District - Baptiste Project

Management Team

Martin Turenne - President, CEO and Director

Andrew Osterloh - Vice-president, Projects

Felicia de la Paz - Chief Financial Officer and Corporate Secretary

Dr. Peter M. D. Bradshaw - Chairman

Rob Pease - Director

William H. Myckatyn - Director

Peter Marshall - Director

James S. Gilbert, - Director

Anne Currie - Director

Kim Baird - Director

Dan Apai - Engineering Manager

Tim Bekhuys - SVP, Sustainability and External Relations

Keith Patterson - Vice-president, Generative Exploration

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