First Atlantic Nickel & Cobalt Raises Total of $13.4 Million with Additional $3.49 Million No-Warrant, Non-Brokered Private Placement at $0.83 per Share, a Premium to Market, to Accelerate Exploration at Pipestone XL Nickel-Cobalt Alloy Project

(TSXV:FAN, OTCQB:FANCF, FSE:P210) First Atlantic Nickel & Cobalt Corp. has closed a no-warrant, non-brokered private placement for aggregate gross proceeds of $3,492,000.90. Since September 2026, the company has raised aggregate gross proceeds of approximately $13.4 million from financings. The offering consisted of 4,207,230 flow-through common shares issued at a price of $0.83 per share, representing a premium of approximately 22% to the closing price on October 5, 2026. No warrants were issued and no finder’s fees were paid in connection with the offering. Each FT Share qualifies as a “flow-through share” under subsection 66(15) of the Income Tax Act (Canada). The gross proceeds will be used to incur eligible “Canadian exploration expenses” qualifying as “flow-through mining expenditures” for exploration at the Pipestone XL Nickel-Cobalt Alloy Project and the Ophiolite X Project in Newfoundland. The company will incur these qualifying expenditures on or before December 31, 2027, and will renounce them in favour of subscribers effective December 31, 2026. All securities issued are subject to a statutory hold period of four months and one day, expiring on February 6, 2027. The offering remains subject to final acceptance by the TSX Venture Exchange. The funds will allow significant expansion of drilling at Alloy Max and the RPM Zone, drilling of new targets along the 30-kilometre trend, and development of an exploration access road north toward Atlantic Lake. Pipestone XL is a wholly owned, district-scale project spanning the 30-kilometre Pipestone Ophiolite Complex in central Newfoundland, hosting multiple zones of awaruite mineralization including RPM, Alloy Max, Super Gulp, Atlantic Lake, and Chrome Pond. The RPM Zone has drilling outlining magnetically recoverable awaruite over more than 1.2 kilometres of strike and more than 800 metres of width. Alloy Max is a second large-scale zone spanning approximately 4 kilometres of strike and up to 1.5 kilometres in width. Mineralogical and electron microprobe analysis at RPM Zone confirmed awaruite averages 77.62% nickel and 1.69% cobalt, with grades as high as 86.68% nickel and 6.05% cobalt. Initial metallurgical test work using the ONSHORE MAX™ process upgraded RPM Zone rock samples into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt. 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. The project is located near year-round road access, high-voltage transmission, and hydroelectric power, and is approximately 200 kilometres from Gander International Airport and Vale’s Long Harbour nickel processing plant. The company is also evaluating secondary chromium mineralization and low-carbon Engineered Mineral Hydrogen (EMH) in partnership with VEMA Hydrogen. First Atlantic is a member of the U.S. Defense Industrial Base Consortium. Newfoundland and Labrador ranked 7th globally on the Policy Perception Index in the Fraser Institute’s February 2026 survey and has placed in the global top 10 for overall investment attractiveness in each of the three prior surveys. Adrian Smith, P.Geo., is CEO and a director of First Atlantic Nickel & Cobalt Corp. The company’s common shares trade on the TSX Venture Exchange under the symbol “FAN”, on the OTCQB under “FANCF”, and on several German exchanges, including Frankfurt and Tradegate, under “P210”.

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