Mr. Doug Porter reports

FATHOM ANNOUNCES AMENDMENT TO UPSIZED FINANCING

Further to the April 10, 2025, press release, Fathom Nickel Inc. has amended the upsized financing which was initially expected to close on April 21, 2025. The amended upsized financing has been amended due to two factors:

• The April 21 closing date was initially chosen to accommodate the participation of certain strategic investors. However, this date fell outside of the date that is within 45 days of the initial press release announcement of the financing (March 3, 2025), thus triggering this amendment under National Instrument 45-106 (Prospectus Exemptions).
• The listed issuer financing exemption contains limitations on the number of securities that can be issued under this exemption during a 12-month period. The description provided in Fathom's April 10, 2025, press release was not clear that the company will ensure it does not exceed the issuance of the allowable number of securities under the LIFE exemption. Any participation above the maximum allowable under the LIFE exemption will rely on a different exemption as provided for under NI 45-106.

All other terms of the amended upsized financing remain unchanged: The amended upsized financing 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.

It is anticipated that the company will issue up to 27,470,958 units under the LIFE exemption for gross proceeds of up to $824,128.74 and an additional 22,529,042 units under other applicable exemptions set forth in NI 45-106 for gross proceeds of $675,871.26.

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

As a result of the amendments described herein, Fathom has posted a new amended upsized offering document as of today's date on both SEDAR+ and the company's website.

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

The amended upsized offering document is subject to customary closing conditions, including the approval of 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 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-plus-hectare project that was host to the historic and past-producing Rottenstone mine (produced 28,724 tons of 3.3 per cent nickel, 1.8 per cent copper, 9.63 grams per tonne 3E (palladium-platinum-gold) 1965 to 1969); and (2) the 23,000-plus-hectare Gochager Lake project that is host to a historic non-National Instrument 43-101-compliant open-pit resource consisting of 4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu; and (3) the 10,000-plus-hectare Friesen Lake project located 40 km southwest of the historic Rottenstone mine and 30 km northwest of the historic Gochager Lake deposit.

We seek Safe Harbor.