FPX Nickel Publishes Scoping Study Report for North America’s Largest Nickel Sulphate Refinery
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Publishes Scoping Study Report for North America’s
Largest Nickel Sulphate Refinery
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 ($0.0 6 /lb Ni) on a by -
product basis for refining awaruite concentrate to batter y-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 prod uction 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 mo re 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 , including those which relate to
the proposed development of the Refinery, the intended processing of commercially available awaruite
concentrate at the Refinery and the ability to obtain same; the projected economics of the Refinery,
including capital cost ; operating costs; NPV; IRR; carbon intensity; processing life; growth of the EV
market; marketability of the concentrate; growth of demand for nickel sulph ate and pricing therefor; and
all other statements, other than statements of historical facts. These statements address future events and
conditions and actual results could differ from those currently projected. The Company does not assume
the obligation to update any forward-looking statement.
Generally, forward -looking statements can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that
certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward -
looking statem ents involve risks, uncertainties and other factors that could cause actual results,
performance and opportunities to differ materially from those implied by such forward-looking statements.
Factors that could cause actual results to differ materially from these forward-looking statements are set
forth in the public reports and filings for FPX, filed on SEDAR + at www.sedarplus.com. Although FPX
believes that the information and assumptions used in preparing the forward -looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the date of
this news release, and no assurance can be given that such events will occur in the disclosed times frames
or at all. Except where required by applicable law, FPX disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.