First Atlantic Nickel Has Commenced Drilling at New Alloy MAX Zone Discovery, 7 Km North of Rpm Zone, at the Pipestone Xl Nickel-Cobalt Alloy Project
FIRST ATLANTIC NICKEL HAS COMMENCED DRILLING AT NEW ALLOY MAX ZONE
DISCOVERY, 7 KM NORTH OF RPM ZONE, AT THE PIPESTONE XL NICKEL-COBALT
ALLOY PROJECT
GRAND FALLS -WINDSOR, Newfoundland and Labrador - (GlobeNewsWire - April 8, 2026) - First
Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is
pleased to announce that drilling has commenced at the Alloy Max Zone, a new large- scale awaruite
(Ni₃Fe) nickel-cobalt alloy discovery located 7 kilometers (km) north of the RPM Zone. The Alloy Max
Zone represents the Company's second major target area within the 30 km Pipestone Ophiolite Complex
at its Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland. The Alloy Max discovery was
first announced on March 18, 2026 , following the Company's ongoing district -wide surface sampling
program, which identified a new large area of magnetically recoverable nickel -cobalt alloy
mineralization. The initial target area measures approximately 4 km in length and 1.2 km in width.
The initial drill program at Alloy Max is designed to test for awaruite mineralization over a large area
through four drill holes distributed across 2.4 km of strike length and approximately 950 m in width within
the initial 4 km x 1.2 km defined target area. Due to minimal overburden, geologists were able to directly
sample bedrock at the drill pad locations and identif ied visibly disseminated awaruite mineralization in
surface bedrock prior to drilling.
The Company has completed a drill access trail to the Alloy Max Zone from the existing camp and will
now begin construction of a drill access road extending north from Alloy Max through Super Gulp toward
Atlantic Lake, following the geologic 30 km nickel t rend of the Pipestone Ophiolite Complex. As road
construction proceeds northward, the Company plans to conduct direct bedrock sampling through
shallow pits and trenches along the road corridor to evaluate newly identified and historical areas with
elevated DTR nickel values that were previously inaccessible by ground.
HIGHLIGHTS:
1. Drilling Commenced at Alloy Max Zone: Drilling has commenced at the Alloy Max Zone, with four
initial drill pad locations spanning 2.4 km in strike length and testing nickel -cobalt alloy mineralization
across an area approximately 950 m in width. The Alloy Max Zone is located 7 km north of the RPM
Zone within the 30 km Pipestone Ophiolite Complex.
2. Visible Awaruite Discovered in Bedrock Prior to Drilling: Prior to drilling, geologists sampled
bedrock through shallow pits in areas of minimal overburden at the Alloy Max Zone and identified visibly
disseminated awaruite in bedrock at drill pad locations across the 2.4 km strike length and 950 m width
covered by the initial drill holes.
3. Second Large-Scale Nickel-Cobalt Alloy Target Area: Alloy Max, first announced on March 18,
2026, has an initial defined target area of approximately 4 km x 1.2 km. Geological mapping and
geophysics indicate Alloy Max may host a larger mineralized area than the RPM Zone. DTR surface
sampling has returned magnetically recoverable nickel-cobalt alloy grades comparable to surface values
at the RPM Zone, where drill core consistently returned higher DTR grades in drill core.
4. Initial Drill Holes Testing Awaruite Mineralization Across 2.4 km Strike Length: Surface bedrock
samples collected from shallow pits at drill pad locations at the Alloy Max Zone confirmed visible
awaruite mineralization. The 4 drill pad locations span 2.4 km in strike length and 950 m in width. The
program is designed to test for magnetically recoverable awaruite mineralization to establish initial
results and guide further drilling.
5. Drill Access Road North From Alloy Max Toward Atlantic Lake: The Company has completed a
drill access trail to the Alloy Max Zone and will now begin construction of a drill access road extending
north from Alloy Max through Super Gulp toward Atlantic Lake, following the 30 km geologic nickel trend
of the Pipestone Ophiolite Complex. Upon completion, the road will connect to Grand Falls-Windsor and
the Trans-Canada Highway, providing full vehicle access across the entire complex for exploration and
development activities.
6. Bedrock Sampling During Road Construction Along 30 km Trend: Along the corridor between
Alloy Max and Atlantic Lake, the Company has identified areas of interest based on newly identified
DTR nickel surface samples that may indicate additional awaruite nickel-cobalt alloy mineralized zones
previously inaccessible by ground. The Company plans to conduct direct bedrock sampling through
trenching and shallow pits during road construction, which has been designed to closely follow the 30
km nickel trend of the Pipestone Ophiolite Complex.
For further information, questions, or investor inquiries, please contact Rob Guzman at First
Atlantic Nickel by phone at +1-844-592-6337 or via email at [email protected].
Drilling at the Alloy Max Zone is targeting magnetically recoverable awaruite nickel -cobalt alloy
mineralization across a broad area within the initial 4 km x 1.2 km target area, as outlined through the
integration of field geological mapping, surface rock sampling, DTR (magnetic separation and recovery)
analysis, and geophysics. The four initial drill pad locations span 2.4 km of strike length and are
positioned to test an area approximately 950 m wide prospective for nickel-cobalt alloy mineralization.
The objective of the program is to test for the presence and continuity of magnetically recoverable
awaruite nickel-cobalt alloy across the Alloy Max Zone and to generate initial results to guide further
drilling. At the RPM Zone, this exploration model has proven effective, with drill core samples
consistently returning higher DTR nickel grades than weathered surface samples. The Company
anticipates that a similar pattern may occur at Alloy Max, where surface DTR values are comparable to
those recorded at the RPM Zone.
During site preparation at the drill pad locations, minimal overburden allowed geologists to directly
examine and sample bedrock, where visibly disseminated awaruite was encountered at various pad
sites. This observation further supports the presence of aw aruite nickel-cobalt alloy mineralization at
surface across the Alloy Max target area and is consistent with the surface sampling results reported on
March 18, 2026.
Figure 01: Bedrock sample collected beneath shallow overburden at a drill pad location. The sample
confirms the drill target prior to drilling and contains visible disseminated awaruite magnetic nickel cobalt
alloy mineralization.
Figure 02: Map of the Alloy Max and RPM Zone areas showing DTR nickel (%) in surface rock
samples, including Alloy Max drill pad locations and the RPM 2025 drill holes.
Figure 03: Drilling underway at the Alloy Max Zone, testing newly defined targets within the 4 km by 1.2
km wide target area 7 km north of RPM Zone discovery.
PIPESTONE XL DRILL ACCESS ROAD AND EXPLORATION PROGRAM
The Company has completed a drill access trail from the existing camp to the Alloy Max Zone and will
now begin construction of a drill access road extending north from Alloy Max through Super Gulp toward
Atlantic Lake, following the 30 km geologic nickel trend of the Pipestone Ophiolite Complex. Upon
completion, the road will provide full vehicle acc ess from the camp into Grand Falls -Windsor and the
Trans-Canada Highway, which crosses Newfoundland, thereby connecting the entire complex with
ground access for exploration and development activities.
Along this corridor between Alloy Max and Atlantic Lake, the Company has identified areas of interest
based on newly identified DTR nickel surface samples that may indicate additional awaruite nickel -
cobalt alloy mineralized zones. Many of these areas were previously inaccessible by ground. The
Company plans to conduct direct bedrock sampling through trenching and shallow pits during road
construction, which has been designed to closely follow the 30 km nickel trend of the Pipestone Ophiolite
Complex. As construction advances, the Company will systematically explore prospective ground
across the trend, advancing the identification of new nickel -cobalt alloy target areas while building the
access required for long-term project development.
NEWFOUNDLAND JUNIOR EXPLORATION ASSISTANCE
The Company would like to express its gratitude to the Province of Newfoundland and Labrador for
awarding it the maximum grant of $150,000 under the Junior Exploration Assistance (JEA) program.
This funding will support critical mineral exploration at the Company's Pipestone XL Nickel-Cobalt Alloy
Project, a district -scale nickel-cobalt alloy project strategically located in central Newfoundland with
access to key infrastructure, including roads and clean hydro-grid power. Newfoundland and Labrador
is consistently ranked among the world's leading mining jurisdictions.
Newfoundland & Labrador has ranked in the top 10 globally for mining investment attractiveness from
2022 to 2025 according to the Fraser Institute's Annual Survey of Mining Companies; The 2024 survey
states1:
"Only two Canadian jurisdictions ranked in the top 10 for their investment attractiveness:
Saskatchewan (7th) and Newfoundland & Labrador (8th)."
The report further notes:
"Newfoundland & Labrador stands out among all jurisdictions included in the sub- survey, with
86 percent of respondents indicating that they were able to acquire the necessary permits for
exploration in two months or less."
The province combines world- class geology with supportive government policies, well -established
infrastructure, and efficient permitting for mineral exploration and development.
AWARUITE (Ni₃Fe) - EARTH'S RAREST NATURALLY MAGNETIC HIGH- GRADE NICKEL-IRON-
COBALT ALLOY MINERAL
Awaruite (Ni₃Fe) is a naturally occurring nickel-iron-cobalt alloy mineral containing approximately 77%
nickel2 - 2 to 3 times the nickel content of typical sulfide minerals such as pentlandite (~25% Ni) 3.
Awaruite forms during serpentinization, a geological process in which ultramafic peridotite reacts with
water, generating molecular hydrogen gas (H ₂), and liberated nickel (Ni² ⁺) and iron (Fe² ⁺) then react
with this abundant hydrogen to form the alloy. B ecause awaruite already exists in a reduced metallic
state composed entirely of metal elements with no sulfur, it requires no smelting, roasting, or acid
leaching. This offers a direct mine-to-refinery or stainless steel pathway that bypasses the bottleneck of
limited North American smelting capacity.
1 https://www.fraserinstitute.org/sites/default/files/2025-07/annual-survey-of-mining-companies-2024_0.pdf
2 https://www.sciencedirect.com/science/article/abs/pii/S0892687522002667
3 https://fpxnickel.com/projects-overview/what-is-awaruite/
Figure 04: Quote from USGS on Awaruite Deposits4
Awaruite's strong natural magnetic properties - up to 10 times more magnetic than magnetite - enable
recovery through magnetic separator drums commonly used in large- scale open-pit bulk-tonnage iron
ore mines across North America for over a century. DTR is a standard metallurgical test used in iron ore
mining globally to measure the recovery of magnetic minerals, and is a specific method for measuring
awaruite recovery from drill core.
As stated in the August 2025 report "From Rocks to Power" from the Battery Metals Association of
Canada5:
"Awaruite is not a sulfide nor an oxide nickel ore but a high-content native nickel–iron ore. Simple
beneficiation processes after mining could provide 60% Ni concentrate, ready for leaching for
battery cathode purposes and would yield MHP as a by -product. This process would bypass
pyrometallurgy or early hydrometallurgy stages and be among the lowest carbon-intensive nickel
production sites in the global nickel market."
The Battery Metals Association of Canada has also stated in June 20256:
4 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
5 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
6 https://netzeroindustrialpolicy.ca/wp-content/uploads/2025/07/BMAC_TA_EFL_Western_Canadian_Battery_Value_Chain.pdf
"A future nickel metallurgical plant could be designed to produce nickel sulfate or even
precursors to the cathode active material (pCAM) for NMC batteries. Nickel sulfate can be
produced by leaching nickel matte from nickel sulfide concentrates if the fac ility is a
smelter, or it can be easily produced from a hydrometallurgical facility leaching awaruite
concentrates.”
INVESTOR INFORMATION
The Company's common shares trade on the TSX Venture Exchange under the symbol " FAN", the
American OTCQB Exchange under the symbol "FANCF" and on several German exchanges, including
Frankfurt and Tradegate, under the symbol "P21".
Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at
www.fanickel.com.
FOR MORE INFORMATION:
First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
DISCLOSURE
Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a qualified person
as defined by NI 43 -101. The qualified person is a member in good standing of the Professional
Engineers and Geoscientists Newfoundland and Labrador (PEGN L) and is a registered professional
geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
ANALYTICAL METHOD & QA/QC
Representative rock samples were collected in the field from outcrops or subcrop exposures, while
avoiding float material. Sample locations were documented using handheld GPS units. All samples were
securely sealed, labeled and shipped to Activation Laboratories Ltd. (“Actlabs”) in Ancaster, Ontario, an
ISO 17025 certified and accredited laboratory operating independently of First Atlantic.
Each sample was crushed, with a 250 g sub-sample pulverized to 95% passing 200 mesh. A magnetic
separation was then generated by running the pulverized sub- sample through a magnetic separator
which splits the sub-sample into magnetic and non-magnetic fractions. This involves running a 30 g split
of the pulp through a Davis Tube magnetic separator as a slurry using a constant flow rate, a magnetic
field strength of 3,500 Gauss, and a tube angle of 45 degrees to produce magnetic and non -magnetic
fractions.