First Atlantic Establishes Second Large-Scale Zone at Alloy Max North Discovery: Assay and DTR Results Confirm Magnetically Recoverable Awaruite (Ni-Fe-Co Alloy) in Three Drill Holes Over 405 to 504 Meters, Across 1.3 km of Strike, Up to 7 km North of the RPM Zone Discovery, Within the 30 km Pipestone XL Trend

(TSXV:FAN, OTCQB:FANCF, FSE:P210) First Atlantic Nickel & Cobalt Corp. announced assay and Davis Tube Recovery (DTR) metallurgical results from the first three drill holes (XL-26-15, XL-26-16, XL-26-17) at the Alloy Max North discovery at its wholly owned Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project in central Newfoundland. All three holes returned magnetically recoverable awaruite (Ni-Fe-Co alloy) over drilled intervals ranging from 405 to 504 meters, starting 9 to 21 meters from surface, confirming mineralization over approximately 1.3 kilometers of strike at Alloy Max North. XL-26-17 returned the highest grades: 0.11% DTR nickel over 306 meters, including 0.12% over 249 meters and 0.14% over 147 meters, within a 436.7-meter interval. The 147-meter interval in XL-26-17 returned 1.76% nickel in magnetic concentrate, with 59.83% total nickel recovery. XL-26-16, the deepest hole drilled to date at Pipestone XL at 525 meters, returned 0.08% DTR nickel over 504 meters, with grades strengthening toward the end of the hole to 0.11% over the final 147 meters. XL-26-16 also produced the highest magnetic concentrate grade reported over an interval at the project: 2.18% nickel over 69 meters. XL-26-15 confirmed magnetically recoverable awaruite over its entire 405-meter interval, averaging 0.07% DTR nickel, 0.22% total nickel, and 0.98% nickel in magnetic concentrate. DTR nickel grades at Alloy Max North strengthen to the east, toward the eastern contact of the ultramafic body, with XL-26-17, the easternmost hole, returning the highest grades. The Alloy Max Zone extends approximately 4 kilometers in length and up to 1.5 kilometers wide, reaching up to 7 kilometers north of the RPM Zone discovery. Drilling across the Alloy Max Zone now spans approximately 2.4 kilometers of strike and more than 1 kilometer of width. Across the three holes, the full reported intervals averaged 0.22% to 0.24% total nickel and 0.07% to 0.09% DTR nickel. Magnetic concentrate grades over the same intervals averaged 0.98% to 1.49% nickel, 1.81% to 2.09% chromium, and 0.05% to 0.07% cobalt. All three Alloy Max North drill holes averaged above the reported 0.06% DTR nickel cut-off grade at the Baptiste Awaruite Deposit in British Columbia. The Alloy Max Zone has the potential to host equal or greater tonnage relative to the RPM Zone, supporting the Company’s objective of developing Pipestone XL as a multi-pit nickel-cobalt mining district. The Company has raised approximately $13.4 million since September 2026 without warrants, with the most recent financing priced at $0.83 per share. Drilling continues alongside development of the exploration access road, which is advancing into approximately 16 kilometers of undrilled ground between the Super Gulp Zone and the Atlantic Lake Zone, with trenching and bedrock sampling being carried out along the route.

First Atlantic to Acquire 100% of the North Arm Project, 52 sq km of Mantle-Derived Ultramafic Rocks in Western Newfoundland Never Systematically Tested for Geologic Hydrogen, Chromium or Awaruite Nickel-Cobalt Alloy

(TSXV:FAN, OTCQB:FANCF, FSE:P210) First Atlantic Nickel & Cobalt Corp. announced it has entered into an asset purchase agreement dated October 30, 2026, with two arm's length vendors to acquire a 100% interest in three mineral licences comprising 209 mineral claims, covering approximately 52.25 square kilometers in Newfoundland and Labrador, known as the North Arm Ophiolite Property. The Property is located in the Bay of Islands Ophiolite Complex (BOIC) of western Newfoundland and is prospective for geologic hydrogen, awaruite nickel alloy (Ni₃Fe), copper, platinum group elements (PGEs), and chromium. The Property consists of three mineral licences totaling 209 claim cells (5,225 hectares) on the north shore of North Arm, Bay of Islands, and covers the North Arm Mountain massif. The Property is free of any royalties or options. Under the terms of the agreement, First Atlantic will issue 1,000,000 common shares at a deemed price of $0.55 per share to the vendors as payment. The company will also reimburse the vendors for $51,250 in refundable security deposits previously posted with the Government of Newfoundland and Labrador. Closing of the transaction is subject to TSX Venture Exchange acceptance and is expected to occur five business days after TSXV acceptance, and in any event by January 31, 2027. The payment shares will be subject to a statutory hold period of four months and one day from the date of issuance. No finder's fees are payable in connection with the transaction. The company also granted incentive stock options to purchase an aggregate of 950,000 common shares to directors and an investor relations consultant under its Omnibus Long-Term Incentive Plan, re-approved by shareholders on August 13, 2026. The options are exercisable at $0.55 per share for a term of five years. Options granted to the investor relations consultant vest in stages over twelve months, with no more than one-quarter vesting in any three-month period, in accordance with TSXV policies. The options and any shares issued on their exercise before March 1, 2027, are subject to a four-month hold period. First Atlantic'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'. Adrian Smith, P.Geo., a director and the Chief Executive Officer of the company, is the qualified person who reviewed and approved the technical information disclosed. The company is developing the Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project, which spans the entire 30-kilometre Pipestone Ophiolite Complex and contains awaruite with approximately 77% nickel, as well as secondary chromium mineralization. In 2026, initial metallurgical test work using the company's ONSHORE MAX™ process upgraded RPM Zone material into a high-grade alloy concentrate averaging 67.4% nickel, grading up to 71.9% nickel and 1.76% cobalt. First Atlantic is a member of the U.S. Defense Industrial Base Consortium and has signed a letter of intent with VEMA Hydrogen to jointly develop low-carbon Engineered Mineral Hydrogen (EMH) through a proposed 50/50 joint venture. The Pipestone XL project is located near existing infrastructure with year-round road access and proximity to hydroelectric power. The U.S. added nickel to its critical minerals list in 2022, recognizing its importance to economic and national security.

First Atlantic Nickel & Cobalt Drills First Discovery Hole at Alloy Max South Zone with Drill Hole XL-26-18: Best Near-Surface Visible Awaruite to Date at Alloy Max, Ending in Open Mineralization; XL-26-17 Extends Alloy Max North; Drilling Now Spans 2.4 km of Strike and 1 km of Width at Alloy Max

(TSXV:FAN) (OTCQB:FANCF) (FSE:P210) First Atlantic Nickel & Cobalt Corp. announced the discovery of the Alloy Max South Zone at its wholly owned Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project in central Newfoundland. Discovery hole XL-26-18, the first drilled in Alloy Max South, was collared approximately 2.4 kilometres southwest along strike from XL-26-17 in Alloy Max North and intersected abundant, large-grain, visibly disseminated awaruite within approximately 35 metres of surface, with grains measuring up to 348 microns at 32 metres downhole. XL-26-18 is considered by company geologists to contain the best near-surface visible awaruite observed in drill core to date at Alloy Max. The hole was drilled to the east at a dip of -60 degrees and ended in visible awaruite at approximately 40 metres, where the current drill lacked the power to advance through faulted ground, leaving the mineralization open at depth. XL-26-17, a significant step-out to the north and east and the furthest hole north along strike at Alloy Max North, intersected visibly disseminated awaruite with grain size increasing downhole to grains measuring up to 549 microns at 351 metres, the largest awaruite grain measured to date at Alloy Max. Drill holes at Alloy Max now span approximately 2.4 kilometres along strike, from XL-26-17 in the north to XL-26-18 in the south, and over 1 kilometre of width between XL-26-15 and XL-26-17, exceeding the more than 800 metres of width drilled to date at the RPM Zone. The Alloy Max target area measures approximately 4 kilometres of strike and up to approximately 1.5 kilometres in width, and drilling to date already covers a larger footprint than the drilled area of the RPM Zone. Follow-up hole XL-26-19 has been designed to test below and beyond the point where XL-26-18 ended, from a new collar location, with additional holes planned around XL-26-18. XL-26-18 is the second hole at Pipestone XL to end in mineralization in heavily broken, faulted rock that the current drill could not advance through, following AN-25-10 at the RPM Zone. AN-25-10 returned the best DTR nickel grade at the RPM Zone: 0.15% DTR Ni over 228 metres (8 to 236 metres). AN-25-11, collared approximately 250 metres east of AN-25-10, returned 0.13% DTR Ni over 402 metres and expanded the lateral width of the RPM Zone to over 800 metres. The exploration access road at Pipestone XL was significantly upgraded over the summer, improving access and allowing drilling to continue without further delays at the RPM and Alloy Max Zones. Approximately $13.4 million has been raised in no-warrant, non-brokered financings since September 2026, and the company intends to use the proceeds to increase drilling at multiple zones, drill deeper with a larger, more powerful drill, and continue extending the exploration access road farther north beyond Alloy Max. Pipestone XL is a district-scale project spanning the entire 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 project is located in an established infrastructure corridor with year-round road access, nearby high-voltage transmission, and clean hydroelectric power. The company is also evaluating secondary chromium mineralization as a potential co-product and low-carbon Engineered Mineral Hydrogen (EMH) in partnership with VEMA Hydrogen. The project’s location and characteristics align with U.S. and allied policy focus on critical mineral supply chains, including nickel’s addition to the U.S. critical minerals list in 2022, the January 2026 White House proclamation on processed critical minerals, the company’s acceptance into the U.S. Defense Industrial Base Consortium, and the June 2026 G7 Leaders’ Declaration naming nickel as a pilot critical mineral for allied investment and offtake. Newfoundland and Labrador ranked 7th globally on the Policy Perception Index in the Fraser Institute’s Annual Survey of Mining Companies published in February 2026, and has placed in the global top 10 for overall investment attractiveness in each of the three prior surveys.

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”.

First Atlantic Nickel & Cobalt Highlights G7 Leaders' Declaration on Critical Minerals: G7 Names Nickel One of Only Two Pilot Minerals for a New Allied Traceability Framework, Moves to Mobilize Equity Investment and Offtake, and Establishes a Critical Minerals Resilience and Production Alliance

(TSXV:FAN) (OTCQB:FANCF) First Atlantic Nickel & Cobalt Corp. commented on the G7 Leaders' Declaration on Securing Supply Chains for Critical Minerals, issued at the 2026 G7 Summit in Évian, France, on June 17, 2026. The declaration names lithium and nickel as the first two 'pilot' critical minerals for a new G7-wide traceability framework and commits G7 governments to mobilize equity investment, guarantees and offtake to close the investment gap before 2030. First Atlantic's wholly owned Pipestone XL Nickel-Cobalt Alloy Project is located in Newfoundland and is being advanced as an allied source of awaruite, a naturally occurring nickel-iron-cobalt alloy (Ni-Fe-Co). On May 21, 2026, electron microprobe analysis by SGS Canada Inc. confirmed that awaruite at the Pipestone XL Project's RPM Zone averages 77.62% nickel and 1.69% cobalt. On June 15, 2026, the Company announced a second large-scale awaruite discovery at the Alloy Max Zone, where discovery hole XL-26-15 intersected visible awaruite over its entire 414-metre length and ended in open mineralization. According to the U.S. Geological Survey's 2026 Mineral Commodity Summaries for nickel, Indonesia alone accounted for approximately two-thirds of global nickel mine production in 2025, producing 2.6 million of the world's 3.9 million tonnes. The company projects that awaruite's simple magnetic-separation and flotation processing can produce a high-grade concentrate at the mine site for direct downstream use in stainless steel, EV battery refining, specialty alloys and other applications.