21 st Century August 2020 Forward Looking Statements This - - PowerPoint PPT Presentation

Nickel for the 21st Century August 2020

Forward Looking Statements

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This presentation contains certain “forward looking statements” within the meaning of “forward looking information” under applicable Canadian securities laws, concerning the business, operations and financial performance and condition of FPX Nickel

• Corp. (“FPX Nickel”, “the Company”). Forward looking statements include, but are not limited to, statements with respect to the

future price of nickel and certain other commodities, the estimation of mineral reserves and resources, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of exploration activities, permitting time lines, requirements for additional capital, government regulation of mining operations, and environmental risks. Forward looking statements are statements that are not historical fact. Forward looking statements can be identified by the use of forward looking terminology such as “plans”, “expects”, “is expected”, “budget”, “target”, “targeted”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management that, while considered reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of FPX Nickel to be materially different from the Company’s estimated future results, performance or achievements expressed or implied by those forward looking statements, and the forward looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: significant depreciation of metals prices; changes in equity ownership; accidents and other risks associated with mining, exploration, development and production operations; unanticipated geological factors; possible variations in mineral resources and reserves, grade or recovery rates; delays in obtaining governmental approvals or financing on acceptable terms, or in the completion of development activities and other risks of the mining industry. Although FPX Nickel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurances that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. FPX Nickel does not undertake to update or revise any forward looking statements that are included in this document, except as required by applicable securities laws.

Technical Information

All technical information in the corporate presentation was prepared under the supervision of FPX Nickel’s Chairman, Dr. Peter Bradshaw, P. Eng., a qualified person consistent with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

FPX’s Decar Nickel District is one of the world’s best development-stage nickel projects

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• Low Projected Costs

➢ Potential for lowest quartile

• perating costs (US$3.13/lb Ni)

➢ Low capital intensity compared to

recent global nickel mines

• Modest Enviro Footprint

➢ Non acid-generating host rock ➢ No toxic heavy-metal leaching ➢ Benign tailings with significant

potential for CO2 capture

➢ Zero-carbon footprint based on

CO2 sequestration in tailings

• Large Resource, Long Life

➢ Projected to be among world’s 10

largest nickel mines by annual output

➢ 24-year mine life with significant

expansion potential

• Excellent Location

➢ Located 80 km west of Mt. Milligan

mine (first production 2013) in BC

➢ Supportive local relationships ➢ Close proximity to power and rail

• High-Value, Strategic Nickel Product

➢ High-grade nickel product (63-65%

Ni) with low impurities

➢ Suited for direct feed to stainless

steel and/or for EV battery market

• Conventional Mining & Processing

➢ Bulk-tonnage, open-pit mining with

low strip ratio (0.17:1 life-of-mine)

➢ Magnetic separation followed by

flotation recovery

➢ Production of high-grade Ni product

and by-product iron concentrate

The Case for Nickel

Data Source: Scotiabank April 2020 Commodity Price Outlook

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$2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 (150) (100) (50)

• 50

100 150 200 250 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

US$ /lb 000s Tonnes

Glo lobal Refin fined ed Nic ickel el Suppl ply/Demand /Demand and Price ice

Implied Surplus/Deficit '000 tonnes (LS) Nominal LME Cash Prices US$/lb (RS)

Foreca recast st

January 2016 to July 2020 – FPX vs. nickel performance

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FPX – Leverage to the Nickel Price

JJNTF = Bloomberg Nickel Sub-index Total Return, a single commodity sub-index composed

• f futures contracts on nickel

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Decar Nickel District – Ownership History

2008 to 2009 Surface sampling and initial discovery by FPX Nickel November 2009 Execution of

• ption

agreement with Cliffs Natural Resources Inc. 2010 to 2013 Cliffs expenditures

• f US $22

million toward completion of PEA in 2013, establishing 60% project

• wnership

August 2014 Cliffs announces intention to divest all non- core assets, including 60% Decar interest November 2015 FPX Nickel re- establishes 100% project

• wnership via

payment of US $4.75 million to Cliffs

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Decar Nickel District

Excellent Location – Central British Columbia

Blackwater Au Project: Receipt of federal & provincial environment assessment certificates in 2019

• Road accessible
• 5 km to rail line
• 100 km to hydro-

power grid

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Decar Nickel District (245 km2)

1. DTR = Davis Tube Recoverable Nickel

• 2. “Nickel in alloy” selective

assay method 3. Per 2013 PEA (see page 15

• f this presentation)

B Target

• 1 hole drilled, 1.7 km from Sid
• 263m of 0.132% DTR Ni 1
• Open along strike and at depth

Sid Target

• 2 holes drilled, 320m apart
• 282m of 0.143% Ni in alloy 2
• 163m of 0.126% Ni in alloy 2
• Open along strike and at depth

Van Target

• Drill-ready target
• Surface samples up to

0.16% DTR Ni 1

• Exploration target ~3 km2

Baptiste Deposit (2013 PEA)

• 30,000 metres drilled
• LOM average head grade 0.118% DTR Ni1,3
• Southeast Zone expanded in 2017 drilling

(see page 9 of this presentation)

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Decar Nickel District

Exploration Upside

Baptiste Deposit Van Target Sid Target B Target

• Southeast Zone: Higher grade near-surface zone measuring 1,000 metres east-west by up to

600 metres wide

• Deposit remains open to southeast, northwest & northeast and at depth

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Decar Nickel District – Baptiste Deposit

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Baptiste Deposit – 2017 Stepout Drilling

Southeast Zone (shaded area on map)

• Measures 1,000 metres east-west by up to 600 metres wide
• High-grade, near-surface potential for starter pit
• Table above shows average grade for holes clustered in Southeast Zone

Comments 2010-1 3 321 318 0.145 2010-7 3 71 68 0.13 2011-5 45 303 258 0.145 2011-7 51 304 253 0.163 2012-36 31.1 600.1 563 0.156 Excludes 5.7 m dike 2012-37 64 600 494.9 0.147 Excludes 8.2 m and 33m dike sequence 2012-39 38.2 594.1 552.7 0.153 Excludes 3.1 m dike 2012-40 33 588 549.9 0.153 Excludes 5.1 m dike 2012-43 33.2 600 508.1 0.151 Excludes 22m, 9m, 14.2 m, 3.2m & 9.9 m dikes and minor wall rock 2012-46 28.6 600.1 487.4 0.15 Excludes 20m, 8m, 14m, 12m & 11m dikes and < 0.1% DTR Ni intervals 2012-50 34.5 229 194.5 0.147 2012-55 106 569.7 456.2 0.158 Excludes 7.4 m dike 2017-63 73 390 317 0.121 Excludes 4 m, 5 m, 25 m, 2 m, 1m, 1m and 1m dikes 2017-65 29 351 322 0.131 Excludes 1 m, 8 m, 1m and 2 m dikes 2017-67 55 349 294 0.151 Excludes 9 m and 1m dikes 2017-68 26 172 146 0.128 Excludes 1.2 m dike Hole Intersections DTR Nickel (%) From To Length

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Decar Nickel District – Baptiste Deposit

2018 Mineral Resource Estimate

• 2018 mineral resource model incorporates the results of stepout drilling

completed in 2017 in the Southeast Zone

• Potential to improve Baptiste mine plan by incorporating near-surface tonnage

in a starter pit to the southeast of the 2013 PEA pit

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Decar Nickel District – Baptiste Deposit

Long Section View (image location below)

• 2018 mineral resource model incorporates the results of

stepout drilling completed in 2017 in the Southeast Zone

• Potential to improve Baptiste mine plan by incorporating

near-surface tonnage in a starter pit to the southeast of the 2013 PEA pit

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Decar Nickel District – Baptiste Deposit

2018 Mineral Resource Estimate

* Davis Tube Recoverable Nickel”; 0.06% cut-off 2018 estimate dated February 26, 2018 by GeoSim Services Inc. Mineral resources reported in relation to a conceptual pit shell, at a cut-off grade of 0.06% DTR Ni inside a resource shell based on a nickel price of US$6.00/lb. 2018 resource estimate report will be filed under the Company’s SEDAR profile within 45 days of February 26, 2018. 2013 resource estimate report filed on SEDAR

• n March 21, 2013.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence, and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category.

Comparing 2018 vs. 2013 Mineral Resource Estimate (see notes above)

• More refined model than previous iteration with new robust geological model
• Increased level of confidence (59% increase in indicated tonnage)
• Similar total tonnage and grade using significantly lower Ni price assumption

(US$6.00/lb in 2018 model vs. US$9.39/lb in 2013 model)

(% Ni) (Tonnes Ni) (Pounds Ni) Indicated 1,842,645,000 0.123 2,271,000 5,007,133,000 Inferred 390,788,000 0.115 448,000 988,111,000 Category Tonnes Davis Tube Recoverable (“DTR”) Nickel Content * Tonnes DTR Ni Grade (%) Tonnes DTR Ni Grade (%) 0.02 1,906,630,000 0.121 504,880,000 0.097 0.04 1,889,612,000 0.121 434,287,000 0.108 0.06 1,842,645,000 0.123 390,788,000 0.115 0.08 1,746,351,000 0.126 334,757,000 0.122 0.10 1,526,532,000 0.131 272,280,000 0.130 Cut-off Grade (DTR Ni %) Indicated Inferred

• Van Target is

drill ready and measures ~3 km2 based on 54 bedrock surface samples

• ~35% of

surface samples in Van Target area grading over 0.12% DTR Ni

• Van Target

located 6 km north of Baptiste and remains open to the east

• Baptiste Target

was ~2 km2 prior to initial drilling in 2010

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Decar Nickel District – Van Target

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Decar Nickel District – Mineralization

Form rmula Nic ickel el % Iro Iron % Sulp lphur ur % Ni3Fe 75 25

Awaruite – Naturally-Occurring Nickel-Iron Alloy

• Targets are large-scale and near-surface
• Disseminated nickel mineralization
• Consistent grade and grain size distribution
• Highly magnetic
• Very dense (8.2 gm/cc)
• No sulphur in mineral or host rock

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Decar Nickel District – Conventional Metallurgy

Simple, two-stage process

➢ Rougher magnetic

separation

➢ Conventional flotation

High recoveries, high grade products

➢ 83-94% recovery of DTR

Ni grade

➢ Ni concentrate grading

63-65% Ni and 25% Fe

➢ By-product iron ore

concentrate grading 60- 65% Fe Clean process, clean products

➢ Non acid-generating host

rock

➢ Products have high metal

content, low impurities

Pa Param rameter er 2013 PEA 2019 Testin sting Ni Concentrate Grade 13.5% Ni 63-65% Ni DTR Ni Recovery 82% 83-94% Iron Ore Concentrate Grade N/A 60-65% Fe

• Direct sale to stainless

steel producers

• Comparable to FeNi

products sold by Vale, etc.

• Bypass Ni smelters to

achieve premium pricing

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An Integrated Nickel Operation for the 21st Century

Premium Nickel Product Suitable for Stainless Steel or Electric Vehicle Battery Markets

Concentrate (65% Ni, 30% Fe, 1% Co)

Stainless Steel Market – Ferronickel Briquette

• Chemical feed for Ni

sulphate & Co sulphate

• High-content Ni and Co

with minimal impurities

• Conventional process for

production of sulphates

Conventional briquetting Leaching under moderate conditions

EV Battery Market – Ni-Co Solution

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Decar FeNi Product – Marketing Test

Metallurgical Testing Post-PEA

➢ 2013 smelting tests confirmed amenability

to conventional ferronickel processing

▪ Stand-alone: FeNi @ ~50% Ni ▪ Blending feed to Rotary Kiln – Electric

Furnace (“RKEF”): FeNi @ 17-19% Ni

Concentrate Market Testing 2014

➢ Demonstrated technical acceptability of

Decar concentrate in existing facilities of six potential offtakers:

▪ RKEF circuits, either as feed to Rotary Kiln

• r blended with post-kiln feed direct to

Electric Furnace

▪ Direct feed to stainless steel bath, after

pelletization – needs additional longer-run testing

➢ Indicative terms for nickel payability ranging

from 85% to 95% of LME Ni price

• 2013 PEA concentrate specs

➢ Ni grade: 13.5% ➢ Fe grade: 45% - 50% ➢ Cr grade: ~ 2.0%

• PEA payability assumptions:

➢ 75% of LME Ni Price

▪ LME discount accounts for off-

site charges

▪ No credits for Fe or Cr

• Payability upside a key target

➢ No analogues for product

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Decar Nickel Concentrate – Premium Product

FPX concentrate to yield high payability given similarity to NPI & Ferronickel

Source: Canaccord Genuity, Metal Bulletin, FPX market test

“NPI gets similar or better payability compared to many other nickel products. The superior payability is achieved through its suitability for stainless steel production. This is due to the product’s high iron content and efficiencies in the stainless steel production process as an ideal feed without the need for further treatment.” (Canaccord)

0% 20% 40% 60% 80% 100% 120% Nickel sulphate (~22% Ni) NPI (~12% Ni, ~85% Fe) including Chinese VAT Class 1 (>99% Ni, LME Grade) Ferronickel (~30% Ni, ~70% Fe) Decar Concentrate (~65% Ni, ~30% Fe) Mixed Hydroxide Intermediate (~40% Ni, ~2% Co) Sulphide Concentrate (~15% Ni)

Global Nickel Products -- Ni Content & Payability (% LME Nickel Price)

Nickel Content Nickel Payability (% LME Ni Price, 100% Ni content)

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Awaruite Mineralization Nickel Concentrate (~65% Ni) High Concentration Nickel/Cobalt Solution NiSO4

• Beneficiation

Pressure Leaching (Current Testing) Purification / Solvent Extraction (Future Testing) Sulphide Ore Nickel Concentrate Low Nickel Matte High Nickel Matte High Concentration Nickel Solution NiSO4

• Beneficiation

Smelting Converter Dissolution Purification / Solvent Extraction Laterite Ore Leach Slurry Low Concentration Nickel/Cobalt Solution Mixed Sulfide Product High Concentration Nickel/Cobalt Solution NiSO4

• HPAL

Counter- current decantation Precipitation Dissolution Purification / Solvent Extraction Nickel Sulphide Nickel Laterite FPX Nickel - Nickel-Iron Alloy (Awaruite)

Decar Ni Concentrate Feed for EV Battery Market

➢ Leach testing confirms the potential for the production of nickel sulphate and cobalt sulphate from Decar awaruite ore ➢ Simple 3-stage process, with potential to be more efficient than the typical 5-stage processes required to convert sulphide

and laterite ores into nickel sulphate (see figure below)

➢ Rapid nickel extraction (over 98% extraction in under 60 minutes) achieved under mild pressure leaching conditions with

significantly lower sizing, power consumption, pressure and temperature requirements than typical HPAL operations

Highl hlights ghts of Economic mic Results

Proj

• jec

ect (100%) %):

• Pre-Tax NPV (8%)

C$ 1,125 millio ion

• Pre-Tax IRR

15.7%

• Post-Tax NPV (8%)

C$ 579 millio lion

• Post-Tax IRR

12.8% .8%

• Cash

sh Oper eratin ating Cost C$ 3.23/lb lb Ni Ni

Baptiste Deposit – PEA Results

• Positive result : First pass

proof of concept

➢ Indicates potential

economic viability

• Significant potential for

economic upside remains

➢ Targets identified by

consultants, in-house review

March 2013 PEA: Economic Results *

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* Note: The results of the PEA are preliminary in nature, based in part

• n inferred mineral resources that are considered too speculative

geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability, and there is no certainty that the results of the PEA will be realized.

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Baptiste Deposit – PEA Parameters

• 1. Assumes 8% mining dilution, with

zero grade material

• 2. Concentrate includes by-product

iron (45% - 50%) and chromium (~2.0%)

• 3. 75% x 3-year trailing average Ni

price of US$ 9.39/lb Ni; no credits for by-products

• 4. Federal: 15%; Provincial (BC): 11%;

BC Mineral Tax: 13% (applied to “net revenue”)

✓ Indicates key target for

• ptimization in PEA

revision

Note: The results of the PEA are preliminary in nature, based in part on inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability, and there is no certainty that the results of the PEA will be realized.

Operati ating ng Costs ts

Minin ing C$ 2.86/t /t Millin ling C$ C$ 3.25/t /t G&A C$ 0.80/t /t Total tal C$ 6.91/t /t

• r
• r

C$ 3.23/lb lb

Baptiste Deposit – Cost Metrics

• Low on-site operating costs

➢ Accuracy of estimates: + 27.5% ➢ Potential position in lower half of

cost curve based on

▪ Low strip ratio, simple processing ▪ Project site, infrastructure attributes

• Detailed capital cost

estimate

➢ Accuracy of estimates: + 23% ➢ 20% contingency included ➢ Sustaining includes ongoing

construction of tailings dam

March 2013 PEA: Key Cost Metrics

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Capital tal Costs ts

Initial ial Direc ect C$ 970 millio lion Indirect and Owner’s C$ 197 7 million lion Contin tingency (20%) C$ 217 millio lion Total tal C$ 1, 1,38 384 millio lion LOM Sustain tainin ing C$ 763 millio lion

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Decar Nickel District – Baptiste Deposit

Low initial capital intensity compared to other recent large nickel mines

$36,000 $53,000 $56,000 $60,000 $73,000 $79,000 $83,000 $92,000

Decar (Canada) 2013 PEA Estimate US$1.3 billion Barro Alto (Brazil - 2011) US$1.9 billion Ramu (Papua New Guinea

• 2012)

US$1.8 billion Onca Puma (Brazil - 2011l) US$3.2 billion Goro (New Caledonia - 2010) US$6 billion Ravensthorpe (Australia - 2011) US$3 billion Koniambo (New Caledonia - 2013) US$5.5 billion Ambatovy (Madagascar - 2013) US$5.5 billion

US$ capital cost per tonne annual Ni production

Source: company filings

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Decar Nickel District – Baptiste Deposit

Low capital and operating cost compared to other nickel mines

Yabulu (Queensland - Australia) Tocantins (Votorantim - Brazil) Ramu (MCC - Papua New Guinea) VNC (Vale - New Caledonia) Ambatovy (Sherritt - Madagascar) Weighted Avg. (ex-Decar) Murrin Murrin (Glencore - Australia) Rio Tuba (Nickel Asia - Philippines) Moa Nickel (Sherritt - Cuba) Baptiste Project (FPX - Canada)

4,000 6,000 8,000 10,000 12,000 14,000 16,000

• 20,000

40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000

US$/tonne Operating Cost US$/tonne Annual Nickel Capacity Capital Cost

Selected Ni Project Costs, Adjusted to $2017 Basis

Source: Wood Mackenzie, BMO, Decar 2013 PEA for capital cost and

• n-site operating cost assuming C$1 = US$0.97

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Baptiste Deposit – PEA Revision

FPX Nickel will undertake Baptiste PEA revision targeting the following upside parameters:

Pa Param rameter er 2013 PEA 2020 Upside ide Higher Grade Mill Feed Mine plan shows potential for 20-25% higher grade resources in early years of mining based on 2017 drilling Optimized Recoveries 82% 85% Higher-Grade Ni Product 13.5% Ni 65% Ni Enhanced Ni Payability 75% LME payable based on selling to smelters 90-95% LME payable based on market testing Iron Ore By-Product N/A Potential by-product sale of 60-62% Fe product Lower Exchange Rate $0.97 CAD:USD $0.76 CAD:USD No Marketing Fee 1% marketing fee calculated

• n an NSR royalty basis

Eliminated with departure

• f former partner Cliffs

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Decar Nickel District – Baptiste Deposit

Conceptual Site Layout (based on 2013 PEA)

• Pit Outlines for

Mining Phases 1 and 4

➢ 2017 drilling in South

East Extension area to increase Phase 1

• re tonnage
• Tailings

impoundment

➢ Design includes water

reclaim and recycle

➢ Potential for CO2

capture and tailings cementation

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Decar – A Potential Carbon Neutral Mine

Source: Vanderzee, et al “Carbon Sequestration in Mine Waste”, 2019

According to Dr. Ian Power (Professor, Trent University), “Decar offers a tremendous opportunity for developing a carbon-neutral mine”

• Decar mine waste (brucite) naturally sequesters CO2
• Generates a possible carbon benefit under the B.C. carbon tax
• Binding and cementation of tailings has numerous co-benefits that

could influence mine design, operations, and closure

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Near-Surface Consistent Grade

• Consistent grade with low

variability

• Higher-grade near-surface zone

for starter pit Large Resource with Expansion Potential

• Baptiste Deposit can be among

world’s top-10 mines by annual Ni output

• 35-year mine life with

significant expansion potential at Baptiste and surrounding targets (Van, Sid & B Targets)

Decar Nickel District – Baptiste Deposit

Ticking all the boxes

Conventional Open Pit Mining

• Bulk mining operation
• Truck and shovel
• Low strip ratio 0.17:1

Conventional Metallurgy

• Magnetic separation followed

by flotation recovery

• Concentrate or pellet product

grading 63-65% Ni, 25% Fe

• Potential production of by-

product iron ore concentrate

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Low Capital Intensity

• Low capital intensity compared

to recent Ni projects

• ~US$36K/t annual Ni output

(2013 PEA) Low Operating Costs

• Potential for lowest quartile
• perating costs
• On-site operating costs of

US$3.13/lb Ni (2013 PEA)

Decar Nickel District – Baptiste Deposit

Ticking all the boxes

High-Value Nickel Product

• High-grade Ni product (63-65%

Ni) with low impurities

• Suited for direct feed to

stainless steel or for EV market Modest Enviro Footprint

• Non-acid generating host rock

and tailings

• No toxic heave-metal leaching
• Benign tailings with significant

potential for C02 capture

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Excellent Jurisdiction

• British Columbia rated 2nd most

attractive mining jurisdiction in world by Mining Journal (2017)

• Decar located 80 km west of
• Mt. Milligan open-pit Cu-Au

mine (first production 2013) Proximity to Infrastructure

• Decar is road accessible by

main-line forestry roads

• 5 km to rail line and 100 km to

provincial power gride

Decar Nickel District – Baptiste Deposit

Ticking all the boxes

Excellent Local Relationships

• Signed MOU and strong

relationship with Tl’azt’en First Nation

• Local community involvement

and support for the project

Opportunity for Innovation

• Ongoing university research to

assess potential of Decar tailings for sequestration of CO2

• According to Dr. Ian Power

(Professor, Trent University), “the Baptiste deposit offers a tremendous opportunity for developing a carbon-neutral mine”

Recent Price: C$ 0.35/share

➢ 52-week Range: C$ 0.11 – C$ 0.39 ➢ Market Capitalization: ~ C$ 55 million ➢ Average daily volume: ~ 100,000 shares

Shares Outstanding

➢ Basic:

163.3 million

➢ Fully Diluted:

178.9 million

➢ No warrants

Ownership – Issued & Outstanding

➢ Management: 18.9% (24.6% fully diluted) ➢ Other large (> 2%) shareholders: 35.0%

Financial position

➢ ~ C$1,600,000 cash on-hand ➢ ~ C$1,450,000 working capital

FPX (TSX-V): 2016-2020 Price Chart (C$/share)

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Share Structure & Financial Position

Management

• Martin Turenne – President, CEO & Director

➢ Executive with over 17 years’ experience in the commodities industry, including over 7 years in the

mining industry

➢ Formerly CFO of FPX Nickel from 2012 to 2015 ➢ Formerly with KPMG LLP and Methanex Corporation ➢ Chartered Professional Accountant (CPA, CA)

• Chris Mitchell – CFO & Corporate Secretary

➢ Metallurgist and business consultant with 40-plus years experience in the minerals industry, including

senior executive positions with Viceroy Resources and Orvana Minerals; former CFO for Canterra Minerals, Silver Quest Resources and Independence Gold

➢ Professional Engineer and Life Member, Association of Professional Engineers and Geoscientists of

B.C.

➢ Director, Endurance Gold, former director of Orvana Minerals and Matrix Metals (AIM)

• Trevor Rabb – Consulting Geologist

➢ Professional Geologist with over 10 years’ experience in mineral exploration, including over 5 years

specializing in nickel-iron alloy deposits

➢ Formerly FPX Nickel’s Senior Geologist and Vice-President Exploration from 2010 to 2016 ➢ Key player in exploration discoveries for FPX Nickel’s Decar, Mich, Wale and Klow properties

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Board of Directors

• Peter Bradshaw – Chairman

➢ Exploration geologist with 45 years experience with Barringer Research, Placer Dome and Orvana Minerals ➢ Key Discoveries/projects: Porgera, Kidston, Misima, Omai, Decar ➢ Member, Canadian Mining Hall of Fame

• Peter Marshall

➢ Mining engineer with 30 years experience in mine development and construction, ➢ Formerly VP Project Development, New Gold and SVP Project Development, Terrane Metals ➢ Extensive mine development experience in central British Columbia, including completion of Blackwater feasibility study (New Gold) and

development and early construction of Mt. Milligan copper-gold mine (Terrane Metals, acquired by Thompson Creek for $650 million in 2010)

• Rob Pease

➢ Geologist with over 30 years experience in exploration, mine development and construction ➢ Former CEO Terrane Metals (Mt. Milligan copper-gold mine, central B.C.), acquired by Thompson Creek for $650 million ➢ Former Director, Richfield Ventures Corp (Blackwater gold project, central B.C.), acquired by New Gold for $500 million

• Jim Gilbert

➢ MBA with 30 years experience in international mergers and acquisition and finance ➢ 20-plus years in the global mining sector, including senior positions with Rothschild, Gerald Metals and Minera S.A. ➢ Former Director, AQM Copper Inc., acquired by Teck Resources in 2016

• William Myckatyn

➢ Mining engineer with over 34 years experience in the international mining industry ➢ Former Co-Chairman and CEO of Quadra – FNX (acquired by KGHM for $3 billion) ➢ Director, San Marco Resources, Oceana Gold

• John McDonald

➢ Geologist with 40-plus years experience in international exploration ➢ Co-Founder and founding Director – Mineral Deposit Research Unit, University of British Columbia ➢ Director, Canterra Minerals, Hudson Resources, Independence Gold

• Martin Turenne

➢ President & CEO, FPX Nickel Corp. (see bio on page 34)

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FPX Nickel Corp. Suite 620 – 1155 West Pender Street Vancouver, BC Canada V6E 2P4 Phone: +1 604-681-8600 www.fpxnickel.com info@fpxnickel.com Twitter: @FPX_Nickel

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