FPX Nickel Announces Results of Baptiste Nickel Project Economic Impact Study
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Announces Results of Baptiste Nickel Project Economic
Impact Study
Vancouver, January 13, 2025– FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX Nickel” or
the “Company”) is pleased to announce the results of an Economic Impact Study (the “Study”) completed
for the Company’s Baptiste Nickel Project (“Baptiste” or “the Project”). The Company engaged Mansfield
Consulting Inc. to assess the potential regional, provincial, and national economic impact of the Baptiste
Nickel Project , based on the findings of the Company’s Pre -Feasibility Study (“PFS”) published in
September 2023.
The Economic Impact Study focuses on quantification of the economic impacts that would be created by
the development and ongoing operations of the Project , and assesses the regional employment impacts
created by the Project; the Study does not replace or alter the findings of the PFS. Amounts herein are in
Canadian Dollars unless otherwise noted.
Figure 1 – Baptiste Economic Impact Study Highlights
“This Study clearly demonstrates the economic value of Baptiste to central B.C., the province, and Canada,
positioning the Project as one with not just regional, but national significance for more than 30 years. This
includes the significant opportunity for Indigenous leadership and direct economic participation in major
projects such as Baptiste. As we progress with Project development, FPX is committed to continuing to
assess and define the Project with First Nation communities. We beli eve the addition of Baptiste to the
established mines operating in this region, including the Mt. Milligan Mine and the Blackwater Mine, will
provide much -needed opportunities for local workers and businesses given the anticipated decline in
regional forestry activity in the decades to come.”
- Martin Turenne, President and CEO of FPX Nickel
“B.C. is positioned to take advantage of the growing demand for critical minerals. The Province has
established a Critical Minerals Office to guide projects and ensure they move efficiently through regulatory
processes, and I want to recognize FPX Nickel Corp. for being the first company supported by that
Office. The Baptiste Project has tremendous potential, and we are excited to see what the future holds.
Together, we are creating opportunities, collaborating with First Nations to the benefit of all, and advancing
projects that could be the critical minerals mines of tomorrow.”
- The Honourable Jagrup Brar, British Columbia’s Minister for Mining and Critical Minerals
Economic Impact Study Highlights
• Total Gross Domestic Product (GDP) of $45.6 billion
• Total labour income of $17.5 billion
• Total direct, indirect and induced tax revenues of $15.5 billion, broken down as follows:
o Federal taxes: $6.2 billion
o Provincial taxes: $8.5 billion
o Municipal taxes: $0.8 billion
• Total employment of 208,000 job-years including direct, indirect, and induced jobs over the life of
mine
o This equates to an average of approximately 1,100 direct and 3,400 indirect jobs created
per year from construction to the end of operations
o Assuming 61% of positions will be filled through regional employment, this equates to
over 600 Bulkley-Nechako/Prince George residents employed per year on average, for over
32 years
o The Baptiste Nickel Project is projected to create well -paying jobs. Based on data
published by the Mining Association of British Columbia , the estimated average annual
salary in the B.C. mining industry is $139,000, which is 26% higher than the median
household income in Prince George in 2022, as reported by Statistics Canada.
Summary of Economic and Employment Impacts
A phased development approach is considered in the PFS, 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) in Year 8 of the
mine life.
The PFS projected the initial development of the mine to take place over three years (Years -3, -2, -1) with
a total capital cost of approximately $2.9 billion. Expansion of the mine would take place over two years
(Years 8 and 9) at a cost of approximately $1.0 billion. Over the nine-year duration of Phase 1 operations,
the PFS projected average annual revenues of approximately $1.1 billion, and over the twenty-year duration
of Phase 2 operations, the Project would achieve average annual revenues of approximately $1.6 billion.
Table 1 provides a summary of the economic impact of the Project by phase:
Table 1 – Total Economic Impacts By Phase of Project
Dollar amounts in $ billion, totals may not sum due to rounding
Criteria Total GDP
($B)
Total
Labour
Income
($B)
Total
Employment
(direct,
indirect, and
induced jobs)
Total Tax
Revenues
($B)
Initial Development
(3 years) 3.3 2.2 19,800 0.8
Mine Expansion
(2 years) 1.1 0.7 6,500 0.3
Mine Operations
(29 years) 41.2 14.6 181,900 14.5
Total 45.6 17.5 208,100 15.6
Table 2 provides a summary of the economic impact of the Project on the municipal, provincial, and federal
government revenues, including taxes from direct, indirect and induced activities (thus total taxes are higher
than as released in the Company’s 2023 PFS).
Table 2 – Taxes Attributable to Mine Development and Operations
Amounts in $ million, totals may not sum due to rounding
Criteria Federal Taxes Provincial Tax Municipal Tax
Initial Development (3 years) 421 338 53
Mine Expansion (2 years) 144 117 19
Mine Operations (29 years) 5,616 8,083 753
Total 6,181 8,538 825
Table 3 provides a summary of the direct, indirect, and induced jobs created by the project per year, by
Project phase.
Table 3 – Number of Jobs By Mine Phase (Note 1)
Criteria Initial
Development
Phase 1
Operations Expansion Phase 2
Operations Average
Direct Jobs Per Year 2,600 700 1,200 1,000 1,100
Indirect Jobs Per Year 2,300 2,700 3,800 3,800 3,400
Induced Jobs Per Year 1,700 1,500 2,400 2,100 1,900
Note 1: Direct impacts are changes that occur in “front -end” businesses that initially receive operating
revenues and incur expenditures. During the development or extension of a mine, direct impacts occur with
the mine owner and with other businesses that receive a portion of the initial spending on a project (for
example, engineering companies engaged to help develop a project). During the operation of a mine, direct
impacts occur with the mine owner and with other businesses that may receive a portion of the mine
revenues. Indirect impacts are changes that occur with suppliers of the front -end businesses. Induced
impacts are changes that occur in the general econom y through the spending by employees of front -end
businesses and suppliers.
Regional Direct Employment
A substantial portion of direct employment at the mine site is anticipated to be filled by residents of the
Bulkley-Nechako Regional District , Prince George and surrounding areas. The 2023 PFS assumed that
residents of Bulkley-Nechako and Prince George would fill a combined average of 633 full-time positions
or 61 percent of the total employment at the mine, resulting in 283 Bulkley-Nechako Residents and 350
Prince George residents employed per year on average over 32 years.
To place the on-site employment of Bulkley-Nechako residents in context, it was compared with regional
employment in other industries. According to census profiles, the largest industry by employment in the
main Bulkley-Nechako communities of Burns Lake, Vanderhoof, Fort St James and Fraser Lake is
manufacturing (primarily wood product manufacturing), accounting for 655 people out of the total labour
force of 4,215 people. As displayed in Figure 2, the average employment of 283 from Baptiste plus other
existing mines would make the Mining, Quarrying, and Oil & Gas Extraction sector the largest resource
industry employer in the region.
Figure 2 – Bulkley-Nechako Communities Labour Force by Industry (2021 Census, Note 2)
Note 2: 2021 census data pre-date recent notable Canfor mill closures in Vanderhoof and Fort St. James
in 2024, which were reported to impact approximately 500 workers.
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 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 3Fe) hosted in an
ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 408 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.
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
0 100 200 300 400 500 600 700
Manufacturing (primarily wood products)
Health care and social assistance
Educational services
Retail trade
Agriculture, forestry, fishing and hunting
Construction
Public administration
Accommodation and food services
Transportation and warehousing
Other services (except public administration)
Administrative and support, waste management and…
Professional, scientific and technical services
Mining, quarrying, and oil and gas extraction
Finance and insurance
Real estate and rental and leasing
Arts, entertainment and recreation
Wholesale trade
Information and cultural industries
Utilities
Management of companies and enterprises
Labour Force
Jobs Baptiste Project
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.