First Atlantic Nickel Announces New Alloy Max Zone Discovery - A Second Large-Scale Awaruite (Ni₃Fe) Target Area Extending 7 km North from the RPM Zone at the Pipestone XL Nickel-Cobalt Alloy Project GRAND FALLS-WINDSOR, Newfoundland and Labrador, March 18, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce the discovery of a second large-scale awaruite (Ni₃Fe) nickel-cobalt alloy target area, designated Alloy Max, extending 7 kilometers (km) north of the existing RPM Zone (see Figure 1) within the 30 km Pipestone Ophiolite Complex at its Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland. The Alloy Max zone was discovered through the Company's ongoing district-wide surface sampling program, which integrates field geological mapping, rock sampling, Davis Tube Recovery (“DTR”) metallurgical testing, and geophysics to identify magnetically recoverable nickel in awaruite alloy mineralization throughout the 30 km trend. This work has outlined an initial target area at Alloy Max of approximately 4 km in length and 1.2 km in width (see Figure 1), with DTR surface sample grades similar to those observed at the RPM Zone. Geophysical processing on this target indicates the potential for a larger mineralized area than the RPM Zone. At the RPM Zone, this pattern is well established, where drill cores consistently return higher grades than weathered surface samples. Alloy Max is fully permitted and funded for drilling, with ground access in place, minimal overburden, and numerous drill targets identified. The Alloy Max zone is a new area of awaruite mineralization extending 7 km north of the RPM Zone discovery, reinforcing the district-scale potential of the Pipestone XL Nickel-Cobalt Alloy Project. The Company now has two large-scale awaruite target areas identified within the 30 km Pipestone Ophiolite Complex, with additional untested targets and unexplored ground throughout the district. At the RPM Zone, drilling has confirmed magnetically recoverable awaruite nickel mineralization over an area 800 meters (m) wide and 1.2 kilometers (km) long. Alloy Max is a priority for drilling in 2026 and could represent a second large-scale near-surface zone of awaruite suitable for open pit style bulk tonnage mining. This discovery is in line with the Company's mission to mine and process a large-scale nickel-cobalt feedstock capable of supplying a vertically integrated North American onshore supply chain, from mining directly into downstream battery refining or stainless steel production, with no need for smelting or offshore processing. HIGHLIGHTS: Alloy Max Discovery - New Large-Scale Awaruite Target Area: District-wide surface sampling has outlined a major new area of magnetically recoverable nickel in awaruite alloy mineralization extending 7 km north of the RPM Zone. Alloy Max is a priority target for drilling in 2026.4 km x 1.2 km Target Area Outlined - Larger Initial Area Than RPM Zone: Field geological mapping, surface sampling, and DTR analysis outline an initial target area of approximately 4 km x 1.2 km. Geophysical processing indicates the potential for a larger mineralized size and mass than the RPM Zone, where drilling has confirmed 800 m width x 1.2 km strike length of positive magnetically recoverable awaruite nickel mineralization.Rock Surface Sample DTR Grades Consistent With RPM Zone: DTR surface sampling across a large area of Alloy Max has returned magnetically recoverable nickel grades comparable to RPM Zone surface values, where drill core at depth returned significantly higher grades than weathered surface samples.Alloy Max Fully Permitted: Approved drill permits are in place for the entire Alloy Max target area. Ground access is in place, with minimal overburden, and numerous drill targets identified.District-Scale Potential Accelerating: Alloy Max presents an opportunity for large-scale development with proximity to centralized processing. Two large-scale awaruite target areas now identified within the Pipestone XL district, with ongoing surface sampling continuing to identify new areas of awaruite mineralization throughout the 30 km Pipestone Ophiolite Complex.$7.8M Raised Without Warrants Since December 2025: Aggregate gross proceeds of approximately $7,819,316 were raised through non-brokered private placements (without warrants), comprising $3,919,316 in flow-through financings and $3,900,000 under the LIFE Offering. Proceeds will support drilling at Alloy Max and the RPM Zone. For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic Nickel by phone at +1-844-592-6337 or via email at rob@fanickel.com. ALLOY MAX DISCOVERY The Alloy Max target area (see Figure 1) was identified through the Company's systematic district-wide exploration program, which employs field geological mapping, field surface rock sampling with DTR analysis, and geophysic