Mr. Ian Fraser reports

FATHOM NICKEL ANNOUNCES $3 MILLION PRIVATE PLACEMENT INCLUDING STRATEGIC PARTICIPATION BY CRESCAT CAPITAL LLC

Fathom Nickel Inc. intends to complete a best efforts non-brokered private placement financing for aggregate gross proceeds of up to $3-million. The offering will consist of any combination of: (i) charity flow-through units at 4.8 cents per charity FT unit; and (ii) hard dollar units at 3.1 cents per HD unit of the company. Crescat Capital LLC has agreed to make a strategic investment for up to 20 per cent of the offering.

"We are excited to continue to support Fathom as they resume drilling at the Gochager Lake property in a rapidly improving nickel commodity price environment," said Crescat Capital's chief executive officer and chief investment officer, Kevin Smith. "Early drilling at Gochager already discovered significant magmatic nickel-copper-cobalt sulphide mineralization and the company's recent fieldwork has now defined a robust, open-ended soil geochemical anomaly spanning over an eight km strike from northeast to southwest. The current raise will allow the company to complete a 3,000-to-4,000-metre drill program that will test the highest priorities in a very impressive inventory of drill targets. I am very glad to see the company get back to work at this exciting project and eagerly await drill results expected in early Q2."

Crescat is expected to own or control approximately 18 per cent of the common shares of Fathom on a non-diluted basis upon completion of the offering, assuming the offering is completed in full.

Each charity FT unit shall consist of one charity flow-through common share and one transferable common share purchase warrant that shall be exercisable into one common share for a period of 36 months from issuance at an exercise price of five cents.

Each HD unit shall consist of one common share and one warrant.

The offering will be offered by way of a non-brokered best efforts private placement financing offering to accredited investors or pursuant to the other available prospectus exemptions under National Instrument 45-106 -- Prospectus Exemptions in all provinces of Canada, except the province of Quebec, and any other jurisdictions, subject to the receipt of necessary regulatory approvals.

The gross proceeds raised from the charity FT units will be used before Dec. 31, 2027, for general exploration expenditures which will constitute Canadian exploration expenses (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), that will qualify as flow-through critical mineral mining expenditures within the meaning of the tax act. The net proceeds of the offering from the HD units will be used for exploration and development of the company's mineral projects and for working capital and general corporate purposes.

"We are excited to launch the upcoming drill program at Gochager Lake to drill-test the high-priority targets that our team has continued to refine through geological, geochemical and geophysical analysis. The proceeds from this financing will allow us to complete a 3,000-to-4,000-metre program commencing mid to late February, 2026, to assess the subsurface geology along the eight-plus km exploration target," stated Ian Fraser, chief executive officer and vice-president of exploration. "We are particularly pleased that Crescat has agreed to participate in the offering in such a significant manner. Crescat has been a fantastic supporter of Fathom since their initial investment in our IPO financing."

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 offering. In addition, it is expected that the company will issue warrants to finders, subject to the number of HD units and charity FT units sold pursuant to the offering.

The sale of HD units is expected to close on or about Feb. 11, 2026, or such other date as the company may determine. The sale of charity FT units is expected to close on or about Feb. 18, 2026, 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 (the CSE).

About Crescat Capital LLC

Crescat is a global macro asset management firm headquartered in Denver, Colo. Crescat's mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary, value-driven equity and macro models. Crescat's goal is industry-leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. The company's investment process involves a mix of asset classes and strategies to assist with each client's unique needs and objectives, and includes global macro, long/short, large cap and precious metals funds.

About Fathom Nickel Inc.

Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to secure the supply of North American critical minerals and to support the global green energy transition. The company now has a portfolio of three high-quality exploration projects located in the prolific Trans Hudson corridor in Saskatchewan.

We seek Safe Harbor.