09:29 AM EDT, 05/21/2026 (MT Newswires) -- First Atlantic Nickel & Cobalt Corp. ( FANCF ) , which saw its shares gain near 7% yesterday, reported fresh electron microprobe analysis Thursday that it said highlights a "rare, naturally magnetic (Ni-Fe-Co) high-grade alloy mineralogically capable of bypassing midstream smelting constraints in North America."

In its statement FAN announced the electron microprobe analysis conducted by SGS Canada in Lakefield, Ontario, as part of the company's ongoing metallurgical program, confirmed the high-grade nickel and cobalt content of the awaruite mineralization (Ni-Fe-Co Alloy) in the RPM Zone at its wholly owned Pipestone XL Project.

The company reported awaruite (Ni3Fe) averaging 77.62% nickel and 1.69% cobalt, with peak grades of 86.68% nickel and 6.05% cobalt, based on 33 microprobe analyses of a master composite sample comprising 32 individual samples over 96 meters of drill core from AN-24-02. The analysis also determined that the source mineral for the chromium previously reported at the RPM Zone is chromite, it said.

First Atlantic Nickel is now evaluating potential metallurgical processes to separate, concentrate, and process chromite, given the high grade of the RPM Zone chromite.

Shares of the company closed up 6.9% to $0.77 on Wednesday on the TSX Venture Exchange.