First Atlantic Nickel & Cobalt Corp (FAN) Financings
TSXV: FAN · Nickel, Cobalt, Hydrogen · Exploration stage
- Market cap$102.2M
- Share price$0.580
- 52-week range$0.160 – $1.47
- Shares outstanding176,181,399
- ExchangeTSXV
- Websitefirstatlanticnickel.com
First Atlantic Nickel & Cobalt Corp. (TSXV: FAN | OTCQB: FANCF | FSE: P210) is a critical mineral exploration company in Newfoundland and Labrador developing the Pipestone XL Nickel-Cobalt (Ni-Fe-Co) Alloy Project. The project spans the entire 30-kilometre Pipestone Ophiolite Complex, where multiple zones, including RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond, contain awaruite (Ni¿Fe), a naturally occurring magnetic nickel-iron-cobalt alloy of approximately 77% nickel with no sulphur and no sulphides, along with secondary chromium mineralization. Awaruite's sulphur-free composition removes acid mine drainage risk, while its magnetic properties enable processing through magnetic separation and flotation, eliminating the electricity requirements, emissions and environmental impacts of conventional smelting, roasting or high-pressure acid leaching, while reducing dependence on overseas nickel processing infrastructure. The U.S. Geological Survey recognized awaruite's strategic importance in its 2012 Annual Report on Nickel, noting that these deposits may help alleviate prolonged nickel concentrate shortages since the natural alloy is much easier to concentrate than typical nickel sulphide. In 2026, initial metallurgical test work using the Company's ONSHORE MAX(Magnetic Alloy eXtraction) process upgraded RPM Zone material into a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt, demonstrating a smelter-free, mine-to-refinery pathway. First Atlantic is a member of the U.S. Defense Industrial Base Consortium. The Company is also advancing a parallel geologic hydrogen initiative at Pipestone XL, where the same serpentinization process that formed awaruite also generates natural hydrogen, and has signed a letter of intent with VEMA Hydrogen to jointly develop low-carbon Engineered Mineral Hydrogen (EMH) through a proposed 50/50 joint venture. The Pipestone XL project is located near existing infrastructure with year-round road access and proximity to hydroelectric power, providing favorable logistics for exploration and future development and strengthening First Atlantic's role to establish a secure and reliable source of North American nickel and cobalt production for the stainless steel, electric vehicle, aerospace, and defense industries. This mission gained importance when the U.S. added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.
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First Atlantic Nickel & Cobalt Corp financial statements
Key figures read from 41 of 41 financial statement filings, May 31, 2017 to Sep 29, 2026. Each column is the period as the company first filed it.
Balance sheet: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| Jan 2026 | Jan 2025 | Jan 2024 | Jan 2023 | Jan 2022 | |
|---|---|---|---|---|---|
| Cash and equivalents | C$3,790,374 | C$138,090 | C$889,581 | C$813,304 | C$268,108 |
| Total current assets | C$4,015,829* | C$437,838 | C$1,128,480 | C$955,744* | C$476,121* |
| Total current liabilities | C$827,450 | — | C$504,928 | — | — |
| Working capital | C$3,188,379 | — | C$623,552 | — | — |
| Exploration and evaluation assets | C$11,320,232 | C$6,960,802 | C$1,737,582 | C$455,753 | C$1,891,552 |
| Total assets | C$15,381,049 | C$7,448,925 | C$2,884,307 | C$1,450,733 | C$2,367,673 |
| Debt | C$3,274,068 | — | — | — | C$0 |
| Total liabilities | C$4,107,830 | C$892,966 | C$504,928 | C$625,725 | C$423,703 |
| Shareholders' equity | C$11,273,219 | C$6,555,959 | C$2,379,379 | C$825,008 | C$1,943,970 |
* Calculated from the statement's own lines: the company did not print this total with a label.
Income statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Jan 2026 | FY Jan 2025 | FY Jan 2024 | FY Jan 2023 | FY Jan 2022 | |
|---|---|---|---|---|---|
| General and administrative | C$1,037,673 | C$540,960 | C$210,120 | C$199,742 | C$120,676 |
| Share-based compensation | C$723,145 | C$1,237,650 | C$218,346 | C$71,152 | C$28,765 |
| Impairments and write-downs | C$0 | (C$20,298) | (C$177,659) | (C$1,734,398) | — |
| Net income (loss) | (C$2,400,589) | (C$1,849,152) | (C$919,410) | (C$2,426,149) | (C$335,499) |
Cash flow statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Jan 2026 | FY Jan 2025 | FY Jan 2024 | FY Jan 2023 | FY Jan 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | (C$2,538,608) | (C$1,060,863) | (C$757,679) | (C$364,240) | (C$642,001) |
| Investing cash flow | (C$3,407,700) | (C$3,067,178) | (C$1,212,604) | (C$275,849) | (C$1,182,592) |
| Financing cash flow | C$9,598,592 | C$3,376,550 | C$2,046,560 | C$1,185,285 | C$816,697 |
| Exploration spending (capitalized) | (C$3,407,700) | (C$3,085,371) | (C$1,212,604) | (C$269,849) | (C$1,180,817) |
| Proceeds from share issues | C$3,639,962 | C$2,085,000 | C$2,070,560 | C$1,063,800 | C$611,762 |
| Change in cash | C$3,652,284 | (C$751,491) | C$76,277 | C$545,196 | (C$1,007,896) |
| Cash at end of period | C$3,790,374 | C$138,090 | C$889,581 | C$813,304 | C$268,108 |
First Atlantic Nickel & Cobalt Corp financings
10 financings announced or closed by First Atlantic Nickel & Cobalt Corp, read by Mining News Terminal, newest first.
First Atlantic Nickel & Cobalt Corp debt and credit facilities
Convertible debentures and notes, loans, credit facilities, bonds, gold loans and prepayments First Atlantic Nickel & Cobalt Corp has announced, read by Mining News Terminal. A debt reported in several releases is listed once, at its latest stage.
| Date | Debt | Lender | Amount | Terms |
|---|---|---|---|---|
| 2025-02-10 | Notes / bonds, closed / funded | — | C$3M | 9.5%, matures 2030 |
| 2014-06-12 | Loan, signed | Bank of Montreal | C$200,000 | — |