First Atlantic Nickel & Cobalt Produces High Grade Alloy Concentrate Up to 71.9% Nickel and 1.76% Cobalt from Its Pipestone XL Nickel-Cobalt Alloy Project, Using Its First-Ever ONSHORE MAX (Magnetic Alloy eXtraction) Recovery & Concentration Process, Unve

Executive Summary

• First Atlantic Nickel & Cobalt reported preliminary bench-scale metallurgical results demonstrating its ONSHORE MAX™ process can produce a high-grade awaruite concentrate averaging 67.4% nickel (up to 71.9%) and 1.76% cobalt, utilizing a smelter-free magnetic separation and flotation pathway.
• The company announced drilling results from discovery hole XL-26-15 at the Alloy Max North zone, intersecting 414 meters of continuous visible awaruite mineralization, confirming a second large-scale discovery that spans approximately 4 kilometres of strike.
• Permitting has been initiated for a large-scale bulk sample at the RPM Zone to advance the ONSHORE MAX™ process toward a pilot-scale plant, alongside a letter of intent to form a 50/50 joint venture for geologic hydrogen development.

Key Details

• Metallurgical Results: ONSHORE MAX™ process (Low-Intensity Magnetic Separation followed by flotation) on a 74.5kg composite from RPM Zone hole AN-24-02 produced awaruite concentrate averaging 67.4% Ni, grading up to 71.9% Ni and 1.76% Co.
• Process Performance: Rougher LIMS at ~1,000 Gauss yielded a ~1.6% Ni concentrate; multi-stage flotation upgraded this to a final concentrate. Nickel recovery from the flotation feed ranged between ~65% and 66%.
• Drilling Results (Alloy Max North): Hole XL-26-15 intersected 414 meters of continuous visible disseminated awaruite, ending in open mineralization with grain size and abundance increasing downhole to the east.
• Drilling Scope & Context: The hole tested ~200 meters of width within a mapped ~1.5-kilometre wide zone. The Alloy Max zone spans ~4 kilometres of strike and is interpreted to be significantly larger than the RPM Zone. Drilling is ongoing at both Alloy Max North and South.
• Project Development: Permitting initiated for a large-scale bulk sample at the RPM Zone to advance the ONSHORE MAX™ process toward a pilot-scale plant. An expanded metallurgical program is planned to optimize LIMS/flotation circuits, evaluate gravity separation, assess chromium as a co-product, and study downstream refining to battery-grade nickel sulphate (NiSO₄).
• Policy & Market Alignment: The concentrate could qualify under Section 45X(c)(6) of the U.S. Advanced Manufacturing Production Credit. The company was accepted into the U.S. Defense Industrial Base Consortium in March 2026.
• Geologic Hydrogen Initiative: LOI signed June 9, 2026, with Vema Hydrogen to jointly develop Engineered Mineral Hydrogen (EMH) at Pipestone XL through a proposed 50/50 joint venture.
• Project Infrastructure & Location: The Pipestone XL project spans the 30-kilometre Pipestone Ophiolite Complex in central Newfoundland, with year-round road access, proximity to high-voltage transmission lines, clean hydroelectric power, and ~200 kilometres from Gander International Airport and Vale’s Long Harbour processing plant.

Notable Quotes

• Dr. Douglas Wicks, Strategic Advisor: “I’m excited by the novel composition of awaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt (Ni-Fe-Co) alloy. Because awaruite occurs naturally as a metallic alloy, it can move directly from mine to metal, feeding stainless steel production or refining for downstream applications. Its natural magnetism makes awaruite amenable to magnetic separation, a proven processing method for separating and concentrating magnetic ores at large scale across the global iron ore industry. Awaruite from the Pipestone XL Project could help onshore the North American nickel and cobalt supply chain, bypassing midstream smelting constraints and delivering usable feedstock for stainless steel, specialty alloy, and electric vehicle battery manufacturing industries.”