First Atlantic Nickel Hits Deep Awaruite Mineralization at Pipestone XL

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN, OTCQB: FANCF, FSE: P210) has announced promising results from its ongoing drilling at the Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland. Hole XL-26-16, the deepest drill hole to date at the project, intersected large-grain, visibly disseminated awaruite across its entire 525-meter length, ending in mineralization. This hole was completed approximately 445 meters south of the Alloy Max discovery hole XL-26-15 and showed higher visual awaruite abundance and more frequent coarser grains. Together, these two holes confirm approximately 445 meters of strike within the roughly 4-kilometer Alloy Max target, leaving the majority of the zone untested along strike and at depth.

The company also noted that observations from XL-26-16 indicated that awaruite abundance, consistency, and grain size increase as magnetite decreases, prompting a reinterpretation of regional magnetic surveys for potential expansion of the Alloy Max and RPM zones. Drilling is continuing at Alloy Max, the second large-scale awaruite zone identified at Pipestone XL, which spans the 30-kilometer Pipestone Ophiolite Complex. First Atlantic is developing its ONSHORE MAX™ process to concentrate awaruite without smelting, roasting, or high-pressure acid leaching, and is also evaluating secondary chromium mineralization and low-carbon Engineered Mineral Hydrogen in partnership with VEMA Hydrogen.

First Atlantic Nickel & Cobalt Corp. is a critical mineral exploration company focused on the Pipestone XL project, which contains awaruite, a naturally occurring magnetic nickel-iron-cobalt alloy with approximately 77% nickel and no sulphur. The sulphur-free composition eliminates acid mine drainage risk, and the magnetic properties allow for processing through magnetic separation and flotation, avoiding the environmental impacts of conventional smelting. In 2026, initial metallurgical test work using the ONSHORE MAX process upgraded RPM Zone material into a high-grade alloy concentrate averaging 67.4% nickel, demonstrating a smelter-free pathway. The company is a member of the U.S. Defense Industrial Base Consortium and is advancing a geologic hydrogen initiative at the project. With the U.S. adding nickel to its critical minerals list in 2022, First Atlantic's work is positioned to establish a secure North American source of nickel and cobalt for various industries. For more details, visit First Atlantic Nickel & Cobalt Corp. and the full press release at https://ibn.fm/kd4EI.