First Atlantic Nickel & Cobalt Announces Results of Annual General and Special Meeting

GRAND FALLS-WINDSOR, Newfoundland and Labrador, Aug. 21, 2026 (GLOBE NEWSWIRE) — First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) (the “Company” or “First Atlantic”) is pleased to announce the results of its annual general and special meeting of shareholders held on August 13, 2026 (the “Meeting”). Shareholders approved all matters put before the Meeting, including the Company’s amended and restated omnibus long-term incentive plan (the “Amended LTIP”). A total of 15,497,067 common shares, representing 10.11% of the Company’s issued and outstanding common shares as of the record date, were represented at the Meeting, all by proxy.

Shareholders fixed the number of directors at three and elected Adrian Smith, Kosta Tsoutsis, and Mike Collins by acclamation to serve until the next annual general meeting or until their successors are elected or appointed. Shareholders also appointed Horizon Assurance LLP, Chartered Professional Accountants, as the Company’s auditor to hold office until the close of the next annual general meeting, and authorized the directors to fix the auditor’s remuneration.

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The Amended LTIP was approved by the requisite majority of votes cast by disinterested shareholders, with votes attached to common shares beneficially owned by insiders of the Company excluded, as required. The Amended LTIP remains subject to final acceptance by the TSX Venture Exchange (the “TSXV”) and permits the grant of stock options, restricted share units (“RSUs”), performance share units (“PSUs”) and deferred share units (“DSUs”).

The Amended LTIP converts the plan from a fully rolling structure to a hybrid structure comprising: (i) a rolling option reserve, under which the maximum number of common shares issuable on the exercise of options may not exceed 10% of the Company’s issued and outstanding common shares, calculated as at the date of each grant; and (ii) a fixed reserve of 15,291,350 common shares for non-option awards, including RSUs, PSUs and DSUs. The fixed reserve represented 10% of the Company’s issued and outstanding common shares as at June 8, 2026, and will not automatically increase as the number of outstanding common shares changes.

Further details regarding the Amended LTIP are set out in the Company’s management information circular dated June 30, 2026, available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.fanickel.com.

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 “P210”.

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

First Atlantic Investor Relations Robert Guzman Tel: +1 844 592 6337 [email protected]

Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a qualified person as defined by NI 43-101.