First Atlantic Nickel & Cobalt AGM Approves Amended LTIP

The Amended LTIP shifts from a fully rolling structure to a hybrid one. A rolling option reserve caps shares issuable on option exercises at 10% of outstanding common shares, calculated at each grant date. A fixed reserve of 15,291,350 common shares covers non-option awards such as restricted share units, performance share units and deferred share units. That fixed reserve represented 10% of outstanding shares as of June 8, 2026, and will not automatically increase as the share count changes.

The plan still requires final acceptance by the TSX Venture Exchange.

First Atlantic is a critical mineral explorer developing the Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland. The project spans the 30-kilometre Pipestone Ophiolite Complex, where multiple zones contain awaruite, a naturally occurring nickel-iron-cobalt alloy. The company says awaruite’s sulphur-free composition eliminates acid mine drainage risk and its magnetic properties allow processing through magnetic separation and flotation, avoiding conventional smelting or high-pressure acid leaching. The U.S. added nickel to its critical minerals list in 2022.