First Atlantic Nickel Drills Second Large-Scale Awaruite (Ni-Fe-Co Alloy) Discovery at Alloy Max North, Pipestone XL Project, 5.2 km North of RPM Zone - Visible Awaruite Over 414-Meter Drill Hole Ending in Open Mineralization

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First Atlantic Nickel Drills Second Large-Scale Awaruite (Ni-Fe-Co Alloy) Discovery at Alloy Max North, Pipestone XL Project, 5.2 km North of RPM Zone - Visible Awaruite Over 414-Meter Drill Hole Ending in Open Mineralization GRAND FALLS-WINDSOR, Newfoundland and Labrador, June 15, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P21) (the “Company” or “First Atlantic”) is pleased to announce the visual results of the first drill hole at the Alloy Max Zone, the Company’s second large-scale awaruite (Ni₃Fe) nickel-cobalt alloy discovery. The Alloy Max Zone is located approximately 7 km north of the discovery at the RPM Zone within the 30 km Pipestone Ophiolite Complex at the Company’s Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland. The first hole at Alloy Max North, XL-26-15, intersected visibly disseminated awaruite over its entire 414-meter length and ended in mineralization, with visual abundance and grain size increasing down hole toward the east. The visual identification of disseminated awaruite indicates the potential for a second large area of mineralization within the Pipestone XL project in addition to the RPM Zone. Drilling is ongoing at Alloy Max North and South, with additional drill holes underway from additional drill pads. At each location, Company’s geologists identified visible awaruite in exposed bedrock prior to drilling, providing further support for the surface expression of awaruite mineralization across the zone. KEY HIGHLIGHTS First Drill Hole Confirms a Second Large-Scale Discovery: XL-26-15, the first hole drilled at Alloy Max North, establishes a new mineralized area approximately 5.2 km north of the RPM Zone discovery hole AN-24-02. The visual identification of disseminated awaruite indicates the potential for a second large area of mineralization within the Pipestone XL project in addition to the RPM Zone.Visible Awaruite Over the Entire 414-Meter Drill Hole: Drilled at a 60-degree dip to the east, XL-26-15 intersected visibly disseminated awaruite throughout its 414-meter length and ended in open mineralization, with visual abundance and grain size increasing down hole.Only 200 m of Lateral Width of 1.5 km Drill-Tested: XL-26-15 tested approximately 200 meters of width within a zone mapped roughly 1.5 km...

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