First Atlantic Nickel Increases RPM Zone Strike Length 50% to Over 1.2 km and Width to Over 800 m from Phase 2x Drilling at Pipestone XL Magnetic Nickel-Cobalt Alloy Project
Rhea-AI Summary
First Atlantic Nickel (OTCQB: FANCF) reported final Phase 2X drill and DTR metallurgical results at the RPM Zone on Jan 27, 2026, expanding the drilled strike length by 50% to >1.2 km and lateral width to >800 m.
All 14 RPM holes returned positive magnetically recoverable awaruite results. Key assays: AN-25-11 averaged 0.13% DTR Ni over 402 m, AN-25-13 averaged 0.10% DTR Ni over 371 m, and AN-25-12 averaged 0.10% DTR Ni over 84.6 m. Davis Tube produced ~1.3% Ni concentrate; flotation work targets ~60% Ni, with further metallurgical results expected in Q1 2026. The company closed a $2.6M flow-through financing Dec 23, 2025 to fund Winter 2026 drilling.
Positive
- Drill strike length +50% to over 1.2 km
- Lateral width expanded to over 800 m
- All 14 RPM holes returned positive DTR results
- AN-25-11: 0.13% DTR Ni over 402 m
- Davis Tube produced ~1.3% Ni magnetic concentrate
- $2.6M flow-through financing closed Dec 23, 2025
Negative
- DTR nickel grades remain low (0.05%–0.15% range)
- AN-25-14 faulting disrupted southern mineralization testing
- Magnetic concentrate currently ~1.3% Ni requires further upgrade
- Commercial processing pathway depends on successful flotation to ~60% Ni
News Market Reaction
On the day this news was published, FANCF gained 3.77%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
GRAND FALLS-WINDSOR, Newfoundland and Labrador, Jan. 27, 2026 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce positive assays and Davis Tube Recovery ("DTR") metallurgical results from the final four drill holes (AN-25-11 to AN-25-14) of the RPM Zone Phase 2X drilling program at its Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland. Results have increased the RPM Zone strike length by
On December 23, 2025, the Company closed a non-brokered private placement, without warrants, for gross proceeds of
On January 14, 2026, the White House published a proclamation titled "Adjusting Imports of Processed Critical Minerals and Their Derivative Products into the United States," identifying nickel and cobalt as essential minerals for critical infrastructure, defense, and battery energy storage.
The proclamation notes that, “Even where the United States has domestic mining capacity, such as for cobalt, nickel, and rare earth elements, the United States lacks the domestic processing capacity to avoid downstream net-import reliance."1
Only two active pyrometallurgical nickel smelters remain operational in North America at this time, in Sudbury, Ontario (Canada).2
First Atlantic believes awaruite nickel-iron-cobalt alloy mineralization can provide a North American source of nickel and cobalt through an onshore mine-direct-to-refinery pathway that bypasses the smelting bottleneck entirely.
As stated in the August 2025 Battery Metals Association of Canada report From Rocks to Power: "Awaruite is not a sulfide nor an oxide nickel ore but a high-content native nickel-iron ore. Simple beneficiation processes after mining could provide
Please call 844-592-6337 or email rob@fanickel.com to connect with Rob Guzman, First Atlantic Nickel's Investor Relations, for questions or more information.
KEY HIGHLIGHTS:
- RPM Zone Strike Length Grows
50% to 1.2 km by 800 m Width: All 14 drill holes at the RPM Zone intersected visible awaruite and returned positive magnetically recoverable nickel results. The drilled area now covers greater than 1.2 km (north-south) by 800 m (east-west). Mineralization remains open to the north, south, and west, with a now large footprint defined for resource drilling toward an NI 43-101 mineral resource. - Hole AN-25-11 Steps Out East, Expanding Lateral Width to Over 800 Meters: Hole AN-25-11 returned an average of
0.13% DTR Ni over 402 meters (23 m to 425 m), calculated from1.31% Ni in magnetic concentrate with a10.01% mass pull. The hole was drilled from a pad located approximately 250 meters east of Hole AN-25-10, oriented westward toward Hole AN-25-10 on Section S1, expanding the RPM Zone’s lateral width to greater than 800 meters. Large-grain visible awaruite nickel alloy mineralization was observed throughout the interval, supporting strong continuity along the eastern extension of Section S1. - Hole AN-25-12 Successfully Locates Eastern Contact of Mineralization: Hole AN-25-12 returned an average of
0.10% DTR Ni over 84.6 meters (10.4 m to 95 m), calculated from1.24% Ni in magnetic concentrate with an8.27% mass pull. Drilled from the same pad as Hole AN-25-11 but oriented eastward, the hole intersected the eastern contact of awaruite-bearing ultramafic mineralization and encountered a steeply dipping iron-carbonate–talc alteration zone, defining the eastern boundary on Section S1. - Hole AN-25-13 Extends Strike Length 400 Meters North on New Section S4: Hole AN-25-13 returned an average of
0.10% DTR Ni over 371 meters (17 m to 388 m), calculated from1.11% Ni in magnetic concentrate with a9.10% mass pull. This major 400-meter northern step-out was drilled on new Section S4, located 1.2 kilometers north of Section S1, confirming continued northward growth of awaruite nickel alloy mineralization from near surface and extending drilled strike length to more than 1.2 kilometers. - Expansion Potential Remains Open to the West, North, South and at Depth: The mineralized ultramafics at the RPM Zone are interpreted to dip steeply from east to west, indicating significant untested potential to the west and at depth. Surface sampling from 2025 field programs also identified additional target areas to the north and south within the 30-kilometer Pipestone XL trend.
- Winter Drilling, Infrastructure and Access Program Accelerated: The
$2.6 million flow-through financing closed December 23, 2025 has been deployed to accelerate the Winter 2026 drill program. Colder than expected ground conditions have enabled rapid access expansion to new areas of interest.
HOLE AN-25-11 STEPS OUT EAST AT THE RPM ZONE AND EXPANDS LATERAL WIDTH TO OVER 800 METERS
Table 01: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole AN-25-11 (RPM Zone)
| Hole ID | From (m) | To (m) | Interval (m) | Mass Pull (%) | Nickel - Magnetic Concentrate Grade Ni (%) | Nickel - Total Grade Ni (%) | DTR Nickel Grade - Magnetically Recovered Ni (%) | Total Nickel Recovery (%) | Chromium - Magnetic Concentrate Grade Cr (%) | Chromium Total Grade Cr (%) | DTR Chromium Grade - Magnetically Recovered Cr (%) | Cobalt - Magnetic Concentrate Grade Co (%) |
| AN-25-11 | 23 | 425 | 402 | 10.01 | 1.31 | 0.22 | 0.13 | 57.99 | 1.53 | 0.29 | 0.15 | 0.06 |
| including | 131 | 155 | 24 | 9.49 | 1.47 | 0.21 | 0.14 | 64.67 | 1.66 | 0.30 | 0.16 | 0.06 |
| including | 272 | 317 | 45 | 9.77 | 1.42 | 0.22 | 0.14 | 62.70 | 1.43 | 0.28 | 0.14 | 0.06 |
| including "Up To" | 16.00 | 2.20 | 0.28 | 0.17 | 78.85 | 3.25 | 0.54 | 0.31 | 0.09 | |||
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.
Hole AN-25-11 was collared approximately 250 meters east of Hole AN-25-10 and drilled westward toward Hole AN-25-10 on Section S1. The hole returned an average of
HOLE AN-25-12 – EASTERN BOUNDARY DEFINED
Table 02: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole AN-25-12 (RPM Zone)
| Hole ID | From (m) | To (m) | Interval (m) | Mass Pull (%) | Nickel - Magnetic Concentrate Grade Ni ( %) | Nickel - Total Grade Ni (%) | DTR Nickel Grade - Magnetically Recovered Ni (%) | Total Nickel Recovery (%) | Chromium - Magnetic Concentrate Grade Cr (%) | Chromium Total Grade Cr (%) | DTR Chromium Grade - Magnetically Recovered Cr (%) | Cobalt - Magnetic Concentrate Grade Co (%) |
| AN-25-12 | 10.4 | 95 | 84.6 | 8.27 | 1.24 | 0.26 | 0.10 | 38.10 | 1.69 | 0.32 | 0.14 | 0.07 |
| including | 20 | 44 | 24 | 8.28 | 1.58 | 0.27 | 0.13 | 46.88 | 1.57 | 0.30 | 0.13 | 0.07 |
| including "Up To" | 11.30 | 2.17 | 0.29 | 0.14 | 54.40 | 3.90 | 0.65 | 0.28 | 0.08 | |||
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.
Hole AN-25-12 was drilled from the same pad as Hole AN-25-11 and oriented eastward to define the eastern boundary of the mineralized ultramafic body. The hole returned an average of
HOLE AN-25-13 A 400-METER NORTHERN STEP-OUT EXTENDS STRIKE LENGTH BY
Table 03: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole AN-25-13 (RPM Zone)
| Hole ID | From (m) | To (m) | Interval (m) | Mass Pull (%) | Nickel - Magnetic Concentrate Grade Ni ( %) | Nickel - Total Grade Ni (%) | DTR Nickel Grade - Magnetically Recovered Ni (%) | Total Nickel Recovery (%) | Chromium - Magnetic Concentrate Grade Cr (%) | Chromium Total Grade Cr (%) | DTR Chromium Grade - Magnetically Recovered Cr (%) | Cobalt - Magnetic Concentrate Grade Co (%) |
| AN-11-13 | 17 | 388 | 371 | 9.10 | 1.11 | 0.24 | 0.10 | 41.23 | 1.46 | 0.28 | 0.13 | 0.06 |
| including | 44 | 323 | 279 | 9.12 | 1.17 | 0.24 | 0.11 | 43.81 | 1.46 | 0.28 | 0.13 | 0.06 |
| including "Up To" | 14.40 | 1.86 | 0.28 | 0.14 | 59.41 | 2.54 | 0.48 | 0.24 | 0.09 | |||
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.
Hole AN-25-13, a major 400-meter northern step-out drilled on new Section S4 (See Figure 8), returned an average of
HOLE AN-25-14 – SOUTHERN STEP-OUT ENCOUNTERS FAULT STRUCTURE
Table 04: Pipestone XL Nickel Alloy Project - Summary of Assay Results and DTR Metallurgical Test Results for Drill Hole AN-25-14 (RPM Zone)
| Hole ID | From (m) | To (m) | Interval (m) | Mass Pull (%) | Nickel - Magnetic Concentrate Grade Ni ( %) | Nickel - Total Grade Ni (%) | DTR Nickel Grade - Magnetically Recovered Ni (%) | Total Nickel Recovery (%) | Chromium - Magnetic Concentrate Grade Cr (%) | Chromium Total Grade Cr (%) | DTR Chromium Grade - Magnetically Recovered Cr (%) | Cobalt - Magnetic Concentrate Grade Co (%) |
| AN-25-14 | 8 | 335 | 327 | 8.71 | 0.54 | 0.23 | 0.05 | 19.27 | 1.72 | 0.31 | 0.15 | 0.05 |
| including | 8 | 200 | 192 | 8.37 | 0.67 | 0.24 | 0.06 | 23.25 | 1.72 | 0.32 | 0.14 | 0.05 |
| and including | 29 | 116 | 87 | 9.04 | 0.73 | 0.24 | 0.07 | 27.07 | 1.68 | 0.31 | 0.15 | 0.05 |
| including "Up To" | 13.30 | 0.84 | 0.27 | 0.08 | 32.79 | 4.07 | 0.59 | 0.37 | 0.08 | |||
DTR nickel (%) is calculated by multiplying mass pull (%) by the nickel grade (%) of the magnetic concentrate. This value represents the proportion of nickel that may be recoverable through magnetic separation and is not equivalent to a standard assay result.
Hole AN-25-14 was drilled approximately 200 meters south of Section S1 on new Section S0, oriented westward. The hole returned an average of
RPM ZONE DRILLING SUMMARY – ALL 14 HOLES
Table 05: RPM Zone – Complete Intervals for All RPM Drill Holes Reported to Date
| Drill Hole | Zone | Section | From meters | To meters | Interval meters | Magnetically Recovered (DTR) Nickel % | Magnetic Concentrate Nickel Grade (Ni %) | Mass Pull (%) | Comment |
| AN 24 - 02 | RPM | S1 | 11.0 | 394.1 | 383.1 | 0.13 | 1.37 | 9.50 | NR - Mar 12, 2025 |
| AN 24 - 03 | RPM | S1 | 18.0 | 234.0 | 216.0 | 0.11 | 1.32 | 9.12 | NR - Apr 15, 2025 |
| AN 24 - 04 | RPM | S1 | 12.0 | 378.0 | 366.0 | 0.14 | 1.46 | 9.53 | NR- Jun 24, 2025 |
| AN 24 - 05 | RPM | S2 | 6.0 | 357.0 | 351.0 | 0.12 | 1.47 | 8.21 | NR - Jul 9, 2025 |
| AN 25 - 06 | RPM | S2 | 5.65 | 453 | 447.35 | 0.11 | 1.27 | 9.02 | NR - Aug 12, 2025 |
| AN 25 - 07 | RPM | S2 | 9 | 495 | 486.0 | 0.09 | 0.97 | 9.60 | NR - Oct 23, 2025 |
| AN 25 - 08 | RPM | S3 | 11 | 491 | 480.0 | 0.12 | 1.35 | 8.79 | NR - Oct 23, 2025 |
| AN 25 - 09 | RPM | S3 | 9 | 483 | 474.0 | 0.08 | 0.93 | 9.0 | NR - Dec 2, 2025 |
| AN 25 - 10 | RPM | S1 | 8 | 236 | 228 | 0.15 | 1.44 | 10.48 | NR - Dec 2, 2025 |
| AN 25 - 11 | RPM | S1 | 23 | 425 | 402 | 0.13 | 1.31 | 10.01 | NR - Jan 27, 2026 |
| AN 25 - 12 | RPM | S1 | 10.4 | 95 | 84.6 | 0.10 | 1.24 | 8.27 | NR - Jan 27, 2026 |
| AN 25 - 13 | RPM | S4 | 17 | 388 | 371 | 0.10 | 1.11 | 9.10 | NR - Jan 27, 2026 |
| AN 25 - 14 | RPM | S0 | 8 | 335 | 327 | 0.05 | 0.54 | 8.71 | NR - Jan 27, 2026 |
| TBA | |||||||||
Table 06: Drill Hole Collar Location Information for AN-25-11 through AN-25-14
| Hole ID | Easting (UTM) | Northing (UTM) | Elevation (m) | Azimuth (°) | Dip (°) |
| AN-25-11 | 567817 | 5357579 | 254 | 270 | -60 |
| AN-25-12 | 567817 | 5357566 | 254 | 90 | -60 |
| AN-25-13 | 567818 | 5358773 | 235 | 90 | -60 |
| AN-25-14 | 567629 | 5357373 | 244 | 270 | -60 |
WINTER 2026 DRILL PROGRAM AND ACCESS EXPANSION
Following the closing of the
AWARUITE – SECURE NORTH AMERICAN NICKEL SUPPLY CHAIN POTENTIAL
A Media Snippet accompanying this announcement is available by clicking on this link.
Awaruite (Ni₃Fe) is a naturally occurring nickel-iron-cobalt alloy containing approximately
Unlike pentlandite (Fe,Ni)₉S₈, which contains sulfur, a non-metallic chemical element that must be removed through secondary processes such as smelting or roasting prior to refining stages required to produce nickel sulphate (NiSO₄) for EV battery precursor cathode active materials (pCAM), awaruite already exists in a reduced metallic state. Composed entirely of metal elements, it requires no reduction or chemical processing, eliminating the need for smelting, roasting, or high-pressure acid leaching. This offers a mine-direct-to-refinery pathway that bypasses the bottleneck of limited North American smelting capacity, with the potential to unlock large-scale domestic nickel production for the battery supply chain. By avoiding the secondary processing of nickel sulfide minerals, awaruite offers a lower energy, more environmentally sustainable, and secure onshore processing - particularly significant given that the United States operates zero primary nickel smelters and Canada's scarce aging smelter capacity faces mounting pressures from rising electricity demand, increasing power costs, and increasing emissions and pollution regulations.
INVESTOR INFORMATION
The Company's common shares trade on the TSX Venture Exchange under the symbol "FAN", the American OTCQB Exchange under the symbol "FANCF" and on several German exchanges, including Frankfurt and Tradegate, under the symbol "P21".
Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com.
FOR MORE INFORMATION:
First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
rob@fanickel.com
About First Atlantic Nickel Corp.
First Atlantic Nickel Corp. is a mineral exploration company focused on the discovery and development of awaruite, a rare, naturally occurring nickel-iron-cobalt alloy, at its
Disclosure
Adrian Smith, P.Geo., a director and the Chief Executive Officer of the Company is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
Analytical Method & QA/QC
Samples were split in half on site, with one half remaining in the core box for future reference and the other half securely packaged for laboratory analysis. The QA/QC protocol included the insertion of blanks, duplicates, and certified reference material (standards), with one QA/QC sample being inserted every 20 samples to monitor the precision and accuracy of the laboratory results. All analytical results successfully passed QA/QC screening at the laboratory, and all Company inserted standards and blanks returned results within acceptable limits.
Samples were submitted to Activation Laboratories Ltd. (“Actlabs”) in Ancaster, Ontario, an ISO 17025 certified and accredited laboratory operating independently of First Atlantic. Each sample was crushed, with a 250 g sub-sample pulverized to
The magnetic fractions are collected, dried, weighed and the magnetic fraction is fused with a lithium metaborate/tetraborate flux and lithium bromide releasing agent and then analyzed on a wavelength dispersive XRF for multiple elements including nickel, cobalt, iron and chromium. The magnetically recovered nickel grade was then calculated by multiplying the XRF fusion nickel value by the weight of the magnetic fraction and dividing by the total recorded feed weight or magnetic mass pulled from the sample.
True widths are currently unknown. However, the nickel bearing ultramafic ophiolite and peridotite rocks being targeted and sampled in the drilling programs at the Pipestone XL Project are mapped on surface and in drilling as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. 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.
Forward-looking information in this news release includes, but is not limited to, statements regarding: the timing, scope, objectives and results of the Company’s exploration, drilling and infrastructure/access programs at the Pipestone XL Nickel Alloy Project (including the Phase 2X program and any accelerated Winter 2026 drilling program, and the timing of future updates); the potential to expand the drill-confirmed dimensions of the RPM Zone and other target areas; the potential continuity, size and extension of awaruite-bearing mineralization and associated chromite/chromium mineralization; the interpretation and expected application of DTR results and other metallurgical test work; the expected performance and viability of magnetic separation and flotation, including the ability to upgrade magnetic concentrate to higher nickel grades (including any targeted concentrate grades); the potential for producing a saleable concentrate and transporting and/or processing such concentrate at third-party facilities, including any potential downstream refining outcomes (including the potential production of nickel sulfate); the potential applicability or relevance of U.S. critical mineral policies, incentives or initiatives (including Section 45X) to downstream processing scenarios; and the Company’s ability to advance its projects, obtain permits and approvals, obtain financing and execute its business plans.
Forward-looking information is based on, among other things, assumptions regarding: the continuity of geology and mineralization suggested by drilling, sampling, and surface work to date; DTR recoverability results and metallurgical recoveries remaining comparable under similar processing conditions; magnetic separation performance continuing to be consistent with test results; the availability of drill rigs, contractors, services, personnel, supplies, and equipment; the receipt of required permits and approvals within expected timeframes; prevailing and future commodity prices, market conditions, and demand; and the Company’s ability to obtain financing on reasonable terms to fund planned exploration and metallurgical programs.
Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, risks inherent in mineral exploration; variations in geology, grade and recoverability; metallurgical and processing risks (including variability in DTR and flotation results and scale-up risk); the risk that concentrate may not be suitable for or accepted by third-party processing/refining facilities on acceptable terms; changes in laws, regulations or government policies (including the interpretation or application of Section 45X or other U.S. critical mineral initiatives); capital market and commodity price volatility; financing risks; environmental and permitting risks; operational risks; and delays in obtaining approvals. Additional factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no mineral reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
_______________________________
1 https://www.whitehouse.gov/presidential-actions/2026/01/adjusting-imports-of-processed-critical-minerals-and-their-derivative-products-into-the-united-states/
2 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
3 https://transitionaccelerator.ca/wp-content/uploads/2025/08/From-Rocks-to-Power-Nickel.pdf
4 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
5 https://www.sciencedirect.com/science/article/abs/pii/S0892687522003648
6 https://fpxnickel.com/projects-overview/what-is-awaruite/
FAQ
What did First Atlantic Nickel (FANCF) announce on January 27, 2026 about the RPM Zone?
How much magnetically recoverable nickel did hole AN-25-11 return for FANCF?
What metallurgical progress did First Atlantic Nickel (FANCF) report and what are next steps?
How is First Atlantic Nickel funding its Winter 2026 drill program (FANCF)?
Does the Jan 27, 2026 news change the exploration footprint for FANCF on Pipestone XL?
