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FPX Nickel Corp (FPX-V)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
December 2, 2022101,300$0.480$0.465$0.475$0.010Trading
Basic Info
Listed On:TSXV: FPX9/18/1995Sector:ResourceKey People
Issued:240,107,86311/28/2022Story Type:Feasibility DemonstrationMartin Turenne (CEO), Peter M. D. Bradshaw (Chair), J. Christopher Mitchell (CFO),
Diluted:257,497,863
JK Owns:Yes
Insider Stake:38%5/26/2022Tel:(604) 681-8600
Working Capital:$8,895,5699/30/2022Email:Address
Market Cap:$114,051,235
Web Site:fpxnickel.com1155 W. Pender St, Suite 725, Vancouver, BC, V6E 2P4, Canada
Cash Breakup:$0.03per shTwitter:@FPX_Nickel
Spec Value Rating History
Dec 13, 2018 $0.125 Bottom-Fish Spec Value New
Dec 13, 2019 $0.120 Bottom-Fish Spec Value New
Sep 9, 2020 $0.680 Good Spec Value New
Dec 31, 2020 $0.720 Good Spec Value New
Dec 6, 2021 $0.500 Bottom-Fish Spec Value New
Dec 31, 2021 $0.495 Good Spec Value New
Spec Value Rating Overview Updated January 18, 2022
SV Rating: Good Spec Value - Favorite - as of December 31, 2021: FPX Nickel Corp is a Good Spec Value rated Favorite at $0.50 as of December 31, 2021 based on the economic implications of a PEA completed in September 2020 which proposes to open pit mine the Baptiste deposit on the 100% owned Decar property in central British Columbia at a rate of 120,000 tpd for a 35 year mine life to produce an average 99 million lbs of nickel annually in the form of a 60%-65% ferro-nickel concentrate shipped directly to stainless steel makers. CapEx and life of mine sustaining capital were estimated at USD $1.67 billion and $1.1 billion with AISC of $3.12 per lb nickel. At a base case price of USD $7.75/lb nickel and 8% discount rate the PEA indicated an after-tax NPV of USD $1.72 billion, clearing the development hurdle where NPV should match or exceed CapEx, and an after-tax IRR of 18.3% which is sufficient for such a long-lived mine. Based on 231.6 million shares fully diluted, 100% net interest and a CAD:USD exchange rate of 1.25 this NPV translates into a future price target of $9.28. In April 2021 FPX raised sufficient capital to fund delivery of a PFS by mid 2023. The reason the stock price represents Good Speculative Value is because no nickel deposit consisting of 1.5 billion tonnes at an average grade of 0.122% nickel has ever been put into production. FPX Nickel Corp is a fabulous opportunity for any speculator who can understand why the Decar project is very different from every other nickel mine. The secret is in the nature of the grade, which is based on the Davis Tube Recovery assaying method which measures only the portion of a rock's nickel content that is recoverable through magnetic separation at a specified minimum grind size. At Decar the host rock is an ultramafic ophiolite body that has been serpentinized in a manner where nickel has alloyed with iron to form grains of natural stainless steel called awaruite. The flow-sheet is a simple three step process involving grinding, magnetic separation, and flotation of the concentrate to yield a ferro-nickel concentrate whose nickel content is 60%-65% with the rest iron and a minor 1% cobalt credit. There are no sulphides present and the concentrate can be fed directly into a stainless steel mill with the nickel content payable at 98% of the LME price though the iron and cobalt are not payable. The PEA assumes an 85% recovery but metallurgical studies done in 2021 indicate 90% recovery is achievable. Because flotation pulls off the magnetite as a by-product there is a potential market for it though the PEA assumes it will be part of the tailings which will represent no acid drainage problems. Market studies may enable FPX to include the magnetite waste product as a payable by-product in the PFS. The high magnesium content of the finely ground tailings offer an opportunity for carbon sequestration. Studies are underway to see if physical handling such as agitation can enhance the natural sequestration rate achieved by undisturbed tailings. Not only would Decar have a significantly lower carbon footprint than nickel derived from sulphide or laterite ores as a result of its simple flowsheet, but the Decar project has the potential to be carbon neutral which would make the ferro-nickel concentrate with its verifiably clean path of interest to stainless steel users seeking ESG credentials for their product inputs. FPX was able in early 2020 to demonstrate the conceptual possibility of making nickel and cobalt sulphate from the concentrate for the battery market and has a metallurgical study underway to determine if making battery grade sulphates is competitive with other methods of reprocessing refined nickel or extending the laterite flow-sheet. The outcome is expected in early Q3 of 2022; if viable the resulting verifiably clean nickel and cobalt sulphate supply becomes of interest to electric vehicles makers such as Tesla and Volkswagen among others. At this point it is not clear to what extent nickel and cobalt will be part of the EV battery configuration that becomes mainstream in 2030 and beyond, which is about when one might expect the Decar project to come on stream as a mine. This uncertainty may be a blessing for FPX Nickel. The high CapEx means that a major, not a junior, will develop the mine, but if the battery optionality becomes reality, FPX Nickel will be able to raise transitional capital from ESG focused funds or end users so that it can push the project beyond PFS into the feasibility and permitting stage to set up an auction for a buyout. The speculative question is when a mining giant like Rio Tinto or BHP with minimal exposure to nickel would make a pre-emptive move to buy out FPX Nickel. Or when an established nickel producer like Vale with battery grade sulphate ambitions might add Decar to its roster of Canadian nickel mines. The Baptiste deposit became the delineation focus in 2009 when Cliffs had Decar under option because outcrop was available and the area had already been logged. In 2021 FPX Nickel finally had a chance to mount a 9 hole 2,688 m drill program on the Van target 6 km from Baptiste higher up the mountain. The results yielded a 400-750 m wide by 750 m long by 225 m deep (vertical) tonnage footprint whose upper 70-100 m ran 0.14%-0.16% DTR nickel, better than for the Baptiste deposit. The higher grade portion of this slab represents 100-150 million tonnes. The zone is open to the west and south. During 2022 FPX will mount another 10 hole core drilling program to extend and infill the Van system on 200 m spacing to support a resource estimate. Since the Baptiste mining schedule only has a few early years averaging 0.13%-0.14% ore it is possible that the eventual mining plan starts with the Van deposit whose metallurgy can be fast-tracked using the Baptiste studies as a guide. The stock price was not rewarded in 2021 by this accomplishment which potentially boosts the economic value and definitely boosts the long term strategic value as a future supply of clean, possibly carbon neutral nickel. 2021 was a year when the FPX story kept getting better without price appreciation, a bummer for existing shareholders but a boon for newcomers. Part of the problem was that the April financing attracted a generalist US fund which became FPX's third largest shareholder but after a couple months got the willies and spent the rest of the year liquidating its position. FPX Nickel Inc is a Good Spec Value rated Favorite because at $7.75 base case nickel the PEA indicates a target price of $4.82 using a 10% discount rate and $13.62 using a 5% rate. At the $10.26/lb nickel price in mid January 2022 these numbers jump to $12.20 and $26.67. And if you dare to assume a long term $15/lb nickel price, the target prices jump to staggering levels of $26.12 and $51.30 per share. If you substitute the 0.14% Van grade as the LOM average the target prices at $10.26 per lb are $15.62 and $33.49. This is before any potential value add from making nickel and cobalt sulphate is included, or finding a market for the magnetite waste product. Now obviously the indicated after-tax NPV is not the proper value for a project whose economics are based on the 30%-35% uncertainty associated with a PEA. A project that is at a fully funded PFS stage according to the uncertainty ladder of the rational speculation model deserves a value of 25% to 50% of the ultimate NPV outcome which would knock our $12.20-$26.67 price targets at $10.26/lb nickel based on the PEA scenario down to a range of $3.00-$6.00 per share at a 10% discount rate and $6-$13 per share at a 5% discount rate. That implies FPX Nickel should be trading 500% higher than the $0.50 stock price at the end of 2021 where FPX Nickel Corp was a made a 2022 Favorite. The junior is executing all the tedious steps of a PFS such as metallurgical studies and geotechnical drilling, and given the homogenous nature of the Baptiste deposit, we should not expect any unpleasant technical surprises. The biggest risk is probably the anti-mining lobby which opposes any large scale mining operation and will not hesitate to mobilize local First Nations groups to oppose the permitting process. But given the dirty alternatives for nickel supply, the Decar project might end up being supported by thoughtful environmentalists and the First Nations in this infrastructurally good location who already are involved logging activities might like a long lived mine in their backyard.
What's Next?
Updated April 7, 2021: FPX Nickel Corp was made a Bottom-Fish Spec Value rated 2020 Favorite at $0.16 on December 31, 2019, which was upgraded to a Good Spec Value rating on September 9, 2020 at $0.68 after FPX published a positive updated PEA on Sept 9, 2020 for its Decar nickel project in British Columbia, Canada. FPX was continued as a Good Spec Value rated 2021 Favorite at $0.72 on December 31, 2020, and confirmed on April 7, 2021 @ $0.71 following completion of a $16.1 million bought deal at $0.65 which brings working capital to $21 million, more than enough to fund the estimated $15 million cost to deliver a prefeasibility study by the end of 2022. The Good Spec Value rating is based on a $2-$3 fair value target price range for a project at PFS stage with an after tax NPV of USD $1.4 billion at 8% as defined by the PEA. For FPX Nickel to achieve this target price range in the near term it must overcome market skepticism that putting a 0.12% nickel deposit into profitable large scale production is plausible. The junior's closing of a $16.1 million bought deal at $0.65 (no warrant and immediately free trading) suggests the market is warming up to this idea. SVR Overview Tracker Apr 7, 2021 explains why the stock should be at $2-$3 ahead of climbing into the $4-$6 range at the end of 2022 if a PFS confirms the PEA's number. It also describes the 3 additional vectors that could deliver much higher prices over the next 12 months. With $21 million working capital FPX is more than enough funded to complete a $15 million PFS over the next 20 months. The PFS work will involve infill and geotechnical drilling, larger scale metallurgical studies, and environmental baseline studies. None of this will generate market moving news flow. But Decar is unusual in terms of a feasibility demonstration stage project because it can add value through 3 extra channels. FPX will begin a 3,000 m 10 hole $1 million drill program in June on the Van target located 7 km north of the Baptiste deposit that is the focus of the 2020 PEA mining plan. The 300 m angled holes will test a tonnage footprint of 500-700 million tonnes which is hypothesized to represent a homogenous ultramafic body similar to Baptiste, except that surface sampling at Van suggests a 20%-30% higher grade potential. The program should be done by mid August, with the last assays arriving in October. However, core logging will reveal very early to what extent Van is similar to Baptiste in terms of awaruite grain size distribution, homogeneity and absence of sulphides. Once assays start arriving in August we will also know how grade behaves in the third dimension, allowing back of the napkin resource estimates. Assuming FPX gets enough holes done to fulfill the hole density required for an inferred resource, we can expect a 43-101 resource estimate in Q1 of 2022. Success at Van could boost FPX Nickel's value in two ways: 1) if higher grade it could be prioritized for development which would boost the NPV, and/or, 2) if similar in nature and grade it could become a parallel mine development if FPX subdivides the Decar property and spins Van out as a separate company. The value of such a plan is that it could speed up a buyout decision by a major mining company. The second value channel is the outcome of a metallurgical study on the conversion of the ferro-nickel concentrate into nickel sulphate expected in Q2 of 2021. The question is whether making battery grade nickel sulphate is cheap enough for Decar to serve as a nickel sulphate supplier to the EV market. At this stage we do not know if nickel will be part of the EV battery that eventually becomes standard, but having this option will be of interest to end-users concerned about the ESG status of their inputs. If FPX is successful it will need to report the cobalt grade of Baptiste in its next resource update because cobalt sulphate will be available for extraction from the pregnant liquor after the iron and nickel have been extracted. FPX has cobalt assays but has never reported them because the cobalt, which does end up in the ferro-nickel concentrate, is not payable when it is used as stainless steel feedstock. The PFS requires an indicated resource but only 17% of Baptiste is still in the inferred category; infill drilling this summer would quickly upgrade this portion of the deposit, allowing a resource update later this year which reveals the cobalt content and allows us to see what sort of revenue contribution cobalt could make if nickel sulphate conversion proves viable.The third extra value channel will be the results of ongoing studies about the carbon sequestration potential of the magnesium rich tailings which would support the push for carbon neutrality. Decar already has world class scale; achieving a very high ESG rating would attract institutional audiences, mining majors and big end-users.
Milestone Timeline
ProjectProgramStartEndMilestone
DecarMetallurgical Study2021 Q4 Early October2022 Q3 Mid JulyThird party metallurgical study begun on feasibility of making nickel and cobalt sulphate from 63% nickel-ferro concentrate, results expected early Q3 of 2022. Important milestone for car makers looking for a mine to battery low carbon and clean path.
DecarDelineation2022 Q2 Early June2022 Q4 Late DecemberPotential 10 hole core program to delineate the Van deposit to the south and west from holes 1-7 drilled in 2021. Also RAB style grid drilling campaign to prospect bedrock through overburden cover.
DecarEnvironmental Study2021 Q3 Early September2022 Q4 Late DecemberStudy initiated to assess capacity of Decar tailings to sequester carbon dioxide with the potential goal of achieving zero-carbon status for Decar.
DecarOther2021 Q1 Early January2022 Q4 Late DecemberMarketing study begun to see if the magnetite tailings separated before flotation could be sold and become a payable in the PFS rather than a tailings disposal cost.
DecarEconomic Study - PFS2020 Q3 Early September2023 Q2 Late JuneFollowing positive PEA at $7.75/lb nickel base case price, FPX began work on PFS expected initially to be done by the end of 2022 but now mid 2023. $16.2 million bought deal at $0.65 closed Apr 7, 2021, which more than funds delivery of the PFS.
Corporate Change History


#Old for NewLast PricePrior NameSubsequent NameDetails
Nov 1, 2012New Exchange Listing1:1$0.34First Point Minerals Corp (FPX-V)First Point Minerals Corp (FPX-T)
Oct 17, 2016New Exchange Listing1:1$0.09First Point Minerals Corp (FPX-T)First Point Minerals Corp (FPX-V)
Aug 25, 2017Name Change1:1$0.09First Point Minerals Corp (FPX-V)FPX Nickel Corp (FPX-V)
Recommendation History
Edition Date Price
Recommendation Gain
BF1998 12/1/1997 $0.50 New BF MP Buy $0.50-$0.75 0%
BF1998 11/18/1998 $0.65 Priority Upgrade to Medium -13%
BF1998 1/11/2005 $0.13 BF Cycle Closeout Sell 100% -83%
BF2009 11/16/2009 $0.12 New BF TP Buy $0.10-$0.19 -37%
BF2009 4/7/2010 $0.55 New BF Spec Cycle Hold 100% 189%
SV2010 4/7/2010 $0.55 Good Relative Spec Value Buy 0%
SV2010 8/9/2010 $0.67 Confirm Good Relative Spec Value Buy 22%
SV2010 9/22/2010 $0.59 Confirm Good Relative Spec Value Buy 7%
SV2010 12/21/2010 $0.81 Confirm Good Relative Spec Value Buy 47%
SV2010 3/21/2011 $0.74 Confirm Good Relative Spec Value Buy 35%
SV2010 6/20/2011 $0.79 Confirm Good Relative Spec Value Buy 44%
SV2010 8/22/2011 $0.70 Confirm Good Relative Spec Value Buy 27%
SV2010 10/31/2011 $0.49 Confirm Good Relative Spec Value Buy -11%
BF2009 12/30/2011 $0.41 BF Technical Closeout Hold 0% 116%
SV2010 12/30/2011 $0.41 SV Technical Closeout Hold 0% -25%
SV2012 12/30/2011 $0.41 Good Relative Spec Value Buy 0%
SV2012 4/16/2012 $0.62 Confirm Good Relative Spec Value Buy @ $0.62 51%
SV2012 5/7/2012 $0.58 Confirm Good Relative Spec Value Buy @ $0.58 41%
SV2012 6/14/2012 $0.56 Confirm Good Relative Spec Value Buy @ $0.56 37%
SV2012 8/22/2012 $0.45 Confirm Good Relative Spec Value Buy @ $0.45 10%
SV2012 10/2/2012 $0.40 Confirm Good Relative Spec Value Buy @ $0.40 -2%
SV2012 12/18/2012 $0.54 Confirm Good Relative Spec Value Buy @ $0.54 32%
SV2012 3/22/2013 $0.34 Good Absolute Spec Value Buy @ $0.34 -17%
SV2012 11/22/2013 $0.16 Confirm Good Absolute Spec Value Buy @ $0.16 -61%
SV2012 12/31/2013 $0.18
SV Edition Rollover Closeout -56%
SV2014 1/3/2014 $0.18 Good Relative Spec Value Buy @ $0.18 0%
SV2014 7/30/2014 $0.14 Confirm Good Relative Spec Value Buy @ $0.14 -22%
SV2014 9/15/2014 $0.09 Confirm Good Relative Spec Value Buy @ $0.085 -53%
SV2014 1/2/2015 $0.05 SV Technical Closeout Hold 0% @ $0.045 -75%
SV2015 1/2/2015 $0.05 Good Relative Spec Value Buy @ $0.045 0%
SV2015 3/9/2015 $0.05 Confirm Good Relative Spec Value Buy @ $0.05 11%
SV2015 9/10/2015 $0.06 Confirm Good Absolute Spec Value Buy @ $0.06 33%
SV2015 12/31/2015 $0.05
SV Edition Rollover Closeout 11%
SV2016 12/31/2015 $0.05 Good Relative Spec Value Buy 0%
SV2016 3/23/2016 $0.05 Confirm Good Relative Spec Value Buy @ $0.05 0%
SV2016 12/30/2016 $0.09 SV Edition Rollover Closeout 70%
BF2016 12/30/2016 $0.09 New BF Buy below $0.10 -10%
BF2016 12/13/2018 $0.13 BF Technical Closeout 100% 25%
SVF2020 12/31/2019 $0.16 Bottom-Fish Spec Value Favorite 0%
SVF2020 8/18/2020 $0.58 Bottom-Fish Spec Value Favorite Confirmed 263%
SVF2020 9/9/2020 $0.68 Good Spec Value Favorite 325%
SVF2020 12/31/2020 $0.72 Good Spec Value Favorite 350%
SVF2021 12/31/2020 $0.72 Good Spec Value Favorite 0%
SVF2021 12/31/2021 $0.50 SV Technical Closeout 100% -31%
SVF2022 12/31/2021 $0.50 Good Spec Value Favorite 0%
Ranking within Company's Price Range based Group
All TSX-TSXV KRO as of Dec 2, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:90,376,234240,107,86315.0%44.2%
Price Group Total:120Working Cap:$2,971,986$8,895,56973.3%
TSXV KRO as of Dec 2, 2022Group MedianCompanyPercentileScore
Price Range:$0.30-$0.49Issued:74,412,302240,107,8639.0%43.5%
Price Group Total:100Working Cap:$2,140,988$8,895,56978.0%
Group figures exclude delisted and suspended companies. The higher the company percentile the better, based on the assumptions that the lowest issued shares and highest working capital are best. The score is the average of the percentiles. A percentile is that percentage of a group that a member ranks higher than. Note that issued and WC reflect latest financials.
Ranking Color Code:Lower than 25%25% to 50%50% to 75%Higher than 75%
Charts & Financing Activity
 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Mar 20, 2002 First Point Minerals Corp PP 1,197,500 $0.170
Units $203,575
May 15, 2002 First Point Minerals Corp PP 2,500,000 $0.300

$750,000
Aug 20, 2002 First Point Minerals Corp PP 165,975 $0.530
Units $87,967
Dec 1, 2003 First Point Minerals Corp PP 178,000 $0.420
Units $74,760
Feb 2, 2004 First Point Minerals Corp PP 6,000,000 $0.250
Units $1,500,000
Apr 27, 2005 First Point Minerals Corp PP 4,345,001 $0.150
Units $651,750
Dec 21, 2005 First Point Minerals Corp PP 1,250,000 $0.120
Units $150,000
Feb 21, 2007 First Point Minerals Corp PP 11,619,288 $0.140
Units $1,626,700
Jul 31, 2007 First Point Minerals Corp PP 1,350,000 $0.180 FT
$243,000
Mar 27, 2008 First Point Minerals Corp PP 4,500,000 $0.110 FT
$495,000
Mar 2, 2009 First Point Minerals Corp PP 2,500,000 $0.100
Units $250,000
May 12, 2010 First Point Minerals Corp PP 15,000,000 $0.500
Units $7,500,000
Jun 29, 2012 First Point Minerals Corp PP 2,684,933 $0.600 FT
$1,610,960
Aug 7, 2012 First Point Minerals Corp PP 779,382 $0.560
Units $436,454
Jan 30, 2017 First Point Minerals Corp PP 3,900,000 $0.100

$390,000
Jun 2, 2017 First Point Minerals Corp PP 11,466,000 $0.100

$1,146,600
Mar 27, 2018 Fpx Nickel Corp PP 12,250,000 $0.120

$1,470,000
Sep 19, 2019 Fpx Nickel Corp PP 8,333,333 $0.150

$1,250,000
Apr 9, 2020 Fpx Nickel Corp PP 8,333,332 $0.180

$1,500,000
Feb 25, 2021 Fpx Nickel Corp PP 8,963,636 $0.550

$4,930,000
Apr 30, 2021 FPX Nickel Corp SOM 24,769,800 $0.650

$16,100,370 Paradigm Capital Inc. and
Capital
Financials Dated: September 30, 2022 Reporting Period: 9 months Year End: 12/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $8,334,860 Current Liabilities: $1,174,360 Operating Revenues: $0
Receivables etc: $1,735,069 Tangible LT Debt: $87,108 Operating Cash Costs: $0
Current Assets: $10,069,929 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$21,398,847Total Liabilities:$1,261,468Operating Non-Cash Costs:$0




Miscellaneous Revenue:$99,187
Total Assets: $31,468,776 Share Capital: $63,093,045 Cash Expenses: $1,625,895


Shareholder Deficit: ($32,885,737) Non-Cash Expenses: $1,423,424
Working Capital: $8,895,569 Net Shareholder Equity: $30,207,308 Total Expenses: $3,049,319




Overall Cash Flow:($1,625,895)
Monthly Overhead:$180,655

Net Income (Loss):($3,049,319)

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINCash
Expenses
DilutedWorking
Capital
9/30/2010 9 $6,817,482 $7,858,303 $11,915,812 $728,998 $728,998 $21,390,009
$418,944 0 $7,129,305
3/31/2011 3 $7,183,280 $7,378,672 $11,075,730 $87,294 $87,294 $22,740,388
$301,355 0 $7,291,378
6/30/2011 6 $8,817,439 $9,088,068 $12,658,904 $187,969 $187,969 $25,030,272
$927,404 0 $8,900,099
9/30/2011 9 $8,049,241 $8,326,703 $11,765,686 $100,376 $100,376 $25,030,272
$1,487,884 102,768,518 $8,226,327
12/31/2011 12 $7,535,973 $7,720,963 $11,136,022 $52,215 $52,215 $25,132,927
$2,055,862 102,768,518 $7,668,748
3/31/2012 3 $7,210,984 $7,361,710 $10,802,592 $188,384 $188,384 $25,342,752
$593,246 105,158,518 $7,173,326
6/30/2012 6 $7,707,304 $7,922,080 $11,578,935 $533,845 $533,845 $26,644,878
$1,283,371 107,522,147 $7,388,235
9/30/2012 9 $5,832,315 $6,149,909 $11,474,464 $610,759 $610,759 $27,063,767
$1,965,827 108,529,958 $5,539,150
12/31/2012 12 $4,537,952 $4,835,367 $8,036,113 $134,390 $134,390 $27,055,849 8% $2,583,065 108,520,958 $4,700,977
3/31/2013 3 $4,036,139 $4,156,020 $7,529,789 $209,889 $209,889 $27,091,294
$542,062 109,367,291 $3,946,131
6/30/2013 6 $3,216,575 $3,321,127 $6,789,531 $80,271 $80,271 $27,091,294
$1,120,543 105,330,458 $3,240,856
9/30/2013 9 $2,657,830 $2,731,547 $6,543,411 $181,142 $181,421 $27,091,294
$1,413,656 105,580,278 $2,550,405
12/31/2013 12 $3,709,955 $3,788,385 $7,693,157 $64,745 $64,745 $28,606,814 6% $1,756,602 119,975,449 $3,723,640
3/31/2014 3 $3,451,497 $3,495,852 $7,379,538 $104,843 $104,843 $28,606,814
$359,325 119,965,449 $3,391,009
6/30/2014 6 $3,029,720 $3,073,683 $7,055,895 $69,659 $69,659 $28,606,814
$642,003 119,755,924 $3,004,024
9/30/2014 9 $2,459,103 $2,519,226 $6,959,597 $144,423 $144,423 $28,606,814
$833,645 121,074,924 $2,374,803
12/31/2014 12 $1,930,883 $1,964,055 $3,885,696 $46,272 $46,272 $28,606,814 0% $1,135,383 119,474,924 $1,917,783
3/31/2015 3 $1,608,678 $1,645,797 $3,647,117 $76,303 $76,303 $28,606,814
$347,837 119,474,924 $1,569,494
6/30/2015 6 $1,298,908 $1,325,325 $3,327,216 $60,266 $60,266 $28,606,814
$667,824 117,849,924 $1,265,059
9/30/2015 9 $1,113,668 $1,141,513 $3,075,802 $88,675 $88,675 $28,606,814
$929,060 117,849,924 $1,052,838
12/31/2015 12 $890,435 $914,615 $9,359,110 $605,555 $7,740,470 $28,606,814 0% $2,105,244 117,849,924 $309,060
3/31/2016 3 $515,106 $541,518 $8,954,985 $449,403 $7,245,532 $28,606,814
$324,785 117,774,924 $92,115
6/30/2016 6 $916,057 $935,704 $9,419,884 $495,750 $7,212,183 $29,211,505
$541,497 131,374,924 $439,954
9/30/2016 9 $610,026 $627,417 $9,186,317 $378,057 $7,160,098 $29,209,451
$738,184 131,374,924 $249,360
12/31/2016 12 $468,105 $499,498 $9,050,109 $0 $7,398,578 $29,209,451 2% $916,045 126,229,339 $499,498
3/31/2017 3 $778,031 $802,902 $9,261,646 $269,632 $7,389,576 $29,587,951
$404,331 221,154 $533,270
6/30/2017 6 $1,687,758 $1,724,914 $10,228,671 $224,479 $7,342,686 $30,723,099
$227,183 141,920,339 $1,500,435
9/30/2017 9 $754,633 $973,239 $10,029,720 $175,082 $175,082 $30,723,099
$623,305 141,970,339 $798,157
12/31/2017 12 $560,136 $797,699 $9,958,292 $148,147 $7,090,129 $30,723,099 5% $303,646 142,220,339 $649,552
3/31/2018 3 $1,689,872 $1,933,788 $11,254,767 $189,403 $7,305,331 $32,147,922
$226,323 157,445,339 $1,744,385
6/30/2018 6 $1,533,527 $1,819,763 $11,130,782 $139,889 $7,451,926 $32,147,922
$439,964 157,445,339 $1,679,874
9/30/2018 9 $1,334,705 $1,630,294 $10,962,698 $125,435 $7,422,229 $32,147,922
$637,052 157,195,339 $1,504,859
12/31/2018 12 $1,449,593 $1,518,157 $10,853,545 $157,994 $8,042,322 $32,147,922 5% $884,817 157,195,339 $1,360,163
3/31/2019 3 $1,170,212 $1,247,607 $10,666,348 $159,429 $8,012,313 $32,147,922
$250,016 160,095,339 $1,088,178
6/30/2019 6 $954,680 $1,049,443 $10,491,903 $137,853 $8,003,934 $32,147,922
$516,492 160,095,339 $911,590
9/30/2019 9 $2,000,150 $2,053,912 $11,629,918 $218,730 $8,159,399 $33,476,916
$826,637 167,428,672 $1,835,182
12/31/2019 12 $1,728,445 $1,803,943 $11,526,739 $236,146 $8,218,688 $33,476,916 4% $1,055,311 167,428,672 $1,567,797
3/31/2020 3 $2,165,246 $2,271,076 $12,233,184 $403,455 $8,094,774 $34,993,006
$322,150 178,862,004 $1,867,621
6/30/2020 6 $1,772,859 $1,899,927 $12,164,258 $466,067 $8,145,692 $34,984,460
$578,971 178,862,004 $1,433,860
9/30/2020 9 $1,393,030 $1,471,984 $11,856,512 $289,144 $7,950,420 $35,182,920
$882,498 179,112,004 $1,182,840
12/31/2020 12 $5,835,074 $5,917,394 $16,324,257 $215,015 $3,648,146 $44,188,865 32% $1,297,264 195,825,677 $5,702,379
3/31/2021 3 $5,413,099 $5,537,731 $16,232,674 $186,531 $258,960 $47,937,204
$316,525 201,388,063 $5,351,200
6/30/2021 6 $18,982,819 $19,434,879 $30,986,351 $238,277 $241,413 $62,456,465
$597,580 229,857,863 $19,196,602
9/30/2021 9 $15,453,516 $16,449,702 $30,777,864 $239,651 $415,219 $62,456,465
$1,004,220 230,107,863 $16,210,051
12/31/2021 12 $14,535,024 $15,861,038 $30,459,464 $536,808 $690,878 $62,531,195 42% $1,652,043 230,107,863 $15,324,230
3/31/2022 3 $14,997,864 $16,341,591 $32,150,444 $716,640 $848,805 $63,004,620
$471,175 230,607,863 $15,624,951
6/30/2022 6 $13,118,555 $14,464,368 $31,860,269 $945,035 $1,054,882 $63,029,395
$1,001,339 230,857,863 $13,519,333
Structure & People
Directors, Officers and Employees: 41,439,558 17.3% AGM: May 26, 2022
Other Insiders: 49,459,343 20.6% People Tree Available
Past Reported Shareholders: 19,947,019 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
Peter M. D. Bradshaw Geologist 7/11/1996 Chairman 31,415,078 13.1%
Anne R. Currie ESG Specialist 4/12/2022

0 0.0%
James S. Gilbert Investment Banker 1/24/2012

1,151,352 0.5%
Peter J. Marshall Engineer 9/7/2017

426,600 0.2%
William H. Myckatyn Engineer 2/16/1999

963,556 0.4%
Robert B. Pease Geologist 11/22/2017

1,308,300 0.5%
Martin Turenne Accountant 12/2/2015 CEO & President 4,113,519 1.7%
Martyn Creaney Engineer 4/12/2021

Advisory Board 0 0.0%
Paul Hosford Engineer 4/12/2021

Advisory Board 0 0.0%
Allyn Knoche Investor 9/17/2019


32,996,843 13.7%
Kyle Marte Metallurgist 3/7/2022

Consultant 0 0.0%
J. Christopher Mitchell Engineer 5/28/2004
CFO 1,075,110 0.4%
Andrew Osterloh Engineer 6/22/2021
VP 0 0.0%
Clement A. Pelletier Metallurgist 4/12/2021

Advisory Board 0 0.0%
Renmark Financial Communications Inc Investor Relations 1/12/2021

IR 0 0.0%
Kitson Vincent Investor 1/23/2018


16,462,500 6.9%
Robert A. Watts Consultant 7/11/1996

Advisory Board 986,043 0.4%
Erin Wilson Geologist 1/10/2022

Chief Geologist 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
Bill Anglin Broker 5/12/2010


Placee 200,000
Jill Anglin Broker 5/12/2010


Placee 340,000
Thomas B. Beattie Broker 1/5/2008 5/25/2017

Advisory Board 0
Thomas W. Beattie Geologist 6/25/2009 5/12/2016 5/12/2016
Director 150,000
Ronald M. Britten Geologist 1/1/1997 5/25/2017 7/25/2013
Advisory Board 1,309,829
Cliffs Natural Resources Inc Public Company 12/15/2009 9/8/2015

Insider 14,353,190
John B. Gammon Consultant 1/2/2008 5/23/2018 5/23/2018
Director 1,820,000
Stuart Harshaw Engineer 8/17/2020 11/23/2020 11/23/2020
Director 0
Alexandre N. Heath Broker 5/12/2010


Placee 10,000
Roderick W. Kirkham Lawyer 2/2/1995
4/30/2008
Director 579,000
Desiree Kranendijk Broker 5/12/2010


Placee 20,000
Patrick J. Mars Consultant 10/17/2001
5/28/2008
Director 220,000
Douglas McDonald Broker 5/12/2010


Placee 10,000
John A. McDonald Geologist 1/5/2009 5/26/2022 5/26/2022
Director 530,000
Greg McKenzie Lawyer 5/12/2010


Placee 100,000
Trevor Rabie
12/11/2015 6/10/2016

VP Exploration 0
Rob A. Robertson Geologist 2/15/2011 5/25/2017

VP Corp Dev 0
Kerry D. Smith Analyst 5/12/2010


Placee 50,000
Stephanie Weterings Broker 5/12/2010


Placee 5,000
John Wheeler Broker 5/12/2010


Placee 250,000
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Active Index Memberships
Membership Start Date:December 31, 2019Start Price:$0.16
KRO Favorites 2020: Features companies with Bottom-Fish, Fair or Good Spec value ratings that were designated Favorites in 2020, effective December 31, 2019.
Membership Start Date:December 31, 2020Start Price:$0.72
KRO Favorites 2021: Features companies with Bottom-Fish, Fair or Good Spec value ratings that are designated 2021 Favorites, effective December 31, 2020.
Membership Start Date:December 31, 2021Start Price:$0.50
KRO Favorites 2022: Features companies designated 2022 KRO Favorites, based on closing price December 31, 2021.
Membership Start Date:February 6, 2020Start Price:$0.21
KRO Post Boomer Club Index:
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability
Ranges in millions
ranked from most to least achievable
below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50 Tiny Scale: underground mine or quarry - not worth the bother
$50-$100 Small Scale: junior needs to self-develop
$100-$250 Buyout Target: by Lower Tier Producers
$250-$500 Buyout Target: by Mid-Tier Producers
$500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
Decar Canada - British Columbia - Central BC 100% WI 6-Prefeasibility $122 $245 - $489 NickelUltramafic Complex
Mich Canada - Yukon Territory - Whitehorse 100% WI 2-Target Drilling $122 $4,892 - $12,231 NickelUltramafic Complex
Klow Canada - British Columbia - Central BC 100% WI 3-Discovery Delineation $122 $2,446 - $4,892 NickelUltramafic Complex
Orca Canada - British Columbia 100% WI 3-Discovery Delineation $122 $2,446 - $4,892 Nickel
Wale Canada - British Columbia - Northern BC 100% WI 2-Target Drilling $122 $4,892 - $12,231 NickelUltramafic Complex
Company Projects

Decar Project
Featured in Share Collective
DecarCanadaBCCentral BC1,800 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 1.00%
Ownership Terms: Acquired by staking in 2008. In November 2009 an option agreement was signed with Cliffs Natural Resources Exploration Inc, where Cliffs can earn up to 75% in Decar. To acquire 51% cliffs must spend $4.5 million over four years, with a firm commitment of $1 million in year one of the agreement. Cliffs can increase its interest to 60% by completing a scoping study, to 65% by completing a prefeasibility study, and to 75% by completing a bankable feasibilty study. Upon Cliffs earning 51% a joint venture will be formed, and First Point will be granted a 1% NSR on any products produced from the Decar property. Deal included a private placement by Cliffs and a standstill deal until Dec 30, 2013. Cliffs vested for only 60% when a dissident shareholder took charge. On Nov 18, 2015 Cliffs sold its 60% stake to First Point for US $4.75 million. The acquisition was funded by a 5 year loan from an undisclosed third party which pays 6.5% and can be repaid anytime. The lendor received a 1% NSR.
Target Metals: NickelModel: Ultramafic ComplexStage: 6-Prefeasibility
See Reliable Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Delineation2010 Q3 Early July2010 Q3 Early JulyInitiated 2,000 m drill program 6-8 holes to 300 m depth on the Baptiste and Sydney target areas where surface grades up to 0.3% Ni with nickel-iron alloy in coarse grained ultramafic rocks was obtained.
Initial Resource Estimate2012 Q2 Mid April2012 Q2 Mid AprilInitial 43-101 inferred resource estimate for Baptiste published April 16, 2012 at various cutoff grades.
Economic Study - PEA2012 Q42013 Q1 Late MarchScoping study (PEA) on large scale development of Decar nickel project based on initial 43-101 inferred resource estimate delivered by Cliffs on Mar 22, 2013.
Ownership20152015 Q3 Early September100% acquired Sept 8, 2015 from Cliffs by paying USD $4,750,000 for 60% on which Cliffs spent CAD $20 million to earn by delivering a PEA.
Updated Resource Estimate2018 Q1 Late February2018 Q1 Late FebruaryUpdated resource estimate for Decar published Feb 26, 2018.
Economic Study - PEA2020 Q1 Late February2020 Q3 Early SeptemberWork on updated PEA work began Feb 2020, PEA delivered Sept 9, 2020 for 120,000 tpd open-pit scenario producing 63% ferro-nickel concentrate for direct shipping to stainless steel mills.
Metallurgical Study2021 Q1 Early January2021 Q4 Early DecemberLarger scale met study begun in 2021 on ferro-nickel flowsheet to support PFS, phase 1 results delivered December 8, 2021.
Target Testing2021 Q2 Early June2022 Q1 Early JanuaryInitial drilling of the Van target 6 km N of Baptiste began June 9, 2021 and finished with 9 holes (2,689 m) Sept 20, 2021. Final results reported Jan 6, 2022 confirming 750 m long by 400-750 m wide slab whose upper 100 m grade 0.15% DTR nickel plus.
Metallurgical Study2019 Q4 Late October2022 Q1 Late MarchMet study started Oct 30/19 on using pressure leaching to convert ferro-nickel concentrate into battery grade nickel and cobalt sulphates. Positive bench scale results reported Jan 7/20. In 2021 started scaled up met study, results expected Mar 2022.
Metallurgical Study2021 Q4 Early October2022 Q3 Mid JulyThird party metallurgical study begun on feasibility of making nickel and cobalt sulphate from 63% nickel-ferro concentrate, results expected early Q3 of 2022. Important milestone for car makers looking for a mine to battery low carbon and clean path.
Delineation2022 Q2 Early June2022 Q4 Late DecemberPotential 10 hole core program to delineate the Van deposit to the south and west from holes 1-7 drilled in 2021. Also RAB style grid drilling campaign to prospect bedrock through overburden cover.
Environmental Study2021 Q3 Early September2022 Q4 Late DecemberStudy initiated to assess capacity of Decar tailings to sequester carbon dioxide with the potential goal of achieving zero-carbon status for Decar.
Other2021 Q1 Early January2022 Q4 Late DecemberMarketing study begun to see if the magnetite tailings separated before flotation could be sold and become a payable in the PFS rather than a tailings disposal cost.
Economic Study - PFS2020 Q3 Early September2023 Q2 Late JuneFollowing positive PEA at $7.75/lb nickel base case price, FPX began work on PFS expected initially to be done by the end of 2022 but now mid 2023. $16.2 million bought deal at $0.65 closed Apr 7, 2021, which more than funds delivery of the PFS.
Base Case Resource Estimates
Project Resource Estimate - Decar - Baptiste
Nov 14, 2022NI 43-101Richard Flynn, PGeo., Nex Mine Contuling LtdCutoff: 0.06% Ni DTR USD $8.50/lb Ni, Ni payability 96%, Ni mining recovery 97%, processing 85%, OpEx USD $9.37/t
Note: indicated based on 200 m x 200 m grid, inferred on 300 m by 300 m grid.
Resource CategoryTonnageTotal
Rock Value
MetalGradeRecoveryContained Metal% of GMV
Indicated Resources1,815,000,000$39/tNickel0.129%100.0%5,161,740,488 lb89%
Cobalt0.004%100.0%140,047,223 lb5%
Iron2.400%100.0%43,560,000 t7%
Inferred Mineral Resources339,000,000$40/tNickel0.131%100.0%979,040,867 lb88%
Cobalt0.004%100.0%27,652,299 lb5%
Iron2.550%100.0%8,644,500 t7%
All Categories Spot2,154,000,000$39/tNickel0.129%
6,140,781,354 lb89%
Cobalt0.004%
167,699,522 lb5%
Iron2.424%
52,204,500 t7%
Spot Gross Metal ValueMarket Cap as % of Net GMVSpot Prices Used
$84,612,580,3410.1%Nickel $12.21/lb, Cobalt $24.00/lb, Iron $107.44/t
Decar 43-101 Economic Study (USD except where noted otherwise)
PEAMar 22, 2013
Tetra TechDecar
Mining ScenarioTRMining Costs
Mining Type:OP
Cost Currency:USD
Processing Type:

Capital Cost:$1,384,000,000
Operating Rate:114,000 tpd
Sustaining Cost:$763,000,000
Operating Days:365
Operating Cost:$6.91/t
Strip Rate:0.2
BC Cash Cost per Unit: USD$3.49/lb Ni
Mine Life:24 years
BC Cash Cost Net By-Products: USD$3.49/lb Ni
LOM Tonnage:925,268,000 t
BC All-In Cost Net By-Prod: USD$4.58/lb Ni
Est Startup:

Spot All-In Cost Net By-Prod: USD$4.58/lb Ni
Production Potential

Metal 1Metal 2Metal 3Metal 4
Metal:Ni


Grade:0.12%


Recovery:82.0%


Annual Output:82,400,000 lb


LOM Output:1,977,600,000 lb


Base Case Price:$9.39/lb


Spot Price:$12.21/lb


Base Case NSR:$18.59/t


Spot NSR:$24.18/t


Base Case Valuation
Reported Valuation Currency:USD
Pre-Tax NPV:$1,125,000,000
Discount Rate:8%
After-Tax NPV:$579,000,000
Total Base Case NSR USD:$18.59/t
Pre-Tax IRR:16%
Total Spot NSR USD:$24.18/t
After-Tax IRR:13%
Annual Pre-Tax Cash Flow Base Case and Net CF/FDSH USD:$486,210,900$1.76Pre-Tax Payback:
Annual Pre-Tax Cash Flow Spot and Net CF/FDSH USD:$718,578,900$2.67After-Tax Payback:6.4 y
Enterprise Value CAD :$115,238,093$.45/shShare Price:$0.48
Note: Payable Ni price in concentrate is 75% of long-term $9.39 price, or $7.04.
Comparative Valuations using Life of Mine Averages
Discount Rate:0%5%10%15%
Base Case Pre-Tax NPV USD:$9,522,061,600$4,653,684,024$2,453,491,354$1,338,808,251
Base Case Pre-Tax Net NPV/Sh USD:$36.98$18.07$9.53$5.20
Premium BC PT NPV over EV:$36.65$17.74$9.20$4.87
Spot Pre-Tax NPV USD:$15,098,893,600$7,707,362,878$4,351,461,352$2,638,810,515
Spot Pre-Tax Net NPV/Sh:$58.64$29.93$16.90$10.25
Premium Spot PT NPV over EV USD:$58.30$29.60$16.57$9.92
The comparative NPV calculations assume constant annual cash flow based on the life of mine average annual payable production and CapEx spent in year one. The operating cost includes the LOM sustaining capital. Due to details such as ore scheduling these NPV figures may differ from those of the 43-101 economic study.
After-Tax Valuations using Spot By-Product Prices

Mich Project
Featured in Share Collective
MichCanadaYTWhitehorse1,150 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in November 2011.
Target Metals: NickelModel: Ultramafic ComplexStage: 2-Target Drilling
Notes on Mich Project
The Mich property, owned 100 per cent by First Point and totalling 1,150 hectares in size, is located 52 kilometres east of Whitehorse. Surface sampling has defined a main zone of disseminated nickel-iron alloy mineralization that extends over a distance of 2,200 metres in length and coincides with a northwest-trending ridge. The anomalous zone is 150 metres wide at the northwest end, expanding to 640 metres in width at the southeast end, where it is covered by overburden and remains open to the south. The newly defined zone at Mich exhibits disseminated coarse-grained nickel-iron alloy ranging up to 200 microns to 500 microns in size.
See Approximate Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Target Testing2014 Q3 Early September2014 Q3 Early September1,000m drill program to begin, to test the central portion of the key target area, with two angled holes drilled in opposite directions from the same set-up.

Klow Project
KlowCanadaBCCentral BC5,197 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Acquired by staking in June 2009.
Target Metals: NickelModel: Ultramafic ComplexStage: 3-Discovery Delineation
Notes on Klow Project
The Klow property is located 135 kilometres north of Fort St. James and 55 kilometres north of the Decar project. Klow hosts significant nickel-iron-alloy mineralization and a drill target identified in July 2011 that is comparable at surface in size and grade to the Baptiste zone at First Point's flagship Decar project, measuring at least 950 metres long and 270 metres wide, based on the results of surface rock-chip samples collected from sparse outcrops of bedrock exposed on shallow-to-moderately dipping slopes. Thirteen samples returned values ranging from 455 to 1,075 parts per million (0.05 to 0.11 per cent) nickel in alloy, for an average of 780 parts per million (0.08 per cent). Eleven additional angular rock float samples taken in the same area show a similar range of values, reaching a high of 1,274 parts per million (0.13 per cent) nickel in alloy. This zone exhibits a fine-to-coarse-grained range of nickel-iron-alloy sizes from 50 to greater than 600 microns, similar to Decar. Rock samples from this area also assayed up to 4.9 per cent iron, primarily as magnetite, and 1,272 parts per million (0.13 per cent) chromium, occurring mainly as ferrichromite/chromite. Both of these minerals are also present at Decar.
Milestone Timeline
ProgramStartEndMilestone
Target Testing2012 Q2 June2012 Q2 JuneInitial 2,000m drill program to be carried out during summer 2012, with 1,800m of drilling in 6 holes planned.

Orca Project
OrcaCanadaBCBritish Columbia0 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms:
Target Metals: NickelModel:
Stage: 3-Discovery Delineation

Wale Project
WaleCanadaBCNorthern BC0 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms:
Target Metals: NickelModel: Ultramafic ComplexStage: 2-Target Drilling
Notes on Wale Project
The mineralized footprint at Wale includes a 10-kilometre-long stretch of anomalous grade, disseminated nickel-iron alloy mineralization. This northwest-southeast-trending zone of nickel-iron alloy mineralization measures roughly 3.1 kilometres long and from 670 to 1,060 metres wide. It is defined by 113 bedrock samples that average a grade of 945 parts per million, or 0.09 per cent nickel in alloy, based on a threshold of 500 parts per million. Within this main major zone, First Point has defined two highly prospective drill targets: Head and Eagle -- based on elevated nickel-in-alloy results and coarser nickel-iron alloy grain sizes.
Milestone Timeline
ProgramStartEndMilestone
Delineation2012 Q3 August2012 Q3 August2,800m drill program begins, with up to eight widely spaced holes to test a three-kilometre-long target area of the Wale property.
Company Related KRO Comments
Oct 28, 2022Kaiser Watch - 0:13:26
Sep 16, 2022Kaiser Watch - 0:24:52
Sep 2, 2022Kaiser Watch - 0:10:37
Aug 5, 2022Kaiser Watch - 0:08:04
Jul 28, 2022Tracker: FPX Nickel met study confirms DTR assay method and firms up flotation recovery assumption
Jul 15, 2022Kaiser Watch - 0:24:25
May 26, 2022Kaiser Watch - 0:07:50
Mar 31, 2022Kaiser Watch - 0:00:00
Mar 17, 2022Kaiser Watch - 0:13:52
Mar 10, 2022Kaiser Watch - 0:15:52
Mar 3, 2022Kaiser Watch - 0:08:48
Feb 3, 2022Kaiser Watch - 0:28:02
Jan 20, 2022Kaiser Watch - 0:12:41
Jan 18, 2022Tracker: Spec Value rating for FPX Nickel Corp
Oct 21, 2021Discovery Watch with HoweStreet.com - 0:00:01
Jul 28, 2021Discovery Watch with HoweStreet.com - 0:10:30
Jun 9, 2021Discovery Watch with HoweStreet.com - 0:12:19
Apr 8, 2021Discovery Watch with HoweStreet.com - 0:24:30
Apr 7, 2021Tracker: Spec Value Rating for FPX Nickel Corp (FPX-V)
Apr 7, 2021Tracker: What's Next for FPX Nickel Corp?
Mar 25, 2021Discovery Watch with HoweStreet.com - 0:00:01
Mar 17, 2021Tracker: Bought deal funds FPX Nickel through delivery of PFS by end of 2022
Nov 23, 2020Tracker: FPX Nickel destined to become highly leveraged proxy for nickel price
Nov 19, 2020Discovery Watch with HoweStreet.com - 0:10:19
Oct 15, 2020Discovery Watch with HoweStreet.com - 0:09:50
Sep 10, 2020Discovery Watch with HoweStreet.com - 0:00:01
Sep 9, 2020Tracker: FPX Nickel publishes updated PEA for Decar nickel project
Aug 21, 2020Tracker: What's Next for FPX Nickel Corp
Aug 20, 2020Discovery Watch with HoweStreet.com - 0:15:17
Aug 18, 2020Tracker: What might the updated Decar PEA of FPX Nickel look like?
Jul 22, 2020Discovery Watch with HoweStreet.com - 0:18:43
May 14, 2020Discovery Watch with HoweStreet.com - 0:15:15
Feb 27, 2020Discovery Watch with HoweStreet.com - 0:00:01
Feb 27, 2020Tracker: FPX Nickel to proceed with updated Decar PEA
Jan 9, 2020Discovery Watch with HoweStreet.com - 0:13:59
Jan 7, 2020Tracker: FPX Nickel confirms nickel sulphate can be made from Decar concentrate
Dec 19, 2019Discovery Watch with HoweStreet.com - 0:19:28
Dec 13, 2019Tracker: Spec Value Rating for FPX Nickel Corp (FPX-V)
Aug 23, 2019Discovery Watch with HoweStreet.com - 0:17:20
May 7, 2018Discovery Watch with HoweStreet.com - 0:12:24
May 2, 2018Bottom-Fish Comment: What do the rocks in Oman have to do with FPX Nickel?
Mar 2, 2018Discovery Watch with HoweStreet.com - 0:07:10
May 19, 2017Discovery Watch with HoweStreet.com - 0:26:52
May 15, 2017Bottom-Fish Comment: First Point to drill higher grade Baptiste southeast extension at Decar
Feb 3, 2017Discovery Watch with HoweStreet.com - 0:00:00
Jan 12, 2017SVH Tracker: Recommendation Strategy for First Point Minerals Corp
Nov 9, 2016Discovery Watch with HoweStreet.com - 0:08:51
Jul 7, 2016Zombie Search and Rescue Mission - 0:50:18
Jun 27, 2016Zombie Search and Rescue Mission - 1:04:23
Mar 23, 2016SVH Tracker: Recommendation Strategy for First Point Minerals Corp
Sep 10, 2015SVH Tracker: First Point finally back in control of its destiny with 100% Decar acquisition
May 22, 2015SVH Tracker: Recommendation Strategy for First Point Minerals Corp
Apr 14, 2015Excerpt from Express 2015-02: February-March Review - First Point
Mar 9, 2015SVH Tracker: Recommendation Strategy for First Point Minerals Corp
Sep 15, 2014Spec Value Hunter Comment: Understanding the importance of First Point's 1% NSR in Decar
Jul 30, 2014Spec Value Hunter Comment: Recommendation Strategy for First Point Minerals Corp
Jul 2, 2014Blog July 2, 2014: Understanding the Junior Resource Sector Bear Market
Nov 22, 2013Spec Value Hunter Comment: Cliffs decision to suspend Ring of Fire chromite project may be good news for Decar
Sep 26, 2013Quick Note: First Point Minerals Corp (FPX-T)
Mar 22, 2013Spec Value Hunter Comment: Cliffs offers conservative Decar PEA as penance for Bloom Lake blunder
Dec 18, 2012Spec Value Hunter Comment: 100% owned Wale shaping up as clone of 25% owned Decar
Oct 2, 2012Spec Value Hunter Comment: Visuals indicate that Wale is on track as a clone of Decar which itself has grown in size
Aug 22, 2012Spec Value Hunter Comment: First Point drilling Big Anomaly Wale play
Jul 13, 2012Spec Value Hunter Comment: First Point confirms 15,000 m summer drill program for Decar
Jun 21, 2012Does anybody deserve to be called the "Biggest Asshole in the Universe"?
Jun 20, 2012China's White Paper on Rare Earth Industry stirs rare earth juniors
Jun 14, 2012Spec Value Hunter Comment: First Point joins Big Anomaly Club
May 7, 2012Spec Value Hunter Comment: First Point pesters Cliffs for copy of independent consultant's report about Decar
Apr 16, 2012Spec Value Hunter Comment: Decar resource confirms expectations and signals game on
Jan 19, 2012Spec Value Hunter Comment: First Point discovers a Decar lookalike
Jan 16, 2012Spec Value Hunter Comment: Final 2011 Decar assays suggest a favorable upcoming resource estimate
Jan 12, 2012Spec Value Hunter Comment: Recommendation Strategy for First Point Minerals Corp
Oct 31, 2011Spec Value Hunter Comment: New Dynamic fund manager dumps predecessor's junior picks
Oct 13, 2011Spec Value Hunter Comment: First Point now in acquisition mode for awaruite style mineralized nickel prospects
Aug 22, 2011Spec Value Hunter Comment: Cliffs triples 2011 Decar program to 14,000 plus metres
Jul 4, 2011Spec Value Hunter Comment: Cliffs delivers positive metallurgical results for Decar to First Point
Jun 29, 2011Spec Value Hunter Comment: Sneak Preview from Cliffs 2011 Analyst and Investor Day
Jun 20, 2011Spec Value Hunter Comment: First Point suffers supposed insider selling scare weeks ahead of critical metallurgical report
Mar 21, 2011Spec Value Hunter Comment: First Point gets goahead from Cliffs for infill and delineation drilling at Decar
Dec 21, 2010Spec Value Hunter Comment: Cliffs validates First Point's nickel-iron alloy strategy through alliance with Altius
Sep 22, 2010Spec Value Hunter Comment: First Point's Decar has the required nickel alloy grade
Sep 1, 2010Spec Value Hunter Comment: First Point expands Baptiste footprint at Decar
Aug 9, 2010Spec Value Hunter Comment: Initial drilling at First Point's Decar extends nickel-iron alloy mineralization to 250 m depth
Apr 7, 2010Spec Value Hunter Comment: First Point secures $7.5 million financing to fund nickel deposit acquisition spree
Nov 13, 2009Tracker 2009-09: Recommendation Strategy for First Point Minerals Corp
Nov 18, 1998Report Sept-Oct 1998: First Point Minerals Corp - 1998 Annual Review
Dec 1, 1997Report Sept-Dec 1997: First Point Minerals Corp - 1998 Bottom-Fish 100

Company News Releases - Members Only
Dec 2, 2022Closes $12 Million Equity Investment From New Corporate Strategic Investor
Nov 29, 2022Announces $12 Million Equity Investment From New Corporate Strategic Investor
Nov 14, 2022Delivers Updated Mineral Resource Estimate for Baptiste Nickel Project, Reporting Significant Improvement in DTR Nickel Grade and First Inclusion of Total Nickel, DTR Cobalt and DTR Iron
Nov 8, 2022Subsidiary Company CO2 Lock Corp. Announces Appointment of Chief Technical Officer and Acceptance Into Prestigious Climate Technology Accelerator Program
Sep 20, 2022To Prepare Updated Mineral Resource Estimate for Baptiste Nickel Project with Inclusion of Total Nickel, Cobalt and Iron Grades
Sep 13, 2022Completes Van Target Step Out Drilling Program at Decar Nickel District in Central British Columbia
Sep 7, 2022Scoping Study Outlines Development of World's Largest Integrated Nickel Sulphate Operation for EV Battery Supply Chain at Baptiste Project in British Columbia
Jul 29, 2022Granting of Stock Options
Jul 27, 2022Metallurgical Testwork Results, Validating Mineralogical Understanding and Strong Recovery for Production of High Grade Nickel Concentrate at Baptiste Project
Jul 18, 2022Commences Van Target Step Out Drilling Program at Decar Nickel District in Central British Columbia
Jul 5, 2022Appointment of Cooper Quinn as New CEO of Subsidiary Company CO2 Lock Corp.
Jun 21, 2022Executes Development Memorandum of Agreement with Indigenous Partner Binche Whut'en for the Decar Nickel District in Central British Columbia
Jun 9, 2022Completes Trade Off Studies Demonstrating Tangible Improvements to the Baptiste Nickel Project
May 31, 2022Testing Continues to Demonstrate Potential for Significant Carbon Mineralization at Baptiste Nickel Project
May 27, 2022Results of 2022 Annual General and Special Meeting
May 24, 2022Plans Step Out Drilling Program to Test Expansion of Significant New Nickel Discovery at Van Target
Apr 12, 2022Board Appointment of Anne Currie, Former Senior Partner with Environmental Resources Management (ERM)
Mar 30, 2022Establishes Subsidiary Company CO2 Lock Corp. to Pursue Large Scale, Low Cost and Permanent Carbon Capture and Storage
Mar 14, 2022Results of Baptiste Infill Drilling Program Supporting the PEA Resource Model
Mar 7, 2022Appointment of Principal Metallurgist Kyle Marte, Former Senior Process Engineer with Fluor
Feb 1, 2022Scoping Study for Production of Nickel Sulphate from Baptiste Project in British Columbia
Jan 10, 2022Appointment of Principal Geologist
Jan 6, 2022Final Results of Maiden Drill Program at Van Target Confirming Large Scale Footprint of Higher Grade, Near Surface Nickel Mineralization Open for Significant Expansion
Dec 8, 2021Pilot Scale Metallurgical Test Results Demonstrating Potential for Significant Increase in Nickel Recovery at Baptiste Project
Nov 15, 2021Van Target Drilling Results Confirming Significant Lateral Extension of Higher Grade, Near Surface Nickel Mineralization
Nov 2, 2021Testing Demonstrates Second Method for Enhanced Carbon Mineralization at Baptiste Nickel Project
Oct 25, 2021Commences Trading on the OTCQB Market in the United States Under the Trading Symbol "FPOCF"
Oct 19, 2021Confirms Significant New Discovery in Maiden Drilling at Van Target; First Hole Returns Among Highest Grade Near Surface Nickel Intervals in History of Decar Nickel District
Sep 20, 2021Completes Drilling Programs at Decar Nickel District in Central British Columbia
Sep 16, 2021Plans Work Program On 100% Owned Nickel Project 30 KM From FPX Nickel Corp
Jul 19, 2021Appointment of Manager, Environment and Government Affairs Randy MacGillivray, Former Regional Manager, Environment and Regulatory Affairs for the Mount Milligan, Endako, and Kemess Mines
Jun 29, 2021Commences Drilling Programs at Decar Nickel District in Central British Columbia
Jun 21, 2021Appointment of Vice President, Projects Andrew Osterloh, Former Project Director and Manager of Studies for Fluor Canada
Jun 9, 2021Expanded Field Tests Demonstrating the Baptiste Deposit has Unique Potential to Become the Nickel Industry's First Large Scale, Carbon Neutral Operation
May 28, 2021Results of 2021 Annual General and Special Meeting
May 26, 2021Plans Exploration Program to Define and Expand Additional Targets at Decar Nickel District in Central British Columbia
May 10, 2021Exploration Update and Prepares Drilling Programs at Decar Nickel District in Central British Columbia
May 3, 2021Prospectus Share Offering, Correction
Apr 30, 2021Prospectus Share Offering
Apr 26, 2021Initiates Metallurgical Pilot Test Program to Support Continued Development of Baptiste Nickel Project
Apr 12, 2021Establishes Technical Advisory Committee, Including the Appointments of Former Newmont Board Member Clem Pelletier and Placer Dome Senior Executive Martyn Creaney
Apr 7, 2021Closing of $16.1 Million Bought Deal Public Offering
Mar 18, 2021Upsize to Previously Announced Bought Deal Public Offering to $14 Million
Mar 17, 2021Files Amended PEA Technical Report
Feb 22, 2021To Host Live Webinar
Feb 16, 2021Positive Field Tests Demonstrating Potential for Significant Carbon Capture at Baptiste Nickel Project
Feb 11, 2021Knoche Acquires 5,312,386 Common Shares of FPX Nickel Corp.
Feb 11, 2021Closes Debt Retirement and Announces Stock Option Grant
Feb 10, 2021Shares for Debt
Jan 20, 2021Settlement of Remaining Debt for Equity
Jan 12, 2021Potential to Achieve Production with Lowest Carbon Footprint in Global Nickel Industry
Dec 15, 2020Provides Outlook for 2021
Nov 23, 2020Change to Board of Directors
Nov 18, 2020Comments on Trading Activity
Nov 9, 2020Highlights New Geoscience BC Report Outlining the Potential for Significant Carbon Capture at Baptiste Nickel Project
Oct 26, 2020Shares for Debt
Oct 22, 2020Bradshaw Acquires 7,750,037 Common Shares of FPX Nickel Corp.
Oct 21, 2020Closing of $4.93 Million Private Placement and Settlement of Long Term Debt for Equity
Oct 15, 2020Further Increase in Private Placement to $4.93 Million
Oct 8, 2020Increases Private Placement
Oct 7, 2020Private Placement and Settlement of Long Term Debt for Equity
Sep 30, 2020Files Positive Preliminary Economic Assessment for Baptiste Nickel Project
Sep 9, 2020Positive Preliminary Economic Assessment for Baptiste Project with US$1.7 Billion After Tax NPV, 35 Year Mine Life, 4 Year Payback and C1 Operating Costs of US$2.74/lb Nickel
Sep 1, 2020Initiation of Field Tests to Confirm the Potential for Significant Direct Air Carbon Capture at the Baptiste Nickel Project
Aug 17, 2020Board Appointment of Former Vale Executive Stuart Harshaw
May 29, 2020Results of 2020 Annual General and Special Meeting
Apr 9, 2020Private Placement Non Brokered
Apr 6, 2020Confirms Anticipated Timing for Completion of Preliminary Economic Assessment on Baptiste Nickel Deposit
Mar 12, 2020Closes Private Placement for $1,500,000 and Announces Stock Option Grant
Feb 25, 2020Intention to Complete Preliminary Economic Assessment on Baptiste Nickel Deposit and $1,500,000 Private Placement
Jan 7, 2020Achieves Recoveries up to 99.5% in Production of High Grade Nickel Cobalt Solution for the Electric Vehicle Battery Market
Oct 30, 2019Commences Leach Testing of Nickel Concentrates for the Production of High Grade Nickel Solution
Sep 17, 2019Closes Over Subscribed Private Placement for $1,250,000
Sep 4, 2019Closing of Long Term Debt Refinancing
Aug 23, 2019Increases Private Placement
Aug 22, 2019$1,200,000 Financing
Aug 6, 2019Metallurgical Optimization Achieves Significant Improvements in Recovery
Jul 24, 2019Research Initiative Receives Government Grant to Investigate Carbon Capture and Storage
Mar 29, 2019Granting of Stock Options
Mar 25, 2019Long Term Debt Refinancing And Extends Maturity To 2022 And 2025
Feb 25, 2019Metallurgical Testing Demonstrates Significant Improvements in Recovery and Grade, Consistently Producing High Grade Nickel and By product Iron Ore Concentrates
Sep 17, 2018Initiates Metallurgical Study On Baptiste Deposit At Decar Nickel District
May 23, 2018Results Of 2018 Annual General And Special Meeting
Apr 12, 2018Files NI 43 101 Resource Update Technical Report For Baptiste Deposit At Decar Nickel District
Mar 27, 2018Private Placement Non Brokered
Mar 23, 2018Granting of Stock Options
Mar 20, 2018Bradshaw Purchases 1,250,000 Common Shares of FPX Nickel Corp.
Mar 19, 2018Closes Over Subscribed Private Placement for $1,470,000
Mar 14, 2018Increase to Private Placement
Feb 26, 2018$650,000 Financing
Feb 26, 2018Updated Mineral Resource Estimate for Baptiste Deposit at Decar Nickel District
Jan 23, 2018117902 Canada Inc., Kitson Vincent And Smith Vincent & Co. Ltd. (Collectively, The Shareholders) FPX Nickel Corp.
Jan 15, 2018New Surface Samples Expanding Large Scale Van Target At Decar Nickel District
Nov 22, 2017Board Appointment Of Rob Pease
Nov 20, 2017Stepout Drilling At Baptiste Deposit Intersects Second Highest Grade Near Surface Nickel Mineralization In Decar Project History
Oct 18, 2017Intersects Broad Zones of Near Surface, Higher Grade Nickel Mineralization in Stepout Drilling at Baptiste Deposit on the Decar Project
Sep 25, 2017Completes Stepout Drilling Program Targeting Southeast Extension of Baptiste Deposit at the Decar Nickel Project
Sep 7, 2017Board Appointment of Peter Marshall and Provides Update on Decar Nickel Project Drilling Program
Aug 24, 2017Name Change
Aug 24, 2017Name Change
Aug 10, 2017Receives Permit Approval For Drilling Program At Decar Nickel Project
Jul 27, 2017Board Appointment of Martin Turenne and Launches New Website
Jul 26, 2017Board Appointment Of Martin Turenne And Launches New Website
May 31, 2017Closes Over subscribed Private Placement For $1,146,600 And Plans Step out Drilling Program At Decar Nickel Project
May 26, 2017Increase To Private Placement, Changes Name To FPX Nickel Corp. And Reports On Results Of Its Agsm
May 15, 2017$830,000 Financing To Fund Step out Drilling Program At Decar Nickel Project
Apr 3, 2017Proposed Name Change To Fpx Nickel And The Granting Of Stock Options
Jan 30, 2017Private Placement Non Brokered
Jan 27, 2017Bradshaw Purchases 3,100,000 Common Shares Of First Point Minerals
Jan 27, 2017Closes Over Subscribed Private Placement For $390,000
Jan 17, 2017$320,000 Financing And Initiates Optimization Program On Decar Nickel Project
Jun 10, 2016Management Change And Intention To List On The Tsx v Following Voluntary De listing From The Tsx
May 13, 2016Results Of Its Annual General And Special Meeting And The Granting Of Stock Options
May 3, 2016Closes Over subscribed Private Placement For $630,000
Apr 20, 2016$570,000 Financing
Dec 11, 2015Appointment Of Vice president, Exploration
Dec 2, 2015Management Changes
Nov 19, 2015Completes Transaction Re establishing 100% Ownership Of Decar Project
Nov 17, 2015First Point Receives Overwhelming Shareholder Approval To Increase Ownership Of Decar Nickel Project To 100%
Sep 17, 2015First Point Schedules Shareholders' Special Meeting For November 16, 2015
Sep 8, 2015First Point To Re establish 100% Ownership Of Decar Project
Aug 7, 2015Conversion Of Decar Project To Joint Venture
Jun 29, 2015Annual General And Special Meeting Results
May 27, 2015Adoption Of Shareholder Rights Plan
Nov 13, 2014Intersects Broad Zones Of Magnetically Recovered Nickel
Oct 20, 2014Completes First Drilling Campaign At Mich Nickel Property In Yukon
Sep 8, 2014Grants Stock Options
Sep 4, 2014Prepares To Drill Test Nickel Target At Mich Property In Yukon
Aug 27, 2014Decar Update
May 16, 2014Annual General Meeting Results
Apr 22, 2014Successful Test Of Market Acceptance And Commercial Potential Of Decar Concentrates
Dec 18, 2013Removed from BCSC Delinquent Filer List - 12/10/2013 OT Filings
Dec 16, 2013Responds To Bcsc Clarification Request
Dec 12, 2013BCSC Delinquent Filer 2 Days; Non-Compliance of Technical Disclosure
Dec 2, 2013Upgrades Nickel iron Alloy Drill Target At Mich In Yukon
Nov 27, 2013Closes $1,583,790 Financing
Nov 19, 2013Closes $895,540 First Tranche Of Non brokered Private Placement
Nov 12, 2013$1,000,000 Financing
Oct 10, 2013Decar Project Successfully Produces High grade Ferronickel Directly From Awaruite Concentrate
Sep 9, 2013Decar Nickel Project To Proceed To Prefeasibility Study Phase


 

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