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First Atlantic Nickel Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 1890 – 1075 West Georgia Street
Vancouver, BC
Canada V6E 3C9
Tel No.: 1-844-592-6337
Web Site: www.fanickel.com
E-mail: rob@fanickel.com
Contact Person: Robert Guzman
Position: Investor Relations


Company Data

Traded Market: TSXV | OTC | FSE
Traded Symbol: FAN | FANCF | P21
Outstanding Shares: approx. 70.95 million
52 Week High: $ 0.17
52 Week Low: $ 0.06
Present Price: Click Here


Introduction

First Atlantic Nickel is a Canadian mineral exploration company that owns 100 per cent of the Atlantic nickel project, a large-scale significant nickel awaruite project in Newfoundland and Labrador, Canada. By eliminating the need for smelting, nickel in the form of awaruite reduces dependence on foreign entities of concern for both supply and processing, thereby strengthening supply chain security. The US Geological Service (USGS) has identified awaruite as a solution to a nickel shortage because it is easier to process & concentrate than traditional nickel sulfide minerals. In 2022, the U.S. government designated nickel as a critical mineral, highlighting its importance to the nation's economy and security.

The Atlantic nickel project is a special asset because it contains nickel in the unique and desirable form of awaruite (a naturally occurring nickel-iron alloy composed of Ni3Fe or Ni2Fe), complemented by the project's advantageous size, location, and proximity to infrastructure. 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. Awaruite's amenability to simple and economic magnetic processing allows for the mining and concentration of awaruite to be conducted entirely within North America. The nickel concentrate can then be directly shipped from the mine in Newfoundland via the Atlantic Ocean to stainless steel and EV factories in Canada and the United States. This delivers the greatly desired supply chain security and diversification that North American governments, automobile manufacturers, and the stainless steel industry seek when sourcing nickel while decreasing reliance on China for processed and refined nickel.

The Company is dedicated to responsible exploration, environmental safety, and working with local communities to create sustainable opportunities. Awaruite nickel mining and processing has a safer environmental profile compared to conventional nickel sources. Awaruite's streamlined processing avoids smelting and intensive acid leaching, minimizing toxic emissions and the risk of acidic mine waste contaminating water sources. The project benefits from a clean, high-voltage hydro dam, which will contribute to low CO2 mining operations. This approach addresses concerns about the environmental impact of battery metal refining. With its experienced team and the project's potential, the Company is well-positioned to contribute to the future of the nickel industry and the transition to a cleaner energy future.

Investment Highlights

Experienced Team, Undervalued Opportunity

  • Management with proven track record in critical mineral discoveries, financing, and leading an undervalued company with significant growth potential and high-value assets

Awaruite: Future of Clean Nickel

  • Awaruite, a rare nickel-iron alloy mineral with high nickel content, offers potential for sustainable, high-value nickel concentrate production without smelting, resulting in a lower environmental footprint.
  • The US Geological Survey (USGS) recognizes awaruite, a natural iron-nickel alloy, as a potential solution to the nickel shortage due to its easier concentration process compared to pentlandite, the primary nickel sulfide mineral.

Prime Infrastructure

  • Atlantic Location provides direct shipping access to US, European & Canadian EV and stainless steel markets. Existing roads & nearby clean hydropower dam support low-carbon mining operations.

District-Scale Potential

  • 30 km ultramafic target area with proven elevated nickel values and a larger geophysical target than peers emphasizes the Atlantic Nickel project's potential for a multi-deposit mining district.

Strategic Location Secures Western Supply Chains

  • Newfoundland & Labrador: Ranked 4th globally for mining investment
  • Strong government & community support, eligible for US & Canadian critical mineral financial support
  • Strategic Atlantic Ocean location reduces dependence on Indonesia for nickel supply; awaruite reduces supply chain dependence on China.


Projects in Hand

Atlantic Nickel Project, Central Newfoundland

Strategically located in central Newfoundland, the Atlantic nickel project benefits from road access and nearby hydroelectric power, presenting the potential for a significant large-scale nickel discovery within this district-scale project. Throughout the project area, awaruite, a highly magnetic nickel-iron alloy, has been consistently identified in rocks, tills and drill core samples.

Project Overview

Prime Location

  • 40 km from Grand Falls-Windsor, Newfoundland, Canada – a top-tier mining jurisdiction with a pro-mining government and community.

Strategic Infrastructure

  • Existing road access allows for year-round workability, with a project boundary just 3 km from a clean hydroelectric power dam.

Awaruite Advantage

  • Naturally occurring nickel-iron alloy enables simple magnetic separation and flotation recovery, reducing dependence on China's control of the nickel sulfide processing supply chain and the need for energy-intensive smelting.

Bulk Tonnage Mining Future

  • Reflecting industry trends, shifting towards larger investments in projects with substantial tonnage and production capacity, similar to the copper sector.

District Scale Potential

  • 21,850 hectares of wholly owned land covers the entire 30-kilometre trend of the Pipestone Ophiolite Complex with unique awaruite nickel, featuring multiple mineralized zones, indicating potential for a district-scale model with multiple deposits.

Pipestone Ophiolite Complex: Geological Wonder

  • A massive slab of ancient ocean crust and upper mantle, the Pipestone Ophiolite is a unique ultramafic rock formation. Created by plate tectonics, this geological wonder provides ideal conditions for the formation of Awaruite, a superior nickel material, making it a prime target for exploration and investment.

The 2024 exploration program will prioritize multiple zones within the 30-kilometre nickel-bearing trend that exhibit the strongest awaruite nickel occurrences. The primary target areas encompass Atlantic Lake, Gulp Pond (including Big Gulp), Pipestone and Chrome Pond.

  • Drill permits granted for 26 sites covering multiple awaruite nickel zones within a 30-kilometre trend;
  • 5,000-metre multizone drill program planned to begin this summer;
  • Road upgrades will improve access, reduce project costs and maximize drilling on key target areas;
  • World nickel expert and awaruite specialist Dr. Ron Britten to aid exploration and development.

First Atlantic Nickel completed significant milestones to date in 2024:

  • Secured 30-kilometre ultramafic nickel trend within Pipestone ophiolite belt through multiple property agreements;
  • Compiled extensive historic data, including 4,581 samples, 23 drill holes, 115,859 assay results, confirming 30-kilometre nickel belt centered on project;
  • Commenced fieldwork, mapping and sampling to expand and validate historic data;
  • Raised $2,084,999.91 at 21-cent issuance price per share, with strategic investor acquiring 9.98-per-cent stake, fully financing planned work;
  • Appointed world-renowned nickel expert and awaruite specialist Dr. Ron Britten to advisory board for exploration and development guidance.

The Company is now set to fast track intensive exploration and development with permits in hand. (See news release dated July 17, 2024)


Management

Management, Directors and Advisors

Adrian Smith, P.Geo., Chief Executive Officer & Director

Over 15 years mining and exploration experience. Significant experience building and growing resource projects including a project taken from discovery to over 7 billion tonnes defined within a two-year period. Behind two recent porphyry discoveries in BC and several resource expansion projects. Raised millions equity financing.

Jim Henning, Chief Financial Officer

Chartered accountant (CA, CBV, CFA), founded CorpFinance in 1984. Former Tax and Business Valuation Manager at Touche Ross & Co.

Kosta Tsoutsis, Director

Over 20 years finance and capital markets experience. Former investment advisor at Mackie Research, Jordan Capital Markets, and Canaccord Capital Corp. Raised tens of millions in equity financing.

Collin Kim, Director

Over 30 years experience in petrochemical, coal, and mineral industries. Involved in mineral projects connecting Canadian and major Korean State-Owned Firms. Worked 16 years at Hanwha Corp.

Mike Collins, Independent Director

Professional Geologist (P.Geo.) and CEO of Nuclear Fuels (NF.CN) with over 25 years of industry experience with a deep understanding of numerous mineral camps and deposit types around the world.

Dr. Ron Britten, Technical Advisor

World-renowned nickel expert with over 40 years of experience specializing in awaruite nickel exploration and development. Discovered and advanced the Decar project in British Columbia, which is North America's first large-scale awaruite nickel project on the West Coast, containing over 10 billion pounds of nickel. The Decar project attracted strategic partners such as Toyota, Outokumpu, Sumitomo Mining and JOGMEC (Japan Oil, Gas and Metals National Corp.). Co-founded First Point Minerals Corp. (later FPX Nickel Corp.). Received the H.H. "Spud" Huestis Award for excellence in prospecting and mineral exploration.

James Turner, P.Geo., Technical Advisor

Over 45 years industry experience, including Cominco and Newmont Gold. Founded TerraSat Geomatics Inc., consulting for junior mining issuers globally.

Rahim Kassim-Lakha, Strategic Advisor

Over 28 years of experience in global investment and capital markets, raising capital, structuring financial transactions, and guiding strategic decisions.


News Update

On December 17, 2024, First Atlantic Nickel Corp. has entered into an agreement to acquire a 100-per-cent interest in the RPM-South claims, located immediately south of the recent discovery at the RPM zone, which is part of the 30-kilometre nickel trend at the Atlantic nickel project in Newfoundland. Future drill programs will aim to test for mineralization in all directions, including at depth, from the new discovery at the RPM target zone, which is no longer constrained by proximity to project boundaries. The claims are strategically important for future project infrastructure and mine development while also being prospective as they have the potential to host awaruite nickel mineralization extending southward from the RPM zone at depth. Highlights:

  • Strategic acquisition: The company will acquire licence No. 038152M (which consists of 12 claims), located immediately south of the RPM zone. This strategic acquisition is necessary for future project infrastructure and development. The new licence also enables the investigation of the potential southward continuation of awaruite nickel mineralization at depth within the RPM zone.
  • Phase 1 drilling update: Phase 1 drill core processing has resumed following successful relocation to long-term drill core and processing facility.
  • Assays and metallurgical testing: The initial phase 1 drill holes have been submitted for assays, while others are currently being processed. Metallurgical testing will commence upon receipt of the assay results.
  • Phase 2 drilling plans: Phase 2 drill permits were submitted on Nov. 27, 2024, including plans for a direct vehicle access road into the RPM and Chrome Pond zones.
  • Mineralization expansion potential: The RPM zone remains open for drilling in all directions, with mineralization appearing more substantial to the east and showing potential for further expansion along strike.
  • No private placement financing: The company is not currently conducting or planning any private placement equity financings. First Atlantic has not engaged any third parties to solicit on its behalf. Any such inquiries are unauthorized and should be directed to the company.

On December 10, 2024, First Atlantic Nickel Corp. announced a significant expansion of the awaruite mineralization at the RPM Zone within its 100% owned, district-scale, 30 kilometer-long Atlantic Nickel Project in Newfoundland (the “Atlantic Nickel Project” or the “Project”). Step-out drilling has intersected visibly disseminated, sulfur-free nickel-alloy (awaruite) mineralization across a width of approximately 500 meters, substantially increasing the width of the newly discovered RPM Zone. Large, elongated awaruite grains, measuring up to 1,000 microns, have been identified, underscoring the Project’s exceptional mineralization quality and potential.

On December 04, 2024, First Atlantic Nickel Corp. has selected a new, secure, drill core processing and storage facility in Grand Falls-Windsor, Nfld., marking a significant step in the company's operational expansion.

The new facility will replace the current temporary tent structure, offering a long-term, year-round solution for drill core processing and storage. This move will support continuing activities related to phase 1 drilling at the Atlantic nickel project, where cores are cut, logged, photographed, and prepared for assays and metallurgical testing. Updates are expected soon as phase 1 drill cores continue to be processed.

Located within 50 kilometres of the Atlantic Lake property, the new facility is currently receiving drill cores from phase 1 drilling. This strategic location supports current operations while offering scalability for future district-scale, multizone drill programs along the 30-kilometre nickel trend.

Phase 2 drilling permit applications have been submitted in Newfoundland and Labrador, a jurisdiction renowned for its support of the mining sector and streamlined permitting process, where previous permits were granted within approximately a one-month period. The new facility is designed to facilitate a seamless and efficient transition into the planned expanded phase 2 drill program, enhancing the operational capacity and readiness of the Atlantic nickel project.

On November 26, 2024, First Atlantic Nickel Corp. announced that it has submitted applications for new additional drill permits to significantly expand the drilling program at the RPM Zone, located 25 km south of the Atlantic Lake area. The Company plans to construct a shorter, more efficient direct access route to the RPM Zone, enabling year-round access and accommodating heavier drill rigs capable of deeper and faster drilling, particularly during winter months. These initiatives aim to accelerate the exploration and delineation of the RPM Zone, building on the success and encouraging visual observations of large-grained, visible awaruite mineralization in the initial drill holes.

On November 12, 2024, First Atlantic Nickel Corp. has provided an update on continuing drilling at its 100-per-cent-owned, multizone, district-scale Atlantic nickel project in central Newfoundland, Canada. Drilling in the RPM zone has resulted in a new discovery of disseminated, visible, sulphur-free nickel-iron alloy (awaruite) throughout a 394-metre (m) hole located 10 kilometres (km) south of the Super Gulp zone and 25 km south of historic drilling at Atlantic Lake. This drill hole follows the recent discoveries of multiple new zones containing visible awaruite across the 30 km nickel trend of the project during the summer sampling program.

Adrian Smith, chief executive officer, said: "We are thrilled with the continued success at the Atlantic nickel project, as we discover coarse-grained nickel alloy in the first-ever drill hole at the RPM zone, located approximately 10 km south of the Super Gulp area. This discovery extends known mineralization 25 km from the Atlantic Lake area, with visible awaruite disseminated within the ultramafic rock unit, which is part of the large-scale ophiolite located on the property.

"I want to congratulate the project geologists and field team, with the aid of Dr. Ron Britten, PhD, for their early success leading to this discovery, finding significant visible mineralization in the drilling. Our strategy continues to focus on identifying and establishing areas with large volumes of nickel alloy, with the goal to uncover a district-scale nickel project.

"The 2024 exploration program has yielded remarkable results, not only with this major discovery but also with similar findings from other areas within the 30 km ophiolite trend. These findings indicate the presence of multiple high-potential zones, suggesting the possibility of a larger nickel district. We look forward to providing additional updates as our exploration progresses, with a focus on expanding the scale of our stepout drilling to further delineate the extent of this exciting new discovery."

On October 29, 2024, First Atlantic Nickel Corp. has provided an update on the continuing drilling at its 100-per-cent-owned, multizone, district-scale Atlantic nickel project in central Newfoundland, Canada. Initial drilling has confirmed visible awaruite, disseminated from the surface throughout the first 297-metre (m) first hole in the newly discovered Super Gulp zone, located 16 kilometres (km) south of historical drilling at Atlantic Lake. This follows the recent discovery of multiple new zones containing visible awaruite across the 30 km nickel trend of the project during the summer sampling program.

Adrian Smith, chief executive officer, stated:

"We are thrilled with the early success at the Atlantic nickel project, as we have visually confirmed nickel alloy in the first-ever drill hole at the Super Gulp zone," commented Mr. Smith. "This discovery extends known mineralization 16 km from the Atlantic Lake area, with visible awaruite disseminated within the ultramafic rock unit, which is part of the large scale ophiolite located on the property."

Mr. Smith continues: "Our strategy aims to identify and establish potential areas with large volumes of mineralized rocks. We're particularly excited about moving to the RPM zone, where we've identified disseminated nickel alloy grain sizes well into the hundreds of microns. This could represent an even more significant discovery. The ongoing drilling plans to test the southern RPM, Chrome Pond and Big Gulp areas, representing a further 10-kilometre stepout from the Super Gulp zone, extending drilling coverage to approximately 25 km from the historic drilling at the Atlantic Lake area. Our goal is to uncover a district-scale nickel project and we look forward to providing additional updates as our exploration progresses."

On October 08, 2024, First Atlantic Nickel Corp. has commenced drilling at its multizone, district-scale, 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. This follows the recent discovery and expansion of multiple new zones of visible awaruite, a naturally occurring nickel-alloy, across the project's 30-kilometre nickel trend during the summer sampling program. Highlights:

    Drilling under way: Testing multiple large-scale, widely spaced, new high-priority nickel targets that have never been drilled;

    New discoveries: A recent summer sampling program at 200-plus outcrops identified both new and expanded awaruite nickel-alloy zones across the 30-kilometre trend;

    Significant scale potential: Multiple target areas showing large geophysical and geochemical footprints suggest the potential to host several mineralized systems with potential volumes ranging from 500 million to over one billion tonnes;

    High-priority targets: RPM and Super Gulp revealed new discoveries of multiple outcrops with abundant visible disseminated awaruite grains. These discoveries extend surficial occurrences approximately 25 km south, from historic drilling at Atlantic Lake to the RPM zone, within the ultramafic (ophiolite) sequence:

      Super Gulp: Located approximately four kilometres (km) south of Gulp Pond zone and approximately 20 km south of historic hole 78-AL-01 in Atlantic Lake zone;

      RPM: Located approximately 25 km south of Atlantic Lake, near the southern end of the 30-kilometre trend, within one km of the Chrome Pond showing which returned values up to over 60 per cent chromium (Cr2O3);

    Smelter-free nickel: Awaruite (Ni3Fe), a natural nickel-iron alloy containing approximately 77 per cent Ni, enables smelter-free magnetic separation, which could enhance the resilience and security of North America's critical minerals supply chain. Awaruite's clean and efficient North American processing potential aligns with new United States Electric Vehicle IRA requirements, which stipulate that, beginning in 2025, eligible clean vehicles may not contain any critical minerals processed by a foreign entity of concern.

Adrian Smith, chief executive officer of First Atlantic, commented: "We are thrilled by the rapid progress our team has made at our district-scale Atlantic nickel project. With guidance from Dr. Ron Britten, a world-renowned nickel awaruite expert, we have advanced the project from acquisition to the discovery drilling phase in just half a year."

Mr. Smith continues: "The Atlantic nickel project's awaruite nickel-alloy has unique properties that enable a simple magnetic separation process, eliminating the need for smelting. This characteristic positions the project as a potential major source of nickel that could be processed domestically, reducing North America's reliance on foreign nickel smelting and processing. This is particularly beneficial given the region's limited nickel smelting capacity. This approach aligns with the U.S. Inflation Reduction Act (IRA), which mandates that, beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a foreign entity of concern (FEOC), such as China, a major global nickel refiner. By addressing these challenges, our project aims to contribute to a more secure, independent and resilient nickel supply chain for North America."

On October 01, 2024, First Atlantic Nickel Corp. has received approval from the TSX Venture Exchange for the recently announced option agreement dated Sept. 16, 2024, with a group of arm's-length optionors to the company to acquire a 100-per-cent undivided legal and beneficial interest in 13 mining licences consisting of 547 mineral claims covering 13,675 hectares located in northern Newfoundland (the Atlantis project).

The Atlantis project covers a large ultramafic complex of potential mantle source, known as the St. Anthony complex and White Hills Peridotite. The White Hills Peridotite and its underlying metamorphic rocks represent the basal portion of a partly eroded ophiolitic complex. The project consists of two ultramafic masses characterized by serpentinized peridotites, suggesting the potential for another large-scale ultramafic nickel system. Minimal historic work has been completed on the property, with notable assays reported by Cooper in 1937, including 54.05 per cent chromium (Cr2O3) at Long Pond and 0.37 per cent nickel at Southwest Direction Mountain.

The Atlantis project benefits from excellent infrastructure, with Highway 430 and power lines running through the property claims. The project is located in northern Newfoundland near St. Anthony, with an airport approximately 15 kilometres away. First Atlantic plans to complete a detailed data compilation program and preliminary sampling and mapping to follow up on the highly elevated nickel samples.

On September 25, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to an arm's-length acquisition of a 100-per-cent undivided interest in 13 mining licences, consisting of 547 mineral claims, located in central Newfoundland, Canada (the Atlantis project), between the company and arm's-length optionors. Consideration is $5,000 in cash and four million common shares. The Atlantis project is subject to a 2-per-cent net smelter return (NSR) royalty. The company will have the right, exercisable at any time, to purchase up to one-half of the NSR royalty for $1-million.

On September 24, 2024, First Atlantic Nickel Corp. has discovered and expanded multiple new zones of visible awaruite (a naturally occurring nickel alloy), including two new high-priority areas, as part of the summer predrill sampling and mapping program at its wholly owned Atlantic nickel project in central Newfoundland, Canada. The sampling program expanded areas with visible awaruite nickel-alloy targets in multiple zones across the project by sampling 200-plus rock outcrop locations along the 30-kilometre trend, efficiently confirming and prioritizing targets for immediate drilling.

The company is pleased to announce the drill rig mobilization has begun for the company's first drill program at the Atlantic nickel project. This program will focus on multiple high-priority large-scale target zones identified and verified through the 2024 sampling program.

August 27, 2024, First Atlantic Nickel Accelerates Exploration at Atlantic Nickel Project with Expanded Crew, LiDAR Survey, and Infrastructure Upgrades

https://www.fanickel.com/20240827-first-atlantic-nickel-accelerates-exploration-at-atlantic-nickel-project-with-expanded-crew-lidar-survey-and-infrastructure-upgrades

July 29, 2024, First Atlantic Nickel Hosts Strategic Investor Site Visit, Expands Geological Team, and Reports Milestones on Infrastructure Upgrades at Atlantic Nickel Project. First bridge installed as part of road upgrade and development program, enabling year-round project access.

https://www.fanickel.com/20240729-first-atlantic-nickel-hosts-strategic-investor-site-visit-expands-geological-team-and-reports-milestones-on-infrastructure-upgrades-at-atlantic-nickel-project

July 17, 2024, First Atlantic Nickel Receives Drilling Permits Over Multiple Awaruite Nickel Zones Along 30 Km District Trend

https://www.fanickel.com/20240717-first-atlantic-nickel-receives-drilling-permits-over-multiple-awaruite-nickel-zones-along-30-km-district-trend

July 10, 2024, First Atlantic Nickel Confirms 30 Km Trend at Atlantic Nickel Project and Begins 2024 Exploration Program Following Closing Of ~$2.1M Strategic Lead Financing

https://www.fanickel.com/20240710-first-atlantic-nickel-confirms-30-km-trend-at-atlantic-nickel-project-and-begins-2024-exploration-program-following-closing-of-2.1m-strategic-lead-financing

July 2, 2024, First Atlantic Nickel Receives 2024 Exploration Permits and Submits Drill Permits for Summer Program at Atlantic Nickel Project

https://www.fanickel.com/20240702-first-atlantic-nickel-receives-2024-exploration-permits-and-submits-drill-permits-for-summer-program-at-atlantic-nickel-project

June 27, 2024, First Atlantic Nickel Appoints World-Renowned Economic Geologist and Nickel Expert Dr. Ron Britten as Technical Advisor to Advance the Atlantic Nickel Project

https://www.fanickel.com/20240627-first-atlantic-nickel-appoints-world-renowned-economic-geologist-and-nickel-expert-dr.-ron-britten-as-technical-advisor-to-advance-the-atlantic-nickel-project


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