FIRST ATLANTIC NICKEL REPORTS PHASE 2X RESULTS FROM PIPESTONE XL NICKEL ALLOY PROJECT: DRILLING PROVES 800 METERS OF NEWLY EXPANDED 4KM TARGET AT RPM ZONE, DOUBLING STRIKE LENGTH Drill Hole AN-25-08 Returns 0.12% Magnetically Recoverable Awaruite Nickel Over 480 Meters,
FIRST ATLANTIC NICKEL REPORTS PHASE 2X RESULTS FROM PIPESTONE XL
NICKEL ALLOY PROJECT: DRILLING PROVES 800 METERS OF NEWLY EXPANDED
4KM TARGET AT RPM ZONE, DOUBLING STRIKE LENGTH
Drill Hole AN-25-08 Returns 0.12% Magnetically Recoverable Awaruite Nickel Over 480 Meters,
Achieving 800 Meters Drill-Confirmed of Expanded 4-Kilometer Target Area
Grand Falls-Windsor, Newfoundland and Labrador - (GlobeNewsWire - Oct 23, 2025) - First Atlantic
Nickel Corp. (TSX-V: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased
to announce Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-25-08, the seventh
drill hole at the RPM Zone within its P ipestone XL Nickel Alloy Project in central Newfoundland. The
DTR testing yielded a magnetic concentrate averaging 1.35% nickel over the entire 480 meter drill hole,
with an average mass pull of 8.79%, resulting in an average magnetically recoverable nickel grade of
0.12% over 480 meters.
Drill hole AN-25-08, collared on Section Line S3, successfully doubled the drill -confirmed strike length
of the RPM Zone to 800 meters within a newly expanded 4-kilometer continuous target area. This 4-
kilometer target zone was outlined through DTR surface sampling and geological mapping announced
on October 21, 2025, demonstrating the continuity of awaruite nickel mineralization along strike
throughout the RPM Zone. Phase 2X drilling has now drill -confirmed 800 meters of this 4-kilometer
target area, with drilling confirming magnetically recoverable awaruite nickel alloy mineralization in all
holes drilled to date.
Drill results confirming 800 meters in strike length of magnetically recoverable nickel-alloy mineralization
within the expanded 4-kilometer RPM Zone target area represents a significant milestone in defining
the large-scale potential of the Pipestone XL Nickel Alloy Project. Integration of Phase 2X drilling results
with surface sampling and improved geological mapping has refined the Company's understanding of
the westward-dipping ultramafic body hosting awaruite mineralization, positioning future drilling to
effectively test the true width and depth extent of the mineralized system.
KEY POINTS:
1. Hole AN-25-08 Doubles RPM Zone Strike Length to 800 Meters
Drill hole AN -25-08, drilled on Section Line S3, approximately 400 meters north of Section S1, has
successfully doubled the drill-confirmed strike length of the RPM Zone from 400 meters to 800 meters.
The hole returned 480 meters averaging 1.35% nickel in magnetic concentrate, with an 8.79% mass
pull, yielding an average magnetically recoverable nickel grade of 0.12% over the entire 480 meter drill
hole. These results confirm the continuity of awaruite nickel mineralization along the north-south strike
of the RPM Zone and demonstrate consistent metallurgical performance comparable to previously
reported drill holes.
2. RPM Zone - Now a 4-Kilometer Target
The RPM Zone now encompasses an expanded 4-kilometer continuous target area defined through
DTR surface sampling and geological mapping (announced October 21, 2025). Phase 2X drilling has
successfully drill -confirmed 800 meters of this 4 -kilometer target zone, with all drill holes confirming
magnetically recoverable awaruite nickel mineralization. The remaining ~3.2 kilometers of the target
area, including a 2-kilometer northern extension designated as Exploration Priority 1 (See Figure 2),
presents significant expansion potential for future drilling programs. This expanded target area
reinforces the district-scale nature of the Pipestone XL Nickel Alloy Project.
3. Hole AN-25-07 Returns Consistent DTR Despite Sub-Optimal Orientation
Drill hole AN -25-07, drilled on Section Line S2 with a westward orientation prior to refined structural
interpretation, successfully returned 486 meters grading 0.97% nickel in magnetic concentrate with a
9.6% mass pull, yielding an average magnetically recoverable nickel grade of 0.09% over 486 meters.
This interval includes 132 meters at 1.06% nickel in magnetic concentrate with a 10.23% mass pull,
resulting in 0.11% DTR magnetically recoverable nickel. While not optimally oriented to test the true
width of the awaruite-bearing body, AN -25-07 provided valuable geological information indicating a
westward dipping system. The deformation zone and fault structure beneath Pipestone Pond extends
further west, where recent surface sampling (October 21, 2025) returned positive DTR results
comparable to the RPM Zone exposures on the western shore of Pipestone Pond, indicating significant
expansion potential in that direction.
4. Structural Understanding Optimizes Future Drilling
Phase 2X drilling results from holes AN-25-07 and AN-25-08 have refined the Company's understanding
of the westward-dipping ultramafic system hosting awaruite mineralization. Based on the updated
structural model, AN-25-08 was oriented eastward to effectively cross-cut the mineralized structure. The
successful DTR results from AN-25-08, compared with the sub-optimal westward orientation of AN-25-
07, confirm that eastward-oriented drilling is essential to test the true width of the mineralized body. This
refined structural model will improve the effectiveness of future drilling across the project, ensuring holes
properly intersect the awaruite-bearing structure.
5. Significant Expansion Potential Within 4-Kilometer Target
The Company's systematic DTR surface sampling program has successfully outlined an expanded 4-
kilometer RPM Zone target area, with Phase 2X drilling consistently confirming magnetically recoverable
nickel grades multiple times higher than weathered surface samples. Recent DTR surface sampling
(announced on October 21, 2025) identified multiple priority expansion opportunities, including: (1) a ~2
kilometer northern extension of the RPM Zone (Exploration Priority 1) (2) a ~1 kilometer southern
extension in areas previously mapped as submarine volcanics, now reclassified as ultramafic peridotites
(Exploration Priority 2); and (3) ~1.2 kilometers in total width potential supported by positive DTR results
from peridotite outcrops west of Pipestone Pond. The strong correlation between surface sampling and
drill results provides confidence in the additional ~3.2 kilometers of the newly outlined target area and
demonstrates the significant growth potential of the RPM Zone.
6. Super Gulp Zone Requires Eastward Drilling Orientation
The refined understanding of the westward-dipping structure developed through Phase 2X drilling and
geological mapping will be applied to retarget the Super Gulp Zone, located ~10 kilometers north of the
RPM Zone discovery (See Figure 1). Previous westward-oriented drilling at Super Gulp, conducted
before the structural interpretation was refined, likely did not optimally intersect the property -wide
westward-dipping awaruite body and may have drilled along layers down-dip rather than cutting across
the true width of the mineralized body. Future eastw ard-oriented drilling at Super Gulp is expected to
effectively test the true width of the awaruite-bearing structure, providing a significant opportunity for
discovery in this highly prospective area of the Pipestone XL Nickel Alloy Project.
7. Metallurgical Process Program - Magnetic Concentrate and Critical Mineral Byproducts
DTR testing has demonstrated that chromium and cobalt are magnetically recovered and concentrated
alongside nickel within the awaruite-bearing magnetic concentrate, with chromium values ranging from
1.27% to 2.3% across drill holes at the RPM Zone. Both chromium and cobalt are designated as critical
minerals by the United States and Canada. The Company's ongoing metallurgical development program
is focused on optimizing magnetic separation processes to produce high-grade nickel concentrates
while assessing the potential to recover chromium and cobalt as valuable byproducts. The co-recovery
of multiple critical minerals through simple magnetic processing could enhance the strategic value of
the Pipestone XL Nickel Alloy Project while contributing to North American supply -chain security and
reducing reliance on foreign sources and processing of these strategically important critical minerals.
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]
DRILL HOLES AN-25-07 AND AN-25-08 - DETAILED RESULTS
Table 1: Pipestone XL Nickel Alloy Project Summary of Assay Results and DTR Metallurgical
Test Results - Drill Hole AN-25-07 and AN-25-08 (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-25-08 11 491 480 8.79 1.35 0.22 0.12 51.94 1.57 0.28 0.13 0.06
including 158 362 204 8.08 1.57 0.22 0.13 58.60 1.56 0.25 0.12 0.06
including “Up To” 12.5 2.14 0.27 0.17 83.5 9.22 3.33 0.710 0.091
AN-25-07 9 495 486 9.60 0.97 0.23 0.09 40.49 1.40 0.26 0.13 0.05
including 39 171 132 10.23 1.06 0.23 0.11 46.23 1.28 0.25 0.13 0.05
including “Up To” 17.20 1.71 0.29 0.13 60.9 4.15 0.83 0.51 0.08
Drill Hole AN-25-08 (Section Line S3)
Drill hole AN -25-08 was collared on Section Line S3, approximately 800 meters north of Section S1,
and drilled eastward to cross -cut the westward-dipping ultramafic structures. The hole successfully
intersected 480 meters of continuous serpentinized peridotite containing visibly disseminated awaruite
mineralization from near surface to the end of the hole. DTR testing yielded a magnetic concentrate
averaging 1.35% nickel with an 8.79% mass pull, resulting in a magnetically recoverable nickel grade
of 0.12% over the entire 480-meter drill hole, consistent with previously reported optimally oriented drill
holes.
The successful results from AN-25-08 doubled the drill-confirmed strike length of the RPM Zone to 800
meters, confirming the continuity of awaruite mineralization within the newly expanded 4-kilometer target
area outlined in the October 21, 2025 news release. Phase 2X drilling has now validated approximately
20% of the total 4-kilometer RPM Zone target strike length, with the remaining ~3.2 kilometers
presenting significant expansion potential, including the 2-kilometer northern extension (Exploration
Priority 1) and 1-kilometer southern extension (Exploration Priority 2) (See Figure 2). Visible awaruite
grains ranging from 50 -200 microns, well above the 10-micron threshold for effective magnetic
separation, support effective metallurgical processing potential.
Figure 1: Phase 2X drill plan map at the RPM Zone showing the 8 00-meter drill-confirmed strike
length and the open 10-kilometer strike to Super Gulp within th e 30-kilometer Pipestone XL
nickel trend.
Figure 2: RPM Zone area map with surface sample DTR nickel results outlining larger target
areas within the Pipestone XL Nickel Alloy Project.
Figure 3: Drill core from hole AN -25-08 (370 m) showing disseminated awaruite (nickel-iron -
cobalt alloy) in serpentinized peridotite with magnetite veining (top); photomicrographs of
awaruite grains up to ~2,000 microns (bottom).
Figure 4: Cross-sectional Line S3 view of the RPM Zone Hole AN-25-08 located 800 meters north
of discovery hole AN -24-02. Showing the distribution of magnetic concentrate and DTR nickel
values. Including 0.12% DTR Ni over 480 meters
Drill Hole AN-25-07 (Section Line S2)
Drill hole AN-25-07 was collared on Section Line S2 and drilled westward, oriented down the structural
dip prior to refined structural interpretation. Despite the sub- optimal orientation, the hole successfully
intersected 486 meters of continuous serpentinized peridotite containing disseminated awaruite
mineralization. DTR testing yielded a magnetic concentrate averaging 0.97% nickel with a 9.6% mass
pull, resulting in an average magnetically recoverable nickel grade of 0.09% over 486 meters, including
132 meters at 1.06% nickel in magnetic concentrate with a 10.23% mass pull resulting in 0.11% DTR
magnetically recoverable nickel. The presence of continuous awaruite mineralization confirmed the
westward extent of the RPM Zone and validated the interpreted westward dip of the structure.
Geological data from AN -25-07 was instrumental in refining the Company's understanding of the
ultramafic body geometry, guiding the optimal orientation of subsequent drill holes, including AN-25-08.
The large deformation zone beneath Pipestone Pond, which lies further west, represents a compelling
expansion opportunity as outlined in the October 21, 2025 news release. Recent surface sampling from