Mr. Richard Penn reports

FIRST ATLAS RESOURCES COMMENCES FIELD EXPLORATION PROGRAM ON CUMBERLAND BASIN HYDROGEN PROPERTIES FOLLOWING EXTENSION OF TECHNICAL ADVISORY AGREEMENT WITH QIMC

First Atlas Resources Corp. has extended its collaboration and technical advisory agreement with Quebec Innovative Materials Corp. (QIMC).

Under the extended agreement, QIMC exploration teams have commenced the 2026 field exploration program on First Atlas's natural hydrogen licences in Cumberland county, Nova Scotia. QIMC currently has three field teams active in the Advocate-Cumberland basin area conducting systematic soil-gas geochemical sampling -- including infill (densification) sampling over previously identified elevated hydrogen anomalies -- together with ground magnetic surveying. This existing operational footprint allows QIMC to extend its crews, equipment and its proprietary R2G2 (reactivated rift and graben geostructure) targeting methodology directly onto First Atlas's ground with no mobilization delay.

An emerging exploration model strengthened by drilling results

The extension follows QIMC's July 20, 2026, announcement of final results from DDH-26-04 at Bennett Hill in Nova Scotia, which included:

• A peak mud-gas reading of 24.3 per cent H2 at 707 metres -- the highest single hydrogen reading recorded across QIMC's four-hole 2026 Advocate area drilling program;
• Six readings at or above 10 per cent H2 and 46 readings at or above 1 per cent H2 across the 250-metre to 818-metre interval, with per-cent-level hydrogen sustained to within 39 metres of the end of hole;
• A consistently clean gas signature -- methane at approximately 0 per cent and CO2 at or below 0.2 per cent -- across all four 2026 drill holes at two drill centres located 15 kilometres apart along the Cobequid-Chedabucto fault zone, supporting QIMC's district-scale natural hydrogen model.

Critically for First Atlas, the Bennett Hill drill site was targeted from surface soil-gas hydrogen anomalies identified using the same soil sampling methodology QIMC's teams are now applying on First Atlas's licences. QIMC has interpreted the elevated hydrogen readings in DDH-26-04 -- from near-surface through to the end of hole -- as consistent with an efficient, active migration pathway connecting a deep-seated hydrogen source to the soil-gas anomalies mapped at surface. In the company's view, DDH-26-04 provides encouraging support for the interpretation that surface soil-gas anomalies may reflect active subsurface hydrogen migration pathways, increasing confidence in soil-gas geochemistry as an exploration targeting tool.

The IOCG (iron oxide, copper and gold) analogy: a structural road map for hydrogen

QIMC also reported that core from DDH-26-04 displays pervasive structural and hydrothermal brecciation, hematite-rich alteration and localized magnetite destruction texturally similar to alteration styles observed in IOCG mineral systems. IOCG systems require high structural permeability -- breccia zones, reactivated faults and penetrative fracture networks in granitoids -- conditions considered favourable for fluid migration, including natural hydrogen. These inherited, long-lived permeable corridors are interpreted as favourable migration pathways for natural hydrogen observed along the Cobequid fault zone today. First Atlas's licences sit along this same regional structural corridor and the company's ground magnetic surveys are designed in part to map these iron oxide alteration and structural signatures across First Atlas's ground.

A district-scale land position

First Atlas holds one of the largest natural hydrogen land positions in Nova Scotia's Cumberland county/Cumberland basin region, alongside its technical partner, QIMC, positioned along the regional Cobequid-Chedabucto fault zone -- the structural corridor that hosts all four of QIMC's 2026 hydrogen-bearing drill holes.

Richard Penn, president and chief executive officer of First Atlas, commented:

"The extension of our collaboration with QIMC allows First Atlas to immediately apply an exploration methodology that has generated significant hydrogen results elsewhere along the Cobequid-Chedabucto structural corridor. With active field crews already mobilized, we can rapidly advance systematic soil-gas sampling and magnetic surveys across our Cumberland basin licences. Our objective is to build a technically robust data set capable of supporting future drill target selection."

Program details

The initial phase of the First Atlas program will comprise:

1. Infill soil-gas geochemistry over priority elevated hydrogen anomalies on First Atlas's licences, tightening sample spacing to refine anomalies suitable for drill targeting;
2. Ground magnetic surveying to map fault splays, breccia corridors and iron oxide alteration signatures analogous to those documented in DDH-26-04;
3. Integration of all data sets into QIMC's R2G2 targeting framework, with the objective of defining ranked drill targets for a maiden First Atlas drill program.

The company expects field activities to continue throughout the summer exploration season. Results will be released as they are received, compiled and validated.

Cautionary note regarding QIMC results

The drill results, soil-gas results and geological interpretations referenced in this news release from QIMC's West Advocate, Eatonville Road and Bennett Hill projects, including DDH-26-04, are located on QIMC's properties and not on the company's licences. First Atlas has not independently verified the technical information disclosed by QIMC and is relying on such information as publicly reported. Hydrogen concentrations and geological conditions on adjacent or nearby properties are not necessarily indicative of conditions on the company's properties, and geological continuity to First Atlas's claims is not guaranteed. QIMC's reported mud-gas readings are preliminary in nature. The IOCG-style alteration analogy reported by QIMC is preliminary and based on textural observations, with laboratory assays pending.

About First Atlas Resources Corp.

First Atlas Resources is a Canadian exploration company advancing a portfolio of natural hydrogen and critical mineral assets, with a strategic focus on natural hydrogen opportunities in Eastern Canada. The company holds natural hydrogen exploration licences within the Cumberland basin region of Nova Scotia -- one of the largest land positions in the district -- and is advancing its Matane natural hydrogen project in Quebec, applying modern geological, geochemical and geophysical targeting methodologies, including QIMC's R2G2 framework, across the Cobequid-Chedabucto structural corridor.

About Quebec Innovative Materials Corp.

Quebec Innovative Materials is a North American exploration and development company advancing a portfolio of natural hydrogen and critical mineral projects. The company is advancing its district-scale hydrogen exploration model across Quebec, Ontario, Nova Scotia and Minnesota (United States), leveraging its proprietary R2G2 framework developed in collaboration with INRS.

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