Mr. Adrian Smith reports

FIRST ATLANTIC NICKEL ANNOUNCES UPSIZE OF LIFE OFFERING

Following notice from a strategic investor of its anticipated participation pursuant to its top-up rights under an investor rights agreement and as a result of strong investor demand, First Atlantic Nickel Corp. has increased the size of its previously announced non-brokered private placement pursuant to Part 5A of National Instrument 45-106 (Prospectus Exemptions), as amended and supplemented by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption).

The private placement will consist of up to 21,666,667 common shares of the company issued at a price of 18 cents per share for aggregate gross proceeds of up to $3.9-million.

The anticipated participation of the strategic investor reflects continued confidence in the company's growth strategy and long-term prospects, and will enable the investor to maintain an ownership interest of up to 9.99 per cent.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 (Prospectus Exemptions), the shares will be offered for sale to purchasers resident in each of the provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). As the offering is being completed pursuant to the listed issuer financing exemption, the shares issued pursuant to the offering are expected not to be subject to a statutory hold period pursuant to applicable Canadian securities laws. The shares may also be offered in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

There is an amended and restated offering document dated Feb. 12, 2026, related to the LIFE offering and the use by the company of the listed issuer financing exemption that can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

The first tranche of the LIFE offering is expected to close on or about Feb. 18, 2026, and is subject to the company receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The company intends to use the gross proceeds from the offering to advance the company's projects (including Pipestone XL and Ophiolite-X), satisfy related option payment obligations, and maintain and manage mineral claims and properties, and for investor relations, general and administrative expenses, and unallocated working capital for the next 12 months, as is more fully described in the offering document (as herein defined).

The company also announces that it has closed the previously announced asset purchase agreements with arm's-length parties to acquire mineral claims within the Blow Me Down and Lewis Hills massifs in the Bay of Islands ophiolite complex in western Newfoundland. The company has branded this strategic land position as the Ophiolite-X project, reflecting its multicommodity potential, including geologic (natural and stimulated) hydrogen, carbon capture and storage, awaruite nickel-iron-cobalt alloy mineralization, and chromite, cobalt, copper and platinum group elements. Pursuant to the agreements, the company has acquired a 100-per-cent undivided interest in an aggregate of 18 mining licences comprising 500 mineral claims, and has issued an aggregate of 4.71 million common shares of the company as consideration. The mineral claims are subject to net smelter return royalties in favour of arm's-length royalty holders, including: (i) in respect of two licences comprising 26 mineral claims, a 2.5-per-cent NSR, of which the company may repurchase up to 1.5 per cent for $1-million at any time prior to commercial production, leaving a 1.0-per-cent NSR thereafter; and (ii) in respect of the remaining 16 licences comprising 474 mineral claims, a 2.0-per-cent NSR, of which the company may repurchase 1.0 per cent for $1-million at any time prior to commercial production, leaving a 1.0-per-cent NSR thereafter. All common shares issued in connection with the agreements are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and TSX-V policies.

Investor information

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

Disclosure

Adrian Smith, PGeo, a director and the chief executive officer of the company, 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 mineral exploration company focused on the discovery and development of awaruite, a rare, naturally occurring nickel-iron-cobalt alloy, at its 100-per-cent-owned Pipestone XL project in Newfoundland. The project spans the 30-kilometre Pipestone ophiolite complex, where multiple zones contain awaruite (nickel-cobalt) mineralization along with secondary chromium. Awaruite's magnetic properties enable processing through magnetic separation, potentially eliminating the need for conventional smelting or high-pressure acid leaching while reducing dependence on foreign-controlled processing infrastructure.

We seek Safe Harbor.