First Atlantic Nickel Secures Drilling Permits for 2024 Exploration Program in Newfoundland

First Atlantic Nickel has received drilling permits for its fully funded 2024 exploration and drilling program at the 100% owned Atlantic Nickel Project in central Newfoundland, Canada. This project aims to explore and develop high-priority awaruite nickel zones along a 30 km nickel trend.

The company has started mobilizing heavy equipment to improve existing road infrastructure, allowing more of the budget to focus on drilling. The 2024 exploration program is designed to identify and test the most promising nickel zones within this trend.

Highlights:

• Drilling permits have been granted for 26 sites across multiple awaruite nickel zones within the 30 km trend.
• A 5,000-meter multi-zone drilling program is set to begin this summer.
• Road upgrades are expected to enhance access, reduce costs, and maximize drilling efficiency.
• Renowned nickel expert Dr. Ron Britten will assist in the exploration and development process.
• The 21,850-hectare land position encompasses the entire 30 km trend of the Pipestone Ophiolite Complex, which features unique awaruite nickel.
• Awaruite's unique properties enable simpler, environmentally friendly processing without smelting, using less energy and chemicals while producing high-grade nickel concentrates in North America.

CEO Adrian Smith highlighted the significance of these developments, emphasizing the potential of awaruite nickel to transform nickel production by offering a cleaner and more sustainable alternative. He noted the environmental and operational advantages of awaruite, which can be processed using simple magnetic separation and flotation technologies, reducing the need for smelting and thereby cutting reliance on foreign smelting operations.

The 2024 exploration program will target multiple zones within the 30 km nickel-bearing trend, focusing on areas such as Atlantic Lake, Gulp Pond (including Big Gulp), Pipestone, and Chrome Pond. The Atlantic Nickel Project's central Newfoundland location offers road access and nearby hydroelectric power, enhancing its potential for significant large-scale nickel discoveries.

Dr. Ron Britten, known for discovering and advancing North America's first large-scale awaruite nickel project, will advise First Atlantic on exploration and drill targeting for the Atlantic Nickel Project. Dr. Britten's expertise is expected to be crucial in advancing the project.

Significant Milestones Achieved in 2024:

• Secured a 30 km ultramafic nickel trend within the Pipestone Ophiolite Belt through multiple property agreements.
• Compiled extensive historical data, including 4,581 samples, 23 drill holes, and 115,859 assay results, confirming the 30 km nickel belt.
• Commenced fieldwork, mapping, and sampling to expand and validate historical data.
• Raised $2,084,999.91 at $0.21 per share, with a strategic investor acquiring a 9.98% stake, fully funding the planned work.
• Appointed Dr. Ron Britten to the advisory board for exploration and development guidance.

With permits in hand, First Atlantic Nickel is poised to accelerate its exploration and development activities. Further updates will be provided as the work progresses.