Written by: Peter Kennedy
First Atlantic Nickel Corp. [FAN-TSXV, FANCF-OTCQB, P21 FSE] is positioning itself to be the first major bulk tonnage nickel producer in Atlantic Canada and a supplier of critical minerals for use in the electric vehicle, energy storage, stainless steel and aerospace sectors.
The focus of First Atlantic’s effort is the 100%-owned Pipestone XL Nickel-Cobalt Alloy Project, a large-scale asset located in central Newfoundland near existing power and road infrastructure including a hydroelectric generating station located near the property.
The project lies 45 kilometres from Grand Falls Windsor, where nickel occurs as awaruite, a natural magnetic nickel-iron alloy with no sulfur. Awaruite’s properties allow for simple magnetic separation and flotation recovery process, reducing the need for energy intensive smelting, potentially allowing the company to outline a bulk tonnage resource that is processable onshore, supporting a mine-direct-to refinery supply chain.
The strategy is led by First Atlantic CEO and Director Adrian Smith, a geologist with 19 years of mining and exploration experience under his belt. In that time, he was involved in taking a project from discovery to over 7.0 billion tonnes defined within a two-year period. He was also involved in two recent porphyry discoveries in British Columbia and several resource expansion projects.
In an interview with Resource World, Smith said he can envision a large-scale, multi-pit mining operation with a central processing facility. Refinery-ready, high-grade nickel-cobalt alloy concentrate would be shipped directly from the project to global markets via Newfoundland’s deep-water seaports.
It should be noted that FPX Nickel Corp’s [FPX-TSXV] awaruite project in British Columbia has been validated via its alliance with the Japan Organization for Metals and Energy Security (JOGMEC) and equity investments from a unit of Sumitomo Metal Mining Co. Ltd. of Japan and Outokumpu, a large European global stainless steel producer. An unnamed strategic investor has already taken a 9.9% stake in First Atlantic.
The Pipestone project could qualify for U.S government support after First Atlantic was recently accepted as a member of the U.S. Defense Industrial Base Consortium (the DIBC) an entity that operates as a consortium-based contracting vehicle under the Office of the Assistant Secretary of War for Industrial Base Policy. DIBC enables the Department of War to make direct investments needed to secure vital supplies of nickel and cobalt which have been designated as “critical minerals” in both the U.S. and Canada.
Covering 21,850 hectares, Pipestone XL sits on the Pipestone Ophiolite Complex, a 30 kilometre highly magnetic ultramafic ophiolite belt enriched in nickel, chromium and cobalt. It contains multiple mineralized zones, indicating the potential for a district scale model with multiple deposits. The project’s potential was first identified in 2010 by Altius Minerals and Cliffs Natural Resources. First Atlantic Project Geologist Mike Piller, completed his 2012 undergraduate thesis on awaruite formation in the Pipestone Ophiolite Complex while working with Altius.
After agreeing to acquire a 100% interest in November, 2023, First Atlantic has completed a large-scale data compilation reprocessing geophysical data and digitizing 134 historical reports. This work resulted in a historical database of over 8,900 historical samples, including 4,581 newly added samples. Over 4,600 samples show elevated nickel values across the 30-kilometre core area.
In 2024, drilling commenced at multiple high-priority targets, including RPM, Chrome Pond and Super Gulp. Following a successful summer exploration program that revealed surface large grain awaruite. drilling began at Super Gulp and RPM Zones in the fall of 2024.
In a press release on January 27, 2026, the company announced positive assays and Davis Tube Recovery metallurgical results from the final four holes of the RPM Zone Phase 2X drilling program. It said results have increased the RPM Zone strike length by 50% to greater than 1.2 kilometres and expanded the lateral width to over 800 metres. The company said all 14 RPM Zone drill holes have returned positive magnetically recoverable awaruite results. The company said expansion potential remains open to the west, north, south and at depth. Assay results (see January 27, 2026 press release).
In a press release on April 8, 2026, First Atlantic said drilling has begun on a second large-scale awaruite nickel-cobalt target area, designated as Alloy Max, extending seven kilometres north of the existing RPM Zone.
The initial drill program at Alloy Max is designed to test for awaruite mineralization over a large area through four drill holes distributed across 2.4 kilometres of strike length and approximately 950 metres width within a 4.0 kilometre by 1.2-kilometre target area. Zone
Davis Tube Recovery (DTR) surface sampling at Alloy Max has returned numerous positive magnetically recoverable nickel values consistent with surface sample grades observed at the RPM Zone. At the RPM Zone, this pattern is well established, with drill core samples consistently returning higher DTR grades than weathered surface samples, indicating the potential for stronger nickel grades at depth at Alloy Max.
Having raised $7.8 million without warrants since December 2025, First Atlantic is well positioned to carry out drilling programs on both Alloy Max and RMP this year. The company is planning to carry out 5,000 to 10,000 metres of drilling in 2026.
Meanwhile, the company recently announced the acquisition of mineral claims in the Bay of Islands Ophiolite Complex (BOIC) in western Newfoundland. It has been named the Ophiolite X project recognizing its multi-commodity potential spanning geologic (natural and stimulated) hydrogen, carbon capture, and storage, awaruite nickel-iron-cobalt alloy mineralization, chromite, cobalt, copper, and platinum group elements. Peer-reviewed research by Memorial University has calculated theoretical Co2 storage capacity for the entire BOIC equivalent to more than 13 years of global emissions, while natural springs within the complex discharge dissolved through active serpentinization. This process is of such scientific significance that NASA researchers have identified the Tablelands massif in the BOIC as a Mars analogue site for studying serpentinization environments.
Also, a 2024 study, with funding from the Government of Quebec, evaluating 27 potential natural hydrogen source rocks, identified ophiolite complexes as the first key area of interest for geologic hydrogen exploration, with the BOIC as a reference analogue.
In March 2025, First Atlantic said it had launched a research partnership with the Colorado School of Mines to explore geologic hydrogen potential in Newfoundland ophiolites. The exploration data provided to the Colorado School of Mines will support academic research on geological hydrogen as a potential energy source, with the potential to realize additional value from the project.