FIRST ATLANTIC NICKEL PHASE 2X DRILLING EXPANDS LATERAL WIDTH OF AWARUITE NICKEL ALLOY MINERALIZATION ALONG SECTIONS S1 AND S3 AT RPM ZONE WITHIN NEWLY EXPANDED 4-KILOMETER TARGET Holes AN-25-09 and AN-25-10 Confirm Approximately 750 Meters Width on Section S1 and 500 Meters
1
FIRST ATLANTIC NICKEL PHASE 2X DRILLING EXPANDS LATERAL WIDTH OF AWARUITE
NICKEL ALLOY MINERALIZATION ALONG SECTIONS S1 AND S3 AT RPM ZONE WITHIN NEWLY
EXPANDED 4-KILOMETER TARGET
Holes AN-25-09 and AN-25-10 Confirm Approximately 750 Meters Width on Section S1 and 500 Meters
on Section S3
GRAND FALLS-WINDSOR, Newfoundland and Labrador – (GlobeNewsWire – November 03, 2025)
– First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the
"Company") is pleased to announce visual drilling results from Phase 2X holes AN -25-09 and AN-25-
10 at the RPM Zone within its Pipestone XL Nickel Alloy Project i n central Newfoundland. Phase 2X
drilling continues to expand the lateral width of awaruite mineralization within the newly defined 4-
kilometer strike length target area announced October 21, 2025. Hole AN-25-10 returned 233 meters of
strong, visually disseminated, large- grain awaruite mineralization on Section S1, extending the zone
200 meters east from the Company's best magnetically recoverable nickel (DTR Ni %) results to date
(hole AN-24-04, with 0.14% magnetically recoverable nickel over 366 meters), while Hole AN -25-09
intersected 480 meters of visible awaruite on Section S3, extending the zone’s lateral width westward
toward Pipestone Pond.
The Phase 2X drilling program has successfully expanded the RPM Zone to significant lateral widths
across multiple sections within the 4 -kilometer target area. Sections S1 and S2 now show continuous
awaruite mineralization over approximately 750 meters in lateral width, while Section S3, located 800
meters north of the original discovery drilling, has been expanded to 500 meters with Hole AN -25-09.
All sections show continuous mineralization that remains open for expansion. Hole AN-25-10 was halted
at 233 meters after encountering a clay -filled fault zone within intersections containing abundant
magnetite, an encouraging indicator, as awaruite commonly forms alongside magnetite during
serpentinization. This confirms that the eastern extension toward Chrome Pond remains a high-priority
target for follow-up drilling.
These results continue to demonstrate the systematic expansion of the RPM Zone through Phase 2X
drilling. To date, approximately 3 kilometers of drill core have returned positive magnetically recoverable
nickel (DTR Ni) results, averaging 1.30% nickel in magnetic concentrate with a 9.12% mass pull, yielding
0.12% DTR nickel.
The Phase 2X program will be expanded with additional drilling east of Hole AN -25-10 on Section S1
and north of Holes AN-25-08 and AN-25-09 on Line S3.
Please call 844-592-6337 or email [email protected] to connect with Rob Guzman, First Atlantic
Nickel's Investor Relations, for questions or more information.
2
KEY HIGHLIGHTS:
● Hole AN -25-10 Drills Strong Visual Awaruite Mineralization on Eastern Extension of
Section S1: Hole AN-25-10 Intersected 233 meters of strong, visually disseminated, large-grain
awaruite mineralization positioned approximately 200 meters east of Hole AN -24-04, the
Company's best hole to date, which returned 0.14% DTR over 366 meters. Drilling was halted
at 233 meters after encountering a clay -filled fault zone within intersections containing high
magnetite concentrations. The presence of magnetite, which co mmonly forms alongside
awaruite during serpentinization, is a prospective indicator of continued awaruite mineralization.
These results confirm that the eastern extension toward Chrome Pond remains completely open
and will be a focus of immediate follow-up drilling.
● Hole AN-25-09 Expands Mineralization Width to 500 Meters on Section S3: Hole AN-25-09
successfully intersected 480 meters of visibly disseminated, large-grain awaruite mineralization,
extending mineralization westward toward Pipestone Pond. The hole was drilled from the same
collar as AN -25-08 but in the opposite direction, w estward, and is located approximately 800
meters north of the original discovery drilling (Line S1), within the expanded 4- kilometer strike
length target area announced on October 21, 2025.
● 750-Meter Mineralized Width Confirmed Across Sections S1 and S2: Combined results from
Sections S1 and S2 now confirm consistent awaruite mineralization across approximately 750
meters of lateral width within the newly defined 4- kilometer strike length target area. This
represents a significant lateral expansion from t he initial discovery footprint and demonstrates
the robust, laterally extensive nature of the mineralizing system at the RPM Zone.
● Additional Phase 2X Drilling: The expanded Phase 2X program will target the northern
extension beyond holes AN -25-08 and AN -25-09 on Section S3, as well as the high- priority
eastern target area where AN-25-10 ended in mineralization. Follow-up drilling from an additional
collar location will test the eastern zone where abundant magnetite was encountered. Multiple
holes targeting both areas are underway with assays pending.
● 3KM of Magnetically Recoverable Nickel in Drill Core at RPM Zone: To date, approximately
3km of drill core from the RPM Zone have returned positive magnetically recoverable nickel
results, averaging 1.30% nickel in magnetic concentrate with 9.12% mass pull, yielding an
average of 0.12% DTR nickel across continuous drilling. These consistent results confirm
widespread presence of magnetically recoverable awaruite nickel alloy mineralization within the
RPM Zone.
HOLE AN-25-10: EASTERN EXTENSION ON HIGHEST-GRADE SECTION
Hole AN- 25-10 was strategically positioned 200 meters east of Hole AN -24-04, which remains the
Company's best drill hole to date, with 0.14% DTR nickel over 366 meters. The hole successfully
intersected 233 meters of strong, visually disseminated, large-grain awaruite mineralization throughout
the entire interval, extending the eastern strike length of Section S1 and contributing to the
approximately 750-meters of confirmed lateral mineralization across the section. This eastern step-out
3
demonstrates the continuation of robust mineralization toward Chrome Pond, with visual awaruite
observed consistently throughout the drilled interval.
The drill was halted at 233 meters after intersecting a clay-filled fault zone that caused complete loss of
water circulation and excessive torque on the drill rods. Drill cuttings from the hole contained abundant
magnetite, which could not be effectively washed from the borehole, conditions that physically prevented
the drill from advancing without risking damage to expensive components or becoming irretrievably
stuck downhole. While the fault zone required suspension of drilling, the abundance of magnetite in the
drill cuttings is an encouraging indicator, as awaruite commonly forms alongside magnetite during
serpentinization. Additional drilling will test further east of hole AN -25-10 from another collar location,
with the eastern extension remaining a high priority target for additional Phase 2x drilling.
HOLE AN-25-09: WESTWARD EXPANSION ON SECTION S3
Hole AN-25-09 was drilled from the same collar location as Hole AN-25-08 but oriented in the opposite
direction, testing westward toward Pipestone Pond. This hole intersected 480 meters of visibly
disseminated, large-grain awaruite mineralization, expanding the mineralized width to approximately
500 meters on Section S3, located 800 meters north of the discovery drilling on Section S1.
The successful westward expansion on Section S3, combined with the previously reported eastward
Hole AN-25-08 from the same collar, confirms a robust mineralized system extending in both directions
across this northern section. Both the eastern and western extensions on Section S3 remain open for
further expansion, with the eastern boundary particularly prospective given the consistent awaruite
mineralization encountered in both holes. The presence of continuous, visually identifiable awaruite
throughout the 480-meter interval of AN-25-09 reinforces the systematic nature of mineralization across
the RPM Zone. Section S3 now joins Sections S1 and S2 in demonstrating substantial widths of
continuous awaruite mineralization. This 500- meter width on Section S3, located within the newly
defined 4-kilometer strike length target area, continues to validate the district-scale potential of the RPM
Zone.
PHASE 2X DRILLING PROGRAM UPDATE
The Phase 2X drilling program continues to deliver exceptional results, with approximately 3 kilometers
of positive magnetically recoverable nickel (DTR) reported to date at the RPM Zone. Results to date
average 1.30% nickel in magnetic concentrate with 9.12% mass pull, yielding an average of 0.12% DTR
nickel across approximately 3 kilometers of drill core. These results demonstrate the remarkable
consistency and continuity of mineralization across the expanding RPM system.
Additional drilling is planned to test further east along Section S1, following up where Hole AN -25-10
was halted for technical reasons, as well as systematic step-outs to the north past Section S3. Multiple
holes are currently targeting both the high- priority eastern extension, where AN -25-10 ended in
mineralization, and the northern expansion of the RPM Zone. Assay results from these holes are
pending.
4
RPM ZONE EXPANSION STRATEGY: FOUR -DIRECTIONAL GROWTH TARGETING 4 -
KILOMETER STRIKE BY 1.2-KILOMETER WIDTH
The Company's Phase 2X drilling priorities target the expanded 4- kilometer strike length announced
October 21, 2025 (See Figure 1). Current priorities target four directions of growth, east, north, south,
and west, each demonstrating strong potential for continued expansion of awaruite mineralization.
Northern Extension (Priority 1): DTR surface sampling has outlined up to 4 kilometers of north-south
strike potential at the RPM zone. Surface samples have returned positive magnetically recoverable
nickel results comparable to those from the RPM discovery area, where drilling confirmed 0.12% DTR
nickel. This untested northern area represents significant strike expansion potential and remains the
highest exploration priority.
Southern Extension (Priority 2): Surface sampling has identified approximately 1 kilometer of
southern extension potential in areas previously classified as submarine volcanics but now reinterpreted
as ultramafic peridotites hosting awaruite. DTR samples from Pipestone Pond outcrops returned results
comparable to those from the main RPM Zone, highlighting significant, untested district-scale potential
to the south.
Eastern Extension: Hole AN-25-10 confirmed strong mineralization 200 meters east of the Company's
best hole to date (AN-24-04, which returned 0.14% DTR over 366 meters). Mineralization continued to
the end of the hole at 233 meters, where drilling was halted. Abundant magnetite observed in drill
cuttings, alongside visual awaruite indicates continuation of the mineralized system eastward toward
Chrome Pond. Section S1 remains open for expansion.
Western Expansion: Surface sampling west of Pipestone Pond has expanded the potential target width
to 1.2 kilometers, beyond the 750 meters currently drill-defined on Sections S1-S2. Positive DTR results
from western peridotite outcrops demonstrate expansion potential beneath and west of Pipestone Pond,
supporting additional drill targeting in this area.
5
Figure 01: Phase 2X Drill Plan Map Showing Expanded Target Areas RPM, RPM South and RPM
North within the 30km Pipestone XL Nickel Alloy Project.
6
Figure 02: Drill core from hole AN- 25-09 at 124 meters, showing disseminated awaruite (nickel -iron
alloy) in serpentinized peridotite (top); photomicrographs of awaruite grains up to ~300 microns in size
(bottom).
7
Figure 03: Drill core from hole AN- 25-09 at 479 meters, showing disseminated awaruite (nickel -iron
alloy) in serpentinized peridotite (top); photomicrographs of awaruite grains up to ~450 microns in size
(bottom).
8
Figure 04: Drill core from hole AN-25-10 at 9 meters, showing disseminated awaruite (nickel-iron alloy)
in serpentinized peridotite (top); photomicrographs of awaruite grains up to ~500 microns in size
(bottom).