Fathom Nickel February 2021 High-Grade Nickel Sulfide Exploration in Canada Notice to Reader

Certain information set forth in this presentation contains “forward-looking information”, including Although forward-looking statements contained in this presentation are based upon what “future oriented financial information” and “financial outlook”, under applicable securities laws management of Fathom believes are reasonable assumptions, there can be no assurance that (collectively referred to herein as forward-looking statements). Except for statements of historical forward-looking statements will prove to be accurate, as actual results and future events could fact, information contained herein constitutes forward-looking statements and includes, but is not differ materially from those anticipated in such statements. Fathom undertakes no obligation to limited to future M&A activity and completion of Fathom Nickel Ltd. (“Fathom” or the “Company”) update forward-looking statements if circumstances or management’s estimates or opinions projects that are currently underway, in development or otherwise under consideration. Forward- should change except as required by applicable securities laws. The reader is cautioned not to place looking statements are provided to allow potential investors the opportunity to understand undue reliance on forward-looking statements. We seek safe harbor. management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. This presentation and the material contained herein are confidential and are not to be disclosed to the public. This presentation is for information purposes only and may not be reproduced or The material assumptions upon which forward-looking statements in this presentation are based distributed to any other person or published, in whole or part, for any purpose whatsoever. This include, among others, assumptions with respect to: the Company's ability to access financing on presentation does not constitute a general advertisement or general solicitation or an offer to sell favorable terms to continue with its expansion plans and develop its business; the Company’s or a solicitation to buy any securities in any jurisdiction. Such an offer can only be made by ability to obtain or maintain the required regulatory approvals; the continuation of executive and prospectus or other authorized offering document. This presentation and materials or fact of their operating management or the non-disruptive replacement of them on competitive terms; and distribution or communication shall not form the basis of, or be relied on in connection with any stable market and general economic conditions. The Company makes no representation that contract, commitment or investment decision whatsoever in relation thereto. The information in reasonable business people in possession of the same information would reach the same this presentation is not intended in any way to qualify, modify or supplement any prospectus, conclusions. Although we believe that the assumptions underlying forward-looking statements are listing statement, information circular or other information disclosed under the corporate and reasonable, they may prove to be incorrect and we cannot assure that actual results will be securities legislation and stock exchange policies of any jurisdiction relating to Fathom Ltd. No consistent with such statements. Given these risks, uncertainties and assumptions, you should not securities commission or similar authority in Canada or any other jurisdiction has in any way passed place undue reliance on these forward-looking statements or the information contained in such upon the adequacy or accuracy of the information contained in this presentation. statements.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements, including the Company's requirement for additional funding to continue its exploration strategy; the Company’s failure to obtain and/or maintain the required regulatory licenses for its businesses; the Company's failure to retain key personnel and hire additional personnel needed to develop its business; and the Company's business practice reputation being negatively affected by negative publicity. NOT FOR DISTRIBUTION; NO OFFERING

Fathom Nickel | 2 Fathom Nickel – All About Grade

▪ Albert Lake Project acquired in 2015 at the bottom of the Nickel cycle ▪ Large 34,395 ha land package in Saskatchewan ▪ ~10,000 ha has significant geophysical work done ▪ ~24,000 ha unexplored ▪ Rottenstone Mine: ▪ One of the highest recorded grade nickel mines in Canada: 3.23+% Ni, 1.83% Cu, 9.63 g/t Pd-Pt; a NiEq of 8.76% ▪ USD $1,550/tonne based on current metal prices ▪ Historic non-compliant resource of 19,000 tonnes of original ore remains in ground ▪ Substantial opportunity to expand the deposit ▪ Geophysical/Geochemical data supports the thesis that the Rottenstone Mine is part of a Raglan style deposit ▪ Multiple individual pods and lenses; variable in size, of high-grade nickel ▪ Raglan Style Model with 0.5 to 1.0 Million Tonne “Exploration Target”* (1 Million tonnes at Historical grades would mean 188M lbs of NiEq) ▪ The exploration opportunity at Albert Lake Project is focused on 2 objectives: 1. Expanding the deposit at the Rottenstone Mine 2. Finding additional high-grade nickel deposits

*An “Exploration Target Potential” of 0.5 to 1Mt, refers to numerous conceptual deposits with similar size and grade of the Rottenstone deposit. This estimate is conceptual in nature as there is insufficient data to declare a “Mineral Resource” under CIM and NI 43-101 guidelines currently at the Rottenstone property. Furthermore; it is uncertain whether further exploration of the targets discussed in this report will result in delineating a mineral resource. (Rottenstone Technical Report, by Moose Mountain Technical Services, February 19, 2018) Fathom Nickel | 3 Nickel Fundamentals

Fathom Nickel | 4 Attractive Nickel Fundamentals

Nickel Pricing 2010 – 2020 $USD EV’s Driving Nickel Demand $35,000 “Please mine more nickel… Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an $30,000 environmentally sensitive way.” – Elon Musk, Tesla Earnings Call July 22, 2020

$25,000 4.5 Million Tonnes $20,000

2.9 Million $USD $15,000 Tonnes 2.0 Million $10,000 Tonnes 59% 59% $5,000

5% 18% $-

2020 2025 2030

2012 2011 2013 2014 2015 2016 2017 2018 2019 2020 2010 EV Demand Estimated % EV’s acting as catalyst for Ni demand to more than double by 2030 from 5% of current Ni demand to over 59% by 2030

Source: FactSet, Horizonte Metals Fathom Nickel | 5 Global Nickel Resources Estimated at 300 million Tonnes

Nickel Sulphides Nickel Laterites

South Africa 30% Indonesia 19%

Australia 18%

All Other Global Supply Global Supply Countries 118 M Metric Canada 21% All Other 178 M Metric Tonnes 20% Countries Tonnes Philippines 40% 28% 60% 10%

Cuba 9% Australia Russia New Caledonia Brazil 11% 18% 8% 8%

Top four producing countries account for 79% of global Ni Sulphide Resources

Source: Nickel Institute Fathom Nickel | 6 “Best place to find a new mine is in the shadow of an old one”

Albert Lake Project Overview

Fathom Nickel | 7 History of the Albert Lake Project

▪ Rottenstone Mine ▪ Deposit was initially drilled 1929, high-grade Ni-Cu; 2% ▪ Very intermittent exploration 1929 – 1960 ▪ Original historic resource estimate (1946) 45,000 t of 2% Ni, 1% Cu 5.5 g/t Pd-Pt + rhodium ▪ Mining commenced in 1965 based on a reported resource of 45,400 to 54,400t grading 2% Ni, 2% Cu and 12.69g/t Pt+Pd (Northern Miner, April 15, 1965, p13.). Albert Lake Project ▪ 1970-1998 limited exploration ▪ 1999-2003 exploration by uranium exploration company ▪ 2015 acquired by Fathom ▪ Fathom expanded the land base from ~ 10,000 ha to the current 34,000+ ha ▪ Amassed and compiled historical data 1929 – 2018 ▪ Necessary permits in hand ▪ Exploration Model and Strategy in Place ▪ Engaged and have excellent relationship with First Nations ▪ Access to power and infrastructure within 15km of the property

Fathom Nickel | 8 Albert Lake Property’s Geological Setting

Trans Hudson Lynn Lake (Ni) Corridor Albert Lake (Ni) ` Thompson (Ni) Seabee (Au) Snow Lake (VMS, Au) Flin Flon (VMS, Au)

▪ Host to numerous world-class Nickel mining camps including ▪ Thompson Nickel Belt (operating) ▪ Lynn Lake; and, ▪ Raglan Nickel Belt (operating) Homestake (Au) ▪ Saskatchewan is relatively underexplored jurisdiction for Nickel, VMS-type and Gold Deposits Located in the Trans Hudson Corridor – host to numerous world-class mining camps

Fathom Nickel | 9 Historic Rottenstone Mine

Mining Operation circa 1965 ▪ Rottenstone Mine was an open pit mine (1965 – 1969) ▪ 26,000 tonnes mined ▪ historic records suggest 19,000 tonnes remain ▪ Concentrate transported to INCO refinery Copper Cliff, ON ▪ Average reported grade: ▪ 3.23% Ni ▪ 1.83% Cu ▪ 9.63 g/t Pt, Pd + Au ▪ 2017 Fathom Metallurgical Study confirms excellent metal recovery ▪ Recoveries of Ni-Cu 92%, Co 95%, Pd-Pt 85% ▪ Sample head grade confirms historic grade: ▪ 3.99% Ni, ▪ 1.32% Cu, ▪ 970ppm Co, ▪ 12.60 g/t Pt-Pd + Au ▪ Post-production drilling confirms deposit remains open along strike; south-southwest of historic mine

Excellent grade/metallurgy Tremendous opportunity to expand historic deposit

Source: Saskatchewan Mineral Deposit Index #0958 Fathom Nickel | 10 Historic Rottenstone Mine Open for Expansion

From Pd+Pt 1960 MAG Survey on 1957 Air Photo Drillhole ID To (m) Width (m) Ni % Cu % (m) (g/t) 60-02 1.83 6.10 4.27 3.05 1.39 7.22 60-03 3.08 13.78 10.70 1.95 1.26 Including 8.38 13.78 5.40 Rottenstone2.68 1.79 Mine9.98 60-08 6.10 10.85 4.75 1.21 1.05 6.65 60-09 7.62 9.14 1.52 0.75 0.58 60-10 7.92 16.70 8.78 1.07 1.46 Drillholes 62-1 Including 10.97 15.54 4.57 1.43 2.03 5.05 62-2 62-01 0.61 8.07 7.46 2.67 2.80 12.34 62-02 0.00 9.14 9.14 2.67 2.35 1.23

▪ Historic drillholes drilled into MAG feature pre-mining drillholes 62-01, 62-02 drilled from top of “hill of Rottenstone” ▪ Ore Grades directly correlate with MAG signature ▪ Base of “hill of Rottenstone” (orange circle) ~30m diameter ▪ Pit dimensions ~ 60 x 30 x 14m at deepest point 1960 MAG Survey (CVG) – Rottenstone Deposit defined by high-MAG (the Signature)

Rottenstone deposit associated MAG signature. MAG signature continues south-southwest up to 500m

Fathom Nickel | 11 Historic Rottenstone Mine Open for Expansion ▪ MAG signature very strong at edge of Rottenstone 2008 VTEM CVG BHEM off-hole Conductor @ 185m pit ▪ Drilled 3 holes 30-40m south and intersected with Rottenstone Mine Ni grades between 1.1-2.5% Rottenstone Mine ▪ Favourable MAG dimensions: ~ 300m x ~ 100m assume 10m thickness equates to ~ 1.0Mt (3.47 specific gravity) ▪ Along Strike and Footwall of Fault; Wide Open for expansion of historic Rottenstone deposit

Rottenstone Mine From To Width Pd+Pt Drillhole ID Ni % Cu % (m) (m) (m) (g/t)

RL99001 7.80 15.30 7.50 1.65 0.80 1.94

FMRS16-001 6.76 10.00 3.24 1.23 0.75 1.64

FMRS16-002 6.08 10.77 4.69 1.13 0.45 1.57

FMRS16-002 14.73 19.46 4.73 1.13 0.49 1.68

Including 14.73 16.00 1.27 2.56 0.43 3.23 MAG signature confirms open extension to south-southwest

Fathom Nickel | 12 Rottenstone – A Raglan-Like Model; Necessary Plumbing In Place?

Small Isolated Magmatic Ni Showing - Raglan The “Hill of Rottenstone” – Small Isolated Magmatic Ni Showing – Rottenstone (1960)

▪ Raglan Discovered in 1930’s – surface exposure ▪ Rottenstone Discovered 1928 – 1929 – surface exposure ▪ Commercial production 1998 ▪ Commercial production 1965 – 1969 ▪ Land disposition – 48,655 ha ▪ Land disposition – 34,395 ha ▪ Multiple high-grade Ni deposits 0.01Mt to ~ 1Mt, (averaging ▪ Single high-grade Ni deposit ~ 45,000 t 0.2Mt) ▪ Grade: 3.23% Ni, 1.83% Cu, 0.09% Co, 9.63 g/t Pd-Pt + Au ▪ Grade: (Dec/2019) – 20.8Mt; 3.26% Ni, 0.9% Cu, 0.07% Co, 2.3 ▪ Tremendous opportunity for multiple high grade deposits g/t Pd, 0.93 g/t Pt Albert Lake Property considered to have the same multi, variable size, high-grade Ni deposits as at Raglan

Source: Mining Data Online, Kemetco 13 Plumbing – Structural Setting Rottenstone Deposit

▪ Nickel sulphide deposits form in; or are very closely associated with ultramafic intrusives ▪ Nickel metal plus associated metals need a network; a system of pathways from source to deposit ▪ Geologic Model confirming necessary “Plumbing”, pathways, Magmatic system in place at Rottenstone Mine area and elsewhere on Albert Lake Property ▪ Implication: ▪ Additional, multiple Rottenstone-type deposits of varying size can occur along and within the defined ultramafic pathways ▪ The Rottenstone Deposit is not a single, isolated, small deposit; but a hint of a significant source 500m Composite Long Section Capturing Defined Ultramafic Pathways (red) / Intersections N-S of Rottenstone Mine

Exceptional grade and metal tenor hint of significant source on Albert Lake Property

Fathom Nickel | 14 Additional Drill-Ready Targets; Rottenstone-like MAG Targets

2008 VTEM CVG ▪ Target 1: Mawdsley (Fathom Discovery) – ultramafic host, MAG, BHEM strong off-hole Conductor 160 x 10m “rod-like” shape, shallow NE plunge strong geochemistry – Mawdsley needs drill testing ▪ Island Showing: 1800ppm Ni, Target 2: Island Showing – surface mineralization, very strong 800ppm Cu, 122ppm Co, lithogeochemistry, and soils on adjacent 228ppb Pd-Pt / 2.4m (channel) island – needs drill testing from ice

Rottenstone ▪ Prominent NE lineament MAG supported; Mine – ext’n Tremblay Olson to Rottenstone 2.2km ▪ Numerous other MAG targets within 1km of Rottenstone Mine

Tremblay Olsen 1.3% Ni, 900ppm Cu, Targets display similar MAG 1510ppb Pd-Pt (trench) signature to Rottenstone

Fathom Nickel | 15 Historic Geophysics, The Big Picture Regional, Historic MAG

▪ Geokincern Ltd. interpreted the regional, structural dynamics at Albert Lake Project ▪ Recognized ultramafic marker horizons at 3 Rottenstone Mine area and surrounds; plus 2 additional, high-priority exploration target areas ▪ Targets spoken of in presentation – recognized/recommended by Geokincern for 1 high-priority, follow-up exploration 2 ▪ Since production ceased 1969; periods of exploration: ▪ 1990-1992, mapping, UTEM ▪ 1999-2003, TDEM, MAG, IP, Gravity, drilling ▪ 2008 VTEM. drilling ▪ Fathom acquired property 2015

Albert Lake Property underexplored. Systematic exploration will lead to additional Discoveries (1)

(1) Management’s belief Fathom Nickel | 16 Property Exploration Progress and Milestones

Progress to Date Key Milestones Moving Forward Initial property acquisition and data Set property wide geophysical base to ✓ compilation ~ anchor future exploration Historic deposit characterization and Refine targets (prospects) for detailed ✓ fingerprinting ~ ground exploration follow-up ✓ Metallurgical study confirms high recovery Discover additional deposits (“Advance ~ Prospects to Deposits”) ✓ Selective drilling and site exploration Build resources and reserves around new ~ discoveries Property technical report (43-101) ✓ Preliminary Economic Assessment (PEA) Geological model construction and ~ Feasibility Studies with Reserves and ✓ structural setting associated Auxiliary Reports Seek development partner or strategic ✓ Identified initial drilling targets for 2021 ~ acquirer

Laid the foundation for systematic exploration and possible discovery of new deposits on the property

Fathom Nickel | 17 Exploration Strategy 2021

1 2 3 4 5 Prospect 1. Rottenstone Generate – Geological Heli MAG Drilling Resource Extension Add to Model Ground Property (two phases 2. Strategic Target- Exploration Follow-up Target Dev Q1 & Q3) Ready Drilling Targets

Historic resource Heli-MAG 4028 l-km Interpretation of MAG Ground follow-up, Systematic and extension; strategic survey over entire survey to be mapping, prospecting, prioritized Drilling of drilling drill-ready property; flight line incorporated with soil geochemistry, ground/air geophysics; prospects aimed targets from ice; spacing offset 50m results of 2020 regional initially at deposit supported by review from 2008 VTEM continued development structural interpretation; property-wide discovery, then historic BHEM, ground survey additional geochemistry TDEM, and modern Geological Model resource build

Key Work Streams Work Key BHEM surveys

2021 Multi-phase exploration plan designed to succeed

Fathom Nickel | 18 Corporate Info

Fathom Nickel | 19 Best-In-Class Leadership Team

Brad Van Den Bussche, P.Geol – President & CEO, Director John Morgan – Director

▪ Co-founder of Fathom Nickel, with 35 years of geology, ▪ Senior mining executive with a B. Sc. Geology from the mineral exploration and management experience in Canada University of British Columbia. an internationally ▪ Over 35 years of experience with increasing responsibility in ▪ Successes include; Antioquia Gold – Cisneros Gold Mine – managing both domestic and international mining Colombia, Atrum Coal – Elan – Grassy North Project – operations. Canada, Waddy lake – Komis Gold Mine – Canada ▪ Director with Grande Cache Coal ▪ P Geol - B.Sc. (Honours) in Geology ▪ Co-founder and executive of Atlantic Gold

Ian Fraser, P.Geol – VP Exploration, Director Mark Cummings - Director ▪ Co-founder of Fathom Nickel, 35+ Years of mineral ▪ Senior executive with considerable hands on experience in exploration, managing / implementing exploration operations, human resources, corporate governance and programs in Canada and Internationally general management roles ▪ Successes include; resource interpretation / development ▪ Expertise includes financial and operational restructuring and turnarounds Casa Berardi Gold Mine, Komis Gold Mine, Byers Gold Belt, ▪ Currently the Chief Executive Officer of Zavida Coffee Co. a Canada, Cisneros Gold Mine, Colombia portfolio company of BDG Capital ▪ P.Geol – B.Sc. Geology ▪ CPA, CA

Doug Porter, CPA, CA - CFO Manish Grigo, MBA, CFA – Corporate Development ▪ Senior Financial/ Accounting executive with specific ▪ Over 12 years’ experience in the capital markets as a emphasis in resource company management Research Analyst covering technology and special situations ▪ Successes include: Elan Coal Ltd., Altitude Resources Ltd., ▪ Consultant since 2017 advising companies on their capital StimWrx Oilfield Services Ltd. markets strategies; across a wide range of industries ▪ CPA, CA, CBV including Mining, Technology, Gaming and FinTech.

Eugene Chen – Director

▪ Partner at McLeod Law LLP

▪ Over 20 years experience as a securities, corporate finance, and mergers & acquisitions lawyer

Fathom Nickel | 20 Attractive Historic Ore Valuation Rottenstone Historic Mine Ore Compared to Current Ni Producers (US$/Tonne )

Producers Exploration Fathom Glencore Vale Waterton Nickel Creek Platinum Canada Nickel Norilsk Ore Historic Rottenstone Raglan Ore Voisey’s Bay Ore Dumont Project Nickel Shaw Project Crawford Project (MCX: GMKN) Mine (LON: GLEN) (BVMF: VALE3) (TSE: KRR) TSX-NCP (TSX:CNC)

Metal Price $ USD % G/Tonne US$/Tonne % G/Tonne US$/Tonne % G/Tonne US$/Tonne % G/Tonne US$/Tonne % G/Tonne US$/Tonne % G/Tonne US$/Tonne % G/Tonne US$/Tonne

Ni $8.04 3.28 $581.54 1.77 $313.82 3.34 $592.18 1.63 $289.00 0.27 $47.87 0.26 $46.10 0.29 $46.13

Cu $3.53 1.83 $142.42 3.57 $277.83 0.95 $73.93 0.85 $66.15 - - 0.16 $12.45 0.00 -

Co $19 0.1 $41.24 0.06 $24.74 0.07 $28.87 0.09 $37.12 0.01 $4.12 0.02 $8.25 0.01 $4.30

Pt $1,084 4.7 $163.80 1.84 $64.13 0.96 $33.46 0.2 $6.97 0.01 $0.35 0.25 $8.71 0.01 $0.37

Pd $2,167 3.9 $271.72 7.31 $509.29 2.37 $165.12 0.2 $13.93 0.02 $1.39 0.26 $18.11 0.03 $2.33

Rh $18,000 0.5 $289.36 ------0.00 -

Au $1,835 1.03 $60.76 0.5 $29.49 ------0.04 $2.36 0.00 -

$1,550.83 $1,219.31 $893.56 $413.17 $53.74 $95.98 $57.98

Rottenstone’s historic mine ore value of US$1,550.83 per tonne at current metals pricing

* The reader is cautioned that Fathom Minerals has not done sufficient work to validate or classify the historical grades at the Rottenstone Mine. The Source: Company Materials, FactSet, as at Feb 2021 historic grades are not NI 43-101 compliant and should not be relied on by investors. It is uncertain if further exploration will result in a Mineral Resource Fathom Nickel | 21 Capitalization Table and Exploration Budget

Current Cap Table Financing Requirements

Shares % Exploration Budget 2021 Budget ($000) Heliborne MAG Survey $400 Management and Insiders 19,006,911 65% Q1 2021 Winter Drill Program $700 Q2 / Q3 2021 Ground Field Program $800 Current Investors 10,283,163 35% Q3 and Q4 2021 Summer Drilling $1,500 Access & Infrastructure Upgrade $400 Total Shares Outstanding 29,290,074 100% Scoping Economics $200 ESG/Community Framework $200 Pursuant to the purchase and sale agreements on the Albert Lake Property from 2015, the lands are subject to certain NSR royalty as follows: Corporate G&A (2 years) $800 ▪ 2% NSR royalty over certain area, of which 1% can be purchased by Fathom for $1 million; and, ▪ 1% NSR royalty over other areas, of which can be purchased in its entirety by Fathom for $500k Total (1) $5,000

Approx. $3.0m Flow-Through Eligible

Fathom Nickel | 22 Global Nickel Exploration Peers

Junior Nickel Exploration Companies

Ticker Share Price Shares OS Market Global Average Company Capitalization Resource Grade C$M M lbs NiEq % NiEq Legend Mining ASX:LEG $0.12 2,718.3 $326.2 NA NA Talon Metals TSX:TLO $0.53 605.7 $321.0 403.2 2.3% Canada Nickel TSXV:CNC $2.30 80.3 $184.8 9,767.8 0.3% FPX Nickel TSXV:FPX $0.72 180.9 $130.3 6,858.3 0.1% C1N Nickel CSX:NICO $1.00 99.7 $99.8 54.5 1.1% Palladium One TSXV:PDM $0.32 179.0 $57.3 312.9 1.3% Tartisan Nickel TSXV:TN $0.53 104.8 $55.6 121.1 0.7% Giga Metals TSXV:GIGA $0.73 70.3 $51.4 12,165.3 0.2% Garibaldi Resources TSXV:GGI $0.40 121.5 $48.6 NA NA North American TSXV:NAN $0.28 109.8 $30.8 NA NA Nickel Rock TSXV:NICL $0.70 34.3 $24.1 NA NA

Average $120.9 2,968.3 0.87% Average Canadian listed with Resources $128.6 4,240.4 0.86% Average Canadian listed without Resources $34.5 n/a n/a

Source: Factset, Company Materials * The reader is cautioned that Fathom Minerals has not done sufficient work to validate or classify the historical grades at the Rottenstone Mine. The historic grades are not NI 43-101 compliant and should not be relied on by investors. It is uncertain if further exploration will result in a Mineral Resource Fathom Nickel | 23 Appendix Nickel Sulphide Geochemistry

Co_ppm Cr_ppm Cu_ppm MgO% Ni_ppm Pd_ppb Pt_ppb Kemetco Mtx Ore 970 500 13200 20.1 39900 5943 5914 Kemetco (FMRS16-002) 260 700 3700 19.4 7700 753 1363 Dr. Lhulbert Mtx Comp 810 2100 24000 21.5 33000 7400 2900 FMRS16-001 (6.76-11.16m) 340 1541 6080 19.3 10210 961 422 Rottenstone FMRS16-002 (6.08-10.77m) 490 1418 4490 19.5 11270 1178 391 FMRS16-002 (14.73-19.46m) 740 1572 4850 16.4 11290 1229 449 FMRS16-006 (11.65-11.80m) 870 1228 14500 20.4 36300 6120 3610

Rottenstone Ore – MgO% average content = 19.5%

Favourable Comparison to other Proterozoic Trans Hudson Corridor Magmatic Ni Sulphide deposits; notably, Raglan and Thompson

* Steve Beresford, ngc Komatiite-hosted Ni-Cu-(PGE) deposits

Fathom Nickel | 25 Nickel Sulphide Geochemistry

HoleID From To Length (m) FthCode Co_ppm Cr_ppm Cu_ppm MgO Ni_ppm Pd_ppb Pt_ppb S_pct FMRS16-002 6.08 7.00 0.92 UM_Min 188.4 1515.0 1400.0 22.22 5200.0 520.0 360.0 1.100 FMRS16-002 7.00 8.00 1.00 UM_Min 215.7 1948.0 2300.0 20.99 5700.0 610.0 390.0 1.600 FMRS16-002 8.00 9.00 1.00 UM_Min 286.0 1490.0 3600.0 20.54 8200.0 930.0 500.0 3.000 FMRS16-002 9.00 10.17 1.17 UM_Min 569.3 1077.0 10200.0 18.10 17700.0 1920.0 210.0 6.500 FMRS16-002 10.17 10.77 0.60 UM_Min 666.1 929.0 3200.0 13.99 22400.0 2100.0 610.0 9.100

RL03039 122.80 123.10 0.30 Gran 9.4 118.0 41.2 1.54 27.4 0.100 RL03039 123.10 124.00 0.90 UM 101.9 2023.0 339.1 19.60 1388.6 0.600 RL03039 124.00 125.00 1.00 UM 80.8 1298.0 191.5 20.24 694.7 0.400 RL03039 125.00 125.40 0.40 UM 87.3 1171.0 162.4 15.12 823.3 0.400 RL03039 125.40 126.00 0.60 Sed_Plt 41.7 237.0 169.6 5.04 195.8 0.500

▪ Company recognizes near 20% MgO, anomalous Ni and Sulphur in drillhole RL03039 ▪ Drillhole RL03039 drilled on ice ~ 500m north-northwest Rottenstone Mine ▪ 20% MgO occurs associated with mineralized ultramafic drillhole FMRS16-002 drilled 30m south of historic Rottenstone Mine workings; note high Ni values relative to modest S content ▪ MgO key pathfinder element nickel sulphide exploration; specifically ~ 20% MgO indicative of sulphur saturated ultramafic rock

Fathom Nickel | 26 Rottenstone Deposit Model

Fathom Nickel | 27 Rottenstone Gravity Signature

Fathom Nickel | 28 Gravity Target – Coincident Nickel in Soil Geochemistry

Fathom Nickel | 29 Rottenstone Extension to South

Fathom Nickel | 30 Gravity Signature – Island Showing

Fathom Nickel | 31 Coincident Gravity, BHEM, MAG West of Rottenstone

RL03030_BHEM

Fathom Nickel | 32 Rottenstone Footwall Potential

Fathom Nickel | 33 Rottenstone Footwall Potential

Fathom Nickel | 34 Historic Metallurgy High-Grade Nickel Sulphide and Platinum Group Elements

2017 Metallurgical Study Metal Breakdown (October 2020)

Metal Price (US$) % g/t US$/Tonne

Ni 7.08 3.28 $521.29

Cu 3.05 1.83 $123.16

Co 15.00 0.10 $33.09

Pt 849.00 4.70 $141.52

Pd 2,230.00 3.90 $308.45

▪ Processed 23.75kg Rottenstone Matrix Ore Rh 13,000.00 0.50 $230.53 ▪ Assayed: 3.99% Ni, 1.32% Cu, 970ppm Co, 12.60 g/t Pt-Pd + Au Au 1,900.00 1.03 $69.41 ▪ High metal recovery >90% Ni, Cu, Co and >80% Pt-Pd TOTAL $1,418.41

Rottenstone Mine a premier asset for the highest quality Ni available, opportunity for abundance of resource

Fathom Nickel | 35 Nickel in EV Battery Technologies

Why Nickel for EV Batteries? Ni Use in EV Batteries

▪ New efforts underway to tweak battery ▪ Two types of lithium-ion batteries dominate EV batteries – chemistry from 33% Ni to 80% Ni Nickel-Manganese-Cobalt (”NMC”) and Nickel-Cobalt- Battery ▪ Present day batteries employ 60% Ni, 20% Mn Aluminum (“NCA”). Chemistry and 20% Co – 6:2:2 ratio ▪ NMC used by nearly every EV manufacturer globally with the ▪ Advancements are pointing towards batteries exception of Tesla, which uses NCA. containing 80% Ni

▪ A 60kwh NMC811 battery needs 5kg of Co, 5kg Battery Chemistries & Material Requirements Battery Mn, 6kg of Li and 39kg of Ni – Ni is the largest Composition component of the standard and best performing 100% EV battery 90% 80% ▪ Increased costs of Li and Co has manufacturers 70% shifting towards reduction of Co and increased Ni 60% Reduced Cost in battery composition 50% Expenditure ▪ Battery of Chevrolet Volt is 26% of total cost – 40% automaker is currently looking to reduce costs by 30% increasing Ni composition 20% 10% ▪ Ni increases energy density in the battery 0% cathode which equates to longer distances NMC (111) NMC (523) NMC (622) NMC (811) NCA Energy Efficiency travelled, batteries will be used more efficiently based on how consumers drive Lithium Cobalt Nickel

Source: Nickel Institute, Reuters, Bernstein Fathom Nickel | 36 Thank You.

For more Information, please contact:

Brad Van Den Bussche Doug Porter CEO, Director CFO [email protected] [email protected]