Mr. Ian Fraser reports

FATHOM NICKEL ANNOUNCES UPSIZING OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT TO $1.5 MILLION, INCLUDING STRATEGIC PARTICIPATION BY CRESCAT CAPITAL LLC

Based on strong demand for a previously announced non-brokered private placement financing (announced March 3, 2025), Fathom Nickel Inc. has upsized the gross proceeds from $705,000 to up to $1.5-million. All other terms of the upsized offering remain unchanged: The upsized offering will consist of units at three cents per unit of the company. Each unit shall consist of one common share in the capital of the company and one transferable common share purchase warrant. Each warrant is exercisable into one common share for a period of 36 months from issuance at an exercise price of five cents.

Crescat Capital LLC has agreed to make a strategic investment for up to 33 per cent of the upsized offering.

"We are happy to continue to fund this high-quality management and technical team and their discovery in this emerging, exciting critical mineral district in Saskatchewan," stated Kevin Smith, CFA, founder and chief executive officer of Crescat Capital.

Quinton Hennigh, Crescat's geologic and technical adviser, added: "Fathom is on an elephant hunt at Gochager Lake. Early drilling has already discovered significant magmatic nickel-copper-cobalt sulphide mineralization. More recent work defines a robust, open-ended soil geochemical anomaly spanning at least three-kilometre strike from northeast to southwest. Fathom now needs to extend its soil grid to more fully assess this soil anomaly, as well as undertake surface TDEM surveys, to search for more sulphide targets. This raise will allow the company to complete this work and build up a large inventory of refined drill targets. I am very glad to see the company get back to work at this exciting project and eagerly await definition of new sulphide targets."

The upsized offering will be completed by way of an exemption from the prospectus requirements available under Section 5A.2 and other sections of National Instrument 45-106 (Prospectus Exemptions). There is an amended offering document related to the upsized offering that can be seen under the company's profile at SEDAR+ and at the Fathom Nickel website. Prospective investors should read this new upsized offering document before making an investment decision.

The net proceeds of the upsized offering will be used for exploration and development of the company's Gochager Lake project and for working capital and general corporate purposes.

"We are very pleased with the response from current and prospective investors of Fathom to the announcement of the upsized offering, especially in light of this very challenging capital markets environment. The additional proceeds from the upsized offering will allow us to expand the extent of the planned field exploration program at Gochager Lake," stated Doug Porter, president and chief financial officer. "Planning is currently under way to commence field mapping, soil geochemistry and geophysical work in early June, leading to a drill program in the fall."

It is expected that the company will pay finders a cash commission, on a yet-to-be-determined percentage, based on the gross proceeds of the upsized offering. In addition, it is expected that the company will issue warrants to finders, subject to the number of units sold pursuant to the upsized offering.

The sale of units is expected to close on or about April 21, 2025, or such other date as the company may determine.

The upsized 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 supply of North American critical minerals.

The company has a portfolio of three high-quality exploration projects located in the prolific Trans Hudson corridor in Saskatchewan: (1) the 22,000-plus-hectare Gochager Lake project that is host to a historic National Instrument 43-101-non-compliant open-pit resource consisting of 4.3 million tons at 0.295 per cent nickel and 0.081 per cent copper; and (2) the Albert Lake project, a 90,000-plus-hectare project that was host to the historic and past-producing Rottenstone mine (produced 28,724 tons of 3.3 per cent Ni, 1.8 per cent Cu and 9.63 grams per tonne 3E (palladium-platinum-gold) (1965 to 1969); and (3) the 10,000-plus-hectare Friesen Lake project located 40 kilometres southwest of the historic Rottenstone mine and 30 kilometres northwest of the historic Gochager Lake deposit.

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