Mr. Adrian Smith of First Atlantic reports

FIRST ATLANTIC NICKEL ANNOUNCES $16 MILLION TWO-STAGE EARN-IN AGREEMENT WITH CORE CRITICAL METALS CORP. ON LUCKY MIKE COPPER-SILVER-TUNGSTEN PROJECT, BRITISH COLUMBIA - RETAINS 20 PER CENT CARRIED INTEREST TO FEASIBILITY AND RIGHTS TO MINING ROYALTY

First Atlantic Nickel Corp. has entered into an arm's-length option agreement dated Feb. 18, 2026, with Core Critical Metals Corp., pursuant to which Core Critical Metals may earn up to may earn up to an 80-per-cent interest in the Lucky Mike copper-silver-tungsten property. The transaction is subject to TSX Venture Exchange acceptance in respect of Core Critical Metals.

The Lucky Mike property is a large district-scale copper-silver-tungsten porphyry project in Southern British Columbia comprising 37 claims totalling approximately 7,675 hectares. The property is located between Kamloops and Merritt, B.C., adjacent to a major highway, and located approximately 20 kilometres 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 2025. The property is located approximately 150 km from the United States border.

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, Core Critical is required to incur an aggregate of $16-million in qualified exploration expenditures to earn up to an 80-per-cent interest in the property in two stages. First Atlantic will retain a 20-per-cent 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.

Key terms of the transaction

Pursuant to the option agreement, Core Critical may acquire up to an 80-per-cent interest in the Lucky Mike project through the following two-stage earn-in structure:

Stage 1 -- earn-in to 70 per cent

To earn an initial 70-per-cent interest in the property, Core Critical 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 totalling $500,000 over the first three years of the option agreement;
3. A minimum of $6-million in qualified exploration expenditures on the property.

Core Critical earns the 70-per-cent interest only upon completion of all stage 1 requirements.

Stage 2 -- earn in to 80 per cent

To earn an additional 10-per-cent interest (for a total 80-per-cent interest), Core Critical must incur an additional $10-million in qualified exploration expenditures on the property on or before the 10th anniversary of the effective date of the option agreement.

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

The property is subject to an existing 2-per-cent net smelter returns (NSR) royalty.

Following completion of the second option (earning an 80-per-cent interest), First Atlantic and Core Critical will enter into a joint venture agreement (JV). Under the terms of the JV, each of First Atlantic and Core Critical will be responsible for its pro rata share of expenditures approved in the annual works program and budget for the property, with Core Critical acting as operator.

Notwithstanding the above, Core Critical shall, at its sole cost, finance 100 per cent of all expenditures approved in the annual work program and budget for the property until the delivery of a feasibility study (the carry end date). 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 per cent) 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-per-cent NSR royalty, subject to a 2-per-cent buyback for $7.5-million. Upon such conversion, First Atlantic will have no further right to participate in the property and no obligation to contribute to future expenditures.

No finders' fees are 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.

Adrian Smith, PGeo, a director and the chief executive officer of the company, is a qualified person as defined by National Instrument 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (PGeo). Mr. Smith has reviewed and approved the technical information disclosed herein.

About First Atlantic Nickel Corp.

First Atlantic Nickel is a mineral exploration company focused on the discovery and development of awaruite, a rare, naturally occurring magnetic nickel-iron-cobalt alloy, at its 100-per-cent-owned Pipestone XL project in Newfoundland. The project spans the 30-kilometre Pipestone Ophiolite complex, where multiple zones contain awaruite (nickel-cobalt) mineralization along with secondary chromium. Awaruite's magnetic properties enable processing through magnetic separation, bypassing the need for smelting, roasting or high-pressure acid leaching while reducing dependence on foreign-controlled processing infrastructure.

We seek Safe Harbor.