FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (“FPX” or the “Company”) announces the completion of a Preliminary Feasibility Study (“PFS”) metallurgical test work campaign and updated precision We have published significant results that support our ore flowsheets. and provides a greater understanding of the process characteristics of the Baptiste Nickel Project (“Baptiste” or “Project”). This robust test-work campaign included multiple bench-scale and pilot-scale programs, resulting in improved process design bases, compared to the recovery rates assumed in the 2020 Preliminary Economic Tube recoverable (“DTR”) nickel recovery increased by 4% (“PEA”).

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• The PFS testwork program has been completed and the results will be fully incorporated into the upcoming PFS. September 2023
• The updated concentrator flowsheet will increase the DTR nickel recovery by approximately 4% to 88.7% compared to the 84.7% DTR nickel recovery assumed for the 2020 PEA.
• DTR nickel is further validated as a metallurgical screening tool to increase confidence in PFS-predicted metallurgical recoveries and resulting metal production profiles.

“Our completed metallurgical test work campaign further optimized the process flowsheet and improved the recovery infrastructure for Baptiste PFS, which continues to be delivered on time.” September 2023 ‘ commented Andrew Osterloh , Senior Vice President of Projects & Operations for FPX Nickel. “The scale and depth of our testing work is more similar to feasibility study level testing work and reflects FPX’s commitment to developing this new, yet simple and robust metallurgical process. These results further validate the processing advantages of awaruite in producing unique, high-quality metals.” A grade of product with unparalleled flexibility to feed into the stainless steel and battery materials supply chain. ”

FPX recently completed a PFS metallurgical test work campaign. The objectives and key outcomes of each campaign stage are shown in Table 1. The overall purpose of the program was to validate and improve the foundations of PEA process design and provide a robust data set to support process and engineering. We confirm the optimization of the PFS and the consistent metallurgical response of the very large Baptiste deposit. Please refer to the FPX news releases referenced in Table 1 for details on each testing phase.

Table 1 – Summary of PFS Metallurgical Testing Program

The overall PEA processing strategy remains consistent and exploits the unique properties of awaruite, but the unit operations in the concentrator flowsheet have been refined and are shown in Figure 1.

Based on the optimized flowsheet and subsequent PFS design, the estimated mine recovery lifetime of the PFS is summarized in Table 2. The table also highlights the major circuit design changes compared to the PEA:

• The PFS design divides the cleaning magnetic separation into two stages, cleaning and re-cleaning, as an engineering optimization that maximizes grinding energy efficiency without significantly impacting nickel recovery.
• A flotation tailings processing section, which combines flotation tailings leaching and dissolved nickel recovery, was also added to the PFS design. This leaching stage accounts for approximately 6.5% of total DTR nickel recovery.

Table 2 – Mine Life DTR Nickel Recovery – PEA vs PFS

As seen in Table 2, based on the PFS average feed grade of 0.13% DTR nickel, the optimized PFS flowsheet predicts a lifetime DTR nickel recovery of 88.7%, which is equivalent to This corresponds to a 4% increase from PEA. Based on an average grade of the PFS mineral resource of 0.21% total nickel on a total nickel basis, the optimized PFS flowsheet achieves a total nickel recovery of 54.9%.

qualified person

Jeff Austin P.Eng., President of International Metallurgical and Environmental Inc. and FPX qualified under NI 43-101, has reviewed and approved the technical content of this news release.

About the Decal Nickel District

The company’s Decal Nickel District represents a large-scale greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awalite (Ni). ₃ Fe) hosted in the ultramafic/ophiolite complex. FPX mineral claims cover an area of ​​245 km ² West of Middle River, North of Lake Trenbleu british columbia . Awaruite mineralization has been identified in several targeted areas within the ophiolite complex, including the Batiste deposit and Van Target, as confirmed by drilling, petrological examination, electron probe analysis, and outcrop sampling. Since 2010, approx. US $28 million It is spent on the exploration and development of Decar.

Of the four targets in the Decal Nickel District, the Batiste deposit is the focus of increased resource definition (a total of 99 holes and 33,700m Drilling has been completed), and environmental and engineering studies will also be conducted to assess the bulk tonnage volume’s potential as an open pit mining project. The Baptiste deposit is located within the Baptiste Creek Basin, within the traditionally unceded territories of the Tran-Azten Nation and Binsch-Witten First Nation, and within some Tran-Azten-Keo and Binsch-Witten-Kiyo. . FPX has so far conducted mineral exploration activities in accordance with the terms of agreements with countries and key holders.

FPX Nickel Corp. is focused on the exploration and development of the decal nickel area located in the central region. british columbia , and other occurrences of the same unique style of natural nickel-iron alloy mineralization known as awalite. For more information, please visit his website at www.fpxnickel.com or contact us. Martin Turenne President and CEO, (604) 681-8600 or ceo@fpxnickel.com .

On behalf of FPX Nickel

“Martin Turenne”
Martin Turenne President, CEO, Director

Forward-Looking Statements
Some of the statements made herein and some of the information contained herein are considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements address future events and circumstances and are subject to inherent risks and uncertainties, as disclosed in our periodic filings with Canadian securities regulators. Actual results may differ from current projections. We undertake no obligation to update any forward-looking statements.

Neither TSX Venture Exchange nor its regulated service providers are responsible for the suitability or accuracy of this release.

Source: FPX Nickel Corp.

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