Fathom Nickel February 2021

High-Grade Nickel Sulfide Exploration in Canada

Notice to ReaderCertain information set forth in this presentation contains “forward-looking information”, including“future oriented financial information” and “financial outlook”, under applicable securities laws(collectively referred to herein as forward-looking statements). Except for statements of historicalfact, information contained herein constitutes forward-looking statements and includes, but is notlimited to future M&A activity and completion of Fathom Nickel Ltd. (“Fathom” or the “Company”)projects that are currently underway, in development or otherwise under consideration. Forward-looking statements are provided to allow potential investors the opportunity to understandmanagement’s beliefs and opinions in respect of the future so that they may use such beliefs andopinions as one factor in evaluating an investment.

The material assumptions upon which forward-looking statements in this presentation are basedinclude, among others, assumptions with respect to: the Company's ability to access financing onfavorable terms to continue with its expansion plans and develop its business; the Company’sability to obtain or maintain the required regulatory approvals; the continuation of executive andoperating management or the non-disruptive replacement of them on competitive terms; andstable market and general economic conditions. The Company makes no representation thatreasonable business people in possession of the same information would reach the sameconclusions. Although we believe that the assumptions underlying forward-looking statements arereasonable, they may prove to be incorrect and we cannot assure that actual results will beconsistent with such statements. Given these risks, uncertainties and assumptions, you should notplace undue reliance on these forward-looking statements or the information contained in suchstatements.

These statements are not guarantees of future performance and undue reliance should not beplaced on them. Such forward-looking statements necessarily involve known and unknown risksand uncertainties, which may cause actual performance and financial results in future periods todiffer materially from any projections of future performance or result expressed or implied by suchforward-looking statements, including the Company's requirement for additional funding tocontinue its exploration strategy; the Company’s failure to obtain and/or maintain the requiredregulatory licenses for its businesses; the Company's failure to retain key personnel and hireadditional personnel needed to develop its business; and the Company's business practicereputation being negatively affected by negative publicity.

Although forward-looking statements contained in this presentation are based upon whatmanagement of Fathom believes are reasonable assumptions, there can be no assurance thatforward-looking statements will prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements. Fathom undertakes no obligation toupdate forward-looking statements if circumstances or management’s estimates or opinionsshould change except as required by applicable securities laws. The reader is cautioned not to placeundue reliance on forward-looking statements. We seek safe harbor.

This presentation and the material contained herein are confidential and are not to be disclosed tothe public. This presentation is for information purposes only and may not be reproduced ordistributed to any other person or published, in whole or part, for any purpose whatsoever. Thispresentation does not constitute a general advertisement or general solicitation or an offer to sellor a solicitation to buy any securities in any jurisdiction. Such an offer can only be made byprospectus or other authorized offering document. This presentation and materials or fact of theirdistribution or communication shall not form the basis of, or be relied on in connection with anycontract, commitment or investment decision whatsoever in relation thereto. The information inthis presentation is not intended in any way to qualify, modify or supplement any prospectus,listing statement, information circular or other information disclosed under the corporate andsecurities legislation and stock exchange policies of any jurisdiction relating to Fathom Ltd. Nosecurities commission or similar authority in Canada or any other jurisdiction has in any way passedupon the adequacy or accuracy of the information contained in this presentation.

NOT FOR DISTRIBUTION; NO OFFERING

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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/tPd-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 Historicalgrades 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 asthere 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 furtherexploration 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)

Nickel Fundamentals

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Attractive Nickel Fundamentals

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Nickel Pricing 2010 – 2020 $USD

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

EV’s Driving Nickel Demand

Source: FactSet, Horizonte Metals

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,0002

01

0

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

$U

SD

5% 18%

59%

2.0 Million Tonnes

2.9 Million Tonnes

4.5 Million Tonnes

2020 2025 2030EV Demand Estimated %

59%

18%

“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 environmentally sensitive way.”

– Elon Musk, Tesla Earnings Call July 22, 2020

Global Nickel Resources Estimated at 300 million Tonnes

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Nickel LateritesNickel Sulphides

South Africa 30%

Canada 20%

Russia 18%

Australia 11%

All Other Countries

21%

Global Supply 118 M Metric

Tonnes40%

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

Indonesia 19%

Australia 18%

Philippines10%

Cuba 9%

New Caledonia 8%

Brazil8%

All Other Countries

28%

Global Supply 178 M Metric

Tonnes60%

Source: Nickel Institute

“Best place to find a new mine is in the shadow of an old one”

Albert Lake Project Overview

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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% Cu5.5 g/t Pd-Pt + rhodium

▪ Mining commenced in 1965 based on a reported resource of45,400 to 54,400t grading 2% Ni, 2% Cu and 12.69g/t Pt+Pd(Northern Miner, April 15, 1965, p13.).

▪ 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 current34,000+ 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

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Albert Lake Project

Albert Lake Property’s Geological Setting

▪ Host to numerous world-class Nickel mining camps including

▪ Thompson Nickel Belt (operating)

▪ Lynn Lake; and,

▪ Raglan Nickel Belt (operating)

▪ Saskatchewan is relatively underexplored jurisdiction for Nickel,VMS-type and Gold Deposits

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Located in the Trans Hudson Corridor – host to numerous world-class mining camps

Trans Hudson CorridorLynn Lake (Ni)

Thompson (Ni)

Seabee (Au)Flin Flon (VMS, Au)

Snow Lake (VMS, Au)

Homestake (Au)

`

Albert Lake (Ni)

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Mining Operation circa 1965

Source: Saskatchewan Mineral Deposit Index #0958

▪ 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

Historic Rottenstone Mine

Excellent grade/metallurgy Tremendous opportunity to expand historic deposit

1960 MAG Survey (CVG) – Rottenstone Deposit defined by high-MAG (the Signature)

Rottenstone Mine

Historic Rottenstone Mine Open for Expansion

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Drillhole IDFrom

(m)To (m) Width (m) Ni % Cu %

Pd+Pt

(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 2.68 1.79 9.98

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

Including 10.97 15.54 4.57 1.43 2.03 5.05

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 on 1957 Air Photo

Drillholes 62-1 62-2

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

Rottenstone Mine

Rottenstone Mine

Historic Rottenstone Mine Open for Expansion

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Rottenstone Mine

▪ MAG signature very strong at edge of Rottenstone pit

▪ Drilled 3 holes 30-40m south and intersected with Ni grades between 1.1-2.5%

▪ 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

2008 VTEM CVG

Drillhole IDFrom

(m)

To

(m)

Width

(m)Ni % Cu %

Pd+Pt

(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

BHEM off-hole Conductor @ 185m

MAG signature confirms open extension to south-southwest

▪ Rottenstone Discovered 1928 – 1929 – surface exposure▪ Commercial production 1965 – 1969▪ Land disposition – 34,395 ha▪ Single high-grade Ni deposit ~ 45,000 t▪ Grade: 3.23% Ni, 1.83% Cu, 0.09% Co, 9.63 g/t Pd-Pt + Au ▪ Tremendous opportunity for multiple high grade deposits

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

13

▪ Raglan Discovered in 1930’s – surface exposure▪ Commercial production 1998▪ Land disposition – 48,655 ha▪ Multiple high-grade Ni deposits 0.01Mt to ~ 1Mt, (averaging

0.2Mt)▪ Grade: (Dec/2019) – 20.8Mt; 3.26% Ni, 0.9% Cu, 0.07% Co, 2.3

g/t Pd, 0.93 g/t Pt

Rottenstone – A Raglan-Like Model; Necessary Plumbing In Place?

Albert Lake Property considered to have the same multi, variable size, high-grade Ni deposits as at Raglan

Source: Mining Data Online, Kemetco

Plumbing – Structural Setting Rottenstone Deposit

▪ Nickel sulphide deposits form in; or are very closelyassociated with ultramafic intrusives

▪ Nickel metal plus associated metals need a network; asystem of pathways from source to deposit

▪ Geologic Model confirming necessary “Plumbing”, pathways,Magmatic system in place at Rottenstone Mine area andelsewhere on Albert Lake Property

▪ Implication:

▪ Additional, multiple Rottenstone-type deposits ofvarying size can occur along and within the definedultramafic pathways

▪ The Rottenstone Deposit is not a single, isolated, smalldeposit; but a hint of a significant source

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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

Tremblay Olsen 1.3% Ni, 900ppm Cu, 1510ppb Pd-Pt (trench)

▪ Target 1: Mawdsley (Fathom Discovery) –ultramafic host, MAG, BHEM strong off-hole Conductor 160 x 10m “rod-like” shape, shallow NE plunge strong geochemistry –needs drill testing

▪ Target 2: Island Showing – surface mineralization, very strong lithogeochemistry, and soils on adjacent island – needs drill testing from ice

▪ Prominent NE lineament MAG supported; Tremblay Olson to Rottenstone 2.2km

▪ Numerous other MAG targets within 1km of Rottenstone Mine

Additional Drill-Ready Targets; Rottenstone-like MAG Targets

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2008 VTEM CVG

Mawdsley

Rottenstone Mine – ext’n

Island Showing: 1800ppm Ni, 800ppm Cu, 122ppm Co, 228ppb Pd-Pt / 2.4m (channel)

Targets display similar MAG signature to Rottenstone

Historic Geophysics, The Big Picture ▪ Geokincern Ltd. interpreted the regional,

structural dynamics at Albert Lake Project

▪ Recognized ultramafic marker horizons atRottenstone Mine area and surrounds; plus 2additional, high-priority exploration targetareas

▪ Targets spoken of in presentation –recognized/recommended by Geokincern forhigh-priority, follow-up exploration

▪ Since production ceased 1969; periods ofexploration:

▪ 1990-1992, mapping, UTEM

▪ 1999-2003, TDEM, MAG, IP, Gravity,drilling

▪ 2008 VTEM. drilling

▪ Fathom acquired property 2015

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

Regional, Historic MAG

1

2

3

(1) Management’s belief

Property Exploration Progress and Milestones

Progress to Date

✓Initial property acquisition and data compilation

✓Historic deposit characterization and fingerprinting

✓ Metallurgical study confirms high recovery

✓ Selective drilling and site exploration

✓ Property technical report (43-101)

✓Geological model construction and structural setting

✓ Identified initial drilling targets for 2021

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

Key Milestones Moving Forward

~ Set property wide geophysical base to anchor future exploration

~ Refine targets (prospects) for detailed ground exploration follow-up

~ Discover additional deposits (“Advance Prospects to Deposits”)

~ Build resources and reserves around new discoveries

~Preliminary Economic Assessment (PEA) Feasibility Studies with Reserves and associated Auxiliary Reports

~ Seek development partner or strategic acquirer

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2021 Multi-phase exploration plan designed to succeed

1. Rottenstone Resource Extension 2. Strategic Target-

Ready Drilling

1

Heli MAG Property

Target Dev

Generate –Add to

Exploration Targets

Prospect Drilling

(two phases Q1 & Q3)

Geological Model Ground

Follow-up

Key

Wo

rk S

trea

ms

Historic resource extension; strategic drilling drill-ready targets from ice;

supported by review historic BHEM, ground

TDEM, and modern BHEM surveys

Heli-MAG 4028 l-km survey over entire

property; flight line spacing offset 50m from 2008 VTEM

survey

Interpretation of MAG survey to be

incorporated with results of 2020 regional

structural interpretation; additional geochemistry

Systematic and prioritized Drilling of

prospects aimed initially at deposit

discovery, then resource build

Ground follow-up, mapping, prospecting,

soil geochemistry, ground/air geophysics;

continued development property-wide

Geological Model

2 3 4 5

Exploration Strategy 2021

Corporate Info

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Fathom Nickel | 20

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

▪ Co-founder of Fathom Nickel, with 35 years of geology, mineral exploration and management experience in Canada an internationally

▪ Successes include; Antioquia Gold – Cisneros Gold Mine –Colombia, Atrum Coal – Elan – Grassy North Project –Canada, Waddy lake – Komis Gold Mine – Canada

▪ P Geol - B.Sc. (Honours) in Geology

John Morgan – Director

▪ Senior mining executive with a B. Sc. Geology from the University of British Columbia.

▪ Over 35 years of experience with increasing responsibility in managing both domestic and international mining operations.

▪ Director with Grande Cache Coal ▪ Co-founder and executive of Atlantic Gold

Doug Porter, CPA, CA - CFO

▪ Senior Financial/ Accounting executive with specific emphasis in resource company management

▪ Successes include: Elan Coal Ltd., Altitude Resources Ltd., StimWrx Oilfield Services Ltd.

▪ CPA, CA, CBV

Best-In-Class Leadership Team

Mark Cummings - Director

▪ Senior executive with considerable hands on experience inoperations, human resources, corporate governance andgeneral management roles

▪ Expertise includes financial and operational restructuringand turnarounds

▪ Currently the Chief Executive Officer of Zavida Coffee Co. aportfolio company of BDG Capital

▪ CPA, CA

Manish Grigo, MBA, CFA – Corporate Development

▪ Over 12 years’ experience in the capital markets as aResearch Analyst covering technology and special situations

▪ Consultant since 2017 advising companies on their capitalmarkets strategies; across a wide range of industriesincluding Mining, Technology, Gaming and FinTech.

Ian Fraser, P.Geol – VP Exploration, Director

▪ Co-founder of Fathom Nickel, 35+ Years of mineral exploration, managing / implementing exploration programs in Canada and Internationally

▪ Successes include; resource interpretation / development Casa Berardi Gold Mine, Komis Gold Mine, Byers Gold Belt, Canada, Cisneros Gold Mine, Colombia

▪ P.Geol – B.Sc. Geology

Eugene Chen – Director

▪ Partner at McLeod Law LLP

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

Attractive Historic Ore Valuation

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Producers Exploration

FathomHistoric Rottenstone

Mine

Norilsk Ore (MCX: GMKN)

GlencoreRaglan Ore

(LON: GLEN)

ValeVoisey’s Bay Ore (BVMF: VALE3)

WatertonDumont Project

(TSE: KRR)

Nickel Creek PlatinumNickel Shaw Project

TSX-NCP

Canada NickelCrawford Project

(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 Historic Mine Ore Compared to Current Ni Producers (US$/Tonne )

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

Source: Company Materials, FactSet, as at Feb 2021* 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

Capitalization Table and Exploration Budget

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Current Cap Table

Pursuant to the purchase and sale agreements on the Albert Lake Property from 2015, the lands are subject to certain NSR royalty as follows:

▪ 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

Exploration Budget 2021 Budget ($000)

Heliborne MAG Survey $400

Q1 2021 Winter Drill Program $700

Q2 / Q3 2021 Ground Field Program $800

Q3 and Q4 2021 Summer Drilling $1,500

Access & Infrastructure Upgrade $400

Scoping Economics $200

ESG/Community Framework $200

Corporate G&A (2 years) $800

Total (1) $5,000

Approx. $3.0m Flow-Through Eligible

Financing Requirements

Shares %

Management and Insiders 19,006,911 65%

Current Investors 10,283,163 35%

Total Shares Outstanding 29,290,074 100%

Global Nickel Exploration Peers

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Junior Nickel Exploration Companies

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

Ticker Share Price Shares OS Market Global Average

Company Capitalization Resource GradeC$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

Appendix

Nickel Sulphide Geochemistry

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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

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

Rottenstone

Nickel Sulphide Geochemistry

▪ 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

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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

Rottenstone Deposit Model

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Rottenstone Gravity Signature

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Gravity Target – Coincident Nickel in Soil Geochemistry

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Rottenstone Extension to South

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Gravity Signature – Island Showing

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Coincident Gravity, BHEM, MAG West of Rottenstone

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RL03030_BHEM

Rottenstone Footwall Potential

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Rottenstone Footwall Potential

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Historic Metallurgy High-Grade Nickel Sulphide and Platinum Group Elements

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2017 Metallurgical Study

▪ Processed 23.75kg Rottenstone Matrix Ore

▪ Assayed: 3.99% Ni, 1.32% Cu, 970ppm Co, 12.60 g/t Pt-Pd + Au

▪ High metal recovery >90% Ni, Cu, Co and >80% Pt-Pd

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

Rh 13,000.00 0.50 $230.53

Au 1,900.00 1.03 $69.41

TOTAL $1,418.41

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

Metal Breakdown (October 2020)

Nickel in EV Battery Technologies

▪ Two types of lithium-ion batteries dominate EV batteries –Nickel-Manganese-Cobalt (”NMC”) and Nickel-Cobalt-Aluminum (“NCA”).

▪ NMC used by nearly every EV manufacturer globally with theexception of Tesla, which uses NCA.

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Why Nickel for EV Batteries? Ni Use in EV Batteries

Battery Chemistry

▪ New efforts underway to tweak battery chemistry from 33% Ni to 80% Ni

▪ Present day batteries employ 60% Ni, 20% Mn and 20% Co – 6:2:2 ratio

▪ Advancements are pointing towards batteries containing 80% Ni

Battery Composition

▪ A 60kwh NMC811 battery needs 5kg of Co, 5kg Mn, 6kg of Li and 39kg of Ni – Ni is the largest component of the standard and best performing EV battery

Reduced Cost Expenditure

▪ Increased costs of Li and Co has manufacturers shifting towards reduction of Co and increased Ni in battery composition

▪ Battery of Chevrolet Volt is 26% of total cost –automaker is currently looking to reduce costs by increasing Ni composition

Energy Efficiency

▪ Ni increases energy density in the battery cathode which equates to longer distances travelled, batteries will be used more efficiently based on how consumers drive

Source: Nickel Institute, Reuters, Bernstein

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NMC (111) NMC (523) NMC (622) NMC (811) NCA

Lithium Cobalt Nickel

Battery Chemistries & Material Requirements

Thank You.

For more Information, please contact:

Brad Van Den BusscheCEO, Director

bvanden@fathomminerals.com

Doug PorterCFO

dporter@fathomminerals.com