First Atlantic Nickel Closes $16 Million Two-Stage Earn-In Agreement with Core Critical Metals Corp. on Lucky Mike Copper-Silver-Tungsten Project – Retains 20% Carried Interest to Feasibility and Rights to Mining Royalty

The Option Agreement is structured to provide First Atlantic shareholders with continued exposure to the potential value of Lucky Mike while allowing the Company to prioritize the growth and development of its Pipestone XL Smelter-Free Nickel-Cobalt Alloy Project in central Newfoundland. Under the Option Agreement, CCMC is required to incur an aggregate of $16,000,000 in qualified exploration expenditures and make cash and/or share payments to First Atlantic of $650,000 in order to earn up to an 80% interest in the Property in two stages. First Atlantic will retain a 20% participating interest and, under the terms described below, will be carried (with no funding obligation and not subject to dilution) until delivery of a feasibility study on the Property while retaining the rights to a mining royalty.

In connection with the transaction, the Company also announces that it intends to establish a special committee of independent directors to evaluate strategic alternatives with respect to the Company’s potential remaining 20% interest in the Property. The special committee will be mandated to assess potential pathways to maximize shareholder value associated with that retained interest, including the economic, financing, royalty, joint venture, corporate reorganization and other strategic implications of the Company’s position under the Option Agreement, which may include consideration of a potential plan of arrangement or other transaction structure, if deemed advisable. The Board believes that the retained interest may represent a significant source of future optionality for the Shareholders of the Company and intends for the special committee to undertake a disciplined review of alternatives designed to enhance exposure to future exploration success while maintaining flexibility in the Company’s broader strategic planning. There can be no assurance that any particular strategic alternative, including any plan of arrangement, will be pursued or completed.

For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1-844-592-6337 or via email at rob@fanickel.com.

Lucky Mike Copper-Silver-Tungsten Project Description

The Lucky Mike Property is a large district-scale copper-silver-tungsten project in Southern British Columbia comprising 37 claims totaling approximately 7,675 hectares. The Property is located between Kamloops and Merritt adjacent to major highways, and located approximately 20 km southeast of Highland Valley, Canada’s largest copper mine, owned and operated by Teck Resources, which produced more than 127,000 tonnes of copper in 2025¹. The Property is located approximately 150 km from the United States border.

Figure 1: Lucky Mike Copper-Silver-Tungsten Project Location Map

Key Terms of the Transaction

Pursuant to the Option Agreement, CCMC may acquire up to an 80% interest in the Lucky Mike project through the following two-stage earn-in structure:

Stage 1 – Earn-In to 70%

To earn an initial 70% interest in the Property, CCMC must complete the following on or before the fifth anniversary of the effective date of the Option Agreement:

1. A cash payment of $150,000 to First Atlantic upon Exchange approval and closing of the transaction;
2. Cash and/or share payments to First Atlantic totaling $500,000 over the first three years of the Option Agreement, subject to the minimum share entitlements described in the Option Agreement;
3. A minimum of $6,000,000 in qualified exploration expenditures on the Property.

CCMC earns the 70% interest only upon completion of all Stage 1 requirements.

Stage 2 – Earn-In to 80%

To earn an additional 10% interest (for a total 80% interest), CCMC must incur an additional $10,000,000 in qualified exploration expenditures on the Property on or before the tenth anniversary of the effective date of the Option Agreement.

In total, the Option Agreement requires aggregate qualified exploration expenditures of $16,000,000, and cash and/or share payments to First Atlantic of $650,000.

Following completion of the second option (earning an 80% interest), First Atlantic and CCMC will enter into a joint venture agreement. Under the terms of the JV, each of First Atlantic and CCMC will be responsible for its pro rata share of expenditures approved in the annual works program and budget for the Property, with CCMC acting as operator. Notwithstanding the above, CCMC shall, at its sole cost, fund one hundred percent (100%) of all expenditures approved in the annual work program and budget for the Property until the delivery of a feasibility study. First Atlantic shall not be required to contribute any capital to the JV prior to the Carry End Date, and its participating interest shall not be subject to dilution during such period.

After the Carry End Date, if First Atlantic elects not to contribute its pro rata share of expenditures, its participating interest will be diluted. If, as a result of dilution, First Atlantic’s participating interest is reduced to ten percent (10%) or less, First Atlantic shall be deemed to have withdrawn from the JV and its remaining participating interest will be automatically converted into a 3% NSR royalty, subject to a 2% buyback for $7,500,000. Upon such conversion, First Atlantic will have no further right to participate in the Property and no obligation to contribute to future expenditures.

No finder’s fees were payable on this transaction.

INVESTOR INFORMATION

The Company’s common shares trade on the TSX Venture Exchange under the symbol “FAN“, the American OTCQB Exchange under the symbol “FANCF” and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P21“.

Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com.

FOR MORE INFORMATION:

First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
rob@fanickel.com

DISCLOSURE

Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a Qualified Person as defined by NI 43-101. The Qualified Person is a member in good standing of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Engineers and Geoscientists BC) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.

ABOUT FIRST ATLANTIC NICKEL CORP.

First Atlantic Nickel Corp. (TSX-V: FAN) (OTCQB: FANCF) (FSE: P21) is a critical mineral exploration company in Newfoundland & Labrador developing the Pipestone XL Nickel-Cobalt Alloy Project. The project spans the entire 30-kilometer Pipestone Ophiolite Complex, where multiple zones, including RPM, Alloy Max, Super Gulp, Atlantic Lake, and Chrome Pond, contain awaruite (Ni₃Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of approximately ~77% nickel with no-sulfur and no-sulfides, along with secondary chromium mineralization. Awaruite’s sulfur-free composition removes acid mine drainage (AMD) risks, while its unique magnetic properties enable processing through magnetic separation, eliminating the electricity requirements, emissions, and environmental impacts of conventional smelting, roasting, or high-pressure acid leaching while reducing dependence on overseas nickel processing infrastructure.

The U.S. Geological Survey recognized awaruite’s strategic importance in its 2012 Annual Report on Nickel, noting that these deposits may help alleviate prolonged nickel concentrate shortages since the natural alloy is much easier to concentrate than typical nickel sulfides. The Pipestone XL Nickel-Cobalt Alloy Project is located near existing infrastructure with year-round road access and proximity to hydroelectric power. These features provide favorable logistics for exploration and future development, strengthening First Atlantic’s role to establish a secure and reliable source of North American nickel production for the stainless steel, electric vehicle, energy storage, aerospace, and defense industries. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.