FPX Nickel scores $3.5M federal shot in the arm for Baptiste project

FPX Nickel (TSXV: FPX; US-OTCQB: FPOCF) announced that it has been awarded a total of $3.5 million from Natural Resources Canada's Critical Minerals Infrastructure Fund (CMIF). The confirmed funding is a non-repayable contribution to support the development of feasibility studies and environmental and cultural baseline studies, in collaboration with First Nations, for the access road and electrical transmission line required for the Baptiste nickel project.

The CMIF is Natural Resources Canada's flagship program under the Canadian Critical Minerals Strategy to support enabling clean energy and transportation infrastructure projects necessary to increase Canada's supply of critical minerals, and the development of domestic and global value chains.

Natural Resources Canada (NRCan) provided $3.5 million in non-repayable contributions, covering 50% of the estimated costs to carry out feasibility and baseline studies for the access road and electrical transmission line required for the Baptiste Project. Upgrading transportation and electrical transmission infrastructure will significantly benefit the local community and region by improving safety on local roads and increasing the reliability of electricity for homes and businesses.

First Nations will collaborate on the feasibility, environmental, and cultural baseline studies funded by these grants, and the results will supply critical inputs to the regulatory process and the overall Baptiste project feasibility study.

Martin Turenne, FPX Nickel's president and CEO, commented: "We are grateful to receive this support from the Government of Canada for the Baptiste nickel project. These funds awarded under the Critical Minerals Infrastructure Fund will enable FPX to deepen its engagement with area First Nations as we advance feasibility studies and environmental and cultural baseline studies for the access road and electrical transmission infrastructure needed to unlock the potential of Baptiste. We are optimistic that area First Nations will also be in a position to avail themselves of important NRCan programing, such as the Indigenous Natural Resource Partnership Program, to compliment the funding provided to FPX under the CMIF Program."

The CMIF funding will support the study and routing of the powerline required to connect the Baptiste site to BC Hydro's Glenannan substation near Fraser Lake, British Columbia, located 90 km south of Baptiste. To avoid major waterbodies, provincial parks, and other sensitive areas, the powerline route from Glenannan to site will be approximately 155 km in length. The funding announced today also supports the study and design of an access road corridor from the Baptiste site to paved provincial highways in the Fort St. James region utilizing an existing network of well-established forest service roads.

For more information, please view the company's website at www.FpxNickel.com.