12:32 PM EDT, 03/31/2025 (MT Newswires) -- FPX Nickel ( FPOCF ) on Monday published a scoping report for its planned awaruite refinery.

The study, prepared by Wood Canada, demonstrates "a compelling business case for the development of a standalone refinery" to refine awaruite concentrate into battery-grade nickel sulfate for the electric-vehicle industry, along with producing valuable cobalt, copper, and ammonium sulfate by-products.

The 40-year operating life is expected to produce 32,000-tonnes per year of nickel contained in battery-grade nickel sulfate, with an after-tax net present value of US$445 million using a 8% discount rate and an internal rate of return of 20% at US$8.50 per pound of nickel.

FPX shares were last seen down $0.01 to $0.235 on the TSX Venture Exchange.

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