FPX Nickel Completes Additional Large-Scale Mineral Processing Pilot Testwork to Produce Awaruite Concentrate to Support Discussions with Prospective EV Battery Supply Chain Partners
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Vancouver, BC Canada V6E 2P4
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FPX Nickel Completes Additional Large-Scale Mineral Processing
Pilot Testwork to Produce Awaruite Concentrate to Support
Discussions with Prospective EV Battery Supply Chain Partners
Vancouver, September 4, 2025 – FPX Nickel Corp. ( TSX-V: FPX, OTCQB: FPOCF ) (“FPX” or the
“Company”) is pleased to announce that it has successfully completed another large -scale mineral
processing pilot testing campaign for the Baptiste Nickel Project (“ Baptiste” or the “Project”). Building
on the success of three previous pilot testing campaigns, a production run was completed to produce bulk
samples of awaruite concentrate which will be used to verify the suitability of using this concentrate as a
feedstock in third-party nickel refineries. Samples will be provided to selected prospective downstream
partners — most notably pCAM producers, battery companies, and automakers — who typically secure
nickel units directly and contract refiners to process feedstocks on their behalf. This reflects an established
industry model, supporting end users’ pursuit of supply security, traceable sourcing, and low -carbon
production.
“The ability to process awaruite concentrate through existing nickel refineries provides us with greater
strategic flexibility, in addition to its potential use directly in stainless steel or as feedstock for the
development of a new integrated refinery to produce battery -grade nickel sulphate,” commented Martin
Turenne, FPX Nickel’s President and Director. “This flexibility strengthens our position in strategic
discussions with automakers, battery companies, and other downstream partners, and places awa ruite
alongside established high-grade nickel intermediates such as MHP and matte as a disruptive new source
of nickel for the EV supply chain.”
Figure 1 – Samples of Awaruite Concentrate Produced from Baptiste’s Production Run Pilot Plant
Background
The Baptiste processing strategy leverages awaruite’s distinct properties in a simple, yet robust flowsheet.
The front-end of the flowsheet utilizes magnetic separation to create a “magnetics -rich” concentrate of
awaruite and magnetite – a process made eff ective due to awaruite’s intense ferromagnetism and high
density. The back-end of the flowsheet then utilizes conventional froth flotation to separate awaruite from
magnetite – a process made effective due to awaruite’s active surface properties and magnet ite’s general
lack of floatability. Finally, based on awaruite’s very high nickel content, a very high -grade nickel
concentrate (60% nickel) can be produced.
Downstream of the mineral processing plant, awaruite’s properties continue to provide distinct advantages,
including unparalleled downstream market flexibility. Unlike conventional nickel concentrates, which
typically have high sulphur content, Baptiste’s awaruite concentrate is nearly sulphur -free and low in
deleterious elements, allowing it to bypass smelting and be used directly in stainless steel fabrication.
Alternatively, the Baptiste awaruite concentrate is also an ideal feedstock for the production of high-purity,
battery-grade nickel sulphate for the electric vehicle (“EV”) supply chain.
Figure 2 – Potential Product Integration Routes for the Baptiste Awaruite Concentrate
Integration of the Baptiste awaruite concentrate into the EV supply chain can be achieved through two
routes as shown in Figure 2. The first integration route is through the construction of a bespoke integrated
hydrometallurgical refinery to produce battery -grade nickel sulphate from Baptiste concentrate . The
Company has recently demonstrated the technical and economic viability of this (as described in the FPX’s
March 31st, 2025 news release) and has recently completed a production run of nickel sulphate ( as
described in the FPX’s June 17th, 2025 news release) to provide samples to selected prospective
downstream partners.
A second integration route is for the Baptiste awaruite concentrate to be refined in an existing third -party
nickel refinery. Although nickel refineries are generally sensitive to variations in feedstocks, awaruite
concentrate can be used to supplement a portion of the feedstock, particularly for nickel refineries designed
to treat both mixed hydroxide precipitate ( “MHP”) and nickel matte — the two most commonly
interchangeable nickel intermediates. Awaruite concentrate has properties that position it between MHP
and matte — with fewer impurities than MHP but more than matte, and requiring less aggressive leaching
than matte but more than MHP — making it broadly comparable to both and a credible feedstock for nickel
refineries. The production of bulk quantities of awaruite concentrate will enable this strategy to be validated
by prospective downstream partners through direct testing of awaruite concentrate.
In addition to supplying refiners directly, awaruite concentrate can also be marketed to end users such as
pCAM producers, battery companies, and automakers. Under this established industry model, end users
purchase and hold the nickel units while establis hed third-party refiners perform the conversion to nickel
sulphate under tolling arrangements. This dual -path approach provides flexibility in commercialization
while reinforcing awaruite’s compatibility with existing refining infrastructure.
Pilot Plant
The Company re-engaged Corem (Quebec, Canada) to operate the pilot plant, building on their experience
conducting two previous successful piloting programs for FPX . A total of 23 tonnes of material were
processed, resulting in approximately 2.2 days of continuous run-time at an average rate of 430 kg/h in the
Stainless
Steel Plants
Awaruite Concentrate
Electric Vehicle
Supply Chain
Nickel Sulphate
Intermediate
Processing
End
Users
Baptiste Mine
and Mill
New Bespoke
Refinery
Existing Third
Party Refineries
Baptiste
Project
primary grinding and magnetic separation circuits. Using the optimized flowsheet developed in the prior
campaign (as described in FPX’s April 30, 2024 news release), th is more recent campaign achieved the
targeted recoveries, concentrate nickel grade and impurity levels, consistent with expectations and further
demonstrates the reliability of the Baptiste process. Figure 1 shows the first batch of concentrate produced
from this campaign while Table 1 shows the concentrate composition.
Table 1 –Awaruite Concentrate Composition
Element Nickel Cobalt Iron Sulphur Magnesium Copper
Grade (%) 64 1.1 26 0.3 1.6 0.4
Qualified Person
The metallurgical information in this news release has been prepared in accordance with Canadian
regulatory requirements set out in National Instrument 43 -101: Standards of Disclosures for Minerals
Projects of the Canadian Securities Administrators (“NI 43-101”). Testwork was supervised, reviewed, and
verified by Kyle D. Marte, P.Eng., FPX Nickel’s Director of Metallurgy and a “Qualified Person” as defined
by NI 43-101.
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 absence of sulphur and our ability to connect to the BC Hydro grid
means that Baptiste has the potential to be one of the lowest carbon-intensive nickel producers in the world
and will produce a very high -grade product that does not require any intermediate smelting or complex
refining. The Baptiste mineral claims cover an area of 453 km 2 west of Middle River and north of
Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit it self, 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$55 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. In 2024, the Province of British Columbia identified the Baptiste Nickel Project
as the first project to be included in the Province’s new Critical Minerals Office (“CMO”) concierge service
initiative, a provincial strategy action to enable the prioritization of critical minerals projects in B.C. The
CMO initiative is providing an excellent structure to proactively identify and address issues and
opportunities ahead of the Project’s entry into the environmental assessment process.
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.