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 no-warrant, non-brokered private placement (the “Offering”) for aggregate gross proceeds of $3,767,700.25.
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it → announce → 3,767,700.25
Following this closing, the Company has raised aggregate gross proceeds of approximately $9.925 million from financings completed in September 2026.
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Company → follow → September
The Offering consisted of 2,333,667 flow-through common shares of the Company (each, an “FT Share”) at a price of $0.75 per FT Share, and 2,570,000 charity flow-through common shares of the Company (each, a “CFT Share”) at a price of $0.785 per CFT Share.
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Offering → consist → Share
Each FT Share and CFT Share qualifies as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
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Share → qualify → Act
No warrants were issued in connection with the Offering.
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warrants → issue → Offering
In connection with the Offering, a strategic investor exercised its participation right under an existing Investor Rights Agreement.
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investor → exercise → Agreement
The investor’s participation was limited so that, following completion of the Offering, its beneficial ownership of the Company’s issued and outstanding common shares will not exceed 9.99%, remaining below the 10% early warning reporting threshold.
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ownership → limit → threshold
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
Proceeds will fund follow-up and expansion drilling at the Alloy Max North and Alloy Max South Zones, the Company’s new large-scale awaruite discovery extending up to approximately 7.7 kilometres north of the RPM Zone.
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Proceeds → fund → Zone
Alloy Max spans approximately 4 kilometres of strike and up to 1.5 kilometres in width, larger than the RPM Zone, and both the Alloy Max discovery hole, XL-26-15, and XL-26-16, the deepest hole to date at Pipestone XL, ended in visible awaruite mineralization.
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hole → span → mineralization
Proceeds will also fund definition drilling and metallurgical test work at the RPM, Alloy Max South and Alloy Max North Zones.
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Proceeds → fund → Zones
Upgrades to project access roads and trails are expected to enable faster, year-round drilling and a scale-up of exploration activities along the approximately 30-kilometre mineralized trend, including targets north of Alloy Max toward the historic Atlantic Lake Zone that were previously reachable only by helicopter or have never been fully explored.
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that → expect → helicopter
In each case, these expenditures will be funded only to the extent they qualify as Qualifying Expenditures (as defined below).
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they → fund → Expenditures
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 gross proceeds of the Offering 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 the Offering are subject to a statutory hold period of four months and one day, expiring on January 26, 2027 and January 29, 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.
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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
…and 27 more, not listed.
The Aporia
