# First Atlantic Nickel & Cobalt Reports Electron Microprobe Analysis Returning 77.62% Nickel and 1.69% Cobalt in Awaruite at the RPM Zone, Pipestone XL Project: a Rare, Naturally Magnetic (Ni-Fe-Co) High-Grade Alloy Mineralogically Capable of Bypassing Midstream Smelting Constraints in North America *2026-05-21T06:30:00-04:00* First Atlantic Nickel & Cobalt Reports Electron Microprobe Analysis Returning 77.62% Nickel and 1.69% Cobalt in Awaruite at the RPM Zone, Pipestone XL Project: a Rare, Naturally Magnetic (Ni-Fe-Co) High-Grade Alloy Mineralogically Capable of Bypassing Midstream Smelting Constraints in North America GRAND FALLS-WINDSOR, Newfoundland and Labrador, May 21, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P21) (the "Company" or "First Atlantic") is pleased to announce that electron microprobe analysis conducted by SGS Canada in Lakefield, Ontario, as part of the Company's ongoing metallurgical program, has confirmed the high-grade nickel and cobalt content of the awaruite mineralization (Ni-Fe-Co Alloy) in the RPM Zone at its wholly owned Pipestone XL Project. The awaruite (Ni3Fe) averages 77.62% nickel and 1.69% cobalt, with peak grades of 86.68% nickel and 6.05% cobalt, based on 33 microprobe analyses of a master composite sample comprising 32 individual samples over 96 meters of drill core from AN-24-02 (258 m to 354 m) (the "Master Composite"). The analysis also determined that the source mineral for the chromium previously reported at the RPM Zone is chromite, grading 60.2% Cr₂O₃. Given the high grade of the RPM Zone chromite, the Company is now evaluating potential metallurgical processes to separate, concentrate, and process chromite. Awaruite (Ni₃Fe) is a naturally occurring, highly magnetic, sulfur-free nickel-iron-cobalt alloy - the product of serpentinization, a geological process in which hydrogen generated from the alteration of ultramafic rock reduces nickel and iron into native metallic form. Its strong magnetism and hydrophobic metallic surface make it ideal for concentration through magnetic separation and flotation. Unlike nickel sulfide or laterite minerals, awaruite requires no smelting, roasting, or acid leaching to reduce the mineral to metal. The U.S. Geological Survey (“USGS”) acknowledged awaruite’s processing advantage in its 2012 Annual Nickel Report, noting that it is: “much easier to concentrate than pentlandite, the principal sulfide of nickel.” Conventional midstream processing for nickel sulfide and laterite mineral sources is capital-intensive, energy-intensive, and increasingly difficult to permit, with limited smelting capacity remaining in North America and growing exposure to sulfuric acid supply chain disruption. The Pipestone XL awaruite discovery has the potential to deliver a large-scale source of nickel and cobalt through onshore, mine-to-metal processing into downstream stainless steel, EV battery, and specialty alloy industries - bypassing midstream processing constraints. The Company anticipates further updates from its metallurgical program, including the development of a high-grade nickel-cobalt concentrate incorporating magnetic separation and flotation, as well as from the drill program underway at the Alloy Max North and Alloy Max South Zones. **For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic by phone at +1-844-592-6337 or via email at rob@fanickel.com. ** **KEY HIGHLIGHTS** 1. **77.62% Average Nickel Grade in Awaruite:**Electron microprobe analysis of composite samples from the RPM Zone confirms that awaruite averages 77.62% nickel, with peak values of up to 86.68%. 2. **1.69% Average Cobalt Grade in Awaruite:**Cobalt averages 1.69% and reaches up to 6.05%, which is high in relation to other documented awaruite occurrences. Cobalt occurs within the crystal lattice of the awaruite alloy and is concentrated with nickel. 3. **Direct-to-Market Nickel-Cobalt Concentrate:**Awaruite can be concentrated into a high-grade nickel-cobalt product for either direct feed into the stainless-steel industry or further refining into battery-grade nickel and cobalt for the electric vehicle battery supply chain1, avoiding midstream smelting constraints in North America. The concentrate is a potential feed for planned Canadian and US refineries, and at US facilities could help produce qualifying nickel as defined in Section 45X(c)(6) of the U.S. Advanced Manufacturing Production Credit.2 4. **60.2% Cr₂O₃ Chromite Grade:**Microprobe analysis confirms the chromium at the RPM Zone is hosted in chromite grading 60.2% Cr₂O₃. The Company is now evaluating potential metallurgical processes to separate, concentrate, and process chromite. 5. **5.49% Brucite Content:**The Master Composite contains an average of 5.49% brucite (Mg(OH)₂), a reactive mineral capable of capturing and mineralizing atmospheric CO₂. Brucite-driven carbon capture has been demonstrated at BHP’s