First Atlantic Closes No-Warrant Non-Brokered Private Placement Financing to Advance Pipestone XL Atlantic Canada Nickel-Cobalt Alloy (Awaruite) Project

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GRAND FALLS-WINDSOR, Newfoundland and Labrador, March 11, 2026 (GLOBE NEWSWIRE) — First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“FAN” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) of flow-through common shares only, without warrants, for aggregate gross proceeds of $1,300,000.32 from the sale of 4,814,816 flow-through common shares of the Company (each, a “FT Share”) issued at a price of $0.27 per FT Share on a “flow-through” basis pursuant to the Income Tax Act (Canada).

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All securities issued in connection with the Offering will be subject to a hold period of four months and one day following the closing of the Offering under applicable Canadian securities laws. The Offering remains subject to receipt of final approval from the TSX Venture Exchange.

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The proceeds of the Offering will be used to advance exploration and development on the Company’s Pipestone XL Nickel-Cobalt Alloy Project and Ophiolite X Project located in Newfoundland, to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures,” as such terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”), on or before December 31, 2027. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2026.

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The Company intends to use the proceeds to conduct large-scale district drilling within the 30km strike length of the Pipestone XL Nickel-Cobalt Alloy Project, expand the RPM zone, test newly identified drill targets, and advance the scope and scale of its metallurgical recovery and processing program.

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This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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Please call 844-592-6337 or email [email protected] to connect with Rob Guzman, First Atlantic Nickel’s Investor Relations, for questions or more information.

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Investor Information

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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“.

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Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com.

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Investors are invited to sign up for the official FAN (First Atlantic Nickel) List found at www.fanickel.com and can follow First Atlantic Nickel on the following social media.