Mr. Robert Guzman reports

FIRST ATLANTIC NICKEL CLOSES SECOND AND FINAL TRANCHE OF LIFE OFFERING FOR TOTAL GROSS PROCEEDS OF $3.9 MILLION; STRATEGIC INVESTOR EXERCISES TOP-UP RIGHT TO MAINTAIN 9.9% OWNERSHIP

First Atlantic Nickel Corp. has closed the final tranche of its previously announced non-brokered, no-warrant private placement of 21,666,667 common shares in the capital of the company, as described in the company's press release dated Feb. 12, 2026. Following notice from a strategic investor of its anticipated participation pursuant to its top-up rights under an investor rights agreement, the strategic investor participated in the second and final tranche of the LIFE (listed issuer financing exemption) offering to maintain its ownership interest at up to 9.9 per cent of the company's issued and outstanding common shares (on a postclosing basis).

The second and final tranche of the LIFE offering consisted of the issuance of an aggregate of 4,630,058 common shares at a price of 18 cents per common share for gross proceeds of $833,410.44. No commissions or finders' fees were paid in connection with the LIFE offering.

The LIFE offering resulted in the issuance of a total of 21,666,667 common shares for gross proceeds to the company of $3.9-million.

In connection with the second-tranche closing, the company relied on the listed issuer financing exemption under Part 5A of National Instrument 45-106, Prospectus Exemptions, for the issuance of 4,630,058 common shares, which are freely tradable securities under applicable Canadian securities laws. 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, 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 more fully described in the amended and restated offering document dated Feb. 12, 2026.

The second tranche of the LIFE offering 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 LIFE offering to advance the company's projects (including Pipestone XL and Ophiolite-X), satisfy related option payment obligations, 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.

The company's common shares trade on the TSX-V under the symbol FAN, the U.S. 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 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 (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About First Atlantic Nickel Corp.

First Atlantic Nickel 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.