{"success":true,"data":{"pressRelease":{"id":"161580","rtpr_id":"nGNX56cxJL-20261006","ticker":"FAN","exchange":"","all_tickers":["FAN"],"title":"First Atlantic Nickel & Cobalt Raises Total of $13.4 Million with Additional $3.49 Million No-Warrant, Non-Brokered Private Placement at $0.83 per Share, a Premium to Market, to Accelerate Exploration at Pipestone XL Nickel-Cobalt Alloy Project","author":"Globe Newswire","published_at":"2026-10-06T11:13:00.143Z","article_body":"GRAND FALLS-WINDSOR, Newfoundland and Labrador, Oct. 06, 2026 (GLOBE NEWSWIRE)\n-- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210)\n(“First Atlantic” or the “Company”) is pleased to announce that it has\nclosed a no-warrant, non-brokered private placement (the “Offering”) for\naggregate gross proceeds of $3,492,000.90. Following this closing, the Company\nhas raised aggregate gross proceeds of approximately $13.4 million from\nfinancings completed since September 2026. The Offering consisted of 4,207,230\nflow-through common shares of the Company (each, an “FT Share”) issued at\na price of $0.83 per FT Share. The price of $0.83 per FT Share represents a\npremium of approximately 22% to the closing price of the Company's common\nshares on the TSX Venture Exchange (the “Exchange”) on October 5, 2026.\nEach FT Share qualifies as a “flow-through share” within the meaning of\nsubsection 66(15) of the Income Tax Act (Canada). No warrants were issued in\nconnection with the Offering.\n\n“Since September, First Atlantic has raised approximately $13.4 million,\nincluding this $3.49 million financing, a very significant development for the\nPipestone XL Nickel-Cobalt Alloy Project that will accelerate our exploration\nand mining development. The funds allow us to significantly expand drilling at\nAlloy Max and the RPM Zone, drill new targets along the 30-kilometre trend\nthat have never been tested, and develop the exploration access road north\ntoward Atlantic Lake, opening areas that until now could only be reached by\nhelicopter.”\n\n“North America has limited smelting capacity to meet future nickel and\ncobalt demand. Pipestone XL is a significant, large-scale ophiolite complex\napproximately 30 kilometres long, where awaruite occurs disseminated in the\nultramafic host rock over large areas. It has the potential to be a large\nsource of both metals without smelting, moving directly into downstream\nrefining and bypassing that midstream processing constraint. It is a scalable,\nenvironmentally sustainable solution that supports a resilient supply chain\nand reduces reliance on foreign offshore smelting.”\n\nAdrian Smith, P.Geo., CEO of First Atlantic Nickel & Cobalt Corp.\n\nFirst Atlantic welcomes calls directly from shareholders and prospective\ninvestors. For questions about the Company or the Pipestone XL project, or\nsimply to learn more, investors are invited to call Rob Guzman, Investor\nRelations, at +1-844-592-6337 or email rob@fanickel.com.\n\nThis funding will allow the Company to significantly expand exploration and\ninfill drilling at the Alloy Max and RPM Zones. It will also allow the Company\nto drill new, previously untested targets and areas of the project that have\nnever been drilled.\n\nThe funding will also allow the Company to develop the full exploration access\nroad that will eventually connect Grand Falls-Windsor to the historic Atlantic\nLake Zone, designed to follow the magnetic anomaly further north inside the\n30-kilometre nickel trend of the Pipestone Ophiolite Complex. As the road is\ndeveloped, exploration and bedrock stripping along the route will test for\nadditional occurrences of visible awaruite and potential new drill targets, as\nthe Company aims to develop a multi-pit resource at the Pipestone XL\nNickel-Cobalt Alloy Project. In each case, these expenditures will be funded\nonly to the extent they qualify as Qualifying Expenditures (as defined below).\n\nPIPESTONE XL: A DISTRICT-SCALE NICKEL-COBALT ALLOY PROJECT\n\nPipestone XL is First Atlantic’s wholly owned, district-scale project\nspanning the entire 30-kilometre Pipestone Ophiolite Complex in central\nNewfoundland, a belt of ultramafic rock enriched in nickel, cobalt, and\nchromium. The Project hosts multiple zones of awaruite (Ni₃Fe)\nmineralization, including RPM, Alloy Max, Super Gulp, Atlantic Lake, and\nChrome Pond. The RPM Zone is the most advanced, with drilling having outlined\nmagnetically recoverable awaruite over more than 1.2 kilometres of strike and\nmore than 800 metres of width. Drilling is ongoing at Alloy Max, a second\nlarge-scale zone spanning approximately 4 kilometres of strike and up to 1.5\nkilometres in width, making it larger than the RPM Zone.\n\nAwaruite at Pipestone XL is the product of serpentinization, which drove\nsulphur out of the system and left a sulphur-free alloy which carries no acid\nmine drainage risk and can be concentrated by the Company’s ONSHORE MAX™\nprocess without smelting, roasting, or high-pressure acid leaching. This\nsmelter-free pathway addresses the midstream bottleneck in North America,\nwhere the United States has no operating nickel smelters and only two remain\nin Canada, and supports a vertically integrated supply chain moving directly\nfrom mine to downstream battery refining, stainless steel and specialty alloy\nproduction. The Company is also evaluating secondary chromium mineralization\nas a potential co-product, along with low-carbon Engineered Mineral Hydrogen\n(EMH) in partnership with VEMA Hydrogen(1). Investors can learn more about\nVEMA's Engineered Mineral Hydrogen at https://www.vema.earth.\n\n\n\nFigure 1: Map showing multiple target zones across the 30-kilometer nickel\ntrend over total magnetic intensity (TMI) at the Pipestone XL Project\nhighlighting the showing, the 30-kilometre Pipestone Ophiolite Complex and the\nRPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond Zones.\n\nPipestone XL is located in an established infrastructure corridor with\nyear-round road access, nearby high-voltage transmission and clean\nhydroelectric power from the Bay d’Espoir generating station. It is also\nlocated approximately 200 kilometres from Gander International Airport and\nVale’s Long Harbour nickel processing plant. This positioning aligns with\ngrowing U.S. and allied policy focus on critical mineral supply chains,\nincluding nickel’s addition to the U.S. critical minerals list in 2022, the\nJanuary 2026 White House proclamation on processed critical minerals(2), the\nCompany’s acceptance into the U.S. Defense Industrial Base Consortium(3),\nand the June 2026 G7 Leaders’ Declaration naming nickel one of two pilot\ncritical minerals for allied investment and offtake(4).\n\nNewfoundland and Labrador is consistently recognized as one of the world’s\nleading mining jurisdictions in the Fraser Institute’s Annual Survey of\nMining Companies, ranking 7th globally on the Policy Perception Index in the\nmost recent survey, published in February 2026, and placing in the global top\n10 for overall investment attractiveness in each of the three prior surveys.\nPipestone XL is positioned to become a secure and reliable North American\nsource of nickel and cobalt for the stainless steel, electric vehicle,\naerospace, and defense industries.\n\nAWARUITE AT PIPESTONE XL: A SMELTER-FREE NICKEL-COBALT ALLOY (Ni₃Fe)\n\nAwaruite is a naturally occurring, magnetic, sulphur-free nickel-iron-cobalt\nalloy (Ni₃Fe) containing approximately 77% nickel. Because it already exists\nin a metallic state, awaruite can be concentrated without smelting, roasting,\nor high-pressure acid leaching. Mineralogical and electron microprobe analysis\nat the Company’s RPM Zone has confirmed the awaruite averages 77.62% nickel\nand 1.69% cobalt, with grades as high as 86.68% nickel and 6.05% cobalt(5).\n\nInitial metallurgical test work using the Company’s ONSHORE MAX™ (Magnetic\nAlloy eXtraction) process upgraded rock samples from the project’s RPM Zone\ninto a high-grade alloy concentrate averaging 67.4% nickel and grading up to\n71.9% nickel and 1.76% cobalt(6). Low-intensity magnetic separation first\nproduced a magnetic concentrate grading approximately 1.6% nickel, which\nflotation then upgraded to the final concentrate. By comparison, a typical\nnickel concentrate grades 10% to 15% nickel, according to the Nickel\nInstitute. This concentrate can move directly to downstream battery chemical\nrefining or the manufacture of specialty alloys and stainless steel.\n\nThe absence of sulphur reduces acid mine drainage risk and related permitting\nchallenges, positioning Pipestone XL to supply North American industries\nincluding stainless steel, electric vehicles, aerospace, and defence.\n\n\n\nFigure 2: USGS quote on awaruite nickel-iron-cobalt alloy.(7)\n\nThe gross proceeds of the Offering will be used to incur eligible “Canadian\nexploration expenses” that qualify as “flow-through mining\nexpenditures,” as those terms are defined in the Income Tax Act (Canada)\n(the “Qualifying Expenditures”), in connection with the exploration\nprograms described above at the Company’s Pipestone XL Nickel-Cobalt Alloy\nProject and exploration activities at its Ophiolite X Project in Newfoundland.\nThe Company will incur the Qualifying Expenditures on or before December 31,\n2027 and renounce them in favour of subscribers effective December 31, 2026.\n\nAll securities issued in connection with the Offering are subject to a\nstatutory hold period of four months and one day, expiring on February 6,\n2027, under applicable Canadian securities laws. The Offering remains subject\nto final acceptance by the Exchange.\n\nNo finder’s fees were paid in connection with the Offering.\n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy any securities in the United States. The securities have not been\nand will not be registered under the United States Securities Act of 1933, as\namended (the “U.S. Securities Act”), or any applicable state securities\nlaws, and may not be offered or sold within the United States or to U.S.\npersons unless registered under the U.S. Securities Act and applicable state\nsecurities laws, or an exemption from such registration is available.\n\nINVESTOR INFORMATION\n\nThe Company’s common shares trade on the TSX Venture Exchange under the\nsymbol “FAN”, on the OTCQB under the symbol “FANCF”, and on several\nGerman exchanges, including Frankfurt and Tradegate, under the symbol\n“P210”. Investors can get updates about First Atlantic by signing up to\nreceive news via email and SMS text at www.fanickel.com.\n\nFOR MORE INFORMATION\n\nFirst Atlantic Investor Relations, Robert Guzman. Tel: +1-844-592-6337 |\nEmail: rob@fanickel.com\n\nQUALIFIED PERSON\n\nAdrian Smith, P.Geo., a director and the Chief Executive Officer of the\nCompany, is a qualified person as defined by NI 43-101. The qualified person\nis a member in good standing of the Professional Engineers and Geoscientists\nNewfoundland and Labrador (PEGNL) and is a registered professional\ngeoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical\ninformation disclosed herein.\n\nABOUT FIRST ATLANTIC NICKEL & COBALT CORP.\n\nFirst Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is\na critical mineral exploration company in Newfoundland and Labrador developing\nthe Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. The project spans the\nentire 30-kilometre Pipestone Ophiolite Complex, where multiple zones,\nincluding RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond, contain\nawaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of\napproximately 77% nickel with no sulphur and no sulphides, along with\nsecondary chromium mineralization. Awaruite’s sulphur-free composition\nremoves acid mine drainage risk, while its magnetic properties enable\nprocessing through magnetic separation and flotation, eliminating the\nelectricity requirements, emissions and environmental impacts of conventional\nsmelting, roasting or high-pressure acid leaching, while reducing dependence\non overseas nickel processing infrastructure.\n\nThe U.S. Geological Survey recognized awaruite’s strategic importance in its\n2012 Annual Report on Nickel(8), noting that these deposits may help alleviate\nprolonged nickel concentrate shortages since the natural alloy is much easier\nto concentrate than typical nickel sulphide. In 2026, initial metallurgical\ntest work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction)\nprocess upgraded RPM Zone material into a high-grade alloy concentrate\naveraging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt,\ndemonstrating a smelter-free, mine-to-refinery pathway. First Atlantic is a\nmember of the U.S. Defense Industrial Base Consortium. The Company is also\nadvancing a parallel geologic hydrogen initiative at Pipestone XL, where the\nsame serpentinization process that formed awaruite also generates natural\nhydrogen, and has signed a letter of intent with VEMA Hydrogen to jointly\ndevelop low-carbon Engineered Mineral Hydrogen (EMH) through a proposed 50/50\njoint venture. The Pipestone XL project is located near existing\ninfrastructure with year-round road access and proximity to hydroelectric\npower, providing favorable logistics for exploration and future development\nand strengthening First Atlantic’s role to establish a secure and reliable\nsource of North American nickel and cobalt production for the stainless steel,\nelectric vehicle, aerospace, and defense industries. This mission gained\nimportance when the U.S. added nickel to its critical minerals list in 2022,\nrecognizing it as a non-fuel mineral essential to economic and national\nsecurity with a supply chain vulnerable to disruption.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nForward looking statements\n\nCertain information contained in this news release constitutes\n“forward-looking information” or “forward-looking statements” within\nthe meaning of applicable Canadian securities legislation (collectively,\n“forward-looking information”). Forward-looking information is often\nidentified by words such as “anticipates,” “believes,” “expects,”\n“intends,” “plans,” “may,” “will,” “potential,” and\nsimilar expressions.\n\nForward-looking information in this news release includes statements\nregarding: final acceptance of the Offering by the Exchange; the intended use\nof proceeds, the qualification of expenditures as Canadian exploration\nexpenses and flow-through mining expenditures, the incurrence of those\nexpenditures by December 31, 2027 and their renunciation in favour of\nsubscribers effective December 31, 2026; the scope, timing and anticipated\nresults of exploration and metallurgical programs at the Pipestone XL\nNickel-Cobalt Alloy Project and Ophiolite X Project, including district-scale\ndrilling, the development of an exploration access road toward the historic\nAtlantic Lake Zone and exploration and bedrock stripping along its route;\nexpansion and infill drilling at the Alloy Max and RPM Zones, drilling of\npreviously untested targets and the identification of new drill targets; the\nCompany's aim to develop a multi-pit resource at the Pipestone XL\nNickel-Cobalt Alloy Project; the potential capabilities, scalability and\nbenefits of the ONSHORE MAX™ process; the potential to concentrate awaruite\nwithout smelting, roasting or high-pressure acid leaching; the suitability of\nconcentrates for downstream refining and the manufacture of battery chemicals,\nspecialty alloys and stainless steel; potential environmental and permitting\nbenefits; and the potential for Pipestone XL to supply North American\nindustrial markets.\n\nThis forward-looking information is based on management's current expectations\nand assumptions, including that required regulatory approvals will be\nobtained; planned expenditures will satisfy applicable tax requirements and be\nincurred and renounced within the specified timelines; necessary permits,\npersonnel, contractors, equipment and laboratory capacity will be available;\nexploration and metallurgical programs can be completed within anticipated\nbudgets and schedules; the exploration access road can be developed along the\nplanned route within anticipated budgets and schedules; further testing will\nsupport the applicability of initial metallurgical results to representative\nproject material and larger-scale operations; any resulting concentrates will\nmeet relevant downstream processing and customer specifications; and that\nfurther environmental studies will support the anticipated environmental\nbenefits.\n\nForward-looking information is subject to risks and uncertainties that could\ncause actual results to differ materially from those expressed or implied.\nThese include failure to obtain regulatory approvals or complete additional\nfinancing; changes in market conditions, commodity prices, costs or the\navailability of financing; failure to incur sufficient qualifying expenditures\nwithin the required period, adverse tax determinations or changes in tax laws\nor their interpretation; exploration results that do not support anticipated\nmineralization or expansion targets; exploration results that do not support\nthe delineation of mineral resources; permitting, access, cost or construction\ndelays affecting development of the exploration access road; geological and\nmetallurgical variability; the preliminary nature of test results and the risk\nthat such results cannot be replicated at larger scale or achieved\neconomically; concentrate impurities, recovery limitations or failure to meet\ndownstream specifications; permitting delays, environmental liabilities and\nfindings that differ from anticipated environmental benefits; operational,\nweather, equipment, contractor and laboratory delays; and other risks\ndescribed in the Company's continuous disclosure filings available on SEDAR+\nat www.sedarplus.ca.\n\nInitial metallurgical results do not establish commercial viability or\nguarantee future recoveries, concentrate quality or processing performance.\nThere can be no assurance that the anticipated exploration, processing,\nenvironmental or commercial outcomes will be achieved.\n\nAlthough management considers its expectations and assumptions reasonable as\nof the date of this news release, forward-looking information is not a\nguarantee of future performance. Readers are cautioned not to place undue\nreliance on it. Except as required by applicable securities laws, the Company\nundertakes no obligation to update forward-looking information to reflect\nsubsequent events, circumstances or changes in expectations.\n\n(1)\nhttps://fanickel.com/20260608-vema-hydrogen-and-first-atlantic-nickel-cobalt-sign-loi-to-develop-engineered-mineral-hydrogen-at-pipestone-xl-awaruite-project-in-newfoundland\n(2)\nhttps://fanickel.com/20260115-first-atlantic-nickel-highlights-relevance-of-pipestone-xl-awaruite-nickel-cobalt-alloy-discovery-to-address-u-s--critical-mineral-supply-chain-vulnerabilities-identified-in-january-14-2026-white-house-proclamation\n(3)\nhttps://fanickel.com/20260331-first-atlantic-nickel-announces-acceptance-into-defense-industrial-base-consortium-dibc---pipestone-xl-smelter-free-nickel-cobalt-alloy-project-addresses-midstream-smelting-bottleneck-in-u-s--defense-supply-chain\n(4)\nhttps://fanickel.com/20260619-first-atlantic-nickel-cobalt-highlights-g7-leaders-declaration-on-critical-minerals-g7-names-nickel-one-of-only-two-pilot-minerals-for-a-new-allied-traceability-framework-moves-to-mobilize-equity-investment-and-offtake-and-establishes-a-critical-\n(5)\nhttps://fanickel.com/20260521-first-atlantic-nickel-cobalt-reports-electron-microprobe-analysis-returning-77-62-nickel-and-1-69-cobalt-in-awaruite-at-the-rpm-zone-pipestone-xl-project-a-rare-naturally-magnetic-ni-fe-co-high-grade-alloy-mineralogically-capable-of-bypassing-mid\n(6)\nhttps://fanickel.com/20260624-first-atlantic-nickel-cobalt-produces-high-grade-alloy-concentrate-up-to-71-9-nickel-and-1-76-cobalt-from-its-pipestone-xl-nickel-cobalt-alloy-project-using-its-first-ever-onshore-max-magnetic-alloy-extraction-recovery-concentration-process-unvei\n(7)\nhttps://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf\n(8)\nhttps://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf\n\nPhotos accompanying this announcement are available at:\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/448ace60-5570-46e8-a872-d671bdc932ad\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c98b10b1-2d62-453b-9af8-3491ba8675ae \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/cfefa297-a92e-4359-bc43-8671f23b0fee)\nFigure 1 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/448ace60-5570-46e8-a872-d671bdc932ad/en)\nMap showing multiple target zones across the 30-kilometer nickel trend over\ntotal magnetic intensity (TMI) at the Pipestone XL Project highlighting the\nshowing, the 30-kilometre Pipestone Ophiolite Complex and the RPM, Alloy Max,\nSuper Gulp, Atlantic Lake and Chrome Pond Zones.Figure 2 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/c98b10b1-2d62-453b-9af8-3491ba8675ae/en)\nUSGS quote on awaruite nickel-iron-cobalt alloy.\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX56cxJL-20261006","title":"First Atlantic Nickel & Cobalt Raises Total of $13.4 Million with Additional $3.49 Million No-Warrant, Non-Brokered Private Placement at $0.83 per Share, a Premium to Market, to Accelerate Exploration at Pipestone XL Nickel-Cobalt Alloy Project","author":"Globe Newswire","ticker":"FAN","created":"2026-10-06T11:13:00.143Z","tickers":["FAN"],"exchange":"","article_body":"GRAND FALLS-WINDSOR, Newfoundland and Labrador, Oct. 06, 2026 (GLOBE NEWSWIRE)\n-- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210)\n(“First Atlantic” or the “Company”) is pleased to announce that it has\nclosed a no-warrant, non-brokered private placement (the “Offering”) for\naggregate gross proceeds of $3,492,000.90. Following this closing, the Company\nhas raised aggregate gross proceeds of approximately $13.4 million from\nfinancings completed since September 2026. The Offering consisted of 4,207,230\nflow-through common shares of the Company (each, an “FT Share”) issued at\na price of $0.83 per FT Share. The price of $0.83 per FT Share represents a\npremium of approximately 22% to the closing price of the Company's common\nshares on the TSX Venture Exchange (the “Exchange”) on October 5, 2026.\nEach FT Share qualifies as a “flow-through share” within the meaning of\nsubsection 66(15) of the Income Tax Act (Canada). No warrants were issued in\nconnection with the Offering.\n\n“Since September, First Atlantic has raised approximately $13.4 million,\nincluding this $3.49 million financing, a very significant development for the\nPipestone XL Nickel-Cobalt Alloy Project that will accelerate our exploration\nand mining development. The funds allow us to significantly expand drilling at\nAlloy Max and the RPM Zone, drill new targets along the 30-kilometre trend\nthat have never been tested, and develop the exploration access road north\ntoward Atlantic Lake, opening areas that until now could only be reached by\nhelicopter.”\n\n“North America has limited smelting capacity to meet future nickel and\ncobalt demand. Pipestone XL is a significant, large-scale ophiolite complex\napproximately 30 kilometres long, where awaruite occurs disseminated in the\nultramafic host rock over large areas. It has the potential to be a large\nsource of both metals without smelting, moving directly into downstream\nrefining and bypassing that midstream processing constraint. It is a scalable,\nenvironmentally sustainable solution that supports a resilient supply chain\nand reduces reliance on foreign offshore smelting.”\n\nAdrian Smith, P.Geo., CEO of First Atlantic Nickel & Cobalt Corp.\n\nFirst Atlantic welcomes calls directly from shareholders and prospective\ninvestors. For questions about the Company or the Pipestone XL project, or\nsimply to learn more, investors are invited to call Rob Guzman, Investor\nRelations, at +1-844-592-6337 or email rob@fanickel.com.\n\nThis funding will allow the Company to significantly expand exploration and\ninfill drilling at the Alloy Max and RPM Zones. It will also allow the Company\nto drill new, previously untested targets and areas of the project that have\nnever been drilled.\n\nThe funding will also allow the Company to develop the full exploration access\nroad that will eventually connect Grand Falls-Windsor to the historic Atlantic\nLake Zone, designed to follow the magnetic anomaly further north inside the\n30-kilometre nickel trend of the Pipestone Ophiolite Complex. As the road is\ndeveloped, exploration and bedrock stripping along the route will test for\nadditional occurrences of visible awaruite and potential new drill targets, as\nthe Company aims to develop a multi-pit resource at the Pipestone XL\nNickel-Cobalt Alloy Project. In each case, these expenditures will be funded\nonly to the extent they qualify as Qualifying Expenditures (as defined below).\n\nPIPESTONE XL: A DISTRICT-SCALE NICKEL-COBALT ALLOY PROJECT\n\nPipestone XL is First Atlantic’s wholly owned, district-scale project\nspanning the entire 30-kilometre Pipestone Ophiolite Complex in central\nNewfoundland, a belt of ultramafic rock enriched in nickel, cobalt, and\nchromium. The Project hosts multiple zones of awaruite (Ni₃Fe)\nmineralization, including RPM, Alloy Max, Super Gulp, Atlantic Lake, and\nChrome Pond. The RPM Zone is the most advanced, with drilling having outlined\nmagnetically recoverable awaruite over more than 1.2 kilometres of strike and\nmore than 800 metres of width. Drilling is ongoing at Alloy Max, a second\nlarge-scale zone spanning approximately 4 kilometres of strike and up to 1.5\nkilometres in width, making it larger than the RPM Zone.\n\nAwaruite at Pipestone XL is the product of serpentinization, which drove\nsulphur out of the system and left a sulphur-free alloy which carries no acid\nmine drainage risk and can be concentrated by the Company’s ONSHORE MAX™\nprocess without smelting, roasting, or high-pressure acid leaching. This\nsmelter-free pathway addresses the midstream bottleneck in North America,\nwhere the United States has no operating nickel smelters and only two remain\nin Canada, and supports a vertically integrated supply chain moving directly\nfrom mine to downstream battery refining, stainless steel and specialty alloy\nproduction. The Company is also evaluating secondary chromium mineralization\nas a potential co-product, along with low-carbon Engineered Mineral Hydrogen\n(EMH) in partnership with VEMA Hydrogen(1). Investors can learn more about\nVEMA's Engineered Mineral Hydrogen at https://www.vema.earth.\n\n\n\nFigure 1: Map showing multiple target zones across the 30-kilometer nickel\ntrend over total magnetic intensity (TMI) at the Pipestone XL Project\nhighlighting the showing, the 30-kilometre Pipestone Ophiolite Complex and the\nRPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond Zones.\n\nPipestone XL is located in an established infrastructure corridor with\nyear-round road access, nearby high-voltage transmission and clean\nhydroelectric power from the Bay d’Espoir generating station. It is also\nlocated approximately 200 kilometres from Gander International Airport and\nVale’s Long Harbour nickel processing plant. This positioning aligns with\ngrowing U.S. and allied policy focus on critical mineral supply chains,\nincluding nickel’s addition to the U.S. critical minerals list in 2022, the\nJanuary 2026 White House proclamation on processed critical minerals(2), the\nCompany’s acceptance into the U.S. Defense Industrial Base Consortium(3),\nand the June 2026 G7 Leaders’ Declaration naming nickel one of two pilot\ncritical minerals for allied investment and offtake(4).\n\nNewfoundland and Labrador is consistently recognized as one of the world’s\nleading mining jurisdictions in the Fraser Institute’s Annual Survey of\nMining Companies, ranking 7th globally on the Policy Perception Index in the\nmost recent survey, published in February 2026, and placing in the global top\n10 for overall investment attractiveness in each of the three prior surveys.\nPipestone XL is positioned to become a secure and reliable North American\nsource of nickel and cobalt for the stainless steel, electric vehicle,\naerospace, and defense industries.\n\nAWARUITE AT PIPESTONE XL: A SMELTER-FREE NICKEL-COBALT ALLOY (Ni₃Fe)\n\nAwaruite is a naturally occurring, magnetic, sulphur-free nickel-iron-cobalt\nalloy (Ni₃Fe) containing approximately 77% nickel. Because it already exists\nin a metallic state, awaruite can be concentrated without smelting, roasting,\nor high-pressure acid leaching. Mineralogical and electron microprobe analysis\nat the Company’s RPM Zone has confirmed the awaruite averages 77.62% nickel\nand 1.69% cobalt, with grades as high as 86.68% nickel and 6.05% cobalt(5).\n\nInitial metallurgical test work using the Company’s ONSHORE MAX™ (Magnetic\nAlloy eXtraction) process upgraded rock samples from the project’s RPM Zone\ninto a high-grade alloy concentrate averaging 67.4% nickel and grading up to\n71.9% nickel and 1.76% cobalt(6). Low-intensity magnetic separation first\nproduced a magnetic concentrate grading approximately 1.6% nickel, which\nflotation then upgraded to the final concentrate. By comparison, a typical\nnickel concentrate grades 10% to 15% nickel, according to the Nickel\nInstitute. This concentrate can move directly to downstream battery chemical\nrefining or the manufacture of specialty alloys and stainless steel.\n\nThe absence of sulphur reduces acid mine drainage risk and related permitting\nchallenges, positioning Pipestone XL to supply North American industries\nincluding stainless steel, electric vehicles, aerospace, and defence.\n\n\n\nFigure 2: USGS quote on awaruite nickel-iron-cobalt alloy.(7)\n\nThe gross proceeds of the Offering will be used to incur eligible “Canadian\nexploration expenses” that qualify as “flow-through mining\nexpenditures,” as those terms are defined in the Income Tax Act (Canada)\n(the “Qualifying Expenditures”), in connection with the exploration\nprograms described above at the Company’s Pipestone XL Nickel-Cobalt Alloy\nProject and exploration activities at its Ophiolite X Project in Newfoundland.\nThe Company will incur the Qualifying Expenditures on or before December 31,\n2027 and renounce them in favour of subscribers effective December 31, 2026.\n\nAll securities issued in connection with the Offering are subject to a\nstatutory hold period of four months and one day, expiring on February 6,\n2027, under applicable Canadian securities laws. The Offering remains subject\nto final acceptance by the Exchange.\n\nNo finder’s fees were paid in connection with the Offering.\n\nThis news release does not constitute an offer to sell or a solicitation of an\noffer to buy any securities in the United States. The securities have not been\nand will not be registered under the United States Securities Act of 1933, as\namended (the “U.S. Securities Act”), or any applicable state securities\nlaws, and may not be offered or sold within the United States or to U.S.\npersons unless registered under the U.S. Securities Act and applicable state\nsecurities laws, or an exemption from such registration is available.\n\nINVESTOR INFORMATION\n\nThe Company’s common shares trade on the TSX Venture Exchange under the\nsymbol “FAN”, on the OTCQB under the symbol “FANCF”, and on several\nGerman exchanges, including Frankfurt and Tradegate, under the symbol\n“P210”. Investors can get updates about First Atlantic by signing up to\nreceive news via email and SMS text at www.fanickel.com.\n\nFOR MORE INFORMATION\n\nFirst Atlantic Investor Relations, Robert Guzman. Tel: +1-844-592-6337 |\nEmail: rob@fanickel.com\n\nQUALIFIED PERSON\n\nAdrian Smith, P.Geo., a director and the Chief Executive Officer of the\nCompany, is a qualified person as defined by NI 43-101. The qualified person\nis a member in good standing of the Professional Engineers and Geoscientists\nNewfoundland and Labrador (PEGNL) and is a registered professional\ngeoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical\ninformation disclosed herein.\n\nABOUT FIRST ATLANTIC NICKEL & COBALT CORP.\n\nFirst Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is\na critical mineral exploration company in Newfoundland and Labrador developing\nthe Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. The project spans the\nentire 30-kilometre Pipestone Ophiolite Complex, where multiple zones,\nincluding RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond, contain\nawaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of\napproximately 77% nickel with no sulphur and no sulphides, along with\nsecondary chromium mineralization. Awaruite’s sulphur-free composition\nremoves acid mine drainage risk, while its magnetic properties enable\nprocessing through magnetic separation and flotation, eliminating the\nelectricity requirements, emissions and environmental impacts of conventional\nsmelting, roasting or high-pressure acid leaching, while reducing dependence\non overseas nickel processing infrastructure.\n\nThe U.S. Geological Survey recognized awaruite’s strategic importance in its\n2012 Annual Report on Nickel(8), noting that these deposits may help alleviate\nprolonged nickel concentrate shortages since the natural alloy is much easier\nto concentrate than typical nickel sulphide. In 2026, initial metallurgical\ntest work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction)\nprocess upgraded RPM Zone material into a high-grade alloy concentrate\naveraging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt,\ndemonstrating a smelter-free, mine-to-refinery pathway. First Atlantic is a\nmember of the U.S. Defense Industrial Base Consortium. The Company is also\nadvancing a parallel geologic hydrogen initiative at Pipestone XL, where the\nsame serpentinization process that formed awaruite also generates natural\nhydrogen, and has signed a letter of intent with VEMA Hydrogen to jointly\ndevelop low-carbon Engineered Mineral Hydrogen (EMH) through a proposed 50/50\njoint venture. The Pipestone XL project is located near existing\ninfrastructure with year-round road access and proximity to hydroelectric\npower, providing favorable logistics for exploration and future development\nand strengthening First Atlantic’s role to establish a secure and reliable\nsource of North American nickel and cobalt production for the stainless steel,\nelectric vehicle, aerospace, and defense industries. This mission gained\nimportance when the U.S. added nickel to its critical minerals list in 2022,\nrecognizing it as a non-fuel mineral essential to economic and national\nsecurity with a supply chain vulnerable to disruption.\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that\nterm is defined in policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release.\n\nForward looking statements\n\nCertain information contained in this news release constitutes\n“forward-looking information” or “forward-looking statements” within\nthe meaning of applicable Canadian securities legislation (collectively,\n“forward-looking information”). Forward-looking information is often\nidentified by words such as “anticipates,” “believes,” “expects,”\n“intends,” “plans,” “may,” “will,” “potential,” and\nsimilar expressions.\n\nForward-looking information in this news release includes statements\nregarding: final acceptance of the Offering by the Exchange; the intended use\nof proceeds, the qualification of expenditures as Canadian exploration\nexpenses and flow-through mining expenditures, the incurrence of those\nexpenditures by December 31, 2027 and their renunciation in favour of\nsubscribers effective December 31, 2026; the scope, timing and anticipated\nresults of exploration and metallurgical programs at the Pipestone XL\nNickel-Cobalt Alloy Project and Ophiolite X Project, including district-scale\ndrilling, the development of an exploration access road toward the historic\nAtlantic Lake Zone and exploration and bedrock stripping along its route;\nexpansion and infill drilling at the Alloy Max and RPM Zones, drilling of\npreviously untested targets and the identification of new drill targets; the\nCompany's aim to develop a multi-pit resource at the Pipestone XL\nNickel-Cobalt Alloy Project; the potential capabilities, scalability and\nbenefits of the ONSHORE MAX™ process; the potential to concentrate awaruite\nwithout smelting, roasting or high-pressure acid leaching; the suitability of\nconcentrates for downstream refining and the manufacture of battery chemicals,\nspecialty alloys and stainless steel; potential environmental and permitting\nbenefits; and the potential for Pipestone XL to supply North American\nindustrial markets.\n\nThis forward-looking information is based on management's current expectations\nand assumptions, including that required regulatory approvals will be\nobtained; planned expenditures will satisfy applicable tax requirements and be\nincurred and renounced within the specified timelines; necessary permits,\npersonnel, contractors, equipment and laboratory capacity will be available;\nexploration and metallurgical programs can be completed within anticipated\nbudgets and schedules; the exploration access road can be developed along the\nplanned route within anticipated budgets and schedules; further testing will\nsupport the applicability of initial metallurgical results to representative\nproject material and larger-scale operations; any resulting concentrates will\nmeet relevant downstream processing and customer specifications; and that\nfurther environmental studies will support the anticipated environmental\nbenefits.\n\nForward-looking information is subject to risks and uncertainties that could\ncause actual results to differ materially from those expressed or implied.\nThese include failure to obtain regulatory approvals or complete additional\nfinancing; changes in market conditions, commodity prices, costs or the\navailability of financing; failure to incur sufficient qualifying expenditures\nwithin the required period, adverse tax determinations or changes in tax laws\nor their interpretation; exploration results that do not support anticipated\nmineralization or expansion targets; exploration results that do not support\nthe delineation of mineral resources; permitting, access, cost or construction\ndelays affecting development of the exploration access road; geological and\nmetallurgical variability; the preliminary nature of test results and the risk\nthat such results cannot be replicated at larger scale or achieved\neconomically; concentrate impurities, recovery limitations or failure to meet\ndownstream specifications; permitting delays, environmental liabilities and\nfindings that differ from anticipated environmental benefits; operational,\nweather, equipment, contractor and laboratory delays; and other risks\ndescribed in the Company's continuous disclosure filings available on SEDAR+\nat www.sedarplus.ca.\n\nInitial metallurgical results do not establish commercial viability or\nguarantee future recoveries, concentrate quality or processing performance.\nThere can be no assurance that the anticipated exploration, processing,\nenvironmental or commercial outcomes will be achieved.\n\nAlthough management considers its expectations and assumptions reasonable as\nof the date of this news release, forward-looking information is not a\nguarantee of future performance. Readers are cautioned not to place undue\nreliance on it. Except as required by applicable securities laws, the Company\nundertakes no obligation to update forward-looking information to reflect\nsubsequent events, circumstances or changes in expectations.\n\n(1)\nhttps://fanickel.com/20260608-vema-hydrogen-and-first-atlantic-nickel-cobalt-sign-loi-to-develop-engineered-mineral-hydrogen-at-pipestone-xl-awaruite-project-in-newfoundland\n(2)\nhttps://fanickel.com/20260115-first-atlantic-nickel-highlights-relevance-of-pipestone-xl-awaruite-nickel-cobalt-alloy-discovery-to-address-u-s--critical-mineral-supply-chain-vulnerabilities-identified-in-january-14-2026-white-house-proclamation\n(3)\nhttps://fanickel.com/20260331-first-atlantic-nickel-announces-acceptance-into-defense-industrial-base-consortium-dibc---pipestone-xl-smelter-free-nickel-cobalt-alloy-project-addresses-midstream-smelting-bottleneck-in-u-s--defense-supply-chain\n(4)\nhttps://fanickel.com/20260619-first-atlantic-nickel-cobalt-highlights-g7-leaders-declaration-on-critical-minerals-g7-names-nickel-one-of-only-two-pilot-minerals-for-a-new-allied-traceability-framework-moves-to-mobilize-equity-investment-and-offtake-and-establishes-a-critical-\n(5)\nhttps://fanickel.com/20260521-first-atlantic-nickel-cobalt-reports-electron-microprobe-analysis-returning-77-62-nickel-and-1-69-cobalt-in-awaruite-at-the-rpm-zone-pipestone-xl-project-a-rare-naturally-magnetic-ni-fe-co-high-grade-alloy-mineralogically-capable-of-bypassing-mid\n(6)\nhttps://fanickel.com/20260624-first-atlantic-nickel-cobalt-produces-high-grade-alloy-concentrate-up-to-71-9-nickel-and-1-76-cobalt-from-its-pipestone-xl-nickel-cobalt-alloy-project-using-its-first-ever-onshore-max-magnetic-alloy-extraction-recovery-concentration-process-unvei\n(7)\nhttps://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf\n(8)\nhttps://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf\n\nPhotos accompanying this announcement are available at:\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/448ace60-5570-46e8-a872-d671bdc932ad\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c98b10b1-2d62-453b-9af8-3491ba8675ae \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/cfefa297-a92e-4359-bc43-8671f23b0fee)\nFigure 1 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/448ace60-5570-46e8-a872-d671bdc932ad/en)\nMap showing multiple target zones across the 30-kilometer nickel trend over\ntotal magnetic intensity (TMI) at the Pipestone XL Project highlighting the\nshowing, the 30-kilometre Pipestone Ophiolite Complex and the RPM, Alloy Max,\nSuper Gulp, Atlantic Lake and Chrome Pond Zones.Figure 2 \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/c98b10b1-2d62-453b-9af8-3491ba8675ae/en)\nUSGS quote on awaruite nickel-iron-cobalt alloy.\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-06T11:13:00.202145668Z","server_sent_at_ms":1791285180202},"received_at":"2026-10-06T11:13:00.370Z","source_url":null},"analysis":{"id":"150102","press_release_id":"161580","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":[],"eventType":"offering","narrative":"First Atlantic Nickel & Cobalt closed a $3.49M no-warrant, non-brokered private placement of 4,207,230 flow-through shares at $0.83, a ~22% premium to the prior TSXV close.\n\nWith this closing, the company has raised roughly $13.4 million since September 2026, with proceeds earmarked for expanded drilling at Alloy Max and the RPM Zone, new untested targets along the 30-kilometre trend, and an exploration access road toward Atlantic Lake.\n\nFunds qualify as flow-through mining expenditures under Canadian tax rules, to be incurred by December 31, 2027 and renounced effective December 31, 2026; securities are held until February 6, 2027 and Exchange acceptance is still pending.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Rare premium-priced, warrant-free financing (~22% above market) hands FAN $13.4M in fresh capital to accelerate Pipestone XL -- strong demand signal for the story."},"keyFigures":{"dealValueUsd":3492000.9,"offeringPrice":0.83,"sharesOffered":4207230,"customDimensions":{"warrants_issued":"none","offering_premium":"~22% premium to Oct 5, 2026 TSXV close","total_recent_raises":"$13.4 million since September 2026"}},"quotedText":"Since September, First Atlantic has raised approximately $13.4 million, including this $3.49 million financing, a very significant development for the Pipestone XL Nickel-Cobalt Alloy Project that will accelerate our exploration and mining development.","namedEntities":{"people":[{"name":"Adrian Smith","role":"CEO and Qualified Person"},{"name":"Rob Guzman","role":"Investor Relations"}],"products":["Pipestone XL Nickel-Cobalt Alloy Project","ONSHORE MAX","Ophiolite X Project"],"companies":[{"name":"First Atlantic Nickel & Cobalt Corp.","ticker":"FAN"},{"name":"VEMA Hydrogen","relationship":"partner (Engineered Mineral Hydrogen LOI)"}],"dollarAmounts":[{"amount":"$3,492,000.90","context":"gross proceeds of the closed private placement"},{"amount":"$13.4 million","context":"aggregate gross proceeds raised since September 2026"},{"amount":"$0.83","context":"price per flow-through share, ~22% premium to prior close"}]},"materialImpact":{"score":3,"reasoning":"Closed a no-warrant, non-brokered private placement priced ~22% ABOVE market -- an unusually shareholder-friendly financing that brings total September-October raises to ~$13.4M to accelerate drilling at Pipestone XL. Material funding for a small-cap explorer, but not an earnings or binary event."},"tickerRelevance":{"others":[],"primary":"FAN"},"globalImportance":22,"audienceRelevance":18,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small/micro-cap TSXV explorer","eventGravity":"non-dilutive premium financing, positive but modest scale","offeringQuality":"no warrants, priced 22% above market","householdBrandBoost":0}},"event_type":"offering","event_type_secondary":null,"sentiment":"bullish","material_impact_score":3,"narrative":"First Atlantic Nickel & Cobalt closed a $3.49M no-warrant, non-brokered private placement of 4,207,230 flow-through shares at $0.83, a ~22% premium to the prior TSXV close.\n\nWith this closing, the company has raised roughly $13.4 million since September 2026, with proceeds earmarked for expanded drilling at Alloy Max and the RPM Zone, new untested targets along the 30-kilometre trend, and an exploration access road toward Atlantic Lake.\n\nFunds qualify as flow-through mining expenditures under Canadian tax rules, to be incurred by December 31, 2027 and renounced effective December 31, 2026; securities are held until February 6, 2027 and Exchange acceptance is still pending.","key_figures":{"dealValueUsd":3492000.9,"offeringPrice":0.83,"sharesOffered":4207230,"customDimensions":{"warrants_issued":"none","offering_premium":"~22% premium to Oct 5, 2026 TSXV close","total_recent_raises":"$13.4 million since September 2026"}},"named_entities":{"people":[{"name":"Adrian Smith","role":"CEO and Qualified Person"},{"name":"Rob Guzman","role":"Investor Relations"}],"products":["Pipestone XL Nickel-Cobalt Alloy Project","ONSHORE MAX","Ophiolite X Project"],"companies":[{"name":"First Atlantic Nickel & Cobalt Corp.","ticker":"FAN"},{"name":"VEMA Hydrogen","relationship":"partner (Engineered Mineral Hydrogen LOI)"}],"dollarAmounts":[{"amount":"$3,492,000.90","context":"gross proceeds of the closed private placement"},{"amount":"$13.4 million","context":"aggregate gross proceeds raised since September 2026"},{"amount":"$0.83","context":"price per flow-through share, ~22% premium to prior close"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-06T11:13:07.388Z","global_importance":22,"audience_relevance":18,"importance_components":{"tickerTier":"small/micro-cap TSXV explorer","eventGravity":"non-dilutive premium financing, positive but modest scale","offeringQuality":"no warrants, priced 22% above market","householdBrandBoost":0}},"durationMs":7004,"modelName":"glm-5.3-flashx"}}