First Atlantic Nickel & Cobalt Raises Total of $9.9 Million with Second September Financing; Strategic Investor Exercises Participation Right to Maintain 9.9% Ownership in $3.77 Million No-Warrant, Non-Brokered Private Placement

First Atlantic Nickel & Cobalt Corp. (FAN) closed a second non-brokered private placement in September 2026, raising $3.77 million in gross proceeds. The offering consisted of flow-through and charity flow-through shares issued at $0.75 and $0.785 per share, respectively, with no warrants attached. A strategic investor exercised participation rights under an existing agreement to maintain a 9.9% ownership stake, remaining below the 10% early warning threshold.

Cumulative capital raised in September 2026 totals approximately $9.925 million, following a $6.15 million placement on September 18. Proceeds are designated for follow-up and expansion drilling at the Alloy Max North and South Zones, definition drilling at the RPM Zone, metallurgical test work, and road/trail upgrades to enable year-round access. The financing includes a four-month-and-one-day statutory hold period expiring in late January 2027, with qualifying expenditures to be incurred by December 31, 2027.

First Atlantic Nickel & Cobalt Corp. (FAN) has completed a routine capital raise to fund ongoing exploration and metallurgical programs at its Pipestone XL project. The financing aligns with the company’s historical pattern of sequential flow-through financings, which support its announced 5,000-meter drilling campaign and broader project advancement.

The capital injection extends the company’s cash runway, reducing near-term dilution risk and enabling continued drilling at the RPM and Alloy Max zones. The absence of warrants and finders’ fees marks a cost-efficient raise that avoids additional equity overhang. Participation by a strategic investor signals continued insider and strategic confidence, though it does not represent a new strategic partnership or a game-changing capital injection. The news is expected and incremental, supporting the execution of previously announced exploration plans without altering the fundamental thesis.

First Atlantic Nickel & Cobalt Corp. (FAN) is a junior explorer focused on the Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland, Canada. The project hosts awaruite (Ni3Fe), a naturally occurring magnetic nickel-iron-cobalt alloy averaging approximately 77% nickel and 1-2% cobalt.

The company utilizes a smelter-free processing pathway that employs low-intensity magnetic separation and flotation to produce a high-grade concentrate of approximately 60-70% nickel. This method bypasses conventional pyrometallurgy, thereby reducing carbon intensity. Key zones within the project include the RPM Zone, which measures 1.2 km in strike and 800 m in width, and the newly discovered Alloy Max Zone, which spans 4 km in strike and 1.5 km in width.

In addition to Pipestone XL, the company holds the Ophiolite-X project, which has potential for hydrogen and carbon capture, as well as a 20% carried interest in the Lucky Mike copper-silver-tungsten project in British Columbia.