First Atlantic Nickel Increases RPM Zone Strike Length 50% to Over 1.2 km and Width to Over 800 m from Phase 2x Drilling at Pipestone XL Magnetic Nickel-Cobalt Alloy Project

The January 27, 2026, news release reports final assays and metallurgical results from the Phase 2X drilling program (holes AN-25-11 to AN-25-14) at the RPM Zone within the Pipestone XL Project. All 14 holes in the program returned positive magnetically recoverable awaruite (nickel-iron-cobalt alloy) results, confirming a 100% discovery rate. The program successfully expanded the strike length of the RPM Zone by 50% to over 1.2 kilometers and the lateral width to over 800 meters, with mineralization remaining open in multiple directions. Key drill hole AN-25-11, a 400-meter northern step-out, averaged 0.13% Davis Tube Recovery (DTR) nickel over 402 meters. The company also closed a CAD 2.6 million flow-through private placement to accelerate the Winter 2026 drill program.

The news is materially positive as it confirms and significantly expands the scale of the RPM Zone discovery, meeting and exceeding previous expansion targets. Historically, the company has consistently delivered on its goal to grow the zone, from an initial 400m x 500m area to now >1.2km x >800m. The 100% drill success rate and open-ended nature of the mineralization de-risk the geological model and underscore the district-scale potential of the 30-kilometer Pipestone Ophiolite trend. The concurrent financing, while dilutive at approximately a 10% increase in shares outstanding, provides immediate capital to maintain aggressive drilling momentum. However, the fundamental value proposition remains tied to proving that low-grade awaruite (DTR Ni grades of 0.05%-0.15%) can be economically concentrated and processed via simple magnetic separation—a thesis that remains unproven at a commercial scale.

• Company: First Atlantic Nickel Corp. is a Canadian exploration company focused on discovering and developing awaruite nickel deposits in Newfoundland and Labrador.
• Flagship Project: The 100%-owned Pipestone XL Nickel-Cobalt Alloy Project (formerly Atlantic Nickel) spans a 30-kilometer trend of the Pipestone Ophiolite Complex. The project hosts awaruite (Ni3Fe), a natural, sulfur-free, magnetic nickel-iron-cobalt alloy.
• Key Discovery Zone: The RPM Zone is the primary focus, with a drill-defined footprint exceeding 1.2 km strike and 0.8 km width. Mineralization begins at surface and is open in all directions.
• Stage: Early exploration; no mineral resources or reserves defined.
• Advantage: Awaruite's magnetic and sulfur-free nature allows for concentration via magnetic separation, potentially bypassing energy-intensive smelting and reducing environmental impact, aligning with North American critical mineral supply chain goals.