Mr. Doug Porter reports

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

Fathom Nickel Inc. has closed the second and final tranche of its non-brokered offering of flow-through (FT) units and non-flow-though units, previously announced on Dec. 4, 2023. Pursuant to the offering, upon closing of the second tranche, the company issued 10,808,974 non-flow-through units (NFT units) at a price per NFT unit of 11 cents, for gross proceeds of $1,188,987. Combined with the first tranche of the financing that closed on Dec. 22, 2023, the total gross proceeds raised under the offering were $4,571,063.

Each NFT unit consists of one common share in the capital of the company and one transferable common share purchase warrant that shall be exercisable into one common share for a period of 24 months from issuance at an exercise price of 20 cents.

The company issued the common shares under the offering 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 net proceeds of the offering from the NFT units will be used for exploration and development of the company's mineral projects, and for working capital and general corporate purposes.

As consideration for services in connection with the offering, the company paid to certain qualified persons (the finders), a cash commission of $51,791 and issued 661,342 broker warrants. Each finder warrant will entitle the holder to acquire one common share at an exercise price of 13 cents for a period of 24 months from issuance.

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 now has a portfolio of two high-quality exploration projects located in the prolific Trans Hudson corridor in Saskatchewan: (1) the Albert Lake project, a 90,000-plus-hectare project that was host to the historic and past-producing Rottenstone deposit (produced high-grade nickel/copper plus platinum group elements from 1965 to 1969); (2) the 22,000-plus-hectare Gochager Lake project, which is host to a historic, NI 43-101 non-compliant open-pit resource -- the Gochager Lake deposit (4.3 million tons at 0.295 per cent nickel and 0.081 per cent copper, defined 1967 to 1970) -- an analogous drill-tested nickel occurrence of drill intersections greater than 1 per cent nickel (Mal Lake last drilled in 1967); and (3) the Borys Lake zinc-copper-lead-plus-silver occurrence.

We seek Safe Harbor.