Mr. Adrian Smith reports

FIRST ATLANTIC NICKEL CONFIRMS 30 KM TREND AT ATLANTIC NICKEL PROJECT AND BEGINS 2024 EXPLORATION PROGRAM FOLLOWING CLOSING OF ~$2.1M STRATEGIC LEAD FINANCING

First Atlantic Nickel Corp.'s initial sampling has confirmed the presence of a significant 30-kilometre nickel trend at its 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. Strategically located near the Atlantic Ocean, the project offers ideal access to maritime shipping routes, positioning it to supply nickel input for the steel and electric vehicle supply chains in both the United States and Canada. The project's proximity to critical infrastructure, including road access and clean hydroelectric grid power, and favourable terrain and climate make it an optimal location for mining exploration and development. First Atlantic is prioritizing the identification of the strongest mineralized zones of awaruite, a naturally occurring nickel-iron alloy, with four initial and promising areas targeted for follow-up work this summer. A large corporate strategic investor has led an approximately $2.1-million investment in the company, which will expedite exploration efforts, including mapping, geophysical surveys and sampling in advance of a planned and fully financed 5,000-metre drilling program, set to commence immediately.

Highlights:

• Initial sampling confirms significant nickel mineralization along a 30-kilometre trend, suggesting the potential for a large nickel district centred on the Atlantic nickel project;
• Awaruite (nickel-iron alloy) has been visually identified in multiple zones disseminated within widespread serpentinization of ultramafic rocks;
• New Big Gulp nickel occurrence identified in Gulp Pond area with visually identified awaruite;
• Presence of high nickel content and low sulphur values; this is optimal for awaruite nickel formation;
• Initial assays returning up to 2,800 parts per million nickel from outcrops sampled over an 18-kilometre strike length within a larger trend verify the historic results, which outline a 30-kilometre district-scale nickel trend;
• Results guide the 2024 exploration and are part of the drill targeting strategy, advised by world-renowned nickel expert Dr. Ron Britten;
• Ideal location -- road access, nearby hydroelectric power, and favourable terrain and climate for year-round exploration.

First Atlantic has identified four priority areas -- Atlantic Lake, Gulp Pond, Pipestone and Chrome Pond -- for immediate follow-up based on the recently announced compilation and initial sampling program. The company's 2024 exploration program is set to commence immediately, focusing on these targets to further define the extent and grade of awaruite nickel mineralization along the 30-kilometre trend. The additional data will offer a deeper understanding of the nickel mineralization and assist in accurately targeting the drill program.

Exploration is focused on alteration (serpentinization), a process responsible for forming the silvery-white nickel-iron alloy awaruite, a magnetically recoverable nickel mineral. Field observations identified widespread serpentinization concentrated in large regional zones.

"The initial sampling at our district-scale Atlantic nickel project, which covers a 30-kilometre trend with discovery potential for multiple deposits, has exceeded our expectations, revealing extensive nickel mineralization throughout this large area. These results not only validate historical data but also provide new insights for targeting our fully funded 2024 exploration program. With Dr. Ron Britten's expertise guiding our efforts, we are well positioned to unlock the full potential of this important nickel district in Atlantic Canada. Our vision is to leverage the district-scale nature of this project through a swift, systematic exploration approach, similar to Canada Nickel and FPX Nickel, potentially accelerating our path towards defining a significant resource through drilling," commented Adrian Smith, chief executive officer of First Atlantic.

The initial samples summarized in the attached table reveal consistently high nickel values that align with historic results from the sampled areas, confirming the data obtained through the company's compilation program. The rock samples' high nickel and low sulphur content confirm the Atlantic nickel project as an optimal environment for awaruite nickel formation. This unique characteristic presents the potential for producing high-grade nickel concentrates without sulphur, eliminating the need for downstream smelting processes. This has the potential to reduce dependence on foreign countries that currently control a significant portion of global nickel smelting capacity and could mitigate the risk of acid mine drainage. Such a development could contribute to more secure and localized nickel supply chains while positioning the project as environmentally favourable compared with traditional sulphide deposits.

Dr. Britten, technical adviser to First Atlantic, commented: "Local evidence of multiple structural and serpentinization events, along with at least two phases of awaruite nickel formation, are encouraging signs for the advancement of the Atlantic nickel project. The extensive Pipestone ultramafic belt measuring up to two kilometres wide and approximately 30 kilometres long will require additional systematic mapping and rock sampling to test the full potential. Samples will be analyzed for magnetically recovered nickel to prioritize drill targets with the best potential to host awaruite mineralization planned to be tested this year."

Exploration model

Awaruite nickel mineralization and serpentinization at the Atlantic nickel project appear to be related to large-scale faulting from the eastward thrusting of the Pipestone ophiolite complex onto land during the closure of an ancient ocean basin. This tectonic process increased permeability and, as a result, may be a controlling factor for serpentinization of the ultramafic rocks, where the primary minerals are altered to form awaruite, along with serpentine minerals, including brucite. Scientific research outlines this process as a specific chemical reaction that occurs during serpentinization of low-sulphur ultramafic rocks, forming magnetite and awaruite nickel, a silvery-white highly magnetic and ductile nickel-iron alloy. The extensive 30-kilometre trend of these ultramafics and large-scale fault structures result in widespread areas of serpentinization and awaruite formation; exploration is planned to focus on the best areas with the most abundant concentrations of disseminated awaruite formation.

The geological model is comparable with the Baptiste deposit in British Columbia, Canada, in size and intensity of magnetic signature, rock types, alteration and awaruite mineralization. The Baptiste deposit contains over 10 billion pounds of nickel and has attracted strategic partners, including Toyota, Outokumpu, Sumitomo Mining and JOGMEC (Japan Oil, Gas and Metals National Corp.). The initial resource at Baptiste was completed with just 12,565 metres of drilling, demonstrating the rapid advancement potential of this deposit type.

The company is eager to start its 2024 exploration program and will provide updates as the work progresses.

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 an on-line database of the government of Newfoundland and Labrador.

Samples were catalogued and shipped to Activation Laboratories Ltd. in Fredericton, N.B., an ISO 17025 accredited laboratory. All samples underwent Davis tube testing to separate a magnetic fraction containing awaruite and all samples were crushed, with the whole-rock pulp analyzed by ICP-OES and the magnetic fraction by XRF (X-ray fluorescence) for major oxide and selected trace element chemistry.

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 (PEGNL) 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 Nickel 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 20222, 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 and 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.

We seek Safe Harbor.