FPX Nickel Announces Expansion to Generative Alliance with JOGMEC
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Announces Expansion to Generative Alliance with
JOGMEC
Vancouver, April 18, 2024 – FPX Nickel Corp. (TSX-V: 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 km2 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 wi th 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 km2 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 3Fe) hosted in an
ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 245 km2 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 ac tivities 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/ or contact Martin Turenne, President and CEO, at (604) 681 -8600 or
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 u ncertainties, 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.