Mr. Robert Guzman reports

FIRST ATLANTIC NICKEL ANNOUNCES $1M PREMIUM NO WARRANT CHARITY FLOW THROUGH PRIVATE PLACEMENT

First Atlantic Nickel Corp. intends to complete a non-brokered private placement financing of up to 2,190,200 shares of the company issued on a charity flow-through basis at a price of 49 cents per charity flow-through share for proceeds of up to $1,073,198. The company plans to use the proceeds of the offering on its phase 2 drilling and exploration program at the Atlantic nickel project in central Newfoundland.

Each charity flow-through share will be issued as a flow-through share under the Income Tax Act (Canada). An amount equal to the gross proceeds from the issuance of the charity flow-through shares will be used to incur, on the company's Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as: (i) Canadian exploration expenses (as defined in the tax act); and (ii) flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the tax act). The qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the charity flow-through shares will be incurred on or before Dec. 31, 2026, and will be renounced by the company to the purchasers of the initial purchasers of the charity flow-through shares with an effective date no later than Dec. 31, 2025. In the event that the company is unable to renounce the issue price for the charity flow-through shares on or prior to Dec. 31, 2026, for each charity flow-through share purchased and/or if the qualifying expenditures are reduced by the Canada Revenue Agency, the company will, as sole recourse for such failure to renounce, indemnify each charity flow-through share subscriber for the additional taxes payable by such subscriber to the extent permitted by the tax act as a result of the company's failure to renounce the qualifying expenditures as agreed.

No warrants will be issued in connection with this offering, and no commissions or finders' fees will be paid.

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

The offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the closing date in accordance with applicable securities laws.

Investor information

The company's common shares trade on the TSX-V 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.

Disclosure

Adrian Smith, PGeo, 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 Canadian mineral exploration company developing the 100-per-cent-owned Atlantic nickel project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The project's nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75 per cent nickel with no sulphur and no sulphides. Awaruite's properties allow for smelter-free magnetic separation and concentration, which could strengthen North America's critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new U.S. electric vehicle U.S. IRA (Inflation Reduction Act) requirements, which stipulate that, beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by an FEOC (foreign entity of concern).

First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the United States and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the U.S. IRA. With its commitment to responsible practices and an experienced team, First Atlantic is poised to contribute significantly to the nickel industry's future, supporting the transition to a cleaner energy landscape. This mission gained importance when the U.S. 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.

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