FPX Nickel’s Baptiste Deposit Validated by Sumitomo Metal Mining’s 9.9% Investment Explains FPX CEO Martin Turenne

from Mining Stock Education

In this MSE episode, FPX Nickel (TSX-V: FPX, OTCQB: FPOCF) CEO Martin Turenne explains why Sumitomo Metal Mining’s 9.9% investment in FPX validates the Baptiste deposit. Martin also provides an update on FPX’s recent achievements and 2024 goals.

“This strategic investment by Sumitomo Metal Mining represents another significant technical validation of FPX’s Baptiste Nickel Project and underscores our view that Baptiste is a class-leading asset,” commented Martin Turenne, FPX’s President and CEO. “SMM is one of the world’s largest nickel producers, with peer-leading expertise in mining, processing and refining products in the stainless steel and electric vehicle battery supply chains. FPX is pleased to be one of SMM’s preferred partners as they look to expand their nickel production profile and diversify their supply chain to allied partners in North America.”

Eiichi Fukuda, Executive Officer and General Manager of Mineral Resources Division of SMM stated, “We expect that this investment will establish a strong relationship between SMM and FPX, with the aim to contribute to SMM’s long term production target of 150,000 tonnes of nickel per year. We have a long business history in Canada with a variety of partners, and we are excited to be working with FPX.”

FPX Nickel has entered into a subscription agreement for a private placement financing with a new cornerstone strategic investor, Sumitomo Metal Mining Co., Ltd. (TSE: 5713) (“SMM”).

Under the terms of the Private Placement, FPX will issue 30,104,488 common shares in the capital of the Company to SMCL at a price of $0.48 per Private Placement Common Share, for gross proceeds of $14,450,154. Upon completion of the Private Placement, SMCL will own 9.9% of FPX’s issued and outstanding common shares on a non-diluted basis.

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