First Atlantic Nickel & Cobalt Expands Alloy Max Zone 445 Meters South of the Discovery Hole: XL-26-16, the Deepest Hole to Date at Pipestone XL, Intersects Large-Grain Visible Awaruite (Ni-Fe-Co Alloy) Over Its Entire 525-Meter Length, Ending in Open Mineralization at Depth

About this update from First Atlantic Nickel & Cobalt Corp.

GRAND FALLS-WINDSOR, Newfoundland and Labrador, July 16, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) ("First Atlantic" or the "Company") is pleased to announce that drill hole XL-26-16, the second drill hole completed at the Alloy Max Zone, intersected large-grain, visibly disseminated awaruite over its entire 525-meter drilled length. It is the deepest hole drilled to date at the Company's wholly owned Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project in central Newfoundland. XL-26-16 was drilled approximately 445 meters south of the Alloy Max discovery hole, XL-26-15, announced on June 15, 20261 and ended in mineralization. Alloy Max is the Company's second large-scale awaruite zone at Pipestone XL, in addition to the RPM Zone. XL-26-16 returned a higher visual abundance of awaruite and a greater frequency of coarser grains than the Alloy Max discovery hole, XL-26-15, with abundance and grain size increasing downhole. XL-26-16 intersected visibly disseminated awaruite continuously, starting after only approximately 9 meters of overburden down to the end of the hole at 525 meters, where awaruite remained clearly visible in the final interval of core. The zone remains open at depth, indicating potential for further mineralization below the deepest drilling completed to date at Pipestone XL. Together with XL-26-15, drilling has now confirmed approximately 445 meters of strike length within the approximately 4 km Alloy Max target area outlined by surface sampling, geological mapping, and geophysics2, representing roughly 11% of the target strike length and leaving the large majority of the zone untested along strike and at depth. First Atlantic welcomes calls directly from shareholders and prospective investors. For questions about the Company, the Pipestone XL Project, or this news release, or simply to learn more, investors are invited to call Rob Guzman, Investor Relations , at +1-844-592-6337 or email [email protected] . KEY HIGHLIGHTS

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