First Atlantic Nickel Announces New Alloy MAX Zone Discovery - a Second Large-Scale Awaruite (Ni₃Fe) Target Area Extending 7 Km North from the Rpm Zone at the Pipestone Xl Nickel-Cobalt Alloy Project
FIRST ATLANTIC NICKEL ANNOUNCES NEW ALLOY MAX ZONE DISCOVERY - A SECOND
LARGE-SCALE AWARUITE (Ni₃Fe) TARGET AREA EXTENDING 7 KM NORTH FROM THE RPM
ZONE AT THE PIPESTONE XL NICKEL-COBALT ALLOY PROJECT
GRAND FALLS-WINDSOR, Newfoundland and Labrador - (GlobeNewsWire - March 18, 2026) - First
Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is
pleased to announce the discovery of a second large- scale awaruite (Ni₃Fe) nickel-cobalt alloy target
area, designated Alloy Max, extending 7 kilometers (km) north of the existing RPM Zone (see Figure 1)
within the 30 km Pipestone Ophiolite Complex at its Pipestone XL Nickel-Cobalt Alloy Project in central
Newfoundland.
The Alloy Max zone was discovered through the Company's ongoing district -wide surface sampling
program, which integrates field geological mapping, rock sampling, Davis Tube Recovery (“DTR”)
metallurgical testing, and geophysics to identify magnetically rec overable nickel in awaruite alloy
mineralization throughout the 30 km trend. This work has outlined an initial target area at Alloy Max of
approximately 4 km in length and 1.2 km in width (see Figure 1), with DTR surface sample grades similar
to those observed at the RPM Zone. Geophysical processing on this target indicates the potential for a
larger mineralized area than the RPM Zone. At the RPM Zone, this pattern is well established, where
drill cores consistently return higher grades than weathered surface samples. Alloy Max is fully permitted
and funded for drilling, with ground access in place, minimal overburden, and numerous drill targets
identified.
The Alloy Max zone is a new area of awaruite mineralization extending 7 km north of the RPM Zone
discovery, reinforcing the district -scale potential of the Pipestone XL Nickel -Cobalt Alloy Project. The
Company now has two large-scale awaruite target areas identified within the 30 km Pipestone Ophiolite
Complex, with additional untested targets and unexplored ground throughout the district. At the RPM
Zone, drilling has confirmed magnetically recoverable awaruite nickel mineralization over an area 800
meters (m) wide and 1.2 kilometers (km) long. Alloy Max is a priority for drilling in 2026 and could
represent a second large-scale near-surface zone of awaruite suitable for open pit style bulk tonnage
mining. This discovery is in line with the Company's missio n to mine and process a large-scale nickel-
cobalt feedstock capable of supplying a vertically integrated North American onshore supply chain, from
mining directly into downstream battery refining or stainless steel production, with no need for smelting
or offshore processing.
HIGHLIGHTS:
1. Alloy Max Discovery - New Large -Scale Awaruite Target Area: District-wide surface
sampling has outlined a major new area of magnetically recoverable nickel in awaruite alloy
mineralization extending 7 km north of the RPM Zone. Alloy Max is a priority target for drilling in
2026.
2. 4 km x 1.2 km Target Area Outlined - Larger Initial Area Than RPM Zone: Field geological
mapping, surface sampling, and DTR analysis outline an initial target area of approximately 4
km x 1.2 km. Geophysical processing indicates the potential for a larger mineralized size and
mass than the RPM Zone, where drilling has confirmed 800 m width x 1.2 km strike length of
positive magnetically recoverable awaruite nickel mineralization.
3. Rock Surface Sample DTR Grades Consistent With RPM Zone: DTR surface sampling
across a large area of Alloy Max has returned magnetically recoverable nickel grades
comparable to RPM Zone surface values, where drill core at depth returned significantly higher
grades than weathered surface samples.
4. Alloy Max Fully Permitted: Approved drill permits are in place for the entire Alloy Max target
area. Ground access is in place, with minimal overburden, and numerous drill targets identified.
5. District-Scale Potential Accelerating: Alloy Max presents an opportunity for large -scale
development with proximity to centralized processing. Two large-scale awaruite target areas now
identified within the Pipestone XL district, with ongoing surface sampling continuing to identify
new areas of awaruite mineralization throughout the 30 km Pipestone Ophiolite Complex.
6. $7.8M Raised Without Warrants Since December 2025: Aggregate gross proceeds of
approximately $7,819,316 were raised through non -brokered private placements (without
warrants), comprising $3,919,316 in flow -through financings and $3,900,000 under the LIFE
Offering. Proceeds will support drilling at Alloy Max and the RPM Zone.
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].
ALLOY MAX DISCOVERY
The Alloy Max target area (see Figure 1) was identified through the Company's systematic district-wide
exploration program, which employs field geological mapping, field surface rock sampling with DTR
analysis, and geophysical interpretation to identify and delineate areas of awaruite nickel -cobalt alloy
mineralization across the 30 km Pipestone Ophiolite Complex.
Figure 1: Map of Alloy Max & RPM Zone areas with DTR nickel (%) in surface rock samples
High Resolution Image File of the Alloy Max & RPM Zone Area Map (Figure 1) Available at:
https://fanickel.com/images/news/Alloy_Max_Map.jpg
DTR surface sampling at Alloy Max has returned numerous positive magnetically recoverable nickel
values at or above 0.04%, consistent with surface sample grades observed in the RPM Zone, where
surface samples commonly range from 0.03% to 0.10% DTR nickel. At the RPM Zone, this pattern is
well established, with drill core samples consistently returning higher DTR grades than weathered
surface samples, indicating the potential for higher nickel grades at Alloy Max in drill core.
The initial target area, defined by the integration of field geological mapping, surface rock sampling,
DTR (magnetic separation and recovery) testing, and geophysics, is approximately 4 km in length and
1.2 km in width. Geophysical processing on this target indicates the potential for Alloy Max to exceed
the size of the RPM Zone. Awaruite mineralization at Alloy Max has been confirmed both visually in
surface rock samples and through DTR analysis.
Figure 2: Surface sample from Alloy Max target area with visible disseminated awaruite nickel-cobalt
alloy mineralization
ALLOY MAX DRILLING
Alloy Max has fully approved drill permits in place which encompass the entire outlined target area
shown on the Figure 1 map. The area features existing ground access, minimal overburden, and
favourable conditions for near -surface drill testing. Numerous drill targets have been identified within
Alloy Max based on the integration of surface DTR results, geological mapping, and geophysical data.
The Company has designated Alloy Max as a priority drilling target area in 2026.
Fi
gure 3: Drill access trail extended through Alloy Max target area
Figure 4
: Drill target site preparation in the Alloy Max Zone
CAP
ITALIZED TO DRILL ALLOY MAX & RPM ZONE
Since December 2025, the Company has raised aggregate gross proceeds of approximately $7,819,316
through non-brokered private placements (without warrants), comprising $3,919,316 in flow -through
financings and $3,900,000 under the LIFE Offering. No warrants were issued in these financings. The
Company intends to use the proceeds to advance drilling at the Alloy Max target area, expand drilling
at the RPM Zone, and continue district -wide exploration across the Pipestone XL Nickel -Cobalt Alloy
Project.
AWARUITE (Ni₃Fe) - EARTH'S RAREST NATURALLY MAGNETIC HIGH- GRADE NICKEL-IRON-
COBALT ALLOY MINERAL
Figure 5: Quote from USGS on Awaruite Deposits1
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.
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.
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/S0892687522002667
3 https://fpxnickel.com/projects-overview/what-is-awaruite/
As stated in the August 2025 report "From Rocks to Power" from the Battery Metals Association of
Canada4:
"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 20255:
"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 facility is a
smelter, or it can be easily produced from a hydrometallurgical facility leaching awaruite
concentrates.”
Fi
gure 6: Davis Tube Recovery (DTR) Metallurgical Test 5 Step Process
The Company has released an educational video that breaks down the DTR test into five simple steps.
This video is a valuable resource for anyone interested in understanding mineral exploration. Please
visit https://www.youtube.com/watch?v=q3zsgDtLWns to view the video.
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.
4 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
5 https://netzeroindustrialpolicy.ca/wp-content/uploads/2025/07/BMAC_TA_EFL_Western_Canadian_Battery_Value_Chain.pdf