First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) announced on October 30, 2026 that it has entered into an asset purchase agreement to acquire a 100% interest in three mineral licences comprising the North Arm Ophiolite Property, spanning approximately 52.25 square kilometres in western Newfoundland. The property covers mantle-derived ultramafic rocks prospective for geologic hydrogen, awaruite nickel alloy, chromium, copper, and platinum group elements — and has never been systematically tested for any of these targets. The acquisition extends First Atlantic's control of Bay of Islands Ophiolite Complex ultramafic terrains to a third major massif, adding strategic land adjacent to its existing Newfoundland projects.

Key Points

  • First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210)
  • Company agreed to acquire 100% of the North Arm Ophiolite Property — 209 mineral claims covering 52.25 sq km — from two arm's-length vendors
  • Consideration: 1,000,000 common shares at a deemed price of $0.55 per share, plus reimbursement of $51,250 in vendor security deposits; property is royalty-free
  • Closing is subject to TSX Venture Exchange acceptance and is expected no later than January 31, 2027; the company also granted 950,000 incentive stock options at $0.55 per share for a five-year term

North Arm Ophiolite Property: Geology and Exploration Targets

The North Arm Ophiolite Property sits within the Bay of Islands Ophiolite Complex, described in the announcement as one of the best-preserved sections of oceanic crust and upper mantle in the world. The property covers the North Arm Mountain massif and hosts the same mantle-derived dunite and peridotite rocks that underpin awaruite discoveries at First Atlantic's Pipestone XL Project. The release states that active hydrogen-bearing alkaline springs at the Tablelands, elsewhere in the same complex, confirm that serpentinization — the water-rock reaction generating natural hydrogen — is occurring today. Historic high-grade chromite occurrences are also noted throughout the ophiolite packages of the complex, though the company states little metallurgical work has been done on chromite recovery in the region.

Transaction Structure and Share Issuance Terms

Under the asset purchase agreement, First Atlantic will issue 1,000,000 common shares at a deemed price of $0.55 per share to the two arm's-length vendors. The company will also reimburse $51,250 in security deposits the vendors previously posted with the Government of Newfoundland and Labrador, and will receive the benefit of any future refund of those deposits. The property carries no royalties or options. Payment shares will be subject to a statutory hold period of four months and one day from issuance. No finder's fees are payable in connection with the transaction, the announcement states.

Stock Option Grant to Directors and Investor Relations Consultant

Concurrent with the property acquisition announcement, First Atlantic disclosed the grant of 950,000 incentive stock options to directors and an investor relations consultant under the company's Omnibus Long-Term Incentive Plan, re-approved by shareholders on August 13, 2026. The options are exercisable at $0.55 per share for a five-year term. Options granted to the investor relations consultant vest in stages over twelve months, with no more than one-quarter vesting in any three-month period, consistent with TSX Venture Exchange policies. Options and any shares issued on exercise before March 1, 2027 are subject to a four-month hold period.