FPX Nickel and JOGMEC Delineate Multiple Awaruite Nickel Targets at the Expanded Klow Property in British Columbia

The most recent news (March 26, 2026) details exploration results from the Klow property, a secondary project 45km north of the flagship Baptiste project. Partnered with JOGMEC (Japan Organization for Metals and Energy Security), FPX identified four large-scale awaruite nickel targets with Davis Tube Recoverable (DTR) nickel values up to 0.09%. Crucially, JOGMEC has extended its earn-in agreement to March 31, 2028, and continues to fund 100% of the exploration at Klow. This follows February 2026 news confirming the commencement of the formal Environmental Assessment (EA) process and a public comment period for the flagship Baptiste Project.

The impact is Routine - Positive. While the delineation of new targets at Klow is encouraging, it is incremental exploration news on a secondary asset. The "Game Changer" for FPX remains the Baptiste Project. However, the extension of the JOGMEC agreement is a material vote of confidence from a strategic partner, ensuring that exploration of the broader district continues without depleting FPX’s treasury. The confirmatory geotechnical results from February (0.134% DTR Ni over 290m) are consistent with the existing resource model, reducing technical risk but not significantly expanding the known resource.

FPX Nickel focuses on "awaruite" (nickel-iron alloy) mineralization. Unlike traditional nickel sulphides, awaruite is sulphur-free and can be recovered via simple magnetic separation. - Flagship: Baptiste Project, BC. - PFS Stats: 29-year mine life, 59,000 tonnes/year nickel production, Post-tax NPV8% of $2.01 billion (at $8.75/lb Ni). - Key Advantage: Potential for extremely low carbon footprint and high-grade (60% Ni) concentrate that bypasses traditional smelting.