First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) disclosed on October 30, 2026 that it has entered into an asset purchase agreement with two independent vendors to acquire total ownership of three mineral licences covering the North Arm Ophiolite Property in the Province of Newfoundland and Labrador. The transaction adds 209 mineral claims – roughly 5,225 hectares or 52.25 square kilometres – to the company’s growing portfolio of ultramafic projects.
The newly acquired land sits on the north shore of North Arm within the Bay of Islands Ophiolite Complex, a renowned segment of oceanic crust and upper mantle. Accessible by boat and located within five kilometres of the nearest road, the property includes the North Arm Mountain massif, one of four Lower Ordovician massifs that compose the complex. Its position, 25 km north of First Atlantic’s existing Ophiolite-X Project, expands the firm’s control to a third BOIC massif in Atlantic Canada.
Geological promise of the North Arm Ophiolite Property
The area hosts mantle-derived dunite and peridotite – the same iron- and magnesium-rich ultramafic rocks that host the company’s awaruite discoveries at the Pipestone XL Project. These rocks are fertile for serpentinization, the water-rock reaction that generates natural (white) hydrogen. Nearby, the Tablelands portion of the BOIC displays active hydrogen-bearing alkaline springs, confirming that the process is currently occurring. In addition to hydrogen, the property is prospective for awaruite (a magnetic nickel-iron-cobalt alloy), copper, platinum-group elements and chromite, the latter occurring in podiform deposits similar to historic high-grade occurrences at Blow Me Down and Springers Hill.
Deal structure and share-based consideration
Under the agreement, First Atlantic will issue 1,000,000 common shares to the vendors, valued at a deemed $0.55 per share, as full payment for the licences. The company will also reimburse the vendors $51,250 in refundable security deposits previously lodged with the Government of Newfoundland and Labrador, and will retain the right to any future refund of those deposits. The property carries no royalty or option encumbrances. Closing is contingent on acceptance by the TSX Venture Exchange and is expected to occur within five business days of that acceptance, but no later than January 31, 2027. The issued shares will be subject to a statutory hold period of four months and one day from issuance.
Simultaneously, First Atlantic granted incentive stock options to purchase 950,000 additional common shares to its directors and an investor-relations consultant under the company’s Omnibus Long-Term Incentive Plan, re-approved on August 13, 2026. The options carry an exercise price of $0.55 per share, a five-year term, and staggered vesting for the consultant (no more than one-quarter vesting in any three-month period). Any shares issued from these options before March 1, 2027, will also be subject to a four-month hold period.
From a strategic perspective, the acquisition reinforces First Atlantic’s focus on critical minerals and low-carbon energy vectors. By adding a second ultramafic complex that mirrors the geology of Pipestone XL, the company can leverage its ONSHORE MAX™ magnetic extraction process across a broader land base, potentially boosting production of nickel-rich alloy and enabling joint hydrogen development with partners such as VEMA Hydrogen. The proximity of the property to existing road and water access, together with nearby hydroelectric resources, supports cost-effective exploration and future development.
The transaction was reviewed and approved by Adrian Smith, P.Geo., a director and chief executive officer who is a qualified person under NI 43-101 and a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL). First Atlantic’s common shares trade on the TSX Venture Exchange (FAN), OTCQB (FANCF) and several German venues (P210). Interested investors can receive updates through the company’s website.
