Mr. Doug Porter reports

FATHOM NICKEL ANNOUNCES THE CLOSING OF THE SECOND AND FINAL TRANCHE OF UPSIZED PRIVATE PLACEMENT

Fathom Nickel Inc. has closed the second and final tranche of its upsized non-brokered offering of flow-through units and non-flow-though units, previously announced on May 8, 2023. Pursuant to the upsized offering the company issued 7,894,737 charity flow-through common units at a price per charity FT unit of 19 cents for gross proceeds of $1.5-million. Together with the previously closed first tranche (see release dated May 31, 2023), the total gross proceeds of the upsized offering are $2,956,400.

Each charity FT unit consists of one charity flow-through common share and one transferable common share purchase warrant, with each charity FT unit warrant exercisable into a charity FT share for 24 months from issuance at an exercise price of 20 cents.

The combined 7,894,737 charity FT shares issued were issued in accordance with the accredited investor exemption under National Instrument 45-106 -- Prospectus Exemptions and are subject to a resale restriction of four months and one day from the date of distribution.

The gross proceeds of the charity FT portion of the upsized offering will be used by the company to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures as such terms are defined in the Income Tax Act (Canada) related to the company's Albert Lake project and the Gochager Lake project which are located in Saskatchewan, Canada, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2023.

As consideration for services in connection with the second tranche of the upsized offering, the company has paid to certain qualified finders a cash commission of $1,620.

Crescat Capital LLC participated in the second tranche with a strategic investment representing 21 per cent of the total shares issued in the upsized offering. This brings Crescat's ownership/control position in Fathom to approximately 17.4 per cent of the common shares currently outstanding, on a partially diluted basis.

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.

The company has a portfolio of two high-quality exploration projects located in the prolific Trans Hudson corridor in Saskatchewan: 1) the Albert Lake project, an over 90,000-hectare project that was host to the historic and past-producing Rottenstone deposit (produced high-grade nickel-copper-plus-platinum-group-elements, 1965 to 1969), and 2) the Gochager Lake project, a 19,560-hectare project that is host to a historic, open-pittable resource consisting of 4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu (1).

(1) The Saskatchewan mineral deposit index (SMID No. 0880) reports drill indicated reserves of 4,262,400 tons grading 0.295 per cent Ni and 0.081 per cent Cu minable by open pit. Fathom cannot confirm the resource estimate nor the parameters and methods used to prepare the reserve estimate. The estimate is not considered National Instrument 43-101 compliant and further work is required to verify this historical drill indicated reserve.

We seek Safe Harbor.