Mr. Doug Porter reports

FATHOM NICKEL CLARIFIES AMENDMENTS TO NON-BROKERED UNIT OFFERING

Further to its press release of Nov. 12, 2024, Fathom Nickel Inc. would like to provide clarification with respect to its proposed private placement of flow-through units and hard-dollar units.

The company is issuing up to 7.5 million flow-through units at a price of four cents per flow-through unit for gross proceeds of $300,000 and up to 21.5 million hard-dollar units at a price of 3.5 cents per hard-dollar unit for gross proceeds of $752,500. The collective aggregate gross proceeds from issuance of the hard-dollar units and flow-through units will be $1,052,500. Each flow-through unit comprises one common share issued on a flow-through basis 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. Each hard-dollar unit comprises one common share and one-half of a warrant. 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.

The gross proceeds raised from the flow-through units will be used before Dec. 31, 2025, for general exploration expenditures, which 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 hard-dollar units will be used for exploration and development of the company's mineral projects and for working capital and general corporate purposes.

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

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.

The offering is now 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 Canadian Securities Exchange.

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: (1) the Albert Lake project, a 90,000-hectare-plus project that was host to the historic and past-producing Rottenstone mine (which produced 28,724 tonnes at 3.3 per cent nickel, 1.8 per cent copper and 9.63 grams per tonne 3E (palladium-platinum plus gold) from 1965 to 1969); (2) the 23,000-hectare-plus Gochager Lake project, which is host to a historic, non-NI 43-101 compliant open-pit resource consisting of 4.3 million tonnes at 0.295 per cent nickel and 0.081 per cent copper; and (3) the 10,000-hectare-plus Friesen Lake project, located 40 kilometres southwest of the historic Rottenstone mine and 30 kilometres northwest of the historic Gochager Lake deposit.

We seek Safe Harbor.