First Atlantic Nickel Announces $16 Million Two-Stage Earn-in Agreement With Core Critical Metals Corp. on Lucky Mike Copper-Silver-Tungsten Project, British Columbia - Retains 20% Carried Interest to Feasibility and Rights to Mining Royalty

Executive Summary

• First Atlantic Nickel Corp. entered into a staged earn‑in option agreement with Core Critical Metals Corp. (CCMC) that could grant CCMC up to an 80% interest in the Lucky Mike copper‑silver‑tungsten property.
• The transaction requires CCMC to spend US$16 million in qualified exploration expenditures and make cash/share payments totalling US$650,000 over a ten‑year period; First Atlantic retains a 20% participating interest (carried until a feasibility study is delivered) and a 2% NSR royalty.
• Upon completion of the earn‑in, the parties will form a joint venture with CCMC as operator; First Atlantic’s participation may be diluted or converted to a royalty if it elects not to fund its pro‑rata share after the “Carry End Date.”

Key Details

• Parties: First Atlantic Nickel Corp. (TSXV: FAN) and Core Critical Metals Corp. (TSXV: CCMC).
• Property: Lucky Mike Copper‑Silver‑Tungsten porphyry project, 37 claims (~7,675 ha) in southern British Columbia, ~20 km SE of Highland Valley mine.
• Earn‑In Structure – Stage 1 (to 70%):
• Cash payment of US$150,000 to First Atlantic upon Exchange approval/closing.
• Additional cash and/or share payments totalling US$500,000 over the first three years ($200k in year 2, $300k in year 3).
• Minimum US$6 million of qualified exploration expenditures on Lucky Mike by the fifth anniversary.
• Earn‑In Structure – Stage 2 (to 80%):
• Additional US$10 million of qualified exploration expenditures by the tenth anniversary.
• Total Consideration: US$650,000 cash/share payments + US$16 million qualified exploration spend.
• Share Payment Pricing: If shares are issued, they will be priced at the VWAP of the 10 trading days preceding CCMC’s election to issue shares.
• Royalty & Carry: Property carries a 2% NSR royalty to First Atlantic. Until a feasibility study is delivered, CCMC funds 100 % of all approved expenditures (First Atlantic carried, no dilution).
• Post‑Carry End Date:
• First Atlantic may fund its pro‑rata share; if it does not and its interest falls ≤10%, the remaining interest converts to a 3% NSR royalty, with an optional 2% buy‑back for US$7.5 million.
• Joint Venture: After earning the full 80% interest, First Atlantic and CCMC will enter a JV; CCMC will act as operator and both parties will share approved expenditures pro‑rata (subject to carry provisions).
• No Finder’s Fees are payable on this transaction.

Notable Quotes

(None provided in the release.)