Slide 1: Low-Carbon Nickel. Made in Canada.
TSX-V:FPX | OTCQX: FPOCF Low-Carbon Nickel. Made in Canada. Q3 2026 fpxnickel.com
Slide 2: Forward Looking Statements
CAUTIONARY NOTE Forward Looking Statements 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. (“
Slide 3: Low-Carbon Nickel. Made in Canada.
BAPTISTE PROJECT Low-Carbon Nickel. Made in Canada. Large Resource, High-Value, Strategic Low Projected Costs Long Life Nickel Product Value Drivers ▪ High-grade nickel product ▪ Potential for low ▪ Projected to be among world’s ▪ Potential for low operating 10 largest nickel mines by costs (US$3.70
Slide 4: Nickel Demand Growth Far Outpacing Copper
WHY NICKEL? Nickel Demand Growth Far Outpacing Copper Key Drivers Favouring Nickel Demand Growth ▪ Smaller Baseline Market Size: Electrification-related demand drivers disproportionately benefit the smaller market (nickel) versus the larger market (copper, which is 8X the size of the nickel market)
Slide 5: Unique Opportunity to Develop a Fully Integrated Nickel Operation
BAPTISTE NICKEL PROJECT Baptiste Nickel Project Unique Opportunity to Develop a Fully Integrated Nickel Operation ON QC STRATEGIC PRODUCT MI ▪ High-value, clean Ni product ▪ Direct integration into both the NY bypasses smelters to achieve high stainless steel and EV battery markets IN NV OH CO payab
Slide 6: Baptiste Nickel Project
Kemess Baptiste Nickel Project Baptiste Nickel Project Stardust Kwanika Mt. Milligan Mine: Access to Recent 60,000 tpd open pit Road BC Hydro Permit Commissioned in 2013 Accessible Grid Precedence Municipality Mt. Milligan Mine/Project Prince Rupert Fort St. James Rail Deep Water Port Burns Lake Kit
Slide 7: Potential for Multiple Large-Scale Nickel Deposits
DECAR NICKEL DISTRICT Potential for Multiple Large-Scale Nickel Deposits Baptiste Deposit Status PFS Completed September 2023 Indicated Resource 1,815 Mt at 0.129% DTR Ni, 0.211% Total Ni Inferred Resource 339 Mt at 0.131% DTR Ni, 0.212% Total Ni Van Target Concentrate 60% Ni, 30% Fe, 1% Co Mine Lif
Slide 8: 2022 Mineral Resource Estimate
BAPTISTE DEPOSIT 2022 Mineral Resource Estimate ▪ 2022 mineral resource model incorporates the results of step-out drilling completed in 2017 in the Southeast Zone and 2021 in-fill drilling ▪ Significantly improves Baptiste mine plan by incorporating near-surface higher-grade tonnage in starter pit,
Slide 9: Major New Nickel Discovery
VAN TARGET Major New Nickel Discovery ▪ 2021 Maiden Drill Program, 2022 Step-Out Program ▪ Van Target measures ~2.5 km2 based on 54 bedrock surface samples ▪ Van Target located 6 km north of Baptiste ▪ Baptiste Target was ~2 km2 prior to initial drilling in 2010 2021 and 2022 Drilling Results Result
Slide 10: What is Awaruite Nickel?
What is Awaruite Nickel? Not a Sulphide, Not a Laterite Serpentinized Ultramafic Host Rock What’s Different About Awaruite? ▪ Present in host rock at placement: Ni & Co ▪ More physical characteristics to utilize in ▪ Not present at placement: Sulphur mineral processing = easier to recover ▪ Very hom
Slide 11: Mineralization Advantages
DECAR NICKEL DISTRICT Mineralization Advantages Style of Nickel Mineralization Nickel Sulphide Nickel Sulphide Awaruite Key Attributes & Value Drivers HIGH-GRADE LOW-GRADE FPX NICKEL (e.g., Western Australia) (e.g., Canada) Long Mine Life Greater Than 15 years Large volume of production Greater than
Slide 12: Mineral Processing
Baptiste Nickel Project Mineral Processing 108,000 tpd 0.13% DTR Ni Robust Metallurgical Program Rougher Mag Sep ▪ Multiple bench-and pilot-scale programs with leading labs & met team Tailings ▪ High Recovery: 88.7% DTR Ni Cleaner Primary Grinding Mag Sep Conventional Process Regrind ▪ SAG-mill grin
Slide 13: Strategic Flexibility
Baptiste Nickel Project Strategic High Grade Concentrate Flexibility (60% nickel) Concentrate (60% Ni, 1% Co, 0.5% Cu) Premium Nickel PFS Refinery Option Product Suitable Base for Stainless Steel Case and EV Battery Material Supply PFS Base Case Refinery Option Chains 100% to Stainless Steel Market
Slide 14: FPX's Competitive Edge for Battery-Grade Nickel Sulphate
BAPTISTE PROJECT FPX’s Competitive Edge for Battery- Grade Nickel Sulphate (NiSO4) FPX Nickel Nickel High Awaruite Awaruite Mineralization Concentrate Pressure Concentration Beneficiation (~63% Ni) Nickel Solution Purification Mineralization Leaching & S|X NiSO4 High Typical Nickel Typical Nickel Ni
Slide 15: JOGMEC Partnership Validates FPX's Approach
GLOBAL EXPLORATION ALLIANCE JOGMEC Partnership Validates FPX’s Approach Global Exploration Alliance with JOGMEC formed in April 2023, focused on the discovery of new awaruite nickel deposits on a worldwide basis ▪ JOGMEC is a highly regarded international exploration group, conducting global explora
Slide 16: Advocate Property, Newfoundland
JOGMEC JOINT VENTURE Advocate Property, Newfoundland Inaugural Drill Program (Summer 2026) ▪ 4,000 metre program testing two large-scale targets with strong similarities to Baptiste Birchy North ▪ Drill testing 1.2 km of the 2.6 km by 700 m target as defined by magnetic signature ▪ Previous bedrock
Slide 17: FPX Receives Critical Minerals Funding from Government of Canada
ALIGNED WITH CANADA’S CRITICAL MINERALS STRATEGY FPX Receives Critical Minerals Funding from Government of Canada ▪ Grants received in 2023 and 2025 as part of Canada’s critical mineral strategy ▪ 2023: $725K grant to accelerate demonstration of nickel sulphate production for the EV battery supply c
Slide 18: $14.4M Strategic Equity Investment from Sumitomo Metal Mining
Q1 2024 – MAJOR NEW STRATEGIC INVESTMENT $14.4M Strategic Equity Investment from Major Nickel Producer Sumitomo Metal Mining ▪ Sumitomo Metal Mining (US$9B market cap) is an integrated producer covering mineral resource development, mining, smelting and refining to the production of battery material
Slide 19: $16M Strategic Equity Investment from Outokumpu
Q2 2023 – MAJOR STRATEGIC INVESTMENT $16M Strategic Equity Investment from Major Global Stainless Steel Producer Outokumpu ▪ Outokumpu (US$3.5 billion market cap) is a highly-regarded global operator, with a robust track record producing the world’s most sustainable stainless steel, and one of the w
Slide 20: Battery Supply Chain Agreement with Toyota/Panasonic Joint Venture & JOGMEC
STRATEGIC COLLABORATION FOR EV BATTERY SUPPLY CHAIN Battery Supply Chain Agreement with Toyota/Panasonic Joint Venture (PPES) & JOGMEC ▪ Non-binding, non-exclusive memorandum of understanding (MOU) provides framework to explore collaborative opportunities for vertical integration of nickel productio
Slide 21: 2023 PFS Results
BAPTISTE PROJECT 2023 PFS Results Assumptions Confirms Baptiste as $2.01 Billion 29 Years After-tax NPV(8% discount rate) Mine Life One Of The World’s Most 3.7 Years 132 Million lbs. Life-of-mine average Robust Large- Payback period (after-tax) annual nickel production scale Nickel Projects $3.70/lb
Slide 22: PFS Base Case Economics
Baptiste Nickel Project PFS Base Case Economics Key Assumptions Sensitivity of Post-Tax NPV8% " ▪Baptiste’s C1 Nickel enormous Price operating costs ▪ FeNi Payability of scale and low US$2.74/lb, 8.75 US$/lb 95% 3,500 PFS Base Case has the potential ▪ MHP Payability to deliver robust87% operating ma
Slide 23: 2023 PFS Capital and Operating Costs
BAPTISTE PROJECT 2023 PFS Capital Costs (US$, millions) Category Initial Expansion Sustaining Mining 325 68 643 " Baptiste’s enormous scale and low C1 operating costs of US$3.70/lb, Processing Infrastructure 845 233 409 34 421 - has the potential to deliver robust Total Direct Costs 1,403 511 1,064
Slide 24: Low Initial Capital Intensity
US$ pre-production capital cost per tonne initial annual Ni production $48,000 BAPTISTE CANADA BAPTISTE PROJECT 2023 PFS estimate US$2.2 Billion Low Initial $53,000 BARO ALTO BRAZIL 2011 US$1.7 Billion Capital $56,000 Intensity RAMU PAPA NEW GUINEA 2012 US$1.8 Billion $60,000 Compared to ONCA PUMA B
Slide 25: The Green Choice For Nickel
BAPTISTE PROJECT The Green Choice For Nickel 70 Estimated Carbon Footprint Tonnes C02/Tonne Refined Ni produced 60 69.00 50 Baptiste Ni Production to have 40 Lowest Carbon 45.00 30 Intensity in global nickel market 20 27.50 10 7.19 1.20 0 FPX Baptiste Nickel Class 1 Nickel Class 1 Nickel Ferronickel
Slide 26: The Green Choice For Nickel
Baptiste Nickel Project The Green Choice For Nickel Lowest Decile Carbon Intensity Other Environmental Strengths ▪ FPX calculations indicated a 2.4 tCO2/t Ni carbon intensity ▪ Product quality suitable for direct feed to on a Scope 1 & 2 basis stainless steel ▪ BC’s hydro-powered grid carries very l
Slide 27: Advancing Multiple Deposits from Exploration to Development
Advancing Multiple Deposits from Exploration to Development Exploration Stage Development Stage Mining Stage High Risk = High Potential Lowered Risk Full Value 10 8 BAPTISTE DEPOSIT The current PFS stage Relative Value project is undergoing a series of engineering 6 VAN TARGET (BC) trade-off studies
Slide 28: Overview of Global Nickel Projects
Overview of Global Nickel Projects BAPTISTE STANDS OUT AS A LARGE, LOW COST, LONG MINE LIFE NICKEL ASSET $5.00 High Cost, Turnagain Short Mine Life Sunrise (Canada – $4.50 (Australia) 2023 PFS) Araguaia $4.00 (Brazil – 2021 FS) Global Nickel C1 Operating Cost (US$/lb) Ni Crawford $3.50 Baptiste (Can
Slide 29: Overview of Global Nickel Projects
Overview of Global Nickel Projects DECAR'S BAPTISTE PROJECT RANKS HIGHLY AMONG GLOBAL NICKEL PROJECTS 29-year mine life, 9 3.7-year payback Ratio of Mine Life to Payback (After-Tax) 7.8 8 for Selected Nickel Projects 7.3 7 6.7 6.7 6 4.9 4.9 5.0 5.1 5.1 5 4.3 4.3 4 3.7 3.8 3.4 3.5 3.0 3 2 1 0 Tamarac
Slide 30: Share Structure & Financial Position
Share Structure & Financial Position Capital Structure TSX-V: FPX | OTCQX: FPOCF 52-week Range: C$ 0.23 –C$ 0.70 Shares Outstanding: 315.9 M (basic) ; 337.7 M (diluted) Market Capitalization (basic): C$115 million FPX (TSX-V): 2025-2026 Price Chart (C$/share) Working capital: ~C$17 million (June 30,
Slide 31: Executive Team Board of Directors
Executive Team Board of Directors Martin Turenne Peter Bradshaw (CHAIR) Jim Gilbert President, CEO & Director • 45+ years’ experience in exploration, • MBA with 30+ years experience in • Chartered Professional Accountant (CPA, CA) with member Canadian Mining Hall of Fame international M/A and financ
Slide 32: Contact
TSX-V:FPX | OTCQB: FPOCF Phone: +1 604-681-8600 ceo@fpxnickel.com Suite 320 – 1155 West Pender Street Vancouver, BC Canada V6E 2P4 Twitter: @FPX_Nickel.com fpxnickel.com