First Atlantic Nickel Signs $16 Million Earn-In Deal on Lucky Mike Project

ArcPacific Resources Corp ( (TSE:FAN) ) has shared an update.

First Atlantic Nickel has signed an option agreement granting Core Critical Metals the right to earn up to an 80% interest in its Lucky Mike copper-silver-tungsten property in southern British Columbia, a 7,675-hectare project located near major infrastructure and Teck Resources’ Highland Valley copper mine. The structure allows Core Critical to fund up to $16 million in exploration over 10 years, while First Atlantic retains a 20% carried interest through feasibility and royalty rights, freeing capital and management focus for advancing its Pipestone XL nickel-cobalt project in Newfoundland and maintaining upside exposure for shareholders.

Under the two-stage earn-in, Core Critical can secure a 70% stake by paying $650,000 in cash and/or shares and spending $6 million on exploration within five years, then lift its ownership to 80% by investing a further $10 million by the tenth anniversary. The deal underscores industry interest in copper and critical metals assets in infrastructure-rich British Columbia, and positions First Atlantic to leverage partner-funded exploration at Lucky Mike while concentrating resources on its flagship smelter-free nickel-cobalt development.

More about ArcPacific Resources Corp

First Atlantic Nickel Corp. is a Canadian mineral exploration company focused on battery and critical metals, including nickel, cobalt, copper, silver and tungsten. Its portfolio includes the Pipestone XL Smelter-Free Nickel-Cobalt Alloy Project in central Newfoundland and the district-scale Lucky Mike copper-silver-tungsten porphyry project in southern British Columbia.

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Technical Sentiment Signal: Sell

Current Market Cap: C$26.24M

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