First Atlantic Nickel Corp. (TSX-V: FAN) (OTCQB: FANCF) (FSE: P21) is pleased to announce that it has closed a non-brokered private placement 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 issued at a price of $0.27 per FT Share on a “flow-through” basis pursuant to the Income Tax Act (Canada).

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.

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.

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.

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.

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 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.

ABOUT FIRST ATLANTIC NICKEL CORP.

First Atlantic Nickel Corp. 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, i ncluding RPM, Super Gulp, Atlantic Lake, and Chrome Pond, contain awaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of approximately ~75% 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 environmental 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 sulfides¹. The Pipestone XL Nickel-Cobalt Alloy Project is located nea r 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 vehicle, aerospace, and defense industries. This mission gained importance when the US added nickel to its critical minerals list in 2022², recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.