First Atlantic Nickel Announces New Alloy Max Zone Discovery - A Second Large-Scale Awaruite (Ni3Fe) Target Area Extending 7 km North from the RPM Zone at the Pipestone XL Nickel-Cobalt Alloy Project

The most recent news (March 18, 2026) announces the discovery of a second large-scale target, the "Alloy Max Zone," extending 7 km north of the existing RPM Zone at the Pipestone XL Project. Surface sampling at Alloy Max has returned magnetically recoverable nickel (DTR) values $\ge$ 0.04%, consistent with surface grades that led to the RPM discovery. Simultaneously, the company confirmed it has raised $7,819,316 since December 2025 through non-brokered private placements, including flow-through and LIFE offerings, to fund 2026 drilling.

• Scale Expansion: The discovery of Alloy Max transforms Pipestone XL from a single-zone prospect into a potential multi-zone district. A 7 km extension on a 30 km trend significantly increases the probability of defining a multi-billion-tonne bulk tonnage resource.
• De-risked Exploration: The Alloy Max zone already has drill permits in place and features minimal overburden, allowing for immediate testing in 2026.
• Financial Solvency: Raising nearly $8M in a difficult junior mining tape is a major feat. It provides the "runway" to execute large-scale drilling without immediate dilution fears.
• Strategic Validation: The exercise of top-up rights by a strategic investor to maintain a 9.9% stake (March 06 news) suggests "smart money" is defending its position as the project scales.

First Atlantic Nickel is focused on the Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland. Unlike traditional sulfide deposits, the project hosts Awaruite (Ni3Fe), a natural nickel-iron alloy. - Flagship: Pipestone XL (30 km trend). - Key Zones: RPM Zone (1.2 km strike confirmed) and Alloy Max (7 km target). - Advantage: Awaruite is highly magnetic, allowing for simple magnetic separation to produce high-grade (>60% Ni) concentrate, bypassing carbon-intensive smelting.