First Atlantic Highlights U.S. Dominance Act Passed by House: New Critical Minerals Bill Authorizes Equity Investment, Co-Financing, and U.S.-Priority Offtake for Allied Projects and Defines “Processed” as “A Metal, Metal Powder, or a Master Alloy” - Awaruite is a Natural Nickel-Iron-Cobalt Alloy Already in the Form the Act Defines as “Processed”

About this update from First Atlantic Nickel & Cobalt Corp.

GRAND FALLS-WINDSOR, Newfoundland and Labrador, June 11, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") today commented on the passage by the U.S. House of Representatives of H.R. 7037, the Developing Overseas Mineral Investments and New Allied Networks for Critical Energies Act, also known as the DOMINANCE Act1. The bill passed the House on June 8, 2026. The bipartisan legislation is intended to strengthen U.S. energy security, reduce reliance on the People's Republic of China for critical minerals, and support more resilient supply chains with trusted allies and partners. The DOMINANCE Act is designed to support greater U.S. cooperation with allied and partner countries, mobilize strategic investment in energy and mineral projects, and strengthen the diplomatic and institutional capacity required to secure diversified critical mineral supply chains. The Company believes the legislation highlights the growing strategic importance of North American and allied sources of nickel, cobalt and other critical minerals required for defence, advanced manufacturing, stainless steel, battery and clean technology supply chains. Of the minerals designated as critical by the United States Geological Survey, nickel is the only one that appears by name in the DOMINANCE Act. The Act dedicates a standalone section to nickel, authorizing United States membership in the International Nickel Study Group, the intergovernmental body through which nickel-producing and nickel-consuming countries, including Canada, coordinate on the global nickel market. First Atlantic's wholly owned Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland is being advanced as a potential allied source of awaruite, a naturally occurring nickel-iron-cobalt alloy (Ni-Fe-Co). On May 21, 2026, the Company announced electron microprobe analysis confirming that awaruite at the RPM Zone of the Pipestone XL Project averages 77.62% nickel and 1.69% cobalt. Awaruite's metallic, sulphur-free composition may provide a differentiated processing pathway by enabling concentration through magnetic separation and flotation without the need for conventional smelting, roasting or high-pressure acid leaching. The Company believes this characteristic is particularly relevant to current North Am...

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