RETRANSMISSION: First Atlantic Nickel Renames Atlantic Nickel Project To Pipestone XL To Reflect 100% Ownership Of 30 Km Pipestone Ophiolite Complex And Provides Updates On RPM Phase 2X Program

(MENAFN- Newsfile Corp) Grand Falls-Windsor, Newfoundland and Labrador--(Newsfile Corp. - September 24, 2025) - First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce that it has renamed its flagship Atlantic Nickel Project to Pipestone XL, reflecting the Company's 100% ownership of the entire 30-kilometer Pipestone Ophiolite Ultramafic Complex. The new name emphasizes the district-scale potential of the project, which hosts multiple zones of awaruite (Ni3Fe) nickel alloy mineralization, including the high-priority RPM Zone, the Super Gulp Zone, the historical Atlantic Lake Zone, and additional discoveries of visible awaruite mineralization discovered during the Company's 2025 regional exploration program throughout the complex. The RPM Phase 2 drilling program will now be referred to as Phase 2X, underscoring the Company's objective to double ("2X") both the strike length and expand the width of awaruite mineralization established during the Phase 1 drill program at the RPM Zone. The Pipestone XL name also highlights the project's clean energy potential, including ongoing geologic hydrogen research in partnership with Colorado School of Mines announced March 19, 2025 .

Following a series of acquisitions in the first half of 2024 that consolidated the entire 30-kilometer Pipestone Ophiolite Complex, First Atlantic has advanced the geological understanding of this serpentinized ultramafic complex through systematic exploration. The Company's technical team, led by Senior Project Geologist Michael Piller, author of the 2011 Memorial University thesis "An Examination of Awaruite (Ni3Fe) Formation During Serpentinization of the Pipestone Pond Ophiolitic Complex in the Atlantic Lake Area, Central Newfoundland" researched in conjunction with Cliffs Natural Resources Inc. (now Cleveland-Cliffs - a large US steel producer) and Altius Resources Inc., recognized that historical exploration focused primarily on the northern Atlantic Lake area, while the southern regions remained underexplored. This district-scale approach led to the discovery of the RPM and Super Gulp zones during surface exploration in late summer 2024, followed by the first drill testing that fall.

Pipestone XL represents a continuous, 30 km belt of heavily faulted, serpentinized ultramafic rocks enriched in nickel and chromium and characterized by a strong magnetic anomaly. Importantly, awaruite mineralization occurs at surface, offering a significant advantage for mineral exploration and potential development. The Company's Phase 1 drilling program delineated a 400m x 500m area of disseminated awaruite mineralization at the RPM Zone, returning the highest awaruite nickel grades drilled to date at Pipestone XL. Mineralization observed at the RPM zone to date extends from surface to 495 meters downhole and remains open at depth. Davis Tube Recovery (DTR) metallurgical testing confirmed magnetic concentrate grades averaging 1.38% nickel and 1.67% chromium, yielding an average DTR nickel grade of 0.12% with a mass pull of 9.08%. The Phase 2X program is now underway, embodying the Company's mission to double (2X) the strike length and width of the RPM Zone, while incorporating new geological insights from district-scale exploration across all three mineralized zones. In parallel, investigations into Pipestone XL's geologic hydrogen potential continue through the Company's research collaboration with the Colorado School of Mines.

HIGHLIGHTS

• Pipestone XL: Reflects First Atlantic's 100% ownership of a 30 km continuous belt of ultramafic rocks enriched in awaruite nickel and chromium, characterized by a distinct magnetic signature anomaly.

• Multiple Target Zones: Three drill-confirmed zones (RPM, Super Gulp, and Atlantic Lake) across the 30-kilometer belt, plus numerous additional surface occurrences of visible awaruite mineralization.

• RPM Phase 2X Program: Focused on doubling (2X) both the strike length and expanding the width of mineralization beyond the Phase 1 discovery area of 400 m x 500 m.

• Top Mining Jurisdiction: Newfoundland ranks among the world's top 10 mining jurisdictions, offering streamlined permitting, a skilled workforce, and pro-mining government policies.

• Strategic Infrastructure: Road access, proximity to clean hydroelectric power, and established mining infrastructure support efficient project development.

• Simplified Processing: Awaruite's magnetic properties allow concentration without smelting, enhancing alignment with North American critical mineral supply chain independence.

For further information, questions, or inquiries, call Rob Guzman - Investor Relations at First Atlantic Nickel by phone at + 1 844 592 6337 or via email at ... .

Figure 1: Pipestone XL Project Map showing the principal mineralized zones: RPM Zone, Chrome Pond, Super Gulp and Atlantic Lake.

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PIPESTONE XL PROJECT OVERVIEW AND HISTORY

The Pipestone XL project comprises the entire 30-kilometer Pipestone Ophiolite Ultramafic Complex, a continuous belt of serpentinized ultramafic rocks enriched in nickel and chromium and characterized by a distinct magnetic anomaly. First Atlantic secured 100% ownership of the complex through multiple acquisitions in 2024, followed by systematic exploration that revealed numerous surface outcrops of visible awaruite mineralization. From this work, the RPM and Super Gulp Zones emerged as priority drill targets. The ophiolite's harzburgite and dunite composition, combined with extensive faulting and serpentinization, creates optimal conditions for awaruite nickel mineralization.

Historical drilling in 1978 at the Atlantic Lake zone in the northern portion of the ophiolite complex, intersected 0.22% nickel over 87.15 meters (DDH78-AL-1, NFLD/3284). The hole ended in mineralization without testing deeper, highlighting untested potential at depth. Previous exploration efforts largely concentrated on this northern area, while the southern extent of the complex remained underexplored until First Atlantic's systematic approach led to the discovery of the RPM Zone, located 26 kilometers south of Atlantic Lake and 10 kilometers south of Super Gulp.

Phase 1 drilling at RPM successfully intersected disseminated awaruite mineralization in all holes from surface to depth. DTR testing confirmed magnetically recoverable nickel grades averaging 0.12% DTR across all drilled intervals, with magnetic concentrate grades of 1.38% nickel. These results demonstrate consistent awaruite nickel mineralization across the entire 400 m x 500 m Phase 1 footprint, which remains open in all directions and underscores the potential for large-scale bulk tonnage mineralization. Building on this success, the Phase 2X program's goal is to double the strike length and expand the width of the mineralized zone.

RPM PHASE 2X DRILL PROGRAM

The Phase 2X program aims to double the size of the RPM Zone from its current 400-meter by 500-meter area, where Phase 1 drilling confirmed widespread magnetically recoverable awaruite nickel averaging 0.12% DTR across all drilled intervals.

Based on improved geological understanding showing that the mineralization dips to the west, the Company will aim to drill with an optimal primary orientation from east to west. This approach will better intersect the mineralized zones at the proper angle and provide more accurate measurements of their true thickness. This represents a strategic adjustment from the initial westward drilling direction used at the Super Gulp zone.

The drilling program will systematically expand outward from the known mineralized area using step-out holes, targeting large volumes of disseminated awaruite suitable for bulk mining. The Company has identified that nickel grades vary by rock type: narrower dunite layers within the peridotite typically contain less 0.08% DTR nickel, while the broader peridotite (harzburgite) units contain higher grades of 0.10-0.17% DTR nickel and can extend for over 500 meters in drilled width. This knowledge of how grades are distributed across different rock types will help optimize drill targeting as the Company pursues its goal of doubling the size of the RPM Zone.

Figure 2: Drill Core from RPM Phase 2X Program preparing for shipment to analytical lab for assay and davis tube metallurgical testing.

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Table 1: Summary of Magnetically Recovered Nickel Results from 2024 and 2025 Diamond Drill Holes - RPM Zone Drilling at the Pipestone XL (formerly Atlantic Nickel project).

Drill Hole	Zone	Section	From meters	To meters	Interval meters	Magnetically Recovered (DTR) Nickel %	Magnetic Concentrate Nickel Grade (Ni %)	Mass Pull (%)	Comment
AN 24 - 02	RPM	S1	11.0	394.1	383.1	0.13	1.37	9.50	NR - March 12, 2025
AN 24 - 03	RPM	S1	18.0	234.0	216.0	0.11	1.32	9.12	NR - April 15, 2025
AN 24 - 04	RPM	S1	12.0	378.0	366.0	0.14	1.46	9.53	NR- June 24, 2025
AN 24 - 05	RPM	S2	6.0	357.0	351.0	0.12	1.47	8.21	NR - July 9, 2025
AN 25 - 06	RPM	S2	5.65	453	447.35	0.11	1.27	9.02	NR - August 12, 2025
AN 25 - 07	RPM	S2			495.0	pending	pending		samples submitted
AN 25 - 08	RPM	S3			491.0	pending	pending		samples submitted
AN 25 - 09	RPM	S3			480.0	pending	pending		samples submitted
AN 25 - 10	RPM	S1							samples submitted

Figure 3 : RPM Zone Phase 2X drilling map at Pipestone XL.

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CEO STATEMENT

Adrian Smith, CEO of First Atlantic, commented: "The Pipestone XL name reflects our 100% ownership of the 30-kilometer ophiolite belt of ultramafic rocks and the multi-zone potential of this district-scale discovery. At RPM, we have already demonstrated consistent DTR nickel mineralization across a 400m x 500m area, now being expanded through Phase 2X drilling. Combined with recent Super Gulp discovery and numerous untested targets along trend, we are beginning to demonstrate the true scale of the Pipestone Ophiolite Complex. The recent announcement by FPX Nickel and JOGMEC (Japan Organization for Metals and Energy Security) designating the Advocate property in Newfoundland as their first designated project - selected from more than 50 targets across 10 jurisdictions worldwide - further validates the exceptional potential of ophiolite-hosted awaruite deposits in our province. As nickel demand grows to support batteries, stainless steel and future technologies, Pipestone XL is well positioned to become a crucial North American source of this essential metal. Our awaruite's unique magnetic properties enable direct concentration without traditional smelting, offering a cleaner, more sustainable pathway to supply the industries and infrastructure that power our modern economy."

NEWFOUNDLAND MINING ADVANTAGE

Newfoundland and Labrador consistently ranks in the world's top 10 mining jurisdictions, according to the Fraser Institute's 2024 Annual Survey of Mining Companies. The province combines world-class geology with supportive government policies and well-established infrastructure. As the survey notes: "Two Canadian provinces, Saskatchewan and Newfoundland & Labrador, appear in the list of top ten most attractive jurisdictions for mining investment."¹ Newfoundland and Labrador also offers one of the most efficient regulatory environments in Canada. The province's streamlined permitting process has enabled First Atlantic to advance from acquisition to drilling in under 12 months, with exploration permits often granted in as little as three weeks.

Figure 4 : Ranking of attractive mining destinations in North America, from the Fraser Institute's 2024 Annual Survey of Mining Companies².

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The recent successful construction and commissioning of Equinox Gold's Valentine Lake Mine demonstrate Newfoundland's ability to support major mining projects from exploration through to production. On September 15, 2025, Equinox Gold Corp. announced its first gold pour at Valentine Lake, noting: "Once fully operational, Valentine will be Equinox Gold's second-largest mine, the largest gold mine in Atlantic Canada."³ Located in central Newfoundland, Valentine Lake validates the region's infrastructure and skilled workforce, both critical for advancing large-scale mining operations.

In addition, FPX Nickel's partnership with JOGMEC to acquire the Advocate awaruite project in Newfoundland, announced on September 23, 2025^[4], highlights growing international recognition of the province's potential for this rare nickel mineral. FPX has been a pioneer in awaruite exploration through their Decar project in British Columbia, and its entry into Newfoundland further validates the prospectivity of the region's ultramafic rock belts.

AWARUITE - RARE & PURE NATURAL NICKEL-IRON-COBALT ALLOY MINERAL

The sulfur-free nature of awaruite (Ni3Fe), a naturally occurring nickel-iron-cobalt alloy already in metallic form, eliminates the need for secondary processes such as smelting, roasting or acid leaching that are typical of sulfide or laterite nickel ores. Unlike sulfides, which are not natural alloys, awaruite avoids the challenge of sourcing smelter capacity - a bottleneck in North America's nickel supply chain. With an average nickel grade of approximately 76%, awaruite significantly exceeds the ~25%⁵ nickel grade characteristic of pentlandite. Awaruite's strong magnetic properties enable concentration through magnetic separation, as demonstrated by Davis Tube Recovery (DTR) testing at First Atlantic's RPM Zone drill core.

Awaruite eliminates the electricity requirements, emissions, and environmental impacts associated with conventional smelting, roasting or acid leaching processes of common nickel minerals. Moreover, awaruite's sulfur-free composition removes the risks of acid mine drainage (AMD) and related permitting challenges commonly posed by sulfide minerals.⁶ As noted by the United States Geological Survey (USGS) in 2012: "The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the principal sulfide of nickel."

Figure 5 : Quote from USGS on Awaruite Deposits in Canada.

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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 ".

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