First Atlantic Nickel Intersects 0.25% Nickel and 0.29% Chromium in Second Discovery Drill Hole at RPM Zone, Confirming Mineralized Width of 300 Meters, with Nickel Grade Increasing to 0.27% in Final 21 Meters Into Fault Zone

Core Insights - First Atlantic Nickel Corp. announced positive assay results from drill hole AN-24-03, indicating an average of 0.25% nickel and 0.29% chromium over a continuous 216-meter interval, with grades increasing to 0.27% nickel over the final 21 meters [1][5][12] - The Phase 1 drilling program at the RPM Zone has outlined a mineralized area measuring 500 meters in lateral width and 400 meters in length, confirming significant potential for expansion in all directions [2][5][9] Phase 1 Drilling Results - Drill hole AN-24-03 reached a total depth of 234 meters, intersecting 18 meters of overburden before hitting mineralized serpentinized peridotite, with visible awaruite mineralization throughout the hole [4][5] - The first four drill holes have confirmed 300 meters of the 500-meter lateral width, with both AN-24-02 and AN-24-03 ending in mineralization, suggesting the RPM Zone remains open for further expansion [2][9] Mineralization Characteristics - The mineralization is characterized by disseminated awaruite with grain sizes up to 509 microns, reinforcing the continuity of the mineralized zone [5][6] - The increasing nickel grades towards the end of the hole indicate potential for deeper and wider extensions of the mineralized zone, warranting further exploration [5][6] Future Drilling Plans - Phase 2 drilling is planned to utilize a more powerful drill rig to target the western fault zone and deeper mineralization, aiming to extend the RPM Zone's boundaries [5][15] - The company expects to receive additional assay and metallurgical test results in the coming weeks, with processing delays attributed to the transition to a new core storage and processing facility [5][15] Awaruite's Significance - Awaruite, a naturally occurring nickel-iron alloy, offers a cleaner and more environmentally friendly processing method compared to conventional nickel sources, aligning with North America's critical minerals supply chain needs [16][19] - The U.S. Inflation Reduction Act's requirements for electric vehicles highlight the importance of domestic sources of nickel, with awaruite's smelter-free processing potentially reducing dependence on foreign entities [16][19][27]