FPX Nickel Corp. announced completion of the preliminary feasibility study ("PFS") metallurgical testwork campaign with key results supporting the updated concentrator flowsheet and providing a materially improved understanding of the process characteristics of the Baptiste Nickel Project ("Baptiste" or the "Project"). The robust testwork campaign involved multiple bench- and pilot-scale programs, with the resultantly improved process design basis increasing the Davis tube recoverable ("DTR") nickel recovery by 4% in comparison to the recovery assumed in the 2020 preliminary economic assessment ("PEA").

PFS testwork program is complete and results will be fully incorporated into the PFS expected in September 2023. The updated concentrator flowsheet increases DTR nickel recovery by approximately 4% to 88.7%, in comparison to the 84.7% DTR nickel recovery assumed in the 2020 PEA. DTR nickel is further validated as a geometallurgical screening tool which heightens confidence in the PFS projected metallurgical recovery and resultant metal production profile.

FPX has recently completed the PFS metallurgical testwork campaign, with objectives and key results from each campaign phase presented. The overall objectives of the program were to validate and improve the PFS process design basis, provide a robust dataset to support process and engineering optimization for the PFS, and to confirm the consistent metallurgical response of the very large Baptiste deposit. Based on the optimized flowsheet and the subsequent PFS design, the estimated life of mine recovery for the PFS is summarized.

The table also highlights key circuit design changes relative to the PEA, as follows: The PFS design has split cleaning magnetic separation into two stages, cleaning and recleaning, as an engineering optimization to maximum grinding energy efficiency with no significant impact on nickel recovery A flotation tails treatment section, combining the leaching of flotation tailings and the recovery of dissolved nickel, has also been added to the PFS design; this leaching stage accounts for approximately 6.5 percent of the overall DTR nickel recovery.