First Atlantic Nickel & Cobalt Raises 6.15 Million Dollars in No-Warrant, Non-Brokered Private Placement to Accelerate Mining Exploration and Development at Pipestone XL Nickel-Cobalt Alloy (Awaruite) Project in Newfoundland

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AWARUITE AT PIPESTONE XL: A SMELTER-FREE NICKEL-COBALT ALLOY (Ni₃Fe)

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Awaruite is a naturally occurring, magnetic, sulphur-free nickel-iron-cobalt alloy (Ni₃Fe) containing approximately 77% nickel. Because it already exists in a metallic state, awaruite can be concentrated without smelting, roasting, or high-pressure acid leaching. Mineralogical and electron microprobe analysis at the Company’s RPM Zone has confirmed the awaruite averages 77.62% nickel and 1.69% cobalt, with grades as high as 86.68% nickel and 6.05% cobalt⁵.

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Initial metallurgical test work using the Company’s ONSHORE MAX™ (Magnetic Alloy eXtraction) process upgraded rock samples from the project’s RPM Zone into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt⁶. Low-intensity magnetic separation first produced a magnetic concentrate grading approximately 1.6% nickel, which flotation then upgraded to the final concentrate. By comparison, a typical nickel concentrate grades 10% to 15% nickel, according to the Nickel Institute. This concentrate can move directly to downstream battery chemical refining or the manufacture of specialty alloys and stainless steel.

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The absence of sulphur reduces acid mine drainage risk and related permitting challenges, positioning Pipestone XL to supply North American industries including stainless steel, electric vehicles, aerospace, and defence.

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Figure 2: USGS quote on awaruite nickel-iron-cobalt alloy.

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The Company also announces that it has entered into a renewal agreement dated September 17, 2026 with Xander Capital Partners Inc. (“Xander”), effective April 2, 2026, in respect of its investor relations and marketing consulting agreement originally dated April 1, 2024 and previously renewed on April 1, 2025.

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The renewal formalizes the continuation of the engagement following the expiry of the previous term on April 1, 2026. Payments to Xander have continued without interruption at the existing rate of US$10,000 per month. Under the renewal, the engagement will continue on an ongoing basis without a fixed expiry date, subject to either party’s right to terminate upon 30 days’ prior written notice. All other terms remain unchanged.

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Xander’s services include increasing brand awareness, facilitating introductions to industry participants and digital marketing professionals, and providing investor relations and corporate consulting support. The monthly fee covers services and management fees, with Xander providing weekly budget proposals and spending allocations. No securities will be issued as compensation under the renewal.

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The renewal remains subject to acceptance by the Exchange.

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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”, on the OTCQB under the symbol “FANCF”, and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P210”. 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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QUALIFIED PERSON

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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 (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

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ABOUT FIRST ATLANTIC NICKEL & COBALT CORP.

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First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is a critical mineral exploration company in Newfoundland and Labrador developing the Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. The project spans the entire 30-kilometre Pipestone Ophiolite Complex, where multiple zones, including RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond, contain awaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of approximately 77% nickel with no sulphur and no sulphides, along with secondary chromium mineralization. Awaruite’s sulphur-free composition removes acid mine drainage risk, while its magnetic properties enable processing through magnetic separation and flotation, eliminating the electricity requirements, emissions and environmental impacts of conventional smelting, roasting or high-pressure acid leaching, while reducing dependence on overseas nickel processing infrastructure.