Mr. Adrian Smith reports

FIRST ATLANTIC NICKEL RECEIVES 2024 EXPLORATION PERMITS AND SUBMITS DRILL PERMITS FOR SUMMER PROGRAM AT ATLANTIC NICKEL PROJECT

First Atlantic Nickel Corp. has received exploration permits for its 2024 program at its 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. The company has also submitted drill permits for its fully financed 5,000-meter summer 2024 drill program targeting priority areas along the project's 30-kilometer awaruite nickel trend.

Highlights:

• Quick exploration permit approval (within 3 weeks) showcases strong government and local support in Newfoundland.
• Drill target selection to be assisted by world-renowned nickel expert & awaruite specialist Dr. Ron Britten.
• Additional permits have been submitted for the fully funded 5,000-meter summer 2024 drilling program, which will target four high-priority areas: Atlantic Lake, Gulp Pond, Pipestone, and Chrome Pond.
• Atlantic Lake Drill Target: Historical drilling yielded 0.22% average nickel across the entire core length, ending in mineralization at 87.15 meters and remains open in all directions (NFLD/3284).
• Atlantic Nickel Project: Strategic 21,850-hectare position covers the entire 30-km awaruite nickel trend of the Pipestone Ophiolite Complex.

The Atlantic Nickel Project encompasses a district-scale 30-kilometer trend of awaruite nickel mineralization in central Newfoundland. Strategically located with road access and in close proximity to hydroelectric grid power, the project represents a significant opportunity for nickel discovery. Awaruite, a naturally occurring nickel-iron alloy, has been identified in rocks, tills, and drill core samples across the project area. The presence of awaruite is associated with the serpentinization process in ultramafic rocks, which can lead to significant widespread nickel mineralization. The company's 2024 exploration program aims to further prove, explore, and develop this extensive 30-kilometer trend.

Dr. Ron Britten, a world-renowned nickel expert, is advising the company on exploration and drill targeting for the 2024 exploration program of the Atlantic Nickel Project. Dr. Britten discovered and advanced the Decar Project in British Columbia, which is North America's first large-scale awaruite nickel project on the west coast, containing over 10 billion pounds of nickel[1]. The Decar Project attracted strategic partners such as Toyota, Outokumpu, Sumitomo Mining, and JOGMEC. Dr. Britten's expertise will be invaluable in advancing the Atlantic Nickel Project.

"With initial exploration permits in place, we are excited to begin our 2024 exploration program at the Atlantic Nickel Project and have submitted drilling permits for the fully funded summer 2024 drilling program," said Adrian Smith, CEO of First Atlantic. "The quick approval of our exploration permits demonstrates Newfoundland's commitment to supporting and enabling critical mineral exploration. The initial exploration will further define and lead into the planned 5,000-meter drill program focused on multiple high-priority targets along the 30-kilometer awaruite nickel trend."

The company has identified four priority areas for immediate follow-up: Atlantic Lake, Gulp Pond, Pipestone, and Chrome Pond (see Figure 1 and Table 1). These targets were determined based on a comprehensive review of historical data, including over 700 historical reports. This review resulted in the digitization of 134 reports and the addition of 4,581 samples, 23 drill holes, and 115,859 assay results to the project database.

Of particular interest is the Atlantic Lake target, where historical drilling returned 0.22% nickel over significant intervals, with drill holes ending in mineralization. The upcoming drill program will follow up on these promising results and test the extent of the awaruite mineralization.

Disclosure

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

Adrian Smith, P.Geo., 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. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company that owns 100% 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[2], the US 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 USA, 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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