First Atlantic Nickel & Cobalt Raises 6.15 Million Dollars in No-Warrant, Non-Brokered Private Placement to Accelerate Mining Exploration and Development at Pipestone XL Nickel-Cobalt Alloy (Awaruite) Project in Newfoundland

GRAND FALLS-WINDSOR, Newfoundland and Labrador, Sept. 18, 2026 (GLOBE NEWSWIRE) — First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) (“First Atlantic” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”), raising aggregate gross proceeds of $6,157,500 through the issuance of 8,210,000 flow-through common shares (each, an “FT Share”) at a price of $0.75 per FT Share. The FT Shares were issued on a “flow-through” basis pursuant to the Income Tax Act (Canada). No warrants were issued in connection with this closing.

The Company’s planned exploration program will focus on the approximately 30-kilometre mineralized trend at the Pipestone XL Nickel-Cobalt Alloy Project, extending from the RPM Zone in the south to the historic Atlantic Lake Zone in the north. Proceeds will fund follow-up and expansion drilling at the Alloy Max South and Alloy Max North Zones, continued drilling at the RPM Zone, and drilling at other targets that were previously accessible only by helicopter . Proceeds will also fund continued metallurgical recovery and processing test work at the Alloy Max and RPM Zones, as well as exploration of additional awaruite targets along the 30 km trend, large parts of which could not be thoroughly explored before due to the lack of ground access.

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To support the planned exploration program, proceeds will also fund ongoing upgrades to project access trails, which are expected to enable year-round drilling through seasonal weather and provide new ground access to targets currently not accessible by ground and unexplored areas of the project, in each case to the extent the expenditures qualify as Qualifying Expenditures (as defined below).

First Atlantic welcomes calls directly from shareholders and prospective investors. For questions about the Company or the Pipestone XL project, or simply to learn more, investors are invited to call Rob Guzman, Investor Relations , at +1-844-592-6337 or email [email protected] .

The gross proceeds will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through mining expenditures,” as those terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”), in connection with the exploration programs described above at the Company’s Pipestone XL Nickel-Cobalt Alloy Project and exploration activities at its Ophiolite X Project in Newfoundland. The Company will incur the Qualifying Expenditures on or before December 31, 2027 and renounce them in favour of subscribers effective December 31, 2026.

All securities issued in connection with this closing are subject to a statutory hold period of four months and one day, expiring on January 19, 2027, under applicable Canadian securities laws. The Offering remains subject to final acceptance by the TSX Venture Exchange (the “Exchange”).