Earlier today, FPX Nickel CEO Martin Turenne shared significant updates on the company’s strategic investors with Proactive’s Steve Darling. Turenne disclosed that all three strategic investors have fully exercised their participation rights, reaffirming their initial ownership stake in FPX’s common shares. Sumitomo Mining’s $14 million investment, coupled with increased participation from the three investors, has augmented FPX’s cash reserves to approximately $45 million. This substantial cash injection positions FPX Nickel favorably, providing ample resources to support its initiatives in the Decar Nickel District throughout 2024 and 2025.

The Decar Nickel District represents a noteworthy greenfield discovery of nickel mineralization, specifically awaruite, a naturally occurring nickel-iron mineral found in an ultramafic/ophiolite complex. Turenne outlined collaborative development plans, emphasizing engagement with indigenous partners and communities. FPX Nickel aims to navigate the environmental assessment process and advance toward a construction decision.

Turenne underscored the company’s ongoing engineering work, metallurgical testing, and exploration programs in conjunction with the Government of Japan. Despite challenges in the nickel market, Turenne expressed optimism, citing FPX Nickel’s robust financial position as a safeguard against potential financing risks in the upcoming years. The strategic move, executed at a 70% premium to prior share values, reflects confidence in the project’s viability. This story originally appeared on proactive.com.

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FPX Nickel is a Vancouver-based junior nickel mining company. The company’s flagship Baptiste Project is located just north of Trembeur Lake, west of Fort St James.