FPX Nickel Corp. announced the commencement of a preliminary feasibility study ("PFS") for the Baptiste Nickel Project ("Baptiste" or "the Project") in central British Columbia. The PFS will mark the culmination of the extensive de-risking and optimization program that has been undertaken since the issuance of the 2020 preliminary economic assessment ("2020 PEA").

The PFS is expected to be completed in September 2023. The PFS will mark the culmination of an extensive de-risking and optimization program that has been undertaken since the issuance of the 2020 PEA. With data collection and fundamental optionality largely addressed during the post-PEA work program, FPX is confident that the PFS can be executed in an efficient manner, and the team will be able to focus on maximizing the project's technical and commercial maturity.

The PFS will present a base case of a mine and concentrator facility to produce a high-grade awaruite concentrate (50-65% Ni) which can be directly fed to the stainless steel industry without intermediate processing. As a strategic alternative, the PFS will present an option to further refine the high-grade awaruite concentrate within a standalone, off-site refinery to produce both battery-grade nickel sulphate and cobalt-rich products for the electric vehicle battery supply chain. This highly flexible approach is due to Baptiste's unique mineralogy and the resultant simple flowsheets for the production of high-value concentrate and sulphate products.

In addition to the technical work conducted since the PEA, the Company has also focused efforts on understanding the current project execution environment, including both cost escalation and schedule considerations. FPX and its consultants have reviewed recently constructed major concentrator projects as well as regional mining projects, and learnings from both efforts will bolster PFS execution planning and cost estimating efforts. With the resultantly mature technical and commercial basis presented in the PFS, the Company is confident that Baptiste's large scale, long life, favourable jurisdiction, and low- carbon intensity will support the continued development of the Project as a preferred feed source to either or both of the stainless steel and electric vehicle battery supply chains.