First Atlantic Nickel Attends Benchmark Week 2025 Conference, Highlighting Awaruite – a Naturally Magnetic Nickel-Cobalt Alloy as a Smelter-Free Source FOR North America'S Critical Minerals Supply Chain
FIRST ATLANTIC NICKEL ATTENDS BENCHMARK WEEK 2025 CONFERENCE, HIGHLIGHTING
AWARUITE – A NATURALLY MAGNETIC NICKEL-COBALT ALLOY AS A SMELTER-FREE SOURCE
FOR NORTH AMERICA'S CRITICAL MINERALS SUPPLY CHAIN
LOS ANGELES, CALIFORNIA – November 18, 2025 – First Atlantic Nickel Corp. ("First Atlantic or the
"Company") (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is pleased to announce its participation at
Benchmark Mineral Intelligence's Benchmark Week 2025 conference, taking place November 18-20,
2025, in Los Angeles, California. The Company will participate in business development discussions
throughout the event, showcasing how its Pipestone XL Nickel Alloy Project addresses the growing need
for nickel and cobalt production that can be processed onshore in North America. The Pipestone XL
Project hosts nickel contained in awaruite, a naturally magnetic nickel-iron-cobalt alloy mineral that is free
of sulfur and contains approximately 77% nickel. These unique properties enable direct processing
through magnetic separation and flotation, eliminating reliance on overseas smelting or roasting
operations. This simplified mineral processing method significantly reduces energy requirements and
environmental impacts, while supporting the development of a resilient domestic critical minerals supply
chain.
First Atlantic's discovery in Newfoundland, Canada, represents the first large-scale drilled awaruite
discovery since the U.S. Geological Survey (“USGS”) identified this ultra-rare mineral as a potential
solution to nickel shortages in its 2012 annual report on nickel. According to the USGS, "The development
of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel
concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the
principal sulfide of nickel." This discovery directly addresses critical supply chain vulnerabilities facing the
North American electric vehicle and battery industries, which depend on nickel and cobalt, designated as
critical minerals in the United States, Canada and Europe.
Benchmark Week 2025 brings together key players from across the critical minerals and battery supply
chain sectors for three days of networking, dealmaking, and policy discussions. Attendees include major
automakers and electric vehicle manufacturers such as Toyota, Hyundai, Kia, Rivian, and Lucid Motors;
battery manufacturers including Panasonic and LG Energy Solution; global mining companies including
Rio Tinto, Vale, MP Materials, Sumitomo, and The Metals Company; energy companies including
ExxonMobil and Chevron; automotive investment leaders including GM Ventures; government
representatives from the U.S. Department of War, U.S. EXIM (Export -Import Bank) and German Raw
Materials Agency; and industry organizations such as the Cobalt Institute.
Conference sessions will explore how the North American supply chain can adapt to shifting geopolitical
realities, what is needed to enhance long-term competitiveness, and the key market trends shaping the
future of electric vehicles and battery manufactur ing. The conference provides a critical platform for
examining how North American producers can strengthen domestic supply chains for critical minerals
and position themselves competitively in an increasingly complex global marketplace.
For further information or to arrange a meeting with management during the conference, please contact
Rob Guzman. Investor Relations at First Atlantic Nickel by phone at +1 844 592 6337 or by email at
STRATEGIC SIGNIFICANCE OF AWARUITE (Ni ₃Fe) NICKEL ALLOY FOR ELECTRIC VEHICLE
BATTERY PRODUCTION
The Company's Pipestone XL Nickel Alloy Project could provide a secure, low -impact solution for
domestic nickel and cobalt production. Leveraging awaruite's sulfur-free composition, high nickel content,
and natural magnetic properties, the project enables simple, smelter -free processing through magnetic
separation and flotation. Unlike traditional nickel sulfide or laterite projects that depend on energy -
intensive smelting or roasting and generate significant harmful waste and emissions, the Pipestone XL
Project allows for complete onshore production of nickel concentrate with minimal environmental impact,
strengthening the foundation for resilient North American critical minerals supply chain.
Key Advantages
● Smelter-Free Processing: Awaruite allows for efficient recovery via simple magnetic separation
and flotation, eliminating the need for energy -intensive smelting roasting operations, a process
currently dominated by FEOC’s (Foreign Entities of Concern).
● Zero Sulfur Content : The absence of sulfur prevents acid mine drainage, eliminates toxic
emissions and penalty elements, and enables cleaner processing with a significantly lower
environmental impact.
● Multi-Mineral Value Stream: The Pipestone XL Project creates a single concentrate containing
nickel, chromium, and cobalt, three essential alloying elements for stainless steel and designated
U.S. critical minerals.
● North American Supply Security: Fully integrated domestic processing capability reduces
overseas dependence and enhances supply chain resilience.
● District-Scale Potential: The Pipestone XL Project spans a 30-kilometer ophiolite complex with
awaruite mineralization identified across numerous zones including RPM, Super Gulp, Atlantic
Lake, and Chrome Pond, demonstrating significant expansion potential across this extensive
geological system.
CRITICAL MINERALS MARKET CONTEXT
The electric vehicle and battery industry's dependence on nickel and cobalt creates strategic
vulnerabilities that the awaruite discovery helps address. The following table references data from the
European Parliamentary Research Service (EPRS), Natural Resources Canada, and the U.S.
Department of the Interior U.S. Geological Survey's "Mineral Commodity Summaries 2025."
Mineral 2024 Mine
Production1
U.S. Net Import
Reliance2,3
Primary Use4
Nickel 3,700,000 MT 83% 84% Stainless steel and nickel
containing alloys; 16% rechargeable
batteries
Cobalt 290,000 MT 69% 73% batteries; 9% Superalloys
Lithium 240,000 MT 40% Batteries (87%)
SUPPLY CHAIN IMPLICATIONS
The global concentration of critical mineral supply creates significant vulnerabilities for electric vehicle
manufacturers and battery producers across North American, European and other G7 economies. Key
dependencies include:
● Nickel: Indonesia accounts for roughly 59.5% of world nickel production (2.2 million MT in 2024),
while China dominates processing, particularly the production of nickel sulfate used in battery
cathode materials.
● Cobalt: According to the U.S. Army War College Strategic Studies Institute, the Democratic
Republic of Congo produces roughly 80% of the world’s cobalt, with Chinese companies
controlling an estimated 80% of DRC production and 60-90% of global refining capacity. This
creates both upstream and downstream supply dependencies.
Domestic Processing Advantage
First Atlantic's discovery enables complete domestic processing through magnetic separation and
flotation, eliminating reliance on overseas smelting or roasting and establishing a secure and reliable
North American onshore supply chain for critical battery minerals.
1 https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf
2 https://www.europarl.europa.eu/RegData/etudes/BRIE/2023/754617/EPRS_BRI(2023)754617_EN.pdf
3 https://www.mbmg.mtech.edu/pdf-publications/fs34.pdf
4 https://natural-resources.canada.ca/minerals-mining/mining-data-statistics-analysis/minerals-metals-facts
TECHNICAL ADVANTAGES OF AWARUITE PROCESSING
Metallurgical testing conducted by First Atlantic confirms awaruite's exceptional processing
characteristics, demonstrating its potential for efficient, low -impact concentrate production. Davis Tube
Recovery (DTR) testing on Phase 1 and Phase 2X core samples has produced the following key results:
● High-Grade Concentrate Production: Magnetic separation produces concentrates averaging
1.30-1.47% nickel, with significant chromium content and the potential to exceed 60% nickel
through simple flotation processing techniques.
● Efficient Mass Reduction: ~90% mass reduction is achieved during the initial magnetic
separation stage, dramatically reducing downstream processing volumes, energy consumption,
and overall costs.
● Large Grain Sizes: Awaruite grains commonly range from 25 to 732 microns, often exceeding
500 microns, allowing for highly efficient magnetic separation and performing well above the
approximate 10-micron threshold required for effective recovery.
● Proven & Tested Technology: Magnetic separation and flotation are well -established mineral
processing methods used in iron ore and other critical mineral operations across North America,
minimizing technical risk and eliminating reliance on foreign smelting or roasting operations.
Figure 1: Example of large-grained awaruite (Ni3Fe Nickel-Iron-Cobalt Alloy) visible in drill core from the
RPM Zone at the Pipestone XL Nickel Alloy Project, illustrating the mineral’s distinctive metallic texture
and exceptional grain size.
Figure 2: Geologists investigating an outcrop on the Pipestone XL Nickel Alloy Project.
Figure 3: View across a portion of the RPM Zone, showing typical dry, mound-type topography
with limited vegetation due to the high magnesium content of the underlying ultramafic rocks.
AWARUITE - RARE & PURE NATURAL NICKEL-IRON-COBALT ALLOY MINERAL
The sulfur-free nature of awaruite (Ni3Fe), a naturally occurring nickel-iron-cobalt alloy already in metallic
form, eliminates the need for secondary processes such as smelting, roasting or acid leaching that are
typical of sulfide or laterite nickel ores. Unlike sulfides, which are not natural alloys, awaruite avoids the
challenge of sourcing smelter capacity - a bottleneck in North America's nickel supply chain. With an
average nickel grade of approximately 76%, awaruite significantly exceeds the ~25% 5 nickel grade
characteristic of pentlandite. Awaruite's strong magnetic properties enable concentration through
magnetic separation, as demonstrated by DTR testing at First Atlantic's RPM Zone drill core.
Awaruite eliminates the electricity requirements, emissions, and environmental impacts associated with
conventional smelting, roasting or acid leaching processes of common nickel minerals. Moreover,
awaruite's sulfur-free composition removes the risks of acid mine drainage (AMD) and related permitting
challenges commonly posed by sulfide minerals. 6 As noted by the United States Geological Survey
(USGS) in 2012: "The development of awaruite deposits in other parts of Canada may help alleviate any
prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to
concentrate than pentlandite, the principal sulfide of nickel."
Figure 4: Quote from USGS on Awaruite Deposits in Canada
5 https://fpxnickel.com/projects-overview/what-is-awaruite/
6 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
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. Stay connected and learn more by following us on these social media platforms:
https://x.com/FirstAtlanticNi
https://www.facebook.com/fanickelcorp
https://www.linkedin.com/company/firstatlanticnickel/
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
Drill core 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 Pipestone XL (formerly the Atlantic
Nickel Project) are mapped on surface and in drilling as several hundred meters to over 1 kilometer wide
and approximately 30 kilometers long.
About First Atlantic Nickel Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a critical mineral exploration
company in Newfoundland & Labrador developing the Pipestone XL Nickel Alloy Project (formerly the
Atlantic Nickel Project). The project spans the entire 30-kilometer Pipestone Ophiolite Complex, where
multiple zones, including RPM, Super Gulp, Atlantic Lake, and Chrome Pond, contain awaruite (Ni ₃Fe),
a naturally occurring magnetic nickel -iron-cobalt alloy of approximately ~75% nickel with no-sulfur and
no-sulfides, along with secondary chromium mineralization. Awaruite's sulfur -free composition removes
acid mine drainage (AMD) risks, while its unique magnetic properties enable processing through magnetic
separation, eliminating the electricity requirements, em issions, and environmental impacts of
conventional smelting, roasting, or high-pressure acid leaching while reducing dependence on overseas
nickel processing infrastructure.
The U.S. Geological Survey recognized awaruite's strategic importance in its 2012 Annual Report on
Nickel, noting that these deposits may help alleviate prolonged nickel concentrate shortages since the
natural alloy is much easier to concentrate than typic al nickel sulfides 7. The Pipestone XL Nickel Alloy
Project is located near existing infrastructure with year -round road access and proximity to hydroelectric
power. These features provide favorable logistics for exploration and future development, strengthening
First Atlantic’s role to establish a secure and reliable source of North American nickel production for the
stainless steel, electric vehicle, aerospace, and defense industries. This mission gained importance when
the US added nickel to its critical minerals list in 2022 8, recognizing it as a non-fuel mineral essential to
economic and national security with a supply chain vulnerable to disruption.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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
7 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
8 https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals