FATHOM NICKEL ANNOUNCES THE CLOSING OF THE FIRST TRANCHE OF UPSIZED PRIVATE PLACEMENT

Fathom Nickel Inc. has successfully closed the first tranche of its upsized non-brokered private placement, raising gross proceeds of C$3,225,900. The financing consisted of 52.08 million charity flow-through units at C$0.048 per unit generating C$2.5 million, and 23.42 million non-flow-through units at C$0.031 per unit raising C$725,900. A second tranche totaling an additional C$774,000 is expected to close on February 24, 2026, bringing the total financing to approximately C$4 million.

The flow-through proceeds will be specifically allocated to Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures at the company's Gochager Lake Project in Saskatchewan, with all qualifying expenditures to be incurred by December 31, 2027. The non-flow-through proceeds will support exploration and development across Fathom's mineral project portfolio and provide working capital for general corporate purposes.

This financing strengthens Fathom's position as an exploration company targeting magmatic nickel sulphide discoveries in Saskatchewan's prolific Trans Hudson Corridor. The company maintains a portfolio of three high-quality projects including the Albert Lake Project hosting the historic Rottenstone Mine, the Gochager Lake Project with its historic nickel-copper deposit, and the newly acquired Friesen Lake Project. The successful completion of this financing demonstrates investor confidence in Fathom's strategy to secure North American critical mineral supply chains supporting the global energy transition.

The timing of this financing is particularly strategic given the current focus on critical minerals and domestic supply chain security. Fathom's projects are located in a geologically favorable region with established mining history, and the company's recent exploration results have confirmed extensions and new discoveries at both the Albert Lake and Gochager Lake projects, positioning the company well for continued exploration success.