First Atlantic Nickel Corp. reported its initial sampling has confirmed the presence of a significant 30 km nickel trend at its 100% owned Atlantic Nickel Project in central Newfoundland, Canada . Strategically located near the Atlantic Ocean, the Project offers ideal access to maritime shipping routes, positioning it to supply nickel input for the steel and electric vehicle supply chains in both the United States and Canada.

The Project's proximity to critical infrastructure, including road access, clean hydro-electric grid power, and favorable terrain and climate make it an optimal location for mining exploration and development. First Atlantic is prioritizing the identification of the strongest mineralized zones of awaruite, a naturally occurring nickel-iron alloy, with four initial and promising areas targeted for follow-up work this summer. A large corporate strategic investor has led a $2.1 million investment in the Company, which will expedite exploration efforts, including mapping, geophysical surveys and sampling in advance of a planned and fully funded 5000 meter drilling program, set to commence immediately.

Initial sampling confirms significant nickel mineralization along a 30 km trend, suggesting the potential for a large nickel district centered on the Atlantic Nickel Project. First Atlantic has identified four priority areas - Atlantic Lake, Gulp Pond, Pipestone, and Chrome Pond - for immediate follow-up based on the recently announced compilation and initial sampling program. The Company's 2024 exploration program is set to commence immediately, focusing on these targets to further define the extent and grade of awaruite nickel mineralization along the 30 km trend.

The additional data will offer a deeper understanding of the nickel mineralization and assist in accurately targeting the drill program. Exploration is focused on alteration (serpentinization), a process responsible for forming the silvery-white nickel-iron alloy "awaruite" a magnetically recoverable nickel mineral. The extensive Pipestone ultramafic belt measuring up to 2 km wide and ~30 km long will require additional systematic mapping and rock sampling to test the full potential.

Samples will be analyzed for magnetically recovered nickel to prioritize drill targets with the best potential to host awaruite mineralization planned to be tested this year. Northeast oriented photos of Big Gulp anomaly near Gulp Pond area shows strongly deformed outcrops with abundant fractures and foliation that dip ~60deg northwest and related to shear or thrust motion and are good feature that may control serpentinization and awaruite nickel-iron alloy mineralization. The Baptiste Deposit contains over 10 billion lbs1 of nickel and has attracted strategic partners, including Toyota, Outokumpu, Sumitomo Mining, and JOGMEC.

The initial resource at Baptiste was completed with just 12,565 meters of drilling, demonstrating the rapid advancement potential of this deposit type. The Company is eager to start its 2024 exploration program and will provide updates as the work progresses. The Atlantic Nickel Project is a special asset due to its unique combination of size, location, proximity to infrastructure, and the presence of awaruite.

By developing this domestic awaruite nickel project, First Atlantic aims to enhance supply chain security for the stainless steel and electric vehicle industries in the USA, Canada, and Europe. The Company's strategic location and focus on awaruite nickel position it to play a key role in meeting the growing demand for responsibly sourced nickel in these sectors. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.