Vancouver-based junior nickel mining company FPX Nickel has extended its partnership with the Japan Organisation for Metals and Energy Security (Jogmec), transforming their global generative exploration alliance into an open-ended joint venture (JV). The new structure will see FPX take a majority position in the venture, aimed at identifying and acquiring high-quality awaruite nickel properties worldwide.

Under the terms of the renewed agreement, FPX will fund 60% of the alliance’s $1.5-million budget for the third year, which covers April 2025 to March 2026. In return, the company will secure a 60% ownership stake in any new JV projects that emerge from the alliance. Jogmec will fund the remaining 40% and hold a corresponding ownership interest.

The partnership was first formed in April 2023 to explore awaruite nickel targets globally. In its first year, Jogmec funded 100% of the $650 000 budget. During the second year, ended March 2025, the two parties expanded the budget to $1.5-million, with Jogmec contributing 60% and FPX 40%.

The alliance has now advanced to the next phase with the identification and acquisition of its first designated project. While details about the project remain confidential, FPX said it expects to disclose more information in the coming months.

"Having made excellent progress during the first two years of our global exploration partnership with Jogmec, we are excited to have identified and secured the first designated project for this JV," said VP for exploration Keith Patterson. "Ongoing activities continue to reinforce confidence in our targeting strategy, and we look forward to securing and announcing additional large-scale awaruite property acquisitions in the third year of the generative alliance."

Jogmec also expressed confidence in the venture, pointing to its potential to support the global energy transition. A company representative said, "Jogmec is very pleased to proceed with year three activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realisation of a carbon-neutral society."

FPX’s exploration team has conducted sampling and evaluations in ten international and four Canadian jurisdictions. With more than 2 000 samples collected to date and multiple evaluations still ongoing, the company expects to identify further designated projects during the third year of the alliance. Each designated project will be governed under its own work programme and budget, with FPX and Jogmec funding them in line with their respective ownership interests.

FPX’s flagship Baptiste nickel project in central British Columbia remains the geological model for the alliance’s exploration efforts.