GRAND FALLS-WINDSOR, Newfoundland and Labrador — First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) today commented on the passage by the U.S. House of Representatives of H.R. 7037, the Developing Overseas Mineral Investments and New Allied Networks for Critical Energies Act, also known as the DOMINANCE Act. The bill passed the House on June 8, 2026, and is designed to strengthen U.S. energy security, reduce reliance on China for critical minerals, and support resilient supply chains with trusted allies.
Key Provisions of the DOMINANCE Act
The bipartisan legislation authorizes equity investments, political risk insurance, co-financing, and U.S.-priority offtake for allied projects through the Minerals Security Partnership (MSP). Canada is a founding MSP member. The Act defines a processed critical mineral as ore converted into a metal, metal powder, or master alloy, a definition that aligns with awaruite, a natural nickel-iron-cobalt alloy.
Nickel-Specific Focus
Nickel is the only critical mineral named in a standalone section of the Act. Section 103 authorizes U.S. membership in the International Nickel Study Group, an intergovernmental body where Canada is already a member, underscoring the strategic importance of nickel supply chains for defense, manufacturing, and clean technology.
Congressional findings identify processing and refinement as core vulnerabilities, noting heavy dependence on China for midstream processing. Awaruite's magnetic-separation pathway bypasses conventional smelting, offering a potential solution.
First Atlantic's Pipestone XL Project
First Atlantic's wholly owned Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland is being advanced as a potential allied source of awaruite. On May 21, 2026, the Company announced electron microprobe analysis confirming awaruite at the RPM Zone averages 77.62% nickel and 1.69% cobalt. Awaruite's metallic, sulphur-free composition enables concentration through magnetic separation and flotation without smelting, roasting, or high-pressure acid leaching.
Strategic Relevance
The U.S. Geological Survey identified awaruite as a natural alloy and potential solution to nickel concentrate shortages in its 2012 annual report, stating: 'The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite.'
First Atlantic believes the DOMINANCE Act highlights the growing importance of North American nickel sources and that awaruite concentrate could meet the Act's definition of 'processed' at the concentrate stage, providing a differentiated supply chain advantage.
