Mr. Doug Porter reports

FATHOM NICKEL ANNOUNCES AMENDED NON-BROKERED UNIT OFFERING

Further to its press release of Nov. 4, 2024, Fathom Nickel Inc. has added a flow-through unit component to the financing, and has amended the pricing of the proposed private placement of hard-dollar units.

Due to demand, the company is adding a FT unit component to its non-brokered offering. Each FT unit, expected to be offered at a price of four cents, comprises one common share and one-half of a transferable common share purchase warrant, with one whole warrant entitling the holder to acquire one common share for a period of 36 months from issuance at an exercise price of seven cents. The offering is expected to be completed on a non-brokered basis under the listed issuer financing exemption set forth under Section 5A.2 of National Instrument 45-106 -- Prospectus Exemptions.

Pursuant to limitations imposed by the Canadian Securities Exchange, the expected offering price of hard-dollar units is being amended to 3.5 cents per unit. The maximum gross proceeds of the offering under the listed issuer exemption is expected to be approximately $750,000, with any additional proceeds based on the company relying on other applicable exemptions under securities legislation. There can be no assurance as to completion of the offering.

The gross proceeds raised from the FT units will be used before Dec. 31, 2025, for general exploration expenditures that will constitute Canadian exploration expenses (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), which will qualify as flow-through critical-mineral mining expenditures within the meaning of the tax act. The net proceeds from the HD units will be used for exploration and development of the company's mineral projects and for working capital and general corporate purposes.

There is an offering document related to this offering that can be accessed on the company's website and under the company's profile on SEDAR+. Prospective investors should read this offering document before making an investment decision.

The offering will be completed by way of an exemption from the prospectus requirements available under Section 5A.2 and other sections of NI 45-106. The offering document under the listed issuer financing exemption will be filed in the provinces of British Columbia, Alberta, Manitoba, Ontario and Nova Scotia.

The proceeds of the offering will be used by the company to incur exploration expenses at its Gochager Lake project, located in Saskatchewan, Canada, as well as for general corporate purposes.

It is expected that the company will pay agents and/or finders an as-yet-to-be-determined cash commission based on the gross proceeds of the offering. In addition, it is expected that brokers' warrants to purchase an as-yet-to-be-determined number of common shares sold pursuant to the offering will be issued to agents and/or finders.

The offering is expected to close on or about Nov. 21, 2024, or such other date as the company may determine.

The offering is subject to customary closing conditions, including the approval of the securities regulatory authorities and the CSE.

About Fathom Nickel Inc.

Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to support the rapidly growing global electric-vehicle market and to secure the supply of North American critical minerals.

The company now has a portfolio of three high-quality exploration projects located in the prolific Trans-Hudson Corridor in Saskatchewan: (i) the Albert Lake project, a greater-than-90,000-hectare project that was host to the historical and past-producing Rottenstone mine (produced 28,724 tons at 3.3 per cent nickel, 1.8 per cent copper and 9.63 grams per tonne 3E (palladium-platinum-gold) from 1965 to 1969); and (ii) the greater-than-23,000-hectare Gochager Lake project, which is host to a historical, National Instrument 43-101 non-compliant open-pit resource consisting of 4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu; and (iii) the greater-than-10,000-hectare Friesen Lake project, located 40 kilometres southwest of the historical Rottenstone mine and 30 kilometres northwest of the historical Gochager Lake deposit.

We seek Safe Harbor.