2023 Baptiste PFS

On September 6, 2023, the Company announced results from the PFS for its 100%-owned Baptiste Nickel Project with an after-tax NPV8% of $2.01 Billion and IRR of 18.6% at $8.75/lb Ni.  The PFS has been prepared in accordance with National Instrument 43-101 and demonstrates the potential to develop a high-margin, long-life, large-scale, and low-carbon mine with unparalleled flexibility to produce either a high-grade concentrate (60% nickel) for direct feed into the stainless steel industry (the “Base Case”) or further refining into battery-grade nickel sulphate, cobalt precipitate, and copper concentrate products for the battery material supply chain (the “Refinery Option”).  All amounts are in US Dollars unless otherwise indicated.

Download the 2023 PFS NI 43-101 Technical Report

The Technical Report for the PFS has been prepared in accordance with the requirements of NI 43-101, including a description of the updated Mineral Resource Estimate and the Mineral Reserve Estimate. For readers to fully understand the information in this summary, they should read the Technical Report in its entirety, including all qualifications, assumptions, exclusions, and risks that relate to the PFS. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The Baptiste PFS included contribution from the parties listed in the following table, each of whom is a qualified person under NI 43-101.

PFS ContributorQualified PersonScope of Responsibility
Ausenco Engineering Canada Inc.Kevin Murray, P.Eng.Recovery methods, process plant, on-site infrastructure, capital cost estimate, operating cost estimate, financial model, opportunities, next steps, and refinery option
Carisbrooke Consulting Inc.David Baldwin, P.Eng.Off-site power
Equity Exploration Consultants Ltd.Ron Voordouw, P.Geo.Geology
ERM Consultants Canada Ltd.Rolf Schmitt, P.Geo.Environmental, Permitting
International Metallurgical & Environmental Inc.Jeff Austin, P.Eng.Metallurgy
Knight Piésold Ltd.Duke Reimer, P.Eng.Tailings, water management, & geotechnical
Next Mine Consulting Ltd.Richard Flynn, P.Geo.Mineral resource estimate
Onsite Engineering Ltd.Paul Mysak, P.Eng.Off-site roads and bridges
TechSer Mining Consultants Ltd.Cristian Garcia, P.Eng.Mine design & mineral reserve estimate

 

Andrew Osterloh, P.Eng., Senior Vice President, Projects and Operations for FPX, is a qualified person as defined by NI 43-101. Mr. Osterloh has reviewed and approved the technical content of this summary.