First Atlantic Announces a No Warrant Private Placement Financing to Advance the Pipestone XL Project

First Atlantic Nickel announced on December 17, 2025, a non-brokered private placement to raise gross proceeds of up to approximately $2.95 million. The financing consists of two tranches of flow-through shares with no warrants attached: - Up to 4,971,219 Charity Flow-Through (CFT) common shares at a price of $0.2432 per share. - Up to 8,265,618 Flow-Through (FT) common shares at a price of $0.21 per share.

The proceeds will be used to fund Canadian exploration expenses at the company's flagship Pipestone XL Nickel Alloy Project. Specifically, the funds will be used to advance drilling and exploration at the RPM Zone, test newly identified drill targets, and expand the ongoing metallurgical program.

The announcement of this financing is materially positive. For an exploration-stage company, securing capital is routine, but the terms of this deal are exceptionally strong and serve as a significant vote of confidence from the market.

• Premium Pricing: The issue prices of $0.21 (FT) and $0.2432 (CFT) represent a significant premium to the stock's recent closing price of $0.18. Raising funds above the market price is a clear indicator of strong investor demand and belief in the project's upside.
• No Warrants: The absence of warrants is a crucial positive factor. This structure minimizes future dilution for existing shareholders, which is a common concern with junior miner financings. It suggests that investors were willing to participate based solely on the merit of the shares, without needing the extra "sweetener" of a warrant.
• Follows Exploration Success: This financing comes on the back of a year of consistent, positive exploration news. Throughout 2025, the company successfully discovered and systematically expanded the RPM zone at Pipestone XL, reporting long intercepts of awaruite nickel mineralization and promising initial metallurgical results. The market is clearly rewarding this operational progress.
• Strategic Funding: The capital raise fully funds the company's next phase of value-accretive work, including follow-up drilling on successful results from early December and testing new targets. This ensures exploration momentum is not lost due to a weak treasury. Based on the July 31, 2025 financial statements ($1.4M cash) and the company's burn rate, this financing was necessary to continue its aggressive exploration strategy into 2026.

In the context of historical news, this event caps a successful year where the company transitioned from an initial discovery to a well-funded, systematic exploration program that is consistently expanding a large mineralized system.

First Atlantic Nickel Corp. is a junior exploration company focused on critical minerals in Newfoundland, Canada. Its flagship asset is the 100%-owned Pipestone XL Nickel Alloy Project, a district-scale property covering the entire 30-kilometer Pipestone Ophiolite Complex.

The project's primary target is Awaruite (Ni3Fe), a naturally magnetic, sulfur-free nickel-iron alloy. The key proposed advantage is that Awaruite can be concentrated using simple magnetic separation, potentially creating a high-grade nickel product without the need for energy-intensive and high-emission smelting.

Throughout 2025, the company has made a significant discovery at the RPM zone and has consistently expanded its size through drilling, confirming mineralization over a large area that remains open in multiple directions. The company also recently acquired the Ophiolite-X project to explore for geologic hydrogen and carbon capture potential.