FPX Nickel Corp. [FPX-TSXV; FPOCF-OTCQB] reported that on September 21, it signed a non-binding memorandum of understanding (MOU) with Japan Organization for Metals and Energy Security (JOGMEC) and the Prime Planet Energy & Solutions (PPES) joint venture between Toyota Motor Company and Panasonic Corp.
The non-binding MOU provides a framework for FPX and PPES to explore collaborative opportunities for the vertical integration of nickel production involving the development of FPX’s 100%-owned Baptiste Nickel Project 90 km northwest of Forst St. James, British Columbia through to the production of nickel sulphate and cathode active materials for the PPES supply chain. Under the terms of the MOU, FPX, PPES and JOGMEC will work collaboratively to share technical information and expertise, and to explore potential strategic arrangements and business structures.
It is anticipated that any potential binding agreements among the parties would provide FPX with additional funding to advance the Baptiste Project, including the preparation of a feasibility study and activities relating to the environmental assessment and permitting processes. execution of any binding agreements.
FPX President and CEO, Martin Turenne, said: “We are pleased to initiate this MOU with PPES and JOGMEC, two groups leading the global transition to a low-carbon, electrified economy. This MOU demonstrates the strategic nature of the Baptiste Project and its potential to produce an ideal nickel feedstock for the battery supply chain. We look forward to collaboration with our Japanese partners to support the development of North America’s critical minerals ecosystem, and to develop Baptiste in a manner that creates substantial and sustainable benefits for local communities while protecting the environment for future generations.”
PPES President and CEO, Hiroaki Koda, said: “It is our pleasure to be able to cooperate with FPX and JOGMEC as partners that share the desire to establish a green battery supply chain with a reduced environmental footprint. By combining FPX’s low-carbon nickel mining process and PPES’ battery knowhow and technology, we are sure to realize further decarbonization and cost reductions in this field. As with the Japan-Canada partnership agreement, we aim to spread the use of electric vehicles in light of decarbonized society as ‘One Team.’”
Prime Planet Energy & Solutions started operations in April 2020 as a joint venture for automotive prismatic batteries (owned 51% by Toyota Motor Corp. and 49% by Panasonic Corp.).
On April 3, 2023, FPX announced a Global Generative Exploration Alliance with JOGMEC. The purpose of the Generative Alliance, which is being solely funded by JOGMEC, is to carry out worldwide mineral exploration activities for the identification and acquisition of high-quality properties which are prospective for the same style of awaruite nickel mineralization as contained at the Company’s flagship Baptiste Nickel Project.
The Company’s Decar Nickel District represents a large-scale greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. FPX’s mineral claims cover an area of 245 km2 west of the Middle River and north of Trembleur Lake, central British Columbia. Since 2010, approximately US $30 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste Deposit has been the focus of increasing resource definition (a total of 99 holes and 33,700 metres of drilling completed), as well as environmental and engineering studies to evaluate its potential as a bulk-tonnage open pit mining project.
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