Northwire Canada EditionThursday, October 29, 2026
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Gold 4,066.80 +0.4% Silver 53.85 +0.3% Copper 6.67 −0.2% Oil 102.09 −0.7% Palladium 1,013.75 −0.2% TXG 68.61 −0.1% FAIR 0.035 +0.0% III 6.85 −0.6% DOS 0.020 +0.0% CIA 2.23 −0.9% GGI 0.060 +0.0% BMR 0.180 +5.9% ELD 48.24 +0.4% FM 35.89 −0.5% K 32.18 −0.4% AGI 44.29 +1.3% AEM 256.08 +0.9% AGA 0.500 +0.0% BNKR 2.96 −1.7% FUSE 0.020 +0.0% TORC 0.140 +0.0% Gold 4,066.80 +0.4% Silver 53.85 +0.3% Copper 6.67 −0.2% Oil 102.09 −0.7% Palladium 1,013.75 −0.2% TXG 68.61 −0.1% FAIR 0.035 +0.0% III 6.85 −0.6% DOS 0.020 +0.0% CIA 2.23 −0.9% GGI 0.060 +0.0% BMR 0.180 +5.9% ELD 48.24 +0.4% FM 35.89 −0.5% K 32.18 −0.4% AGI 44.29 +1.3% AEM 256.08 +0.9% AGA 0.500 +0.0% BNKR 2.96 −1.7% FUSE 0.020 +0.0% TORC 0.140 +0.0%
Financings Routine +

First Atlantic Begins Pit Excavation at the RPM Zone, Exposing Bedrock North of Current Drilling and Opening New Potential at Pipestone XL, as the Year-Round Exploration Access Road Connects the RPM Zone to Alloy Max and Super Gulp, Drilled Awaruite Disco

First Atlantic advances road construction and pit excavation for Pipestone XL awaruite exploration across a 14 km trend.

By The Northwire Desk — AI Analysis Oct 29, 2026 · 06:30 FAN · 0.59 First Atlantic Nickel & Cobalt Corp.
Executive Summary

First Atlantic Nickel & Cobalt Corp. (FAN) announced on October 29, 2026, that it has begun permitted pit excavation at the RPM Zone of its Pipestone XL Project. This work is intended to supply overburden for the construction of a year-round exploration access road. The road will connect four awaruite discoveries—RPM, Alloy Max South, Alloy Max North, and Super Gulp—spanning approximately 14 km of the 30-kilometre Pipestone Ophiolite Complex.

The company confirmed the closure of a third tranche of its private placement, bringing total proceeds raised since September 2026 to approximately $13.4 million. Permits have been received for trenching, test pitting, and crossings along the road route, and heavy equipment is currently on site.

New exploration targets have been identified west of Pipestone Pond, where surface samples returned Davis Tube Recovery (DTR) magnetically recoverable nickel grades comparable to drilled limits. The company's targeting model has been updated to include intermediate magnetic intensity zones as prospective for awaruite, expanding the volume of ground considered viable.

Material Impact

First Atlantic Nickel & Cobalt Corp. (FAN) has advanced its operational plans with pit excavation and road construction, logical infrastructure steps designed to enable the company’s planned 2026 and 2027 drilling campaigns. These activities serve as a direct follow-up to the funded exploration program, which was previously announced in tranches on September 18, September 28, and October 6.

The company has also expanded its targeting model to include intermediate magnetic zones. The current execution aligns with management's stated 2026 work plan, with no new material surprises, unexpected capital raises, or breakthrough metallurgical results reported.

FAN · Price
Company Overview

First Atlantic Nickel & Cobalt Corp. (FAN) is a junior exploration company focused on the Pipestone XL Project in Newfoundland and Labrador, Canada. The flagship project spans the 30-kilometre Pipestone Ophiolite Complex and targets awaruite (Ni3Fe), a naturally occurring magnetic nickel-iron-cobalt alloy.

Awaruite averages 77.62% nickel and 1.69% cobalt, with peak grades reaching 86.68% nickel and 6.05% cobalt. The mineral is sulphur-free, eliminating acid mine drainage risks and allowing concentration via magnetic separation and flotation (ONSHORE MAX™ process) without smelting.

Key zones include RPM, Alloy Max, Super Gulp, Atlantic Lake, and Chrome Pond. The project aligns with U.S. critical mineral strategies, including the Defense Industrial Base Consortium (DIBC) and the Inflation Reduction Act (IRA), due to its smelter-free processing pathway.

Read the original news release →

More from First Atlantic Nickel & Cobalt Corp.

Oct 13, 2026 · 07:00

First Atlantic’s fourth Alloy Max visual-only hole extends a new zone by 2.4 km of strike without providing assay results.

Drill Results Oct 06, 2026 · 07:13

First Atlantic secures smelter-free awaruite financing at a premium despite persisting dilution and execution risks.

Financings Sep 28, 2026 · 19:33

First Atlantic uses sept financing to fund Newfoundland awaruite drilling and metallurgical work.

Financings Sep 18, 2026 · 17:02

First Atlantic raises $6.15m at $0.75/share to fund Pipestone XL drilling and metallurgical work.

Financings Aug 25, 2026 · 06:30

First Atlantic highlights smelter-free nickel at a defense conference, though the routine update limits potential upside for the project.

Production / Operations Jul 16, 2026 · 06:30

First Atlantic identifies a 525-metre visual awaruite zone extending the Alloy Max deposit, with assays pending to quantify grades.

Drill Results