First Atlantic Nickel Doubles RPM Zone Strike Length to 800 Meters at Pipestone XL Nickel Alloy Project with 491 Meter Awaruite (Ni3Fe) Intercept in Phase 2X Drilling

Executive Summary

• Drill hole AN‑25‑08 on Line S3 intersected a 491 m interval of visibly disseminated awaruite (Ni₃Fe) mineralization, extending the RPM Zone strike length to 800 m north‑south – a 2× increase over Phase 1.
• The intercept contains the largest awaruite grains reported to date (up to ~2,000 µm) and distinctive chain formation into magnetite veining, indicating strong magnetic recovery potential.
• Davis Tube Recovery (DTR) testing across all RPM Zone holes shows average magnetic concentrate grades of 1.38 % Ni and 1.67 % Cr, yielding a weighted overall DTR nickel grade of 0.12 % with a mass pull of ~9 %.

Key Details

• Hole AN‑25‑08 (Line S3) – 491 m of serpentinized peridotite hosting disseminated awaruite; grain size up to ~2,000 µm (≈2× previous record).
• Strike Extension: RPM Zone now documented over 800 m of continuous north‑south strike; remains open in all directions.
• Phase 2X Program: Targeting >1 km of strike length; step‑out drilling confirms continuity across sections S1, S2, and S3 (≈400 m spacing).
• Metallurgical Results: DTR testing to date – average magnetic concentrate Ni 1.38 %, Cr 1.67 %; overall DTR nickel grade 0.12 % with ~9 % mass pull.
• Table of Prior Drill Intervals (selected):
• AN‑24‑02 (S1) – 383 m interval, 0.13 % Ni, 1.37 % magnetic concentrate Ni, 9.5 % mass pull.
• AN‑24‑03 (S1) – 216 m, 0.11 % Ni, 1.32 % conc. Ni, 9.12 % pull.
• AN‑24‑04 (S1) – 366 m, 0.14 % Ni, 1.46 % conc. Ni, 9.53 % pull.
• AN‑25‑06 (S2) – 447 m, 0.11 % Ni, 1.27 % conc. Ni, 9.02 % pull.
• Geological Model Update: New west‑dipping ultramafic system model; optimal drill orientation now east‑dipping (45‑65°) to test true thickness of mineralized horizons.
• Future Plans: Additional Phase 2X updates expected in coming weeks; continued DTR testing on new cores.

Notable Quotes

“The discovery of exceptionally large awaruite grains and the robust magnetic properties observed in hole AN‑25‑08 underscore the high‑grade, low‑environmental‑impact potential of our Pipestone XL project.” – Adrian Smith, P.Geo., President & CEO (qualified person).