Slide 1: Securing North American Supply of Critical Minerals
Securing North American Supply of Critical Minerals Emerging Magmatic Nickel Sulphide District Saskatchewan Canada CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 1
Slide 2: Notice To Reader
Notice To Reader Certain information set forth in this presentation contains “forward-looking Although forward-looking statements contained in this presentation are based information”, including “future oriented financial information” and “financial upon what management of Fathom believes are reason
Slide 3: Nickel Fundamentals: 2025 Nickel Outlook
Nickel Fundamentals 2025 Nickel Outlook Indonesian supply under pressure: • Reports indicating up to 40% reduction in supply in 2025 to support Ni price • Continuing social, environmental issues and pressures in SE Asia • Indonesia importing lower grade Ni from the Philippines • 2025 spot Ni price f
Slide 4: Company Snapshot
Company Snapshot Trading well below true value Cash Balance of ~ $550,000 Share Structure and Capitalization (as January 17, 2025) Share Price – 12 months (as of January 17, 2025) Shares % $0.25 Management & Insiders 9,306,775 6.2% Institutional (est.) 42,900,000 28.4% Retail (est.) 98,779,916 65.4%
Slide 5: Fathom Projects Geological Setting
Fathom Projects Geological Setting Located in the Trans Hudson Orogen, host to numerous world-class mining camps Deposit Project Owner Commodity Status Type Ni-Cu-Co+3E Past Producer Albert Lake Au Exploration Gochager Fathom Magmatic Historic Resource 1 Lake Nickel Sulphide Ni-Cu-Co±3E Exploration
Slide 6: Fathom Nickel Portfolio
Fathom Nickel Portfolio 3 very prospective Ni-Cu+PGE projects Albert Lake (120,000 + ha) Southend Friesen Lake staked June 2024 – no exploration to date New gold discovery at Albert Lake Friesen Project Lake Developing gold interest in region 100% ownership Gochager Lake Missinipe La Ronge CSE:FNI F
Slide 7: Gochager Lake Project
Gochager Lake Project CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 7
Slide 8: Gochager Lake Project
Gochager Lake Project Gochager Lake Deposit • >23,000 hectares • Historic Gochager Lake Ni-Cu deposit • Mal Lake Ni occurrence • Borys Lake VMS historic deposit drill indicated reserve Historic Gochager Lake Deposit Misunderstood? • Very significant Cobalt credit overlooked Gochager Lake • Vertical
Slide 9: History of Gochager Deposit
History of Gochager Deposit Estimated 149 drillholes, ~27,000 meters drilled Historic resource 4.3M tons @ 0.295% Ni, 0.08% Cu* deemed insufficient grade and tons to mine • Higher grade section 1.7M tons @ 0.735% NiEq* (nickel equivalent Ni-Cu; no cobalt) Historic drillhole I-12 (1967): • 290.4m @ 0
Slide 10: Recent Exploration
Recent Exploration Winter 2023 Drilling: • 2 drillholes completed in immediate Gochager Lake deposit area Inset Map A to confirm mineralization in historic drilling • First hole GL23003 intersected 55.45m @ 1.54% Ni, 0.39% Cu, 0.12% Co • BHEM surveying of modern & historic drillholes Gochager Deposi
Slide 11: Recent Exploration Highlights
Recent Exploration Highlights Long-Section Gochager Lake Deposit From To Length Ni Cu Co NiEq Drillhole (m) (m) (m)* wt % wt% wt % %** GL23003 93.50 200.70 107.20 0.91 0.23 0.07 1.16 125.80 181.25 55.45 1.54 0.39 0.12 1.97 Including 125.80 147.65 21.85 2.26 0.50 0.17 2.83 GL23004 243.75 275.60 31.85
Slide 12: Gochager Mineralization
Gochager Mineralization Classic sulphide droplet in pyroxenite Breccia sulphide in contact with variable-texture gabbro GL23010 GL24013 61.5m 354.75m 0.44% Ni, 0.13% Cu, 0.03% Co 2.66% Ni, 0.41% Cu, 0.20% Co GL24016 GL24013 141.5m 354.87m 0.18% Ni, 0.08% Cu, 0.001% Co 2.66% Ni, 0.41% Cu, 0.20% Co Di
Slide 13: Gochager Mineralization
Gochager Mineralization GL24013 365.65m Coarse-grained Fine-grained gabbro Fine-grained gabbro 2 cm gabbro clast Stringer and semi-massive sulphide associated with coarser-grained phases within variable-texture gabbro Predominantly pyrrhotite-pentlandite with occasional chalcopyrite-rich zones GL240
Slide 14: Gochager Mineralization
Gochager Mineralization Polished Thin Section GL23003 @ 144.5m Coarse granular pentlandite Pn Pn Po Loop pentlandite (Pn) on pyrrhotite Pn (Po) grain boundaries 0.5mm Coarse nature of nickel sulphide (pentlandite) a positive feature in terms of metallurgy Microprobe work highlights Gochager unique a
Slide 15: Geochemical Classification of Stratigraphy
Geochemical Classification of Stratigraphy Cr x Mg Cr x Mg Cr x Mg GL24012 Cr Mg Al Al Ni GL24013 Cr Mg Al Al Ni GL24015 Cr Mg Al Al Ni 0m 150m 300m Drillhole Strip Logs: • High chrome (Cr), elevated magnesium (Mg) 450m Norite defines Variable-Texture Gabbro (VTG) Clotted Gabbro • Ni mineralization
Slide 16: Geological Cross-Section
Geological Cross-Section Exploration Target – the “Container Rock” Variable-Texture Gabbro (Container Rock) Semi-massive Sulphide Breccia Disseminated Sulphides Breccia Sulphide Lenses NNW Drilling to date defines dyke-like, chaotic & Variable-Texture Gabbro complex intrusive suite hosting magmatic
Slide 17: Gochager Expanded Footprint
Gochager Expanded Footprint GL23011 Variable-texture gabbro (mineralization host rock) occurs a minimum of Gochager Lake 600 m along strike of the historic Gochager Lake deposit Deposit Prospective mineralized pyroxenite north of deposit unexplored as possible host to magmatic nickel sulphide deposi
Slide 18: Gochager Expanded Footprint
Gochager Expanded Footprint Soil Geochemistry – Ni (ppm) Drone Magnetics - TMI Linear MAG trend coincident with Ni-Cu-Co+Cr-Mg in soil Gochager Lake Deposit Gochager Lake Deposit Linear MAG trend Prominent MAG high coincident coincident with linear with Ni-Cu-Co+Cr-Mg + 500m Ni-Cu-Co+Cr-Mg Location
Slide 19: Mineralization Beyond Gochager Lake Deposit
Mineralization Beyond Gochager Lake Deposit Borys Lake VMS-style Deposit: • 1972 drill indicated resource: 1,336,500 tons 1.74% Zn, 0.17% Pb* Soil Geochemistry • 2019 drilling: 27m @ 4.84% Zn+Pb & Drone Magnetics Extents Mal Lake Ni Occurrence: • 10km SE of Gochager Lake deposit Gochager Lake • 1967
Slide 20: Gochager Lake – Mal Lake Ni Occurrence
Gochager Lake – Mal Lake Ni Occurrence Ni : S – pXRF Spot Data Target From To Length Ni Cu Co Ni:Cu Co pXRF Drillhole Area (m) (m) (m)* wt % wt% wt% Ratio ppm** Mal Lake Gochager JCM-3 36.94 44.84 7.90 1.12 0.24 - 5 134 - 907 Gochager (point density) & Including 40.84 44.84 4.00 1.48 0.20 - 7 751 Ma
Slide 21: Geology Model
Geology Model Idealized Magmatic Plumbing System Slowdown in magma emplacement rate After Barnes et al. 2015: The mineral system approach applied to magmatic Ni–Cu–PGE sulphide deposits Increase in density due to lagging of suspended sulphide/phenocryst load Backflow of magma down feeder dyke out of
Slide 22: Key Exploration Criteria
Key Exploration Criteria Disseminated sulphide envelopes massive sulphide bodies, and mineralization may improve along a magma conduit from disseminated through semi-massive and massive sulphide Drillhole GL23011 Broad zone of disseminated mineralization delineated at Gochager Lake deposit, extends
Slide 23: Key Exploration Criteria
Key Exploration Criteria Nickel sulphide deposits occur in clusters controlled by multiple intrusions along a common structural trend Gochager Lake deposit occurs in close proximity to an interpreted regional shear, within a structural corridor that is bound to the north by a thrust fault Multiple m
Slide 24: Key Exploration Criteria – Model
Key Exploration Criteria – Model Voisey’s Bay has several deposits occurring in association with a single intrusion comprising multiple rock types created by an open system and repeat injection of magma* Mafic – ultramafic intrusive phases with varying geochemistry identified within Gochager Lake de
Slide 25: 2025 Exploration
2025 Exploration Soil Geochemistry – Ni (ppm) Drone Magnetics - TMI Gochager Lake Deposit Gochager Lake Deposit • 2025: Line-cutting surface TDEM survey • Define conductors associated with coincident Ni-in soil / DroneMAG anomalies CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 25
Slide 26: Albert Lake Project
Rottenstone Mine Operation circa 1965 Albert Lake Project CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 26
Slide 27: Albert Lake Project
Albert Lake Project Albert Lake Historic Rottenstone Mine • In production 1965 – 1969 • 28,724 tons extracted from estimated 50,000 tons; grading 3.28% Ni, 1.83% Cu, 9.63 g/t Pd-Pt+Au (3E)* The Bay-Island Trend • New Ni-Cu-PGE discovery • Mineralization 300+ meter Ni-Cu-PGE corridor Nic5 – Tremblay-
Slide 28: Albert Lake Project Overview
Albert Lake Project Overview Rottenstone Deposit / Mine (MET772134) • Assayed 4.08% Ni, 1.38% Cu, 0.09% Co, 10.50 g/t Bay-Island Trend PGE+ Au* • Excellent Metal recovery >90% base metal >80% AL22052 precious metals** • Ni-tenor 10.07% Rottenstone • AL21024 – 1.06% Ni, 0.88% Cu, 4.36 g/t 3E / 7.47m
Slide 29: Albert Lake Project Overview
Albert Lake Project Overview 2018-2022 Fathom Soil Geochemistry • 8km Ni-in soil trend The Dime through north end Rottenstone Lake • Prominent Ni-in soil trend southeast Kenyon Lake • Individual soil sample results include: • Up to 743ppm Ni; Nic5 – Tremblay-Olson Rottenstone Lake • Up to 547ppm Cu;
Slide 30: Albert Lake South – Gold Zone
Albert Lake South – Gold Zone • Ramp Metals Inc. Ranger-001 discovery drillhole – 73.55 g/t Au / 7.5m • Fathom; 144 outcrop grab samples collected August 6-12, 2024, along strike of Ranger-001 in a structurally complex area as defined by Gradient MAG survey flown by Fathom in 2022 • New Gold Zone di
Slide 31: Milestones – 2025 Outlook
MILESTONES – 2025 OUTLOOK Gochager Lake Project: 2025 Exploration – Corporate Outlook: • Expanded historic Gochager Lake deposit significantly to depth and along strike • Exploration success in 2024 led to two separate 3rd – party Confidentiality • Defined geologic controls and recognized very signi
Slide 32: Management and Board
Management and Board Ian Fraser Doug Porter CEO, VP Exploration, Director President, CFO, Director • Co-founder of Fathom Nickel, 35+ Years of • Senior financial and accounting executive mineral exploration, managing and executing with specific emphasis in resource company exploration programs in Ca
Slide 33: Ian Fraser and Doug Porter contact details
Ian Fraser CEO, VP Exploration, Director ifraser@fathomnickel.com (403) 650-9760 Doug Porter President, CFO, Director dporter@fathomnickel.com (403) 870-4349 CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 33
Slide 34: Appendix
APPENDIX CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 34
Slide 35: Stratigraphic Model
Stratigraphic Model Mineralization occurs within Gochager Lake Mafic Intrusive Units variable-texture gabbro Plan View - Looking Down Breccia sulphide best- developed proximal to contact with clotted gabbro Two distinct orientations to the mineralization One sub-parallel to HW stratigraphy Second zo
Slide 36: Stratigraphic Model
Stratigraphic Model Norite Oblique View Looking NE Clotted Gabbro Pyroxenite Variable-Texture Gabbro High Cr Variable-Texture Gabbro Mineralization Mineralization continues below fault Rotation and displacement of mineralized zone at depth Oblique View Looking N Displacement of sequence across shall
Slide 37: Fathom Gochager Lake Drilling Assay Summary
Fathom Gochager Lake Drilling Assay Summary From To Length Ni Cu Co NiEq From To Length Ni Cu Co NiEq From To Length Ni Cu Co NiEq Drillhole Drillhole Drillhole (m) (m) (m)* wt % wt % wt % %** (m) (m) (m)* wt % wt % wt % %** (m) (m) (m)* wt % wt % wt % %** GL23003 48.80 62.25 13.45 0.39 0.27 0.03 0.
Slide 38: PDAC 2025 Core Shack Posters
PDAC 2025 Core Shack Posters CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 38
Slide 39: PDAC 2025 Core Shack Posters
PDAC 2025 Core Shack Posters CSE:FNI FSE:6Q5 OTC:FNICF PDAC Presentation March 2025 | 39