First Atlantic Nickel Reports Initial Phase 2 Drill Results: Deepest Drill Hole to Date at RPM Zone Returns 1.27% Awaruite Nickel Alloy (Ni₃Fe) in Magnetic Concentrate Over 447 Meters

Core Insights - First Atlantic Nickel Corp. has reported significant results from drill hole AN-25-06, marking the longest continuous mineralized intersection to date at the RPM Zone of the Atlantic Nickel Project, with an average of 1.27% nickel and 1.69% chromium over 447.35 meters [1][6][10] Summary by Sections Drill Results - Drill hole AN-25-06, located 200 meters east of AN-24-05, intersected visibly disseminated awaruite throughout its entire length, returning 0.22% total nickel and 0.31% total chromium over 447.35 meters [2][7] - The hole achieved a DTR nickel grade of 0.11% with a total nickel recovery averaging 51.84%, and peak recoveries reached up to 81.4% [1][6][10] Phase 2 Drilling Program - The Phase 2 drilling program aims to expand the mineralized zone beyond the previously established footprint, with ongoing drilling targeting extensions in multiple directions [12][13] - Drill holes AN-25-08 and AN-25-09 are currently testing the continuation of awaruite mineralization further north, contributing to a total north-south strike length of 800 meters at the RPM Zone [3][7] Metallurgical Performance - The DTR metallurgical test results from AN-25-06 are consistent with previous Phase 1 drilling, indicating a predictable metallurgical response across the RPM Zone, with an average nickel grade of 1.38% in magnetic concentrate across the first five holes [10][11] - The average mass pull for these holes is 9.08%, yielding an average DTR nickel grade of 0.12% [10][11] Awaruite and Market Context - Awaruite, a naturally occurring nickel-iron alloy, offers a cleaner processing alternative compared to conventional nickel sources, aligning with North America's critical minerals supply chain needs [23][24] - The U.S. Inflation Reduction Act emphasizes the importance of domestic sourcing of critical minerals, positioning awaruite as a viable option for electric vehicle manufacturers to meet stringent requirements [24][36] Exploration and Infrastructure - The district-wide exploration program has identified new occurrences of visible awaruite, which will help define larger zones for future drilling [6][12] - Significant infrastructure upgrades have been made to support the Phase 2 drilling program, enhancing road access and camp facilities [13][36]