FPX Nickel Publishes Scoping Study Report for North America’s Largest Nickel Sulphate Refinery
Press Release
Vancouver, March 31, 2025 – FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the “Company”) announces that further to its news release dated February 24, 2025, it has published the Report for the Awaruite Refinery Scoping Study (the “Study”) on its website at https://fpxnickel.com/projects-overview/awaruite-refinery/.
The Study demonstrates a compelling business case for the development of a standalone refinery (the “Refinery”) to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle (“EV”) industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products. The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated.
Highlights
- Strong Economics: After-tax NPV8% of $445 million and IRR of 20% at $8.50 /lb Ni
- Large-Scale, Long Life: 40-year operating life producing 32,000 tpa of nickel contained in battery-grade nickel sulphate
- Valuable Products: Production of battery-grade nickel sulphate for the EV industry, and by-products including cobalt, copper, and ammonium sulphate, a valuable fertilizer product for the agricultural sector
- Low Cost: Total estimated operating costs of $1,598/t Ni, or $133/t Ni ($0.06 /lb Ni) on a by-product basis for refining awaruite concentrate to battery-grade nickel sulphate, resulting in total all-in production costs of $8,290/t Ni ($3.76/lb Ni) for nickel sulphate generated from awaruite mineralization (inclusive of mining, processing, refining, on a by-product basis), with both figures ranking in the lowest decile of the respective global nickel sulphate cost curves
- Low Carbon: A carbon intensity of 0.2 tCO2/t Ni for refining operations, resulting in a total all-in carbon intensity of 1.4 t CO2/t Ni for nickel sulphate generated from awaruite mineralization, which is magnitudes lower than current nickel sulphate production routes.
The Study reinforces the opportunity for the development of an integrated, made-in-Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains. The Study is described more fully in the FPX news release dated February 24, 2025, and incorporates the flowsheet advancements outlined in the Company’s previously reported pilot-scale hydrometallurgical testwork results (see the FPX news release dated October 15, 2024).
Andrew Osterloh, P.Eng., FPX’s Senior Vice President, Projects and Operations, has reviewed and approved the content of this news release.
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 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
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