First Atlantic Nickel Renames Atlantic Nickel Project to Pipestone Xl to Reflect 100% Ownership of 30 Km Pipestone Ophiolite Complex and Provides Updates ON Rpm Phase 2X Program
FIRST ATLANTIC NICKEL RENAMES ATLANTIC NICKEL PROJECT TO PIPESTONE XL TO
REFLECT 100% OWNERSHIP OF 30 KM PIPESTONE OPHIOLITE COMPLEX AND PROVIDES
UPDATES ON RPM PHASE 2X PROGRAM
Grand Falls-Windsor, Newfoundland and Labrador -- (Globenewswire - September 24 , 2025) - First Atlantic
Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to
announce that it has renamed its flagship Atlantic Nickel Project to Pipestone XL, reflecting the Company's 100%
ownership of the entire 30-kilometer Pipestone Ophiolite Ultramafic Complex. The new name emphasizes the
district-scale potential of the project, which hosts multiple zones of awaruite (Ni3Fe) nickel alloy mineralization,
including the high-priority RPM Zone, the Super Gulp Zone, the historical Atlantic Lake Zone, and additional
discoveries of visible awaruite mineralization discovered during the Company’s 2025 regional exploration
program throughout the complex. The RPM Phase 2 drilling program will now be referred to as Phase 2X,
underscoring the Company's objective to double (“2X”) both the strike length and expand the width of awaruite
mineralization established during the Phase 1 drill program at the RPM Zone. The Pipestone XL name also
highlights the project's clean energy potential, including ongoing geologic hydrogen research in partnership with
Colorado School of Mines announced March 19, 2025.
Following a series of acquisitions in the first half of 2024 that consolidated the entire 30-kilometer Pipestone
Ophiolite Complex, First Atlantic has advanced the geological understanding of this serpentinized ultramafic
complex through systematic exploration. The Company's technical team, led by Senior Project Geologist Michael
Piller, author of the 2011 Memorial University thesis " An Examination of Awaruite (Ni ₃Fe) Formation During
Serpentinization of the Pipestone Pond Ophiolitic Complex in the Atlantic Lake Area, Central Newfoundland"
researched in conjunction with Cliffs Natural Resources Inc. (now Cleveland-Cliffs NYSE:CLF - a large US steel
producer) and Altius Resources Inc., recognized that historical exploration focused primarily on the northern
Atlantic Lake area, while the southern regions remained underexplored. This district-scale approach led to the
discovery of the RPM and Super Gulp zones during surface exploration in late summer 2024, followed by the
first drill testing that fall.
Pipestone XL represents a continuous, 30 km belt of heavily faulted, serpentinized ultramafic rocks enriched in
nickel and chromium and characterized by a strong magnetic anomaly. Importantly, awaruite mineralization
occurs at surface, offering a significant advantage for mineral exploration and potential development. The
Company's Phase 1 drilling program delineated a 400m x 500m area of disseminated awaruite mineralization at
the RPM Zone, returning the highest awaruite nickel grades drilled to date at Pi pestone XL. Mineralization
observed at the RPM zone to date extends from surface to 495 meters downhole and remains open at depth.
Davis Tube Recovery (DTR) metallurgical testing confirmed magnetic concentrate grades averaging 1.38%
nickel and 1.67% chromi um, yielding an average DTR nickel grade of 0.12% with a mass pull of 9.08%. The
Phase 2X program is now underway, embodying the Company's mission to double (2X) the strike length and
width of the RPM Zone, while incorporating new geological insights from district-scale exploration across all three
mineralized zones. In parallel, investigations into Pipestone XL's geologic hydrogen potential continue through
the Company’s research collaboration with the Colorado School of Mines.
HIGHLIGHTS
● Pipestone XL: Reflects First Atlantic’s 100% ownership of a 30 km continuous belt of ultramafic rocks
enriched in awaruite nickel and chromium, characterized by a distinct magnetic signature anomaly.
● Multiple Target Zones: Three drill-confirmed zones (RPM, Super Gulp, and Atlantic Lake) across the
30-kilometer belt, plus numerous additional surface occurrences of visible awaruite mineralization.
● RPM Phase 2X Program: Focused on doubling (2X) both the strike length and expanding the width of
mineralization beyond the Phase 1 discovery area of 400 m x 500 m.
● Top Mining Jurisdiction: Newfoundland ranks among the world’s top 10 mining jurisdictions, offering
streamlined permitting, a skilled workforce, and pro-mining government policies.
● Strategic Infrastructure: Road access, proximity to clean hydroelectric power, and established mining
infrastructure support efficient project development.
● Simplified Processing: Awaruite's magnetic properties allow concentration without smelting, enhancing
alignment with North American critical mineral supply chain independence.
For further information, questions, or inquiries, call Rob Guzman - Investor Relations at First Atlantic Nickel
by phone at +1 844 592 6337 or via email at [email protected].
Figure 1: Pipestone XL Project Map showing the principal mineralized zones: RPM Zone, Chrome Pond, Super
Gulp and Atlantic Lake
PIPESTONE XL PROJECT OVERVIEW AND HISTORY
The Pipestone XL project comprises the entire 30-kilometer Pipestone Ophiolite Ultramafic Complex, a
continuous belt of serpentinized ultramafic rocks enriched in nickel and chromium and characterized by a distinct
magnetic anomaly. First Atlantic secured 100% ownership of the complex through multiple acquisitions in 2024,
followed by systematic exploration that revealed numerous surface outcrops of visible awaruite mineralization.
From this work, the RPM and Super Gulp Zones emerged as priority drill targets. The ophiolite's harzburgite and
dunite composition, combined with extensive faulting and serpentinization, creates optimal conditions for
awaruite nickel mineralization.
Historical drilling in 1978 at the Atlantic Lake zone in the northern portion of the ophiolite complex, intersected
0.22% nickel over 87.15 meters (DDH78-AL -1, NFLD/3284). The hole ended in mineralization without testing
deeper, highlighting untested potential at depth. Previous exploration efforts largely concentrated on this northern
area, while the southern extent of the complex remained underexplored until First Atlantic's systematic approach
led to the discovery of the RPM Zone, located 26 kilometers s outh of Atlantic Lake and 10 kilometers south of
Super Gulp.
Phase 1 drilling at RPM successfully intersected disseminated awaruite mineralization in all holes from surface
to depth. DTR testing confirmed magnetically recoverable nickel grades averaging 0.12% DTR across all drilled
intervals, with magnetic concentrate grades of 1.38% nickel. These results demonstrate consistent awaruite
nickel mineralization across the entire 400 m x 500 m Phase 1 footprint, which remains open in all directions and
underscores the potential for large-scale bulk tonnage mineralization. Building on this success, the Phase 2X
program’s goal is to double the strike length and expand the width of the mineralized zone.
RPM PHASE 2X DRILL PROGRAM
The Phase 2X program aims to double the size of the RPM Zone from its current 400-meter by 500-meter area,
where Phase 1 drilling confirmed widespread magnetically recoverable awaruite nickel averaging 0.12% DTR
across all drilled intervals.
Based on improved geological understanding showing that the mineralization dips to the west, the Company will
aim to drill with an optimal primary orientation from east to west. This approach will better intersect the
mineralized zones at the proper angle and provide more accurate measurements of their true thickness. This
represents a strategic adjustment from the initial westward drilling direction used at the Super Gulp zone.
The drilling program will systematically expand outward from the known mineralized area using step-out holes,
targeting large volumes of disseminated awaruite suitable for bulk mining. The Company has identified that nickel
grades vary by rock type: narrow er dunite layers within the peridotite typically contain less 0.08% DTR nickel,
while the broader peridotite (harzburgite) units contain higher grades of 0.10-0.17% DTR nickel and can extend
for over 500 meters in drilled width. This knowledge of how grades are distributed across different rock types will
help optimize drill targeting as the Company pursues its goal of doubling the size of the RPM Zone.
Figure 2: Drill Core from RPM Phase 2X Program preparing for shipment to analytical lab for assay and davis
tube metallurgical testing.
Table 1: Summary of Magnetically Recovered Nickel Results from 2024 and 2025 Diamond Drill Holes – RPM
Zone Drilling at the Pipestone XL (formerly Atlantic Nickel project)
Drill Hole Zone Section
From
meters
To
meters
Interval
meters
Magnetically
Recovered
(DTR)
Nickel %
Magnetic
Concentrate
Nickel
Grade (Ni %)
Mass
Pull (%)
Comment
AN 24 - 02 RPM S1 11.0 394.1 383.1 0.13 1.37 9.50 NR - March 12,
2025
AN 24 - 03 RPM S1 18.0 234.0 216.0 0.11 1.32 9.12 NR - April 15,
2025
AN 24 - 04 RPM S1 12.0 378.0 366.0 0.14 1.46 9.53 NR- June 24,
2025
AN 24 - 05 RPM S2 6.0 357.0 351.0 0.12 1.47 8.21 NR - July 9, 2025
AN 25 - 06 RPM S2 5.65 453 447.35 0.11 1.27 9.02 NR - August 12,
2025
AN 25 - 07 RPM S2 495.0 pending pending samples submitted
AN 25 - 08 RPM S3 491.0 pending pending samples submitted
AN 25 - 09 RPM S3 480.0 pending pending samples submitted
AN 25 - 10 RPM S1 samples submitted
Figure 3: RPM Zone Phase 2X drilling map at Pipestone XL.
CEO STATEMENT
Adrian Smith, CEO of First Atlantic, commented: "The Pipestone XL name reflects our 100% ownership of the
30-kilometer ophiolite belt of ultramafic rocks and the multi-zone potential of this district-scale discovery. At RPM,
we have already demonstrated co nsistent DTR nickel mineralization across a 400m x 500m area, now being
expanded through Phase 2X drilling. Combined with recent Super Gulp discovery and numerous untested targets
along trend, we are beginning to demonstrate the true scale of the Pipestone Ophiolite Complex. The recent
announcement by FPX Nickel and JOGMEC (Japan Organization for Metals and Energy Security) designating
the Advocate property in Newfoundland as their first designated project - selected from more than 50 targets
across 10 juri sdictions worldwide - further validates the exceptional potential of ophiolite-hosted awaruite
deposits in our province. As nickel demand grows to support batteries, stainless steel and future technologies,
Pipestone XL is well positioned to become a crucial North American source of this essential metal. Our awaruite's
unique magnetic properties enable direct concentration without traditional smelting, offering a cleaner, more
sustainable pathway to supply the industries and infrastructure that power our modern economy."
NEWFOUNDLAND MINING ADVANTAGE
Newfoundland and Labrador consistently ranks in the world’s top 10 mining jurisdictions, according to the Fraser
Institute's 2024 Annual Survey of Mining Companies . The province combines world-class geology with
supportive government policies and well -established infrastructure. As the survey notes: "Two Canadian
provinces, Saskatchewan and Newfoundland & Labrador, appear in the list of top ten most attractive jurisdictions
for mining investment." 1 Newfoundland and Labrador also offers one of the most efficient regulatory
environments in Canada. The province's streamlined permitting process has enabled First Atlantic to advance
from acquisition to drilling in under 12 months, with exploration permits often granted in as little as three weeks.
1 https://www.fraserinstitute.org/studies/annual-survey-mining-companies-2024
Figure 4: Ranking of attractive mining destinations in North America, from the Fraser Institute’s 2024 Annual
Survey of Mining Companies2.
The recent successful construction and commissioning of Equinox Gold's Valentine Lake Mine demonstrate
Newfoundland's ability to support major mining projects from exploration through to production. On September
15, 2025, Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) announced its first gold pour at Valentine
Lake, noting: "Once fully operational, Valentine will be Equinox Gold's second-largest mine, the largest gold mine
in Atlantic Canada."3 Located in central Newfoundland, Valentine Lake validates the region's infrastructure and
skilled workforce, both critical for advancing large-scale mining operations.
In addition, FPX Nickel's partnership with JOGMEC to acquire the Advocate awaruite project in Newfoundland,
announced on September 23, 2025 4, highlights growing international recognition of the province's potential for
2 https://www.fraserinstitute.org/studies/annual-survey-mining-companies-2024
3 https://www.equinoxgold.com/news/equinox-gold-delivers-first-gold-at-its-valentine-gold-mine-in-newfoundland-and-
labrador-canada/
4 https://fpxnickel.com/news/fpx-nickel-and-jogmec-select-the-advocate-nickel-property-in-newfoundland-to-be-advanced-
as-a-designated-project/