First Atlantic Nickel Unveils Initial Phase 2 Drill Plan Map with Drilling Underway Following Phase 1 Discovery at RPM Zone Confirming First Large-Scale Awaruite in the Atlantic

Core Insights - First Atlantic Nickel Corp. has announced the successful completion of its Phase 1 drilling program at the RPM Zone, revealing a significant near-surface mineralized zone of awaruite nickel measuring approximately 400 meters by 500 meters [1][5][10] - The company is now advancing into Phase 2 drilling, which is fully funded and aims to expand the known mineralization footprint and assess the potential for a large-scale resource [1][12][13] Company Overview - First Atlantic Nickel Corp. is a Canadian mineral exploration company focused on developing the Atlantic Nickel Project, which is 100% owned and strategically located in Newfoundland, Canada [30][31] - The project features awaruite, a natural nickel-iron alloy that allows for smelter-free processing, enhancing North America's critical minerals supply chain [30][31] Phase 1 Drilling Results - The Phase 1 drilling program consisted of four diamond drill holes totaling 1,363 meters, all of which intersected broad, continuous zones of mineralization [5][6][10] - Metallurgical testing yielded an average magnetically recoverable nickel grade (DTR Ni%) of 0.13%, with an average magnetic nickel concentrate of 1.41% Ni and a mass pull of 9.1%, indicating a total nickel recovery of 54% based on an initial total nickel grade of 0.24% [1][5][8] Phase 2 Drilling Plans - The Phase 2 drilling program is designed to systematically expand the mineralization footprint, targeting areas to the north, east, and west of the RPM Zone [12][13] - Initial results from the first hole of Phase 2 (AN-25-06) have confirmed the presence of large grain visible awaruite, extending the mineralization eastward [12][13] Awaruite Nickel Significance - Awaruite is noted for its environmentally friendly processing capabilities, as it can be concentrated through magnetic separation without the need for high-temperature smelting or acid leaching [2][19][22] - The U.S. Inflation Reduction Act mandates that eligible clean vehicles must not contain critical minerals processed by foreign entities of concern, positioning awaruite as a strategic resource for North American electric vehicle manufacturers [19][22] Market Context - The development of awaruite resources is crucial given China's dominance in the global nickel market, controlling a significant portion of nickel refining and smelting [22] - Awaruite's unique properties could help reduce North America's dependence on foreign processing, thereby enhancing the security and reliability of the domestic nickel supply chain [22][30]