VANCOUVER, British Columbia — December 23, 2025 — Leads & Copy — First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) has announced the closing of its non-brokered private placement, generating gross proceeds of $2,619,316 through the issuance of flow-through common shares without warrants.
According to the announcement, a strategic investor exercised top-up rights under an Investor Rights Agreement, maintaining an ownership interest of up to 9.99% in the company. The offering included 3,201,220 charity flow-through common shares at $0.2432 each and 8,765,618 flow-through common shares at $0.21 each, all issued on a “flow-through” basis under the Income Tax Act (Canada).
The company intends to allocate the proceeds to advance drilling and exploration at the RPM Zone, assess new drill targets across the Pipestone XL Project, and broaden its metallurgical recovery and processing program.
The Pipestone XL Nickel Alloy Project, fully controlled by First Atlantic, spans 30 kilometers in central Newfoundland and contains multiple discovery zones with awaruite (Ni₃Fe), a nickel-iron-cobalt alloy that is approximately 75% nickel.
The company said that unlike conventional nickel sulfide deposits, awaruite’s composition enables concentration through magnetic separation, reducing environmental risks and dependence on overseas processing.
First Atlantic said the project benefits from year-round road access and proximity to clean hydroelectric power, positioning Pipestone XL as a North American nickel supply source for various industries.
First Atlantic Nickel Corp. is developing the Pipestone XL Nickel Alloy Project in Newfoundland & Labrador. The project features awaruite, a magnetic nickel-iron-cobalt alloy, and secondary chromium mineralization.
According to the company, Awaruite’s composition eliminates acid mine drainage risks and enables processing through magnetic separation, reducing the environmental impacts of conventional smelting and dependence on overseas nickel processing infrastructure.
The U.S. Geological Survey recognized awaruite’s strategic importance noting that these deposits may help alleviate prolonged nickel concentrate shortages since the natural alloy is easier to concentrate than typical nickel sulfides.
First Atlantic said the Pipestone XL Nickel Alloy Project is located near existing infrastructure with year-round road access and proximity to hydroelectric power that provides favorable logistics for exploration and future development.
First Atlantic Investor Relations contact is Rob Guzman, who can be reached at 844-592-6337 or rob@fanickel.com.
Source: First Atlantic Nickel Corp.
