Vema Hydrogen and First Atlantic Nickel Sign LOI to Develop Engineered Mineral Hydrogen at Pipestone XL Awaruite Project in Newfoundland

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Vema's Engineered Mineral Hydrogen could supply regional industry and seaborne export markets from the Pipestone XL Project in central Newfoundland The Pipestone Ophiolite Complex spans 30 kilometers of ultramafic rock and holds enough potential hydrogen to power industrial demand in Newfoundland for generations GRAND FALLS-WINDSOR, Newfoundland, June 08, 2026 (GLOBE NEWSWIRE) -- Vema Hydrogen (“Vema”) today announced that it has entered into a non-binding Letter of Intent (LOI) with First Atlantic Nickel & Cobalt Corp (TSXV: FAN | OTCQB: FANCF | FSE: P21) (“First Atlantic”), to jointly develop Engineered Mineral Hydrogen (EMH) at the Pipestone XL project, a 30-kilometer ultramafic belt in central Newfoundland. Under the LOI, the parties intend to establish a 50/50 joint venture to produce low-carbon hydrogen alongside First Atlantic's primary awaruite nickel-cobalt program. The partnership is intended to serve as a first-of-its-kind template for combining hydrogen production with critical mineral development at ultramafic sites, with the potential to attract co-located investment in clean fuels, ammonia, and downstream industry. Figure 1: Aerial view of Vema's first pilot in Quebec “Vema’s Engineered Mineral Hydrogen is on the verge of delivering clean energy at a scale cost-competitive with hydrocarbons,” said Dr. Douglas Wicks, Strategic Advisor to First Atlantic & Cobalt and former Program Director for ARPA-E’s MINER program and Geologic Hydrogen portfolio. “Awaruite forms through serpentinization when hydrogen reduces nickel and iron, so its presence at Pipestone XL is a clear signature of a hydrogen-rich system. Vema’s technology could engineer that same reaction for hydrogen production, and Pipestone XL is an ideal location due to its size, proximity to infrastructure, and the potential for cost efficiencies in co-locating hydrogen production with nickel & cobalt mining. Having worked closely with Vema’s founders since before the company’s founding, and having seen firsthand how they developed the engineered approach to geologic hydrogen, I believe Pipestone XL represents a compelling opportunity to bring this technology to commercial scale.” Over the past twelve months, Vema has worked with First Atlantic to evaluate the Pipestone Ophiolite Complex, analyzing geological and geophysical data as well as infrastructure across the 30-kilom...

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