First Atlantic Nickel Increases Rpm Zone Strike Length 50% to over 1.2 Km and Width to over 800 M from Phase 2X Drilling at Pipestone Xl Magnetic Nickel- Cobalt Alloy Project
FIRST ATLANTIC NICKEL INCREASES RPM ZONE STRIKE LENGTH 50% TO OVER 1.2 KM AND
WIDTH TO OVER 800 M FROM PHASE 2X DRILLING AT PIPESTONE XL MAGNETIC NICKEL-
COBALT ALLOY PROJECT
GRAND FALLS-WINDSOR, Newfoundland and Labrador - (GlobeNewsWire - January 27, 2026) -
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company")
is pleased to announce positive assays and Davis Tube Recovery ("DTR") metallurgical results from the
final four drill holes (AN-25-11 to AN-25-14) of the RPM Zone Phase 2X drilling program at its Pipestone
XL Nickel-Cobalt Alloy Project in central Newfoundland. Results have increased the RPM Zone strike
length by 50% to greater than 1.2 kilometers and expanded the lateral width to over 800 meters (see
Figure 8 and 9). Hole AN -25-11, a ~250m step-out east on Section S1, returned an average of 0.13%
DTR Ni over 402 meters, calculated from 1.31% Ni in magnetic concentrate with a 10.01% mass pull.
Hole AN-25-13, a 400-meter northern step-out on new Section S4, returned an average of 0.10% DTR
Ni over 371 meters, calculated from 1.11% Ni in magnetic concentrate with a 9.10% mass pull. All 14
RPM Zone drill holes have returned positive magnetically recoverable awaruite (nickel-iron-cobalt alloy)
results. This rapidly expanding footprint has outlined a significant area for resource drilling to define a
large-scale, bulk tonnage awaruite (nickel-iron-cobalt alloy) resource, that could be processable onshore
through magnetic separation and flotation that is safe, secure, and sustainable at scale, supporting a
mine-direct-to-refinery supply chain.
On December 23, 2025, the Company closed a non-brokered private placement, without warrants, for
gross proceeds of $2.6 million through the issuance of flow-through common shares. The net proceeds
have been deployed to accelerate the Company’s Winter 2026 drill program. Colder ground conditions
have enabled rapid, efficient access to drill locations of interest, consistent with the Company's goal of
developing a multizone district of awaruite nickel-iron-cobalt alloy mineralization across the 30-kilometer
Pipestone XL trend. Davis Tube magnetic separation analysis has produced an approximate 1.3% nickel
concentrate from near -surface mineralization at the RPM Zone. Ongoing metallurgical studies are
targeting a further upgrade to approximately 60% nickel through flotation. Additional metallurgical results
demonstrating successful processing of awaruite into a high-grade concentrate are anticipated in Q1
2026.
On January 14, 2026, the White House published a proclamation titled "Adjusting Imports of Processed
Critical Minerals and Their Derivative Products into the United States," identifying nickel and cobalt as
essential minerals for critical infrastructure, defense, and battery energy storage.
The proclamation notes that, “E ven where the United States has domestic mining
capacity, such as for cobalt, nickel, and rare earth elements, the United States lacks the
domestic processing capacity to avoid downstream net-import reliance."1
1https://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-processed-critical-minerals-and-their-
derivative-products-into-the-united-states/
Only two active pyrometallurgical nickel smelters remain operational in North America at this time, in
Sudbury, Ontario (Canada).2
First Atlantic believes awaruite nickel -iron-cobalt alloy mineralization can provide a North American
source of nickel and cobalt through an onshore mine-direct-to-refinery pathway that bypasses the
smelting bottleneck entirely.
As stated in the August 2025 Battery Metals Association of Canada report From Rocks
to Power: "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... This process would
bypass pyrometallurgy or early hydrometallurgy stages and be among the lowest
carbon-intensive nickel production sites in the global nickel market."3
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.
KEY HIGHLIGHTS:
1. RPM Zone Strike Length Grows 50% to 1.2 km by 800 m Width: All 14 drill holes at the RPM
Zone intersected visible awaruite and returned positive magnetically recoverable nickel results.
The drilled area now covers greater than 1.2 km (north-south) by 800 m (east-west).
Mineralization remains open to the north, south, and west, with a now large footprint defined for
resource drilling toward an NI 43-101 mineral resource.
2. Hole AN-25-11 Steps Out East, Expanding Lateral Width to Over 800 Meters: Hole AN-25-
11 returned an average of 0.13% DTR Ni over 402 meters (23 m to 425 m), calculated from
1.31% Ni in magnetic concentrate with a 10.01% mass pull. The hole was drilled from a pad
located approximately 250 meters east of Hole AN -25-10, oriented westward toward Hole AN -
25-10 on Section S1, expanding the RPM Zone’s lateral width to greater than 800 meters. Large-
grain visible awaruite nickel alloy mineralization was observed throughout the interval,
supporting strong continuity along the eastern extension of Section S1.
3. Hole AN -25-12 Successfully Locates Eastern Contact of Mineralization: Hole AN -25-12
returned an average of 0.10% DTR Ni over 84.6 meters (10.4 m to 95 m), calculated from 1.24%
Ni in magnetic concentrate with an 8.27% mass pull. Drilled from the same pad as Hole AN-25-
11 but oriented eastward, the hole intersected the eastern contact of awaruite-bearing ultramafic
mineralization and encountered a steeply dipping iron-carbonate– talc alteration zone, defining
the eastern boundary on Section S1.
2 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
3 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
4. Hole AN-25-13 Extends Strike Length 400 Meters North on New Section S4: Hole AN-25-
13 returned an average of 0.10% DTR Ni over 371 meters (17 m to 388 m), calculated from
1.11% Ni in magnetic concentrate with a 9.10% mass pull. This major 400-meter northern step-
out was drilled on new Section S4, located 1.2 kilometers north of Section S1, confirming
continued northward growth of awaruite nickel alloy mineralization from near surface and
extending drilled strike length to more than 1.2 kilometers.
5. Expansion Potential Remains Open to the West, North, South and at Depth: The
mineralized ultramafics at the RPM Zone are interpreted to dip steeply from east to west,
indicating significant untested potential to the west and at depth. Surface sampling from 2025
field programs also identified additional target areas to the north and south within the 30-
kilometer Pipestone XL trend.
6. Winter Drilling, Infrastructure and Access Program Accelerated: The $2.6 million flow -
through financing closed December 23, 2025 has been deployed to accelerate the Winter 2026
drill program. Colder than expected ground conditions have enabled rapid access expansion to
new areas of interest.
HOLE AN -25-11 STEPS OUT EAST AT THE RPM ZONE AND EXPANDS LATERAL WIDTH TO
OVER 800 METERS
Table 01: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for
Drill Hole AN-25-11 (RPM Zone)
Hole ID From (m) To (m)
Interval
(m)
Mass
Pull (%)
Nickel -
Magnetic
Concentrate
Grade
Ni (%)
Nickel -
Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni
(%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
AN-25-11 23 425 402 10.01 1.31 0.22 0.13 57.99 1.53 0.29 0.15 0.06
including 131 155 24 9.49 1.47 0.21 0.14 64.67 1.66 0.30 0.16 0.06
including 272 317 45 9.77 1.42 0.22 0.14 62.70 1.43 0.28 0.14 0.06
including "Up To" 16.00 2.20 0.28 0.17 78.85 3.25 0.54 0.31 0.09
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value
represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard
assay result.
Hole AN-25-11 was collared approximately 250 meters east of Hole AN -25-10 and drilled westward
toward Hole AN-25-10 on Section S1. The hole returned an average of 0.13% DTR Ni over 402 meters,
calculated from 1.31% nickel in magnetic concentrate with a 10.01% mass pull, expanding the lateral
width to greater than 800 meters along Section S1 (see Figure 09). Large-grain visible awaruite (nickel-
iron-cobalt alloy) mineralization was observed throughout the drilled interval, supporting strong
continuity along the eastern extension of Section S1, which has delivered consistent magnetically
recoverable nickel grades.
Figure 01: Drill core from Hole AN-25-11 at 32 meters, showing disseminated awaruite (nickel–iron-cobalt alloy)
in serpentinized peridotite (top); photomicrographs show awaruite grains up to ~400 microns in size (bottom).
Figure 02: Drill core from Hole AN-25-11 at 272 meters, showing disseminated awaruite (nickel-iron-cobalt alloy)
in serpentinized peridotite with magnetite veining (top); photomicrographs show awaruite grains up to ~800
microns in size (bottom).
Figure 03: Drill core from Hole AN-25-11 at 405 meters, showing disseminated awaruite (nickel-iron-cobalt alloy)
in serpentinized peridotite (top); photomicrographs show awaruite grains up to ~600 microns in size (bottom).
Figure 04: Zoomed in photo of metallic awaruite alloy grains from Hole AN -25-11 at 198 meters, showing
serpentinized ultra-mafic rock with awaruite (nickel-iron-cobalt alloy) grains occurring as disseminated as well as
migrating and concentrating within magnetite veins.
HOLE AN-25-12 – EASTERN BOUNDARY DEFINED
Table 02: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for
Drill Hole AN-25-12 (RPM Zone)
Hole ID From (m) To (m)
Interval
(m)
Mass
Pull (%)
Nickel -
Magnetic
Concentrate
Grade
Ni ( %)
Nickel -
Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni
(%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
AN-25-12 10.4 95 84.6 8.27 1.24 0.26 0.10 38.10 1.69 0.32 0.14 0.07
including 20 44 24 8.28 1.58 0.27 0.13 46.88 1.57 0.30 0.13 0.07
including "Up To" 11.30 2.17 0.29 0.14 54.40 3.90 0.65 0.28 0.08
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value
represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard
assay result.
Hole AN-25-12 was drilled from the same pad as Hole AN -25-11 and oriented eastward to define the
eastern boundary of the mineralized ultramafic body. The hole returned an average of 0.10% DTR Ni
over 84.6 meters, calculated from 1.24% nickel in magnetic concentrate with an 8.27% mass pull. The
hole successfully intersected the eastern contact of awaruite-bearing ultramafic mineralization, where it
encountered a steeply -dipping iron carbonate talc alteration zone, establishing the eastern limit of
mineralization along Section S1.
Figure 05: Drill core from Hole AN -25-12 at 55 meters, showing disseminated awaruite (nickel -iron-cobalt alloy)
in serpentinized peridotite, with abundant awaruite grains within serpentine veins (top); photomicrographs show
awaruite grains up to ~550 microns in size (bottom).