On March 11, 2026, First Atlantic Nickel Corp. announced it has closed a non-brokered private placement comprised solely of flow-through common shares. The Company raised gross proceeds of $1,300,000.32 through the issuance of 4,814,816 shares at $0.27 per share. Each share issued under the financing is referred to as an FT Share, and the financing was completed without the issuance of warrants.
This transaction is structured under the Canadian Income Tax Act rules that govern flow-through financings and their associated tax attributes.
All securities issued in the placement are subject to a statutory hold period of four months and one day under Canadian securities law, and the closing remains subject to final acceptance by the TSX Venture Exchange. The Company also reiterated that the securities have not been and will not be registered under the U.S. Securities Act of 1933 and therefore are not being offered or sold in the United States or to U.S. persons except under an available exemption. For investor inquiries, First Atlantic listed contact information for its investor relations representative.
Table of Contents:
Financing structure and tax treatment
The proceeds from the financing are earmarked to be spent on exploration and development at the Pipestone XL Nickel-Cobalt Alloy Project and the adjacent Ophiolite X Project in Newfoundland. Under the terms of the financing, the Company will incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, and these qualifying expenses will be renounced to subscribers effective December 31, 2026. The Company must incur the renounced Qualifying Expenditures on or before December 31, 2027, consistent with flow-through rules, ensuring subscribers receive the tax attributes associated with the expenditures.
How the money will be applied
District-scale drilling and targets
First Atlantic plans to deploy the financing toward large-scale district drilling across the approximately 30-kilometer strike length of the Pipestone ophiolite complex. Priority work includes efforts to expand the RPM zone and to test several newly identified drill targets along strike and at depth. The drilling program is designed to increase the geological understanding of the system and to delineate additional zones of awaruite-bearing mineralization, with the goal of upgrading prospective intercepts for follow-up resource definition.
Metallurgical recovery and processing advancement
In parallel with drilling, funds will support an expanded program focused on metallurgical recovery and processing studies. Because awaruite (Ni3Fe) is a naturally occurring nickel-iron-cobalt alloy with very low sulfur content, the Company emphasizes processing routes that leverage magnetic properties to concentrate the mineral. The work aims to optimize magnetic separation flowsheets, scale up test-work and assess downstream recovery options that could reduce dependency on conventional smelting or high-pressure acid leaching.
Project advantages and strategic context
The Pipestone XL project hosts several named zones—including RPM, Super Gulp, Atlantic Lake and Chrome Pond—where awaruite occurs with associated chromium mineralization. Awaruite’s composition (approximately ~75% nickel) and its sulfur-free nature significantly lower the risk of acid mine drainage and allow for simpler mechanical concentration by magnetic separation. First Atlantic highlights logistical advantages such as year-round road access and proximity to hydroelectric power, assets that improve the feasibility of exploration and potential future development. The U.S. Geological Survey noted the strategic importance of awaruite-type deposits in its 2012 nickel report, and nickel’s classification as a critical mineral by the United States in 2026 further underscores the metal’s geopolitical and industrial value.
Investor information, governance and cautionary notes
First Atlantic’s common shares trade on the TSX Venture Exchange under the symbol FAN, on the OTCQB as FANCF and on certain German markets under P21. Investor relations inquiries are directed to Rob Guzman at [email protected] or by phone at +1 844 592 6337. The technical and geological information in this release has been reviewed and approved by Adrian Smith, P.Geo., a director and Chief Executive Officer, who is the Company’s qualified person as defined by NI 43-101. Readers should note that the release contains forward-looking information about planned expenditures, drilling and processing programs; such forward-looking statements involve risks and uncertainties and are subject to the assumptions and disclaimers described in the Company’s public filings.
