First Atlantic Nickel & Cobalt Raises $6.157 Million for Pipestone XL Project

Newfoundland and Labrador, Sept. 18, 2026 (GLOBE NEWSWIRE), First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) has successfully raised $6,157,500 through a non-brokered private placement, issuing 8,210,000 flow-through common shares at $0.75 per share. The funds will be directed towards advancing the Pipestone XL Nickel-Cobalt Alloy Project, a district-scale initiative spanning 30 kilometers in central Newfoundland.

The Pipestone XL project is home to multiple zones of awaruite (Ni₃Fe) mineralization, including the RPM Zone, which has outlined magnetically recoverable awaruite over more than 1.2 kilometers of strike and 800 meters of width. Drilling is ongoing at the Alloy Max Zone, which covers approximately 4 kilometers of strike and up to 1.5 kilometers in width, making it larger than the RPM Zone.

First Atlantic plans to use the raised funds to continue exploration and development at the Alloy Max South and Alloy Max North Zones, as well as the RPM Zone. The company will also conduct drilling at other targets that were previously accessible only by helicopter. Additionally, the funds will support metallurgical recovery and processing test work at the Alloy Max and RPM Zones, and exploration of additional awaruite targets along the 30-kilometer trend.

To facilitate the planned exploration program, the company will upgrade project access trails, aiming to enable year-round drilling through seasonal weather and provide new ground access to targets currently not accessible by ground. These expenditures are expected to qualify as Qualifying Expenditures under the Income Tax Act (Canada).

First Atlantic Nickel & Cobalt Corp. is positioned to become a secure and reliable North American source of nickel and cobalt for the stainless steel, electric vehicle, aerospace, and defense industries. The project is located in an established infrastructure corridor with year-round road access, nearby high-voltage transmission, and clean hydroelectric power from the Bay d’Espoir generating station. It is also approximately 200 kilometers from Gander International Airport and Vale’s Long Harbour nickel processing plant.

Awaruite at Pipestone XL is a naturally occurring, magnetic nickel-iron-cobalt alloy containing approximately 77% nickel. Initial metallurgical test work using the company’s ONSHORE MAX™ process has upgraded rock samples from the RPM Zone into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt. This concentrate can move directly to downstream battery chemical refining or the manufacture of specialty alloys and stainless steel, addressing the midstream bottleneck in North America’s nickel supply chain.

First Atlantic Nickel & Cobalt Corp. is a critical mineral exploration company developing the Pipestone XL Nickel-Cobalt Alloy Project, which spans the entire 30-kilometer Pipestone Ophiolite Complex. The project’s strategic importance is underscored by its location in Newfoundland and Labrador, a jurisdiction consistently recognized as one of the world’s leading mining jurisdictions.