Mr. Adrian Smith reports

FIRST ATLANTIC NICKEL IDENTIFIES 30KM AWARUITE NICKEL TREND FROM DATA COMPILATION AT ITS ATLANTIC NICKEL PROJECT IN CENTRAL NEWFOUNDLAND

First Atlantic Nickel Corp. has completed a large-scale data compilation for its 21,850-hectare Atlantic nickel project in central Newfoundland, Canada. This first-time extensive review, covering the entire Pipestone ophiolite ultramafic complex, identified over 700 regional exploration reports. Of these, 134 contained relevant project information, including data on prospecting, geological mapping, airborne geophysics, geochemistry and drilling.

The data compilation program outlined a 30-kilometre core trend with consistent, highly anomalous nickel concentrations, strongly correlating with the Pipestone complex's high-magnetic ultramafic rocks. These rocks have high potential for hosting awaruite (nickel-iron alloy) nickel deposits, positioning the project to become the first major awaruite nickel exploration and development project in Atlantic Canada.

Highlights:

• Between November, 2023, and March, 2024, First Atlantic acquired 21,850 hectares, securing the entire Pipestone ophiolite complex. This district-scale project encompasses ultramafic rocks with significant nickel potential.
• Over 700 historical reports were examined and 134 digitized, resulting in the addition of 4,581 samples, 23 drill holes and 115,859 assay results from the project area to the database.
• Awaruite (nickel-iron alloy) was identified in rocks, tills and drill core samples over a 30-kilometre trend.
• High nickel anomalies (up to 3,300 parts per million in rocks and 4,260 ppm in soils) persist over 30 km, correlating with ultramafic units and magnetic surveys. Twenty per cent of rock samples average higher than 2,000 ppm Ni.
• Four priority targets are identified for immediate follow-up, including Atlantic Lake, Gulp Pond, Pipestone and Chrome Pond.
• Strategically located in central Newfoundland, the Atlantic nickel project benefits from year-round road access, proximity to a hydroelectric dam, a temperate climate and flat terrain.

Adrian Smith, chief executive officer of First Atlantic, continued: "The Atlantic nickel project presents an exceptional opportunity. We've identified awaruite nickel mineralization over a 30-kilometre trend with consistently elevated nickel grades, demonstrating potential for a new multizone nickel district in an ideal development location. Our new geologic and exploration model, coupled with fully funded exploration and development programs, will accelerate our 2024 drilling program to define potential resources."

Atlantic nickel project

The Atlantic nickel project spans 21,850 hectares, encompassing the Pipestone complex. This west-facing ophiolite sequence features variable serpentinization and is situated in favourable, gently sloping terrain. The complex consists of ancient ultramafic rocks, dating back 494 million years, which have undergone internal shearing and faulting. This deformation increased rock permeability, facilitating widespread serpentinization and the formation of awaruite nickel. The process is observed across a vast area, potentially extending over 30 kilometres in strike length.

Awaruite at the Atlantic nickel project

Awaruite, a naturally occurring nickel-iron alloy, forms from the serpentinization of ultramafic rocks in low-sulphur environments. Compiled data verify the presence of low-sulphur rocks and awaruite, suggesting continuous awaruite nickel mineralization across the 30-kilometre nickel-rich system present at the Atlantic nickel project.

The sulphur-free composition of awaruite (Ni3Fe) eliminates the need for smelting, thereby reducing toxic chemical release and air pollution and enabling direct supply to end-users while minimizing dependence on foreign processing.

The Atlantic nickel connection

Mike Piller, First Atlantic project geologist, completed his 2012 honours thesis titled, "An Examination of Awaruite (Ni3Fe) Formation During Serpentinization of the Pipestone Pond Ophiolitic Complex in the Atlantic Lake Area, Central Newfoundland." This study, financed by Altius and Cliffs Natural Resources, provided him with an in-depth understanding of the area's geology and the potential of awaruite as an economic resource. Piller's expertise gives First Atlantic a competitive edge in evaluating the project's viability and targeting drill sites in the 2024 field programs to fully explore its potential.

"We have now created an extensive and thorough geological database for the Atlantic nickel project, which is host to encouraging awaruite nickel mineralization across a 30-kilometre-long stretch of ultramafic rocks with great potential," said Mr. Piller. "This information will be extremely useful in directing our 2024 field programs and identifying the most promising drill targets to fully explore the Atlantic nickel project's potential."

Disclosure

The company has not independently verified the historic samples reported in this release but has received data from the previous property owners and from the government of Newfoundland and Labrador's on-line database.

Adrian Smith, PGeo, is a qualified person as defined by National Instrument 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About First Atlantic Nickel Corp.

First Atlantic is a Canadian mineral exploration company that owns 100 per cent of the Atlantic nickel project, a large-scale significant nickel awaruite project in Newfoundland and Labrador, Canada. By eliminating the need for smelting, nickel in the form of awaruite reduces dependence on foreign entities of concern for both supply and processing, thereby strengthening supply chain security. In 2022, the U.S. government designated nickel as a critical mineral, highlighting its importance to the nation's economy and security.

The Atlantic nickel project is a special asset due to its unique combination of size, location, proximity to infrastructure and the presence of awaruite. By developing this domestic awaruite nickel project, First Atlantic aims to enhance supply chain security for the stainless steel and electric vehicle industries in the United States, Canada and Europe. The company's strategic location and focus on awaruite nickel position it to play a key role in meeting the growing demand for responsibly sourced nickel in these sectors.

The company is committed to responsible exploration, environmental stewardship and working closely with local communities to create sustainable economic opportunities. With its experienced team and the project's significant potential, the company is well positioned to contribute to the future of the nickel industry and the global transition to a cleaner, more secure energy future.

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