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. 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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