First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) (“First Atlantic” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”), raising aggregate gross proceeds of $6,157,500 through the issuance of 8,210,000 flow-through common shares (each, an “FT Share”) at a price of $0.75 per FT Share.
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it → announce → Share
The FT Shares were issued on a “flow-through” basis pursuant to the Income Tax Act (Canada).
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Shares → issue → Act
No warrants were issued in connection with this closing.
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warrants → issue → closing
The Company’s planned exploration program will focus on the approximately 30-kilometre mineralized trend at the Pipestone XL Nickel-Cobalt Alloy Project, extending from the RPM Zone in the south to the historic Atlantic Lake Zone in the north.
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program → focus → north
Proceeds will fund follow-up and expansion drilling at the Alloy Max South and Alloy Max North Zones, continued drilling at the RPM Zone, and drilling at other targets that were previously accessible only by helicopter.
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that → fund → helicopter
Proceeds will also fund continued metallurgical recovery and processing test work at the Alloy Max and RPM Zones, as well as exploration of additional awaruite targets along the 30 km trend, large parts of which could not be thoroughly explored before due to the lack of ground access.
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parts → fund → access
To support the planned exploration program, proceeds will also fund ongoing upgrades to project access trails, which are expected to enable year-round drilling through seasonal weather and provide new ground access to targets currently not accessible by ground and unexplored areas of the project, in each case to the extent the expenditures qualify as Qualifying Expenditures (as defined below).
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expenditures → support → Expenditures
First Atlantic welcomes calls directly from shareholders and prospective investors.
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Atlantic → welcome → shareholders
For questions about the Company or the Pipestone XL project, or simply to learn more, investors are invited to call Rob Guzman, Investor Relations, at +1-844-592-6337 or email rob@fanickel.com.
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investors → learn → rob@fanickel.com
The gross proceeds will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures,” as those terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”), in connection with the exploration programs described above at the Company’s Pipestone XL Nickel-Cobalt Alloy Project and exploration activities at its Ophiolite X Project in Newfoundland.
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terms → use → Newfoundland
The Company will incur the Qualifying Expenditures on or before December 31, 2027 and renounce them in favour of subscribers effective December 31, 2026.
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Company → incur → subscribers
All securities issued in connection with this closing are subject to a statutory hold period of four months and one day, expiring on January 19, 2027, under applicable Canadian securities laws.
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securities → issue → laws
The Offering remains subject to final acceptance by the TSX Venture Exchange (the “Exchange”).
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Offering → remain → Exchange
No finder’s fees were paid in connection with the Offering.
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fees → pay → Offering
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.
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release → constitute → States
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
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exemption → register → registration
A DISTRICT-SCALE NICKEL-COBALT ALLOY PROJECT
Pipestone XL is First Atlantic’s wholly owned, district-scale project spanning the entire 30-kilometre Pipestone Ophiolite Complex in central Newfoundland, a belt of ultramafic rock enriched in nickel, cobalt, and chromium.
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XL → own → nickel
The Project hosts multiple zones of awaruite (Ni₃Fe) mineralization, including RPM, Alloy Max, Super Gulp, Atlantic Lake, and Chrome Pond.
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Project → host → RPM
The RPM Zone is the most advanced, with drilling having outlined magnetically recoverable awaruite over more than 1.2 kilometres of strike and more than 800 metres of width.
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drilling → outline → width
Drilling is ongoing at Alloy Max, a second large-scale zone spanning approximately 4 kilometres of strike and up to 1.5 kilometres in width, making it larger than the RPM Zone.
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it → span → Zone
Awaruite at Pipestone XL is the product of serpentinization, which drives sulphur out of the system and leaves a sulphur-free alloy which carries no acid mine drainage risk and can be concentrated by the Company’s ONSHORE MAX™ process without smelting, roasting, or high-pressure acid leaching.
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which → drive → smelting
This smelter-free pathway addresses the midstream bottleneck in North America, where the United States has no operating nickel smelters and only two remain in Canada, and supports a vertically integrated supply chain moving directly from mine to downstream battery refining, stainless steel and specialty alloy production.
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two → address → refining
The Company is also evaluating secondary chromium mineralization as a potential co-product, along with low-carbon Engineered Mineral Hydrogen (EMH) in partnership with VEMA Hydrogen1.
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Company → evaluate → Hydrogen1
Pipestone XL is located in an established infrastructure corridor with year-round road access, nearby high-voltage transmission and clean hydroelectric power from the Bay d’Espoir generating station.
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XL → locate → station
It is also located approximately 200 kilometres from Gander International Airport and Vale’s Long Harbour nickel processing plant.
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It → locate → Airport
This positioning aligns with growing U.S. and allied policy focus on critical mineral supply chains, including nickel’s addition to the U.S. critical minerals list in 2022, the January 2026 White House proclamation on processed critical minerals2, the Company’s acceptance into the U.S. Defense Industrial Base Consortium3, and the June 2026 G7 Leaders’ Declaration naming nickel one of two pilot critical minerals for allied investment and offtake4.
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positioning → align → investment
Newfoundland and Labrador is consistently recognized as one of the world’s leading mining jurisdictions in the Fraser Institute’s Annual Survey of Mining Companies, ranking 7th globally on the Policy Perception Index in the most recent survey, published in February 2026, and placing in the global top 10 for overall investment attractiveness in each of the three prior surveys.
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Newfoundland → recognize → surveys
Pipestone XL is positioned to become a secure and reliable North American source of nickel and cobalt for the stainless steel, electric vehicle, aerospace, and defense industries.
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XL → position → industries
A SMELTER-FREE NICKEL-COBALT ALLOY (Ni₃Fe)
Awaruite is a naturally occurring, magnetic, sulphur-free nickel-iron-cobalt alloy (Ni₃Fe) containing approximately 77% nickel.
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Awaruite → occur → nickel
Because it already exists in a metallic state, awaruite can be concentrated without smelting, roasting, or high-pressure acid leaching.
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awaruite → exist → smelting
Mineralogical and electron microprobe analysis at the Company’s RPM Zone has confirmed the awaruite averages 77.62% nickel and 1.69% cobalt, with grades as high as 86.68% nickel and 6.05% cobalt5.
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awaruite → confirm → nickel
Initial metallurgical test work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction) process upgraded rock samples from the project’s RPM Zone into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt6.
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work → use → nickel
Low-intensity magnetic separation first produced a magnetic concentrate grading approximately 1.6% nickel, which flotation then upgraded to the final concentrate.
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flotation → produce → concentrate
By comparison, a typical nickel concentrate grades 10% to 15% nickel, according to the Nickel Institute.
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concentrate → grade → Institute
This concentrate can move directly to downstream battery chemical refining or the manufacture of specialty alloys and stainless steel.
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concentrate → move → alloys
The absence of sulphur reduces acid mine drainage risk and related permitting challenges, positioning Pipestone XL to supply North American industries including stainless steel, electric vehicles, aerospace, and defence.
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absence → reduce → steel
The Company also announces that it has entered into a renewal agreement dated September 17, 2026 with Xander Capital Partners Inc. (“Xander”), effective April 2, 2026, in respect of its investor relations and marketing consulting agreement originally dated April 1, 2024 and previously renewed on April 1, 2025.
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it → announce → April
The renewal formalizes the continuation of the engagement following the expiry of the previous term on April 1, 2026.
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renewal → formalize → April
Payments to Xander have continued without interruption at the existing rate of US$10,000 per month.
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Payments → continue → month
Under the renewal, the engagement will continue on an ongoing basis without a fixed expiry date, subject to either party’s right to terminate upon 30 days’ prior written notice.
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engagement → continue → notice
…and 29 more, not listed.
The Aporia
