12:31 PM EST, 02/24/2025 (MT Newswires) -- FPX Nickel ( FPOCF ) Monday released results from a scoping study for its planned awaruite refinery, supporting development of a standalone refinery to refine awaruite concentrate into battery-grade nickel sulfate.

Highlights from the study show an after-tax net present value of $445 million over a 40-year operating life producing 32,000 tonnes per year of nickel contained in battery-grade nickel sulfate. Initial capital costs are pegged at $424 million.

"The study reinforces the opportunity for the development of an integrated, made-in-Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains," said chief executive Martin Turenne

FPX shares were last seen down $0.005 to $0.23 on the TSX Venture Exchange.