FIRST ATLANTIC NICKEL EXPANDS PHASE 2X DRILLING AT PIPESTONE XL NICKEL ALLOY PROJECT: FOUR ADDITIONAL HOLES TARGETING 1.4 KILOMETER STRIKE LENGTH AND 850-METER WIDTH AT RPM ZONE All Ten Discovery Holes at the RPM Zone Return Positive Magnetically Recoverable Nickel; New
FIRST ATLANTIC NICKEL EXPANDS PHASE 2X DRILLING AT PIPESTONE XL NICKEL
ALLOY PROJECT: FOUR ADDITIONAL HOLES TARGETING 1.4 KILOMETER STRIKE
LENGTH AND 850-METER WIDTH AT RPM ZONE
All Ten Discovery Holes at the RPM Zone Return Positive Magnetically Recoverable Nickel; New
Expansion Drilling to Test Eastern, Northern, and Southern Extensions of Awaruite Mineralization
GRAND FALLS-WINDSOR, Newfoundland and Labrador – (GlobeNewsWire – December 4, 2025)
– First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the
"Company") is pleased to announce the immediate addition of four drill holes (AN -25-11 to AN-25-14)
to the Phase 2X drilling program at the RPM Zone within its Pipestone XL Nickel Alloy Project in central
Newfoundland. This expansion follows the continued success of the drilling program, which has now
confirmed magnetically recoverab le awaruite nickel alloy in all ten RPM Zone discovery holes. The
Company has maintained a 100% success rate in drilling, which has already defined 800 meters in strike
length by 750 meters in width, representing just 20% of the newly defined 4-kilometer RPM Zone target
area contained within the 30 -kilometer ultramafic nickel trend (see Figure 1), as outlined through DTR
surface sampling and geological mapping announced October 21, 2025.
The additional drill holes are designed to expand the RPM Zone in multiple directions, extending the
total drill -confirmed strike length to approximately 1.4 kilometers (north -south) and the width to 850
meters. Holes AN-25-11 and AN-25-12 will extend drilling east of Hole AN-25-10, the Company's best
result to date, testing below and beyond the point where drilling stopped due to a clay -filled fault zone.
This eastern extension toward Chrome Pond has consistently returned the best magnetically
recoverable nickel grades on the prope rty. Hole AN-25-13 will test a 400 -meter northern extension on
the new Section S4, while Hole AN-25-14 will test a 200-meter southern step-out south of Section S1.
Confidence in the expansion drilling is supported by consistent metallurgical results across all ten RPM
Zone discovery holes, which have intersected large -grain visible awaruite mineralization from near
surface to end of hole. Awaruite (Ni₃Fe), a naturally occurring nickel -iron-cobalt alloy containing ~77%
nickel, can be concentrated through magnetic separation and flotation. This positions the Pipestone XL
Project as a potential secure and reliable input to a North American ni ckel supply chain, supporting a
mine-direct-to-battery-refinery or stainless-steel processing pathway while bypassing the energy
demands and environmental impacts of smelting, roasting, or high-pressure acid leaching. The result is
a lower-energy, more environmentally sustainable, and secure onshore supply chain.
For questions or more information, please call 844 -592-6337 or email [email protected] to
connect with Rob Guzman, First Atlantic Nickel's Investor Relations.
KEY HIGHLIGHTS:
1. 100% Discovery Success Rate Across Ten RPM Zone Drill Holes: All ten discovery holes at
the RPM Zone intersected large -grain visible awaruite and returned positive magnetically
recoverable nickel results. The drilled and assayed area now covers approximately 800 meters
in strike length by 750 meters in width. Every hole has ended in mineralization, confirming the
system remains open in all directions.
2. Four Additional Drill Holes Added to Phase 2X Program: Based on the success of drilling
and consistency of awaruite mineralization across all ten discovery holes, the Company has
immediately added four holes (AN-25-11 to AN-25-14) to the RPM Phase 2X drill program. These
holes will test expansion potential in multiple directions to extend the drill-tested strike length to
approximately 1.4 kilometers and width to 850 meters.
3. Eastern Expansion Toward Chrome Pond (Holes AN-25-11 and AN-25-12): Holes AN-25-11
and AN-25-12 will extend drilling further east of Hole AN -25-10, the Company's best result to
date (0.15% DTR Ni over 228 meters with 68.62% magnetic recovery). These holes will test
below and beyond where Hole AN -25-10 was stopped due to a clay-filled fault zone. The
eastward trend toward Chrome Pond has consistently returned the highest magnetically
recoverable nickel grades on the property.
4. Northern Extension on New Section S4 (Hole AN-25-13): Hole AN-25-13 will test a 400-meter
northern step-out on new Section S4, beyond the current northernmost drilling on Section S3.
This extension forms part of the systematic expansion targeting the 4 -kilometer strike length
potential outlined by DTR surface sampling.
5. Southern Step-Out Extension (Hole AN-25-14): Hole AN-25-14 will test a 200-meter step-out
south of Section S1, extending the drill tested area further south beyond existing limits.
6. Four New Holes Extend Drill -Tested Strike Length to 1.4 km Within a 4 km RPM Zone
Target: The four additional holes will expand the north -south drill tested strike length to
approximately 1.4 kilometers, more than tripling the Phase 1, 400-meter north-south drilled strike
length, and increase the drill tested width to 850 meters.
7. Magnetic Separation achieves 90% Mass Reduction and High -Grade Concentrate:
Magnetic separation selectively recovers nickel, chromium, and cobalt while sending ~90% of
brucite containing waste rock to tailings which can sequester carbon (CO2). The remaining 10%
magnetic concentrate, consistently grading 1-2% nickel across all RPM Zone drill holes, can be
upgraded on-site to a ~60% nickel concentrate with flotation.
8. Awaruite Supports a Mine-Direct-to-Refinery Nickel and Cobalt Pathway: Awaruite enables
a fully onshore North American nickel and cobalt supply chain, from upstream mining with
magnetic separation and flotation at the mine site, to midstream refining of nickel sulphate
(NiSO₄) for manufacturing of precursor cathode active mat erial (pCAM) production for EV
batteries. Because awaruite occurs in metallic form, it bypasses the smelting process of nickel
sulfide ores, supporting a direct mine-to-refinery pathway entirely within North America.
RPM ZONE DRILLING SUMMARY
Table 01: RPM Zone – Complete Intervals for All RPM Drill Holes Reported to Date
Drill Hole Zone Section From
(m)
To
(m)
Interval
(m)
DTR Ni
(%)
Mag Conc Ni
(%)
Mass Pull (%)
AN-24-02 RPM S1 11.0 394.1 383.1 0.13 1.37 9.50
AN-24-03 RPM S1 18.0 234.0 216.0 0.11 1.32 9.12
AN-24-04 RPM S1 12.0 378.0 366.0 0.14 1.46 9.53
AN-24-05 RPM S2 6.0 357.0 351.0 0.12 1.47 8.21
AN-25-06 RPM S2 5.65 453.0 447.35 0.11 1.27 9.02
AN-25-07 RPM S2 9.0 495.0 486.0 0.09 0.97 9.60
AN-25-08 RPM S3 11.0 491.0 480.0 0.12 1.35 8.79
AN-25-09 RPM S3 9.0 483.0 474.0 0.08 0.93 9.00
AN-25-10 RPM S1 8.0 236.0 228.0 0.15 1.44 10.48
AN-25-11 RPM S1 East TBA – Eastern Expansion
AN-25-12 RPM S1 East TBA – Eastern Expansion
AN-25-13 RPM S4 TBA – 400m Northern Extension
AN-25-14 RPM S0 South TBA – 200m Southern Step-Out
DTR nickel percentage is calculated by multiplying the mass pull (%) by the magnetic nickel concentrate grade
(%). This number represents the proportion of nickel recoverable through magnetic separation and is not
equivalent to a standard assay result. Every 3-meter interval throughout each drill hole was processed using this
metallurgical method. DTR results may vary depending on equipment settings and ongoing technological
advancements.
PHASE 2X EXPANSION DRILLING TARGETS
The four additional drill holes are strategically positioned to test the RPM Zone’s expansion potential in
three directions:
Eastern Expansion (Holes AN -25-11 and AN -25-12): Holes AN -25-11 and AN -25-12 will extend
drilling east of Hole AN -25-10, which returned the highest DTR nickel grades to date (0.15% DTR Ni
over 228 meters with 68.62% magnetic recovery). The eastern drilling will test below and beyond where
Hole AN-25-10 was stopped at 236 meters due to a clay-filled fault zone containing abundant magnetite.
The eastward trend toward Chrome Pond, where historic sampling returned up to 62.2% Cr ₂O₃, has
consistently delivered the strongest magnetically recoverable nickel grades on the property.
Northern Extension (Hole AN -25-13): Hole AN -25-13 will test a 400 -meter northern step -out on
Section S4, beyond the current northernmost drilling on Section S3. This RPM Zone extension targets
awaruite alloy mineralization further north within a newly defined 4-kilometer-long target outlined by DTR
surface sampling announced October 21, 2025.
Southern Extension (Hole AN-25-14): Hole AN-25-14 will test a 200-meter southern step-out south of
Section S1, targeting southern extension potential in areas now reinterpreted as ultramafic peridotites
hosting awaruite mineralization. Approximately 1 kilometer of additional southern extensi on potential
has been identified.
Additional information on drilling progress and results will be provided as it becomes available.
Figure 1: RPM Zone Area Map Showing Phase 2X Expansion Drill Hole Locations and Surface
Sample DTR Nickel Results Outlining the Priority Target Areas.
AWARUITE – SECURE NORTH AMERICAN NICKEL SUPPLY CHAIN POTENTIAL
Figure 2: Quote from USGS on Awaruite Deposits1
Awaruite (Ni₃Fe) is a naturally occurring nickel -iron-cobalt alloy containing approximately 77% nickel 2,
or 2 to 3 times the nickel content of typical sulfide minerals such as pentlandite (~25% Ni) 3. The nickel
identified to date at the RPM Zone is hosted in awaruite, making it magnetically recoverable through
magnetic separator drums used safely for over a century in North American iron ore operations.
Unlike pentlandite (Fe,Ni) ₉S₈, which contains sulfur —a non -metallic chemical element that must be
removed through secondary processes such as smelting or roasting prior to refining stages required to
produce nickel sulphate (NiSO ₄) for EV battery precursor cathode active materials (pCAM) —awaruite
already exists in a reduced metallic state. Composed entirely of metal elements, it requires no reduction
or chemical processing, eliminating the need for smelting, roasting, or high-pressure acid leaching. This
offers a mine-direct-to-refinery pathway that bypasses the bottleneck of limited North American smelting
capacity, with the potential to unlock large-scale domestic nickel production for the battery supply chain.
By avoiding the secondary processing of nicke l sulfide minerals, awaruite offers a lower energy, more
environmentally sustainable, and secure onshore processing - particularly significant given that the
United States operates zero primary nickel smelters and Canada's scarce aging smelter capacity faces
1 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
2 https://www.sciencedirect.com/science/article/abs/pii/S0892687522003648
3 https://fpxnickel.com/projects-overview/what-is-awaruite/
mounting pressures from rising electricity demand, increasing power costs, and increasing emissions
and pollution regulations.
The metallurgical program continues to advance, with mineralogy, recovery, and concentrate testing
ongoing. In addition to cobalt as a byproduct, disseminated chromium occurs with awaruite in all RPM
Zone drill holes, and the Company has expanded its metal lurgical program to include chromium as an
area of interest for potential byproduct recovery. The program is designed to create a marketable direct-
to-refinery awaruite concentrate containing nickel and cobalt, and the Company is now also evaluating
the potential for a high-grade chromium concentrate. Updates on recovery, separation, and preliminary
concentrate products for nickel, chromium, and cobalt are anticipated in early 2026.
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
Samples were split in half on site, with one half remaining in the core box for future reference and the
other half securely packaged for laboratory analysis. The QA/QC protocol included the insertion of
blanks, duplicates, and certified reference material (standards), with one QA/QC sample being inserted
every 20 samples to monitor the precision and accuracy of the laboratory results. All analytical results
successfully passed QA/QC screening at the laboratory, and all Company inserted standards and blanks
returned results within acceptable limits.
Samples were submitted 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% - 200 mesh. A magnetic separate 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.
The magnetic fractions are collected, dried, weighed and the magnetic fraction is fused with a lithium
metaborate/tetraborate flux and lithium bromide releasing agent and then analyzed on a wavelength
dispersive XRF for multiple elements including nickel, cobalt, iron and chromium. The magnetically
recovered nickel grade was then calculated by multiplying the XRF fusion nickel value by the weight of
the magnetic fraction and dividing by the total recorded feed weight or magnetic mass pulled from the
sample.
True widths are currently unknown. However, the nickel bearing ultramafic ophiolite and peridotite rocks
being targeted and sampled in the Phase 1 drilling program at the Atlantic Nickel Project are mapped
on surface and in drilling as several hundred meters to over 1 kilometer wide and approximate ly 30
kilometers long.
Forward-looking statements:
This news release may include "forward -looking information" under applicable Canadian securities legislation.
Such forward-looking information reflects management's current beliefs and are based on a number of estimates
and/or assumptions made by and infor mation currently available to the Company that, while considered
reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual
results and future events to differ materially from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not limited to: statements regarding: the timing,
scope, objectives, and results of the Company’s Phase 1 and Phase 2 work programs and drilling (including the
Phase 2X expansion drill holes, follow-up drilling around Hole AN-25-10, and continued step-outs toward Chrome
Pond); the potential to expand the drill-confirmed RPM Zone strike length and width within the broader 4-kilometre
RPM Zone target; future exploration, development, and metall urgical plans; the potential size, continuity,
geometry, and extension of awaruite -bearing mineralization; the interpretation, comparability, and application of
DTR-based metallurgical recoverability results; the viability and expected performance of magnetic separation and
flotation as low-impact processing methods for awaruite; the strategic and economic implications of a mine-direct-
to-refinery processing pathway; expectations regarding market conditions, commodity prices, and demand for
nickel, cobalt, and chromium; and the Company’s ability to advance its projects and execute its business and
strategic plans.
Forward-looking information is based on, among other things, assumptions regarding: the continuity of geology
and mineralization suggested by drilling, sampling, and surface work to date; DTR recoverability results and
metallurgical recoveries remaining co mparable under similar processing conditions; magnetic separation
performance continuing to be consistent with test results; the availability of drill rigs, contractors, services,
personnel, supplies, and equipment; the receipt of required permits and appr ovals within expected timeframes;
prevailing and future commodity prices, market conditions, and demand; and the Company’s ability to obtain
financing on reasonable terms to fund planned exploration and metallurgical programs.
Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject
to known and unknown risks and uncertainties including, but not limited to, general business, economic,
competitive, political and social uncert ainties, uncertain and volatile equity and capital markets, lack of available
capital, actual results of exploration activities, variations in grade, geology, continuity, or mineralization geometry;
metallurgical and processing risks (including variability in DTR recoverability results due to equipment settings or
technological changes), environmental risks, future prices of base and other metals, operating risks, accidents,
labour issues, delays in obtaining governmental approvals and permits, and other ri sks in the mining and clean
energy industries. Additional factors and risks including various risk factors discussed in the Company’s disclosure
documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or more of
these risks or uncertainties materialize, or should assumptions underlying the forward -looking statements prove
incorrect, actual results may vary materially from those described herein as intended, planned, anticipated,
believed, estimated or expected.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves
many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be
mined profitably. Furthermore, the Company currently has no mineral reserves on any of its properties. As a result,
there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in such statements. The Company undertakes no
obligation to update forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.