First Atlantic Nickel Closes $16 Million TWO-Stage Earn-in Agreement with Core Critical Metals Corp. ON Lucky Mike Copper-Silver-Tungsten Project - Retains 20% Carried Interest to Feasibility and Rights to Mining Royalty
FIRST ATLANTIC NICKEL CLOSES $16 MILLION TWO-STAGE EARN-IN AGREEMENT
WITH CORE CRITICAL METALS CORP. ON LUCKY MIKE COPPER-SILVER-TUNGSTEN
PROJECT - RETAINS 20% CARRIED INTEREST TO FEASIBILITY AND RIGHTS TO
MINING ROYALTY
GRAND FALLS-WINDSOR, Newfoundland and Labrador, April 15, 2026 – First Atlantic Nickel Corp.
(TSXV: FAN | OTCQB: FANCF) (the "Company" or "First Atlantic") is pleased to announce the initial
closing of an arm’s length option agreement dated February 18, 2026 (the “ Option Agreement”) with
Core Critical Metals Corp. (“CCMC”) (TSXV:CCMC), pursuant to which CCMC may earn up to an eighty
percent (80%) interest in the Lucky Mike Copper -Silver-Tungsten property (the “ Property” or “Lucky
Mike”).
The Option Agreement is structured to provide First Atlantic shareholders with continued exposure to
the potential value of Lucky Mike while allowing the Company to prioritize the growth and development
of its Pipestone XL Smelter-Free Nickel-Cobalt Alloy Project in central Newfoundland. Under the Option
Agreement, CCMC is required to incur an aggregate of $16,000,000 in qualified exploration
expenditures and make cash and/or share payments to First Atlantic of $650,000 in order to earn up to
an 80% interest in the Property in two stages. First Atlantic will retain a 20% participating interest and,
under the terms described below, will be carried (with no funding obligation and not subject to dilution)
until delivery of a feasibility study on the Property while retaining the rights to a mining royalty.
In connection with the transaction, the Company also announces that it intends to establish a special
committee of independent directors to evaluate strategic alternatives with respect to the Company’s
potential remaining 20% interest in the Property. The special committee will be mandated to assess
potential pathways to maximize shareholder value associated with that retained interest, including the
economic, financing, royalty, joint venture, corporate reorganization and other strategic implications of
the Company’s position under the Option Agreement, which may include consideration of a potential
plan of arrangement or other transaction structure, if deemed advisable. The Board believes that the
retained interest may represent a significant source of fut ure optionality for the Shareholders of the
Company and intends for the special committee to undertake a disciplined review of alternatives
designed to enhance exposure to future exploration success while maintaining flexibility in the
Company’s broader st rategic planning. There can be no assurance that any particular strategic
alternative, including any plan of arrangement, will be pursued or completed.
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].
Lucky Mike Copper-Silver-Tungsten Project Description
The Lucky Mike Property is a large district -scale copper-silver-tungsten project in Southern British
Columbia comprising 37 claims totaling approximately 7,675 hectares. The Property is located between
Kamloops and Merritt adjacent to major highways, and located approximately 20 km southeast of
Highland Valley, Canada's larges t copper mine, owned and operated by Teck Resources, which
produced more than 127,000 tonnes of copper in 20251. The Property is located approximately 150 km
from the United States border.
Figure 1: Lucky Mike Copper-Silver-Tungsten Project Location Map
1 https://www.teck.com/news/news-releases/2026/teck-announces-2025-production-and-sales-update-and-reaffirms-outlook
Key Terms of the Transaction
Pursuant to the Option Agreement, CCMC may acquire up to an 80% interest in the Lucky Mike project
through the following two-stage earn-in structure:
Stage 1 - Earn-In to 70%
To earn an initial 70% interest in the Property, CCMC must complete the following on or before the fifth
anniversary of the effective date of the Option Agreement:
a. A cash payment of $150,000 to First Atlantic upon Exchange approval and closing of the
transaction;
b. Cash and/or share payments to First Atlantic totaling $500,000 over the first three years
of the Option Agreement, subject to the minimum share entitlements described in the
Option Agreement;
c. A minimum of $6,000,000 in qualified exploration expenditures on the Property.
CCMC earns the 70% interest only upon completion of all Stage 1 requirements.
Stage 2 - Earn-In to 80%
To earn an additional 10% interest (for a total 80% interest), CCMC must incur an additional $10,000,000
in qualified exploration expenditures on the Property on or before the tenth anniversary of the effective
date of the Option Agreement.
In total, the Option Agreement requires aggregate qualified exploration expenditures of $16,000,000,
and cash and/or share payments to First Atlantic of $650,000.
Summary of Consideration and Expenditure Requirements
Period Due Date Shares/Cash Cash
Qualified
Expenditures
Amount
Earn-In
First Option
Earn-in
Requirements
On the Effective Date of
the Agreement - $150,000 -
CCMC earns 70% only
upon completion of all
First Option Earn-in
Requirements
(including the
$6,000,000 Qualified
Expenditure
requirement)
On or before the first
(1st) anniversary of the
Effective Date of the
Agreement
- - $300,000
On or before the second
(2nd) anniversary of the
Effective Date of the
Agreement
$200,0001 - -
On or before the third
(3rd) anniversary of the
Effective Date of the
Agreement
$300,0002 - -
On or before the fifth
(5th) anniversary of the
Effective Date of the
Agreement
- - $5,700,000
Second Option
Earn-in
Requirement
On or before the tenth
(10th) anniversary of the
Effective Date of the
Agreement
- - $10,000,0003
CCMC earns an
additional 10% (total
80%) only upon
completion of all
Second Option Earn-in
Requirements
Total $500,000 $150,000 $16,000,000 80%
Notes
1. CCMC will, on or before the second anniversary of the effective date, either pay to First Atlantic
$200,000 in cash or issue to First Atlantic $200,000 in CCMC common shares subject to the minimum
share entitlement described in the Option Agreement.
2. CCMC will, on or before the fifth anniversary of the effective date, either pay to First Atlantic
$300,000 in cash or issue to First Atlantic $300,000 in CCMC common shares subject to the minimum
share entitlement described in the Option Agreement.
3. The $10,000,000 Qualified Expenditure requirement due on or before the tenth (10th) anniversary is
in addition to (and not inclusive of) the $6,000,000 Qualified Expenditure requirement due on or before
the fifth (5th) anniversary.
The Property is subject to an underlying 2% net smelter returns (“NSR”) royalty, of which the entire 2%
can be bought -back for $1,000,000 at any time up to 5 years following the initiation of commercial
production.
Following completion of the second option (earning an 80% interest), First Atlantic and CCMC will enter
into a joint venture agreement (“ JV”). Under the terms of the JV, each of First Atlantic and CCMC will
be responsible for its pro rata share of expenditures approved in the annual works program and budget
for the Property, with CCMC acting as operator. Notwithstanding the above, CCMC shall, at its sole
cost, fund one hundred percent (100%) of all expenditures approved in the annual work program and
budget for the Property until the delivery of a feasibility study (the “Carry End Date”). First Atlantic shall
not be required to contribute any capital to the JV prior to the Carry End Date, and its participating
interest shall not be subject to dilution during such period.
After the Carry End Date, if First Atlantic elects not to contribute its pro rata share of expenditures, its
participating interest will be diluted. If, as a result of dilution, First Atlantic’s participating interest is
reduced to ten percent (10%) or less, First Atlantic shall be deemed to have withdrawn from the JV and
its remaining participating interest will be automatically converted into a 3% NSR royalty, subject to a
2% buyback for $7,500,000. Upon such conversion, First Atlantic will have no further right to participate
in the Property and no obligation to contribute to future expenditures.
No finder’s fees were payable on this transaction.
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 Association of
Professional Engineers and Geoscientists of the Province of British Columbia (Engineers and
Geoscientists BC) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and
approved the technical information disclosed herein.
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 -Cobalt Alloy Project. The
project spans the entire 30- kilometer Pipestone Ophiolite Complex, where multiple zones, including
RPM, Alloy Max, Super Gulp, Atlantic Lake, and Chrome Pond, contain awaruite (Ni ₃Fe), a naturally
occurring magnetic nickel-iron-cobalt alloy of approximately ~77% 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, emissions, and environm ental 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 typical nickel sulfides. The Pipestone XL Nickel-Cobalt
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 vehi cle, energy storage, aerospace, and defense industries.
This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing
it as a non -fuel mineral essential to economic and national security with a supply chain vulnerable to
disruption.
Figure 2: Quote from USGS on Awaruite Deposits2
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 contains certain “forward- looking information” within the meaning of applicable Canadian
securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the ability
of CCMC to satisfy the cash payment, share issuance and exploration expenditure requirements under the Option
Agreement; CCMC’s potential earn- in of up to an 80% interest in the Property; the potential formation of a joint
venture between the parties following completion of the earn- in; the potential economic implications of the
Company’s retained interest in the Property, including the possible conversion of such interest into a net smelter
returns royalty in certain circumstances; CCMC’s funding of approved expenditures on the Propert y through the
2 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
feasibility study stage; the intended establishment, timing and mandate of a special committee of independent
directors to evaluate strategic alternatives relating to the Company’s potential retained interest in the Property; the
future advancement of the Property; and the Company’s broader strategic objectives and expectations regarding
maximizing shareholder value from its interest in the Property. Forward- looking information is based on
management’s current expectations, estimates, assumptions and projec tions as of the date of this news release
and is not a guarantee of future performance.
Forward-looking information is subject to a number of known and unknown risks, uncertainties and other factors,
many of which are beyond the Company’s control, that may cause actual results or events to differ materially from
those expressed or implied by such forward- looking information. Such risks and uncertainties include, without
limitation: the risk that CCMC may not satisfy its obligations under the Option Agreement in the manner or within
the time periods currently contemplated, or at all; the risk that the contemplated earn-in, joint venture arrangement,
royalty conversion or other rights contemplated by the Option Agreement may not occur as expected, or at all;
risks relating to exploration, development and technical results on the Property; risks r elating to the availability of
permits, approvals, personnel, equipment, contractor services and financing; risks relating to market conditions,
commodity prices and capital markets; and other risks relating to the mining industry and the Company’s business
and affairs.
Forward-looking information is based on a number of material assumptions, including, without limitation: that
CCMC will satisfy its obligations under the Option Agreement in accordance with its terms; that exploration and
development activities on the Property will proceed as currently contemplated; that required permits, approvals,
personnel, equipment and contractor services will be available as needed; that commodity prices and market
conditions will remain supportive; and that the Company will be able to establish the special committee and pursue
strategic alternatives in respect of its potential retained interest in the Property on the basis currently expected.
The Company is an exploration stage issuer and exploration activities are inherently speculative. Exploration and
development involve substantial risk, require significant expenditures, and may not result in the discovery of
mineral deposits that can be commercially developed. The Company has no mineral reserves on any of its
properties. Accordingly, there can be no assurance that forward-looking information will prove to be accurate, and
actual results and future events may differ materially from those ant icipated in such information. Readers should
not place undue reliance on forward- looking information. The Company undertakes no obligation to update or
revise any forward- looking information contained herein, except as required by applicable securities law s.
Additional information regarding the Company and its risks is available under the Company’s profile on SEDAR+
at www.sedarplus.ca.