First Atlantic Nickel & Cobalt Raises Total of $13.4 Million with Additional $3.49 Million No-Warrant, Non-Brokered Private Placement at $0.83 per Share, a Premium to Market, to Accelerate Exploration at Pipestone XL Nickel-Cobalt Alloy Project

First Atlantic Nickel & Cobalt Corp. (FAN) has closed a non-brokered private placement of 4,207,230 flow-through common shares at $0.83 per share. The transaction generated gross proceeds of $3,492,000.90, bringing the company’s total capital raised since September 2026 to approximately $13.4 million. No warrants were attached to the shares, and no finder's fees were paid.

The proceeds are designated for expanded exploration, infill drilling, and infrastructure development at the Pipestone XL Nickel-Cobalt Alloy Project. Qualifying expenditures will be incurred by December 31, 2027, with tax credit renunciation effective December 31, 2026. The shares carry a statutory hold period of four months and one day, expiring February 6, 2027. The issue price of $0.83 represents a ~22% premium to the previous day's closing price of $0.68.

First Atlantic Nickel & Cobalt Corp. (FAN) has completed a capital raise to fund its announced 5,000-meter drilling campaign and metallurgical work. The financing was priced at a premium to market, a move signaling investor confidence, although the absolute price remains well below the June 2026 highs.

The company has raised approximately $13.4 million in the last two months alone, indicating a strong capitalization effort but also highlighting a reliance on continuous equity raises to fund pre-revenue exploration. The news does not introduce new technical milestones or strategic partnerships; it is purely a funding mechanism for previously announced activities.

Dilution is a key consideration, with over 4.2 million new shares issued, increasing the total share count to approximately 120.6 million. The impact is incremental and expected, aligning with the company's historical pattern of funding exploration through flow-through and LIFE offerings.

First Atlantic Nickel & Cobalt Corp. (FAN) is focused on the Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland, Canada. The project targets awaruite (Ni3Fe), a naturally occurring magnetic nickel-iron-cobalt alloy that averages approximately 77% nickel and 1-2% cobalt. The company’s ONSHORE MAX™ process utilizes magnetic separation and flotation to produce a high-grade concentrate containing 60-70% nickel, without requiring smelting, roasting, or acid leaching.

Key zones within the project include the RPM Zone, which features a 1.2 km strike and 800 m width, and the newly discovered Alloy Max Zone, which spans a 4 km strike and 1.5 km width. The project aligns with U.S. critical mineral strategies, including membership in the Defense Industrial Base Consortium (DIBC) and eligibility for Section 45X tax credits. Additionally, the company holds the Ophiolite-X project for hydrogen and carbon capture potential, as well as a 20% carried interest in the Lucky Mike copper-silver-tungsten project.