Mr. Rob Guzman reports

FIRST ATLANTIC CLOSES ACQUISITION OF THE ATLANTIS NICKEL PROJECT IN NEWFOUNDLAND

First Atlantic Nickel Corp. has received approval from the TSX Venture Exchange for the recently announced option agreement dated Sept. 16, 2024, with a group of arm's-length optionors to the company to acquire a 100-per-cent undivided legal and beneficial interest in 13 mining licences consisting of 547 mineral claims covering 13,675 hectares located in northern Newfoundland (the Atlantis project).

The Atlantis project covers a large ultramafic complex of potential mantle source, known as the St. Anthony complex and White Hills Peridotite. The White Hills Peridotite and its underlying metamorphic rocks represent the basal portion of a partly eroded ophiolitic complex. The project consists of two ultramafic masses characterized by serpentinized peridotites, suggesting the potential for another large-scale ultramafic nickel system. Minimal historic work has been completed on the property, with notable assays reported by Cooper in 1937, including 54.05 per cent chromium (Cr2O3) at Long Pond and 0.37 per cent nickel at Southwest Direction Mountain.

The Atlantis project benefits from excellent infrastructure, with Highway 430 and power lines running through the property claims. The project is located in northern Newfoundland near St. Anthony, with an airport approximately 15 kilometres away. First Atlantic plans to complete a detailed data compilation program and preliminary sampling and mapping to follow up on the highly elevated nickel samples.

The Atlantic nickel project -- junior exploration assistance (JEA) program

First Atlantic would like to thank the government of Newfoundland and Labrador for financial support through the junior exploration assistance (JEA) program for exploration activities at the Atlantic nickel property. The company anticipates providing further updates on its continuing programs at the Atlantic nickel project shortly.

Investor information

The company's common shares trade on the TSX Venture Exchange under the symbol FAN; on the American OTCQB exchange under the symbol FANCF; and on several German exchanges, including Frankfurt and Tradegate, under the symbol P21.

Closing of the Atlantis agreement

Pursuant to the option agreement, First Atlantic has paid the optionors cash consideration of $5,000 and issued four million common shares to the optionors to earn a 100-per-cent interest in the Atlantis project.

The Atlantis project is subject to a 2-per-cent net smelter return royalty. First Atlantic retains the right to buy back half the royalty (equal to 1 per cent of the net smelter return royalty) for $1-million at any time prior to the commencement of commercial production at the Atlantis project. The shares are subject to a statutory hold period that will expire on Jan. 31, 2025, in accordance with Canadian securities laws. No finders' fees were paid on this arm's-length option agreement.

Disclosure

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.

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.

About First Atlantic Nickel Corp.

First Atlantic Nickel is a Canadian mineral exploration company developing the 100-per-cent-owned Atlantic nickel project, a large-scale nickel deposit strategically located near existing infrastructure in Newfoundland, Canada. The project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 77 per cent nickel with no sulphur and no sulphides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical mineral supply chain by reducing foreign dependence on nickel smelting. This aligns with new U.S. electric vehicle U.S. IRA (Inflation Reduction Act) requirements, which stipulate that, beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (foreign entities of concern).

First Atlantic aims to be a key input of a secure and resilient North American critical mineral supply chain for the stainless steel and electric vehicle industries in the United States and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the U.S. IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the United States added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.

We seek Safe Harbor.