Battery Metals

FPX Nickel Corp. (FPX-TSX.V) (" FPX Nickel " or the " Company ") announces that further to its news release dated September 9, 2020, it has filed the associated National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101 ") technical report (the "Report") for the Preliminary Economic Assessment (" PEA ") for the Baptiste Project (" Baptiste " or the " Project ") at its wholly-owned Decar Nickel District in central British Columbia. The Report is dated September 29, 2020 and can be found under the Company's profile at www.sedar.com. The PEA was prepared by BBA Inc. of Montreal, Canada with work on mine planning and tailings by Stantec Inc. of Vancouver, Canada.

The Baptiste PEA demonstrates the potential for establishing a greenfield open-pit mine and an on-site magnetic separation and flotation processing plant, using conventional technology and equipment. At a throughput rate of 120,000 tonnes per day (or 43.8 million tonnes per year), annual production is projected to average 99 million pounds nickel contained in ferronickel briquettes at C1 operating costs of US$2.74 per pound of nickel.   A summary of the PEA highlights is provided in Table 1.

Table 1 – Baptiste Project PEA Results and Assumptions (all in US$)

Results
Pre-tax NPV (8% discount rate) $2.93 billion
Pre-tax IRR 22.5%
Payback period (pre-tax) 3.5 years
After-tax NPV (8% discount rate) $1.72 billion
After-tax IRR 18.3%
Payback period (after-tax) 4.0 years
Net cash flows (after-tax, undiscounted) $8.73 billion
C1 operating costs 1 $2.74/lb nickel
AISC costs 2 $3.12/lb nickel
Assumptions
Processing throughput 120,000 tonnes per day
Mine life 35 years
Life-of-mine stripping ratio (tonnes:tonnes) 0.40:1
Life-of-mine average annual nickel production 99 million lbs.
Nickel price 3 $7.75/lb
Baptiste product payability (% of nickel price) 98%
Pre-production capital expenditures $1.67 billion
Sustaining capital expenditures $1.11 billion
Exchange rate 0.76 US$/C$
  1. C1 operating costs are the costs of mining, milling and concentrating, on-site administration and general expenses, metal product treatment charges, and freight and marketing costs less the net value of by-product credits, if any. These are expressed on the basis of per unit nickel content of the sold product.
  2. AISC of all-in sustaining costs comprise the sum of C1 costs, sustaining capital, royalties and closure expenses. These are expressed on the basis of per unit nickel content of the sold product.
  3. Nickel price is based on the average of six long-term analyst forecast prices.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the conclusions or results as reported in the PEA will be realized.

The PEA was produced by a team of independent consultants who possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of the Company's news release dated September 9, 2020.

About the Decar Nickel District

The Company's Decar Nickel District claims cover 245 square kilometres 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, 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, the B target, the Sid target and Van target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, approximately $25 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 main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.

As reported in the current NI 43-101 resource estimate, having an effective date of September 9, 2020, the Baptiste Deposit contains 1.996 billion tonnes of indicated resources at an average grade of 0.122% DTR nickel, thus equating to 2.4 million tonnes of nickel, and 593 million tonnes of inferred resources with an average grade of 0.114% DTR nickel, containing 0.7 million tonnes of nickel, reported at a cut-off grade of 0.06% DTR nickel. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

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 at 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 Regul ation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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FPX Nickel


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Austral Resources Australia Ltd and Glencore Finalise Agreements for $8.3M Spend

Brisbane, Australia (ABN Newswire) - Copper producer Austral Resources Australia Ltd (ASX:AR1) is pleased to announce that the Company has finalised the binding exploration earn-in agreements ("Earn-in Agreements") with MIM, a subsidiary of one of the world's largest mining companies, Glencore.

As announced to the market on 8 June 2022, Austral and MIM entered into a value generating nonbinding complementary Exploration Earn-in Agreements with Austral to expand its oxide exploration activity in both the Exploration Area and within MIM's prospective Russell Fault EPM. Under the Earnin Agreements, the parties agree to share exploration data and certain resources.

Key details of the Earn-in Agreements can be found below

Under the Earn-in Agreements, MIM will have the right to earn-in up to a 65% interest of Austral's JV EPMs by spending A$6.3m over four years. Austral retains the right to explore for and commercially exploit copper oxide ore within the Exploration Area. Additionally, under the Earn-in Agreement with MIM, Austral is entitled to earn-in up to 65% interest within MIM's Russell Fault EPM by spending A$2.0m over four years, effectively increasing the Company's copper exploration area by 116km2 .

Program of work for the Russell Fault Tenement

Indicative program of works across the Russell Fault EPM 26435 as part of the Glencore JV includes:

- Establish scheduled and recurring meetings between AR1 and MIM technical exploration staff.

- Source all relevant Russell Fault exploration data from MIM and evaluate:

o The extent, vintage and quality of data relevant to copper oxides;

o Regional and local structures with the emphasis on structural elements known to be highly prospective;

o Stratigraphic units present within EPM 26435 with the emphasis on the structural juxtaposition of stratigraphy;

o Surface geochemistry and drilling results to identify areas of known copper anomalism;

o Review of known and historic prospects, and extent of exploration; and

o Complete integrated lithological & structural interpretation including 2021 geophysical surveys to identify prospective zones.

- Field visits to prioritised prospective areas including mapping and geochemical sampling if warranted.

- Review and integrate copper oxide targets at Russell Fault EPM 26435 into a prioritised sequence, ranked against current Austral exploration targets, for further testing and evaluation.

- Design and execution of a lean and focused exploration program commensurate with prospectivity.

Austral's Managing Director and Chief Executive Officer, Dan Jauncey, commented:

"This is an exciting JV with Glencore's Mount Isa Mines, as it will provide Austral the opportunity to create significant shareholder value, as the additional expenditure increases the potential for further discoveries. Austral stands to benefit greatly from working with and learning from MIM's seasoned exploration team and we look forward to updating the market with our exploration plans over coming months."

*To view full details, please visit:
https://abnnewswire.net/lnk/ZF0HIAG1



About Austral Resources Australia Ltd:

Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.

Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.

News Provided by ABN Newswire via QuoteMedia

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