FPX Nickel

Primary tickers: TSXV:FPX, OTCQB:FPOCF
Stage of development: Exploration, Development
Primary minerals: Nickel, Cobalt
Project to promote: Baptiste Nickel Project
Project location: British Columbia, Canada
Website: fpxnickel.com
Corporate presentation: Click here

FPX Nickel is advancing the PFS-stage Baptiste nickel project in British Columbia, Canada. Baptiste is expected to be one of the 10 largest nickel operations in the world, producing approx. 59,000 tonnes of nickel per year over a 29-year mine life at low C1 operating costs of US$8,000/tonne. Further, the project is expected to be one of the lowest carbon-footprint nickel mines in the world, with CO2 emissions of 3 tonnes CO2/tonne Ni produced (vs. industry average of 30 tonnes CO2/ tonne Ni). In the past two years, FPX has received strategic equity investments from 3 large corporate investors, including Sumitomo Metal Mining and Outokumpu.

Cash: CAD 40M
Debt: NIL

Major shareholders:
Allyn Knoche – 12%
Peter Bradshaw – 10%
Corporate Strategic Investor, Confidential – 9.9%
Sumitomo Metal Mining – 9.9%
Outokumpu – 9.9%
Management Ownership – 14%

Financials

Management Profile

Martin Turenne – President & CEO
Martin Turenne is a mining executive with extensive hands-on experience in company leadership, mine project development and financing, corporate governance, Indigenous relations and government advocacy. Mr. Turenne is a CPA, CA with 20 years of progressive and diverse experience in the resources industry, ranging from exploration and development-stage juniors to large multinational producers. He graduated with a Bachelor’s in Business Administration from Simon Fraser University and earned his professional qualifications while working at KPMG Vancouver LLP. He also serves as a Director of Elemental Altus Royalties Corp., a gold-focused royalty company listed on the TSX Venture Exchange.

What is your rationale for taking part in 121 Mining Investment?

Non-deal marketing

What recent news would you like to highlight to investors attending?

1 September 2022 — FPX Nickel Scoping Study Outlines Development of World’s Largest Integrated Nickel Sulphate Operation for EV Battery Supply Chain at Baptiste Project in British Columbia

3 April 2023 — FPX Nickel Announces Global Generative Exploration Alliance with JOGMEC

6 September 2023 — FPX Nickel Delivers PFS for Baptiste Nickel Project with After-Tax NPV of US$2.01 Billion and 18.6% IRR

January 2024 — FPX Announces Strategic Equity Investment from Sumitomo Metal Mining

What are your key goals in 3 months, 6 months, 12 months?

3 Months:
Completion of metallurgical pilot program funded by Government of Canada

6 Months:
Commence feasibility study work

12 Months:
Commencement of formal project permitting (2025)

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

As we advance Baptiste into the Feasibility Study stage and intro project permitting, the key risks of the project are those of any large-scale project such as ours, centering around project permitting and ensuring that we build on the history of positive engagement with our First Nations partners to deliver a fully permitted project in coming years. We are currently well advanced through the completion of environmental and cultural baseline studies and believe we will be prepared to engage the provincial and federal regulators with the submission of our initial project description in 2025.

What do you think makes your company such a compelling investment?

Long-life, low-cost, low-carbon nickel project development in Canada, ticking all the boxes as a strong candidate for M&A interest from large diversified mining companies.

What are the top 3 key investor takeaways?

Low-cost, low-carbon, made in Canada