FPX Nickel Provides Environmental Assessment Progress Update - Confirmation of Federal Assessment for Baptiste and Coordinated Federal and Provincial Review

Executive Summary

• FPX Nickel confirms that the Impact Assessment Agency of Canada (IAAC) has mandated a federal environmental assessment (EA) for the Baptiste Nickel Project.
• The company has requested a pause in the federal planning phase to synchronize with British Columbia’s provincial EA process, establishing a coordinated "one project, one process" regulatory approach.
• FPX plans to submit a Detailed Project Description in mid-2027, incorporating joint federal-provincial engagement outcomes, following the project's recent designation as a BC Priority Major Project.

Key Details

• IAAC's determination aligns with the Physical Activities Regulation due to the proposed Baptiste mill throughput.
• The federal-provincial coordination leverages existing British Columbia-Canada agreements for critical mineral project permitting.
• The next EA phase involves consolidating the federal and provincial Joint Summary of Issues and Engagement into a Detailed Project Description.
• The Detailed Project Description will outline required information, permits, and timelines, with a targeted submission date in mid-2027.
• The Baptiste Project was designated a Priority Major Project by the Government of British Columbia under the "Look West" economic strategy to accelerate permitting and reduce regulatory duplication.
• BC's Critical Minerals Office (CMO) concierge service initiative identified Baptiste in 2024 to proactively address issues and support its entry into the EA process.
• The project is a large-scale greenfield discovery of sulphur-free awaruite (Ni3Fe) mineralization, with approximately US$55 million invested in exploration and development since 2010.

Notable Quotes

• Martin Turenne, President and CEO: "We appreciate the coordinated efforts of both federal and provincial governments in moving through the EA process and the benefit from our recent designation as a Priority Major Project in British Columbia... Our continued focus on early engagement with First Nations and governments supports this collaborative planning phase to determine the EA requirements consistent with our plan for Baptiste."
• Nigel Fisher, Vice-President, Sustainability and External Relations: "Listening to community feedback as we advance the EA process for Baptiste, we're hearing a lot of interest in understanding how the Project will be reviewed... Keeping alignment between the applicable federal and provincial EA and permitting process for Baptiste is key in planning an effective and efficient review."