Despite its significant role in powering a global shift to greener energies, analysts also project an undersupply of nickel for the next several years due to decreasing production and a lack of new active mines. Mining companies advancing high-margin nickel projects offer investors exposure to a market with great economic growth and success potential.
The PFS for Baptiste indicated an after-tax NPV of $2.01 billion and an IRR of 18.6 percent at $8.75-pound nickel for a 29-year mine life producing an average of 59,100 tonnes of nickel per year.
The positive geological interpretation of the Van target at the Decar Nickel District offers further blue-sky potential for the Baptiste project, potentially mimicking the successes of its geographic neighbors in central British Columbia, such as Artemis Gold’s C$1.8 billion Blackwater Gold open-pit project.
In keeping with FPX Nickel’s aim to build a carbon-neutral mining operation at the Baptiste project, the company co-founded a multi-university research program to study carbon capture and storage at mining sites. The program is in collaboration with Anglo-American majority-owned (LSE:AAL,OTCQX:AAUKF) DeBeers, and the Government of Canada.
Metallurgical testing conducted by FPX Nickel for the production of high-grade (> 65 percent nickel) awaruite concentrate has included three campaigns with successful pilot-scale test work. This large-scale pilot test work validates the processing strategy for Baptiste, leveraging awaruite’s ferromagnetism, high density, active surface properties, and very high nickel content.
Baptiste’s awaruite mineralization promotes a simple three-stage process for the production of nickel sulphate from concentrate. It has the potential to be more efficient than the typical five-stage process required to convert sulphide and laterite ores into nickel sulphate. Rapid nickel extraction of more than 98 percent in 60 minutes is achieved under mild pressure leaching conditions with significantly lower equipment size/risk, power consumption, pressure and temperature requirements than typical high-pressure acid leach (HPAL) operations.
FPX Nickel’s management team consists of highly experienced capital markets and mining professionals, including Canadian Mining Hall of Fame member Dr. Peter Bradshaw, and veteran geologist Rob Pease.
The Decar Nickel District covers over 410 square kilometers and is 80 kilometers west of the Mt. Milligan mine, central British Columbia. The property hosts the highly prospective Baptiste nickel project, which is one of the world’s largest development-stage nickel projects. The asset is accessible via logging and paved roads, with railway and hydropower nearby.
Baptiste hosts nickel-iron alloy mineralization, with NI 43-101 compliant indicated resources at an average grade of 0.123 percent DTR nickel for 2.3 million tons and 391 million tonnes of inferred resources with an average grade of 0.115 percent DTR nickel.
In 2023, the company released the preliminary feasibility study results for the Baptiste nickel project indicating an average production of 59,100 tons of nickel per year in concentrate over a 29-year mine life. The project will be developed in a phased approach, with an initial mill throughput rate of 108,000 tons per day (Phase 1), followed by an expansion to 162,000 tons per day (Phase 2).
Martin Turenne is a senior executive with over 15 years of experience in the commodities industry, including over five years in the mining industry. He has extensive leadership experience in strategic management, fundraising, economic analysis, financial reporting, regulatory compliance and corporate tax. Turenne formerly served as CFO of First Point Minerals Corp. from 2012 to 2015 and in positions at KPMG LLP and Methanex Corporation. He is a member of the Canadian Institute of Chartered Accountants.
Felicia de la Paz started her professional career with KPMG LLP’s audit practice in Vancouver, culminating with her role as a senior manager leading large teams in the execution of audit engagements for a variety of large and complex organizations across multiple industries. After joining Equinox Gold as the corporate controller in 2017, she was part of a core financial leadership team overseeing corporate accounting, financial reporting and system development, managing the successful integration of several new acquisitions across multiple jurisdictions, including both operating mines and large-scale development projects. She acted as the vice-president of finance for Vida Carbon, a carbon royalty and streaming company, and has more recently been providing financial and systems advisory services to public companies in the mining sector. She is a chartered professional accountant and holds a Bachelor of Commerce (Honours) from the University of British Columbia.
Dr. Peter Bradshaw is a geologist with more than 45 years of international mineral exploration experience in over 30 countries with Barringer Research, Placer Dome, and Orvana Minerals. He is a member of the Canadian Mining Hall of Fame. Bradshaw’s key discoveries and project involvement include Porgera Gold Mine, Papua New Guinea; Kidston Gold Mine, Queensland, Australia; Misima Gold Mine, Papua New Guinea; Big Bell Gold Mine, Western Australia; Omai Gold Mine, Guyana; Decar Nickel Project, British Columbia, Canada; director of Aquila Resources; co-founder and first chairman of the Mineral Deposit Research Unit, University of British Columbia.
Nigel Fisher brings 20 years’ experience leading environmental assessments, permitting and management systems, developing and executing on regulatory strategy and advancing governance and funding agreements with Indigenous governments across British Columbia. He has held progressively senior roles with New Gold, Teck Resources, Woodfibre LNG, and most recently, Skeena Resources as director of environment and regulatory affairs. In his prior roles, he successfully obtained multiple regulatory approvals for large-scale resource projects while maintaining compliance with existing and changing legislation.
Jarett Lalonde is a highly regarded public affairs leader with over 20 years’ experience in the natural resources, technology and regulated products sectors. In his most recent role as global head of product policy at Shopify, Lalonde was instrumental in crafting compelling public affairs narratives for the company’s diverse product offerings, and spearheading engagement with policy makers across North America and Europe. Before joining Shopify, he worked with Global Public Affairs, a leading government relations and strategic communications firm, where he performed advisory work for numerous companies advancing large-scale natural resource projects in British Columbia and across Canada. Lalonde previously served as chief of staff to the Attorney General & Minister of Justice for the province of British Columbia, and as policy advisor to the Minister of Natural Resources Canada.
Rob Pease is a geologist with more than 30 years of experience in exploration, mine development and construction. He is the former CEO of Terrane Metals, acquired by Thompson Creek for C$650 million. Pease was also the former director of Richfield Ventures, acquired by New Gold for C$500 million. He is a director of Pure Gold Mining Inc. and Liberty Gold.
William Myckatyn is a mining engineer with more than 34 years of experience in the mining industry. Myckatyn is the founder and CEO of Quadra Mining Ltd. He served as chairman and subsequently co-chairman of Quadra FNX Mining until its takeover in 2012. Prior to this, Myckatyn was chairman, president and CEO of Dayton Mining., where he led the restructuring and merger with Pacific Rim Mining. He was the former president and CEO of Princeton Mining and Gibraltar Mines. For over 17 years, he worked for various operations controlled by Placer Dome and its associated predecessor companies, including four separate mines in Australia and the Philippines. He is a director of San Marco Resources and OceanaGold.
Peter Marshall is a mining engineer with 30 years of experience in mine development and construction. Marshall was formerly VP of project development at New Gold and SVP project development at Terrane Metals. He has extensive mine development experience in central British Columbia, including completing the Blackwater gold project feasibility study and development, and early construction of Mt. Milligan copper-gold mine, acquired by Thompson Creek for C$650 million in 2010.
James Gilbert has more than 30 years of investment and transaction execution experience, with more than 20 years focused on the international mining and metals industry. Gilbert held senior management positions with Rothschild, Gerald Metals Inc. and Minera S.A., a private mining investment company. His experience covers mergers and acquisitions, debt and equity financing, off-take and specialty refining agreements, joint venture negotiations and strategic marketing. He was formerly director of AQM Copper Inc., acquired by Teck Resources in 2016.
Anne Currie is a recognized leader in the permitting of major Canadian mining projects, with over 30 years of experience in the private and public sector, including as a former senior partner with leading global consultancy Environmental Resources Management. She was British Columbia’s chief gold commissioner, the chief regulatory authority for the Mineral Tenure Act., and has an exceptional track record in steering the environmental assessment and permitting processes for major mining projects in British Columbia, including for the KSM, Brucejack, Kemess Underground and Blackwater projects.
Kim Baird is an accomplished leader and strategic advisor working with indigenous communities, governments, businesses and other organizations. In her prior role as the elected chief of the Tsawwassen First Nation, she negotiated and implemented British Columbia’s first modern urban treaty, establishing for the Tsawwassen People ownership and governance over their land and resources.
Tim Bekhuys is a senior mining executive with over 40 years’ experience in community engagement, environmental assessment and permitting. He was formerly VP environment, health, safety and sustainability for SSR Mining, where he led all aspects of sustainability reporting, environmental assessment and permitting activities. He also previously acted as director of environment and sustainability for New Gold, where he successfully led the government, permitting, Indigenous and community relations programs for the Blackwater project in central B.C. Bekhuys was a former member of the boards of directors of the Association for Mineral Exploration British Columbia, the Mining Association of British Columbia, and the Mining Association of Canada.
Keith Patterson is a senior geologist with over 25 years’ experience in greenfield exploration throughout North America, South America, Europe and Asia. He was formerly director of project generation and greenfield strategy with Eldorado Gold where he managed global exploration and project generation. Patterson acted as vice-president of exploration for Jinshan Gold Mines where he was responsible for the execution of exploration programs and project evaluations in China. He is a registered professional geoscientist with the Engineers and Geoscientists of British Columbia and holds a Master of Geological Sciences and a Bachelor of Geological Engineering, both from the University of British Columbia.
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