Mr. Adrian Smith reports

FIRST ATLANTIC NICKEL RECEIVES DRILLING PERMITS OVER MULTIPLE AWARUITE NICKEL ZONES ALONG 30 KM DISTRICT TREND

First Atlantic Nickel Corp. has received drilling permits, which complement the company's existing exploration permits, for its fully financed 2024 work and drilling program at the 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. The company has initiated the mobilization of heavy equipment to upgrade existing road infrastructure, which will enable a larger portion of the budget to be directed toward drilling high-priority zones and maximizing the overall drilling footage. The 2024 exploration program currently under way is set to identify and test the most promising awaruite nickel zones along the established 30-kilometre nickel trend.

Highlights:

• Drill permits granted for 26 sites covering multiple awaruite nickel zones within a 30-kilometre trend;
• 5,000-metre multizone drill program planned to begin this summer;
• Road upgrades will improve access, reduce project costs and maximize drilling on key target areas;
• World nickel expert and awaruite specialist Dr. Ron Britten to aid exploration and development;
• 21,850-hectare land position covers the entire 30-kilometre trend of the Pipestone ophiolite complex with unique awaruite nickel;
• Awaruite's (nickel-iron alloy) unique properties enable simpler, environmentally safe processing without smelting, requiring less energy and chemicals while producing high-grade nickel concentrates within North America.

"With drilling permits in place and the exploration capital secured, we can focus on our objective to prove the potential for a district-scale awaruite nickel project," said Adrian Smith, chief executive officer of First Atlantic. "Awaruite is a unique, naturally occurring nickel-iron alloy that offers significant advantages over traditional nickel sources. Its sulphur-free composition allows for processing without smelting, reducing our reliance on foreign countries that control smelting operations. By utilizing simple magnetic separation and flotation technologies, we can produce a high-grade nickel concentrate right here in North America, using fewer chemicals and less energy than conventional methods. This approach not only makes awaruite processing more environmentally friendly but also positions us to supply critical minerals to North American EV [electric vehicle] and stainless steel sectors, strengthening our domestic supply chains. At First Atlantic, we're excited about the potential of awaruite to revolutionize nickel production, offering a cleaner, more sustainable path forward for the industry."

The 2024 exploration program will prioritize multiple zones within the 30-kilometre nickel-bearing trend that exhibit the strongest awaruite nickel occurrences. The primary target areas encompass Atlantic Lake, Gulp Pond (including Big Gulp), Pipestone and Chrome Pond. Strategically located in central Newfoundland, the Atlantic nickel project benefits from road access and nearby hydroelectric power, presenting the potential for a significant large-scale nickel discovery within this district-scale project. Throughout the project area, awaruite, a highly magnetic nickel-iron alloy, has been consistently identified in rocks, tills and drill core samples.

Dr. 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. The Decar project attracted strategic partners such as Toyota, Outokumpu, Sumitomo Mining and JOGMEC (Japan Oil, Gas and Metals National Corp.). Dr. Britten's expertise will be invaluable in advancing the Atlantic nickel project.

First Atlantic Nickel completed significant milestones to date in 2024:

• Secured 30-kilometre ultramafic nickel trend within Pipestone ophiolite belt through multiple property agreements;
• Compiled extensive historic data, including 4,581 samples, 23 drill holes, 115,859 assay results, confirming 30-kilometre nickel belt centered on project;
• Commenced fieldwork, mapping and sampling to expand and validate historic data;
• Raised $2,084,999.91 at 21-cent issuance price per share, with strategic investor acquiring 9.98-per-cent stake, fully financing planned work;
• Appointed world-renowned nickel expert and awaruite specialist Dr. Britten to advisory board for exploration and development guidance.

The company is now set to fast-track intensive exploration and development with permits in hand. The company looks forward to providing additional updates as 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.

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 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 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.