British Columbia backs FPX Nickel’s Baptiste project in critical minerals push

FPX Nickel (TSXV: FPX) announced Tuesday that its Baptiste nickel project in central British Columbia has been chosen by the province for inclusion in its critical minerals office (CMO) concierge service initiative. This initiative is part of BC’s strategy to prioritize key minerals projects, providing centralized support, and potential access to provincial and federal funding.

“We are committed to deepening our ongoing collaboration with First Nations and the governments of British Columbia and Canada to develop a project that creates substantial and sustainable benefits while protecting the environment for future generations,” said FPX Nickel CEO Martin Turenne.

The Hon. Josie Osborne, BC’s Minister of Energy, Mines and Low Carbon Innovation, highlighted the importance of the critical minerals office in promoting sustainable development. She noted that projects like Baptiste are vital for driving sector growth and creating opportunities for both local and global investors.

The CMO, a key component of BC’s critical minerals strategy established in early 2024, aims to strengthen partnerships with First Nations, attract investment and secure funding for critical mineral projects. It offers services such as issue resolution, regulatory navigation and project management support with dedicated resources to assist in establishing agreements with First Nations.

A working group under the CMO will meet regularly to address challenges related to Baptiste, focusing on collaborative decision-making with First Nation communities.

The Baptiste nickel project represents a significant discovery of awaruite, a nickel-iron mineral, in central BC. Covering an area near Middle River and Trembleur Lake, the project lies within the traditional territories of the Tl’azt’en Nation and Binche Whut’en.

The 2023 preliminary feasibility study outlines a 29-year mine life with an annual production of 59,100 tonnes of nickel, yielding a net profit value of C$2.74 billion at an 8% discount rate and an internal rate of return of 18.6%, with a four-year payback.

Since 2010, the project has seen around $30 million in exploration and development.