Mr. Robert Guzman reports

FIRST ATLANTIC NICKEL COMMENTS ON RECENT PROMOTIONAL ACTIVITY PURSUANT TO OTC MARKETS' REQUEST

First Atlantic Nickel Corp. has been requested by the OTC Markets Group Inc. to issue this statement about promotional activity concerning its common shares traded on the OTCQB Venture Market (operated by the OTC Markets). On March 13, 2025, the OTC Markets informed the company that it became aware of certain promotional activities concerning the company and its shares traded on the OTCQB, including the distribution of newsletter e-mails published by MarketBeat Media LLC and The Tomorrow Investor discussing the company, the global nickel market and the company's recent discoveries at its Atlantic nickel project in Newfoundland, Canada, including the new discovery at the Super Gulp zone with initial drill hole intersecting 0.25 per cent nickel and 0.28 per cent chromium over 293.8 metres (announced Feb. 26, 2025), the report of a new discovery at the RPM zone intersecting 0.24 per cent nickel and 0.32 per cent chromium over 383.1 metres located 10 kilometres downstrike from the Super Gulp zone (announced March 4, 2025), and the release of initial Davis tube recovery metallurgical results showing magnetic concentrate of 1.37 per cent nickel and 1.73 per cent chromium over 383.1 metres (announced March 13, 2025).

On May 12, 2024, the company entered into an agreement with Think Ink Marketing Data and Email Services Inc. to provide certain public relations services in an effort to increase public awareness of the company and its shares. The company was therefore aware of Think Ink's promotional activities respecting the company since May 12, 2024. Certain promotional newsletters were approved and paid for by the company, through its engagement of Think Ink, including the newsletters dated March 13, 2025, and Feb. 28, 2025, issued by the Newsletter Email Writers.

With respect to other marketing service providers engaged by the company within the past 12 months, commencing on approximately April 1, 2024, the company launched a marketing and investor relations program to raise awareness about the company's potential to make a critical mineral discovery at its Atlantic nickel project in Newfoundland. The following is a list of the third party providers engaged by the company to provide investor relations services, marketing or other related services in the past 12 months: Think Ink Marketing Data and Email Services (May 12, 2024), TD Media LLC doing business as Life Water Media (April 16, 2024) and Xander Capital Partners Inc. (April 1, 2024).

The company was therefore aware of the service providers' activities respecting the company since they began marketing campaigns on the company's behalf. The service providers are third party marketing and advertising firms. The appointment of the service providers and the nature of the relationship between the company and the service providers, as well as the compensation to be paid to the service providers, were publicly disclosed in news releases on April 1, 2024, April 16, 2024, and May 12, 2024, all of which can be found under the company's profile on SEDAR+.

The company provided the service providers with publicly available sources of information for their marketing materials, and management reviewed and commented on the materials prepared by the service providers prior to dissemination to ensure factual accuracy. The company does not believe any of the statements in the marketing materials prepared by the service providers were materially false or misleading.

The company notes that investing in the company's shares involves certain risks and uncertainties which investors should review prior to making any investment decisions. The company encourages all investors to undertake proper due diligence and carefully consider all investment decisions. The company directs potential investors to rely solely on its filings and disclosures made with the Canadian Securities Administrators, available at SEDAR+.

After inquiry of management, other than as disclosed herein, no directors, control persons, officers or controlling shareholders have been involved with the creation, distribution or payment of promotional materials related to the company and its shares.

The company understands this promotional activity coincided with increased trading activity in its shares beginning on approximately March 13, 2025. The company does not believe the promotional activities were the primary factor in any increase in trading volume of its shares that occurred on the same date, as the company's initial DTR metallurgical test results at its Atlantic nickel project were released on the same date. The company believes that the favourable DTR results were the primary factor in the increased trading volume.

After inquiry of management, its officers and directors, the company is not aware of any purchases or sales of the company's shares by insiders within the past 90 days. Within the past 90 days, Xander has purchased 1.03 million shares and sold 80,000 shares.

Other than pursuant to financings and acquisition transactions in accordance with TSX Venture Exchange policies, which the company has publicly disclosed in news releases, including the company's most recent convertible debenture financing completed on Feb. 14, 2025 (see news release dated Feb. 18, 2025), the company has not issued shares, or convertible instruments allowing conversion to equity securities, at prices constituting, at the time of issuance of such shares or convertible instruments, a discount to the then current market price.

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, and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

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 on several German exchanges, including Frankfurt and Tradegate, under the symbol P21.

About First Atlantic Nickel Corp.

First Atlantic is a Canadian mineral exploration company developing the 100-per-cent-owned Atlantic nickel project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75 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 requirements, which stipulate that, beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by an FEOC (foreign entity of concern).

First Atlantic aims to be a key input of a secure and reliable 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 mineral 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.