Fathom Nickel Announces the Closing of the First Tranche of Upsized Private Placement

Executive Summary

• Fathom Nickel Inc. closed the first tranche of its upsized private placement, raising C$3,225,900 in gross proceeds.
• The offering issued 52,083,334 Charity Flow‑Through Units at C$0.048 each and 23,416,129 non‑flow‑through units at C$0.031 each.
• Proceeds will fund eligible Canadian exploration expenses on the Gochager Lake Project (Charity FT Units) and support general corporate, working capital, and further exploration/development activities (NFT Units).

Key Details

• Units Issued – Charity FT: 52,083,334 units @ C$0.048 = C$2,500,000 gross proceeds.
• Units Issued – NFT: 23,416,129 units @ C$0.031 = C$725,900 gross proceeds.
• Total Gross Proceeds (First Tranche): C$3,225,900.
• Second Tranche: Additional C$774,000 worth of NFT Units expected to close ~Feb 24 2026.
• Unit Structure:
• Each NFT Unit = 1 Common Share + 1 transferable warrant (exercise price C$0.05, 36‑month term).
• Each Charity FT Unit = 1 flow‑through Common Share + 1 transferable warrant (same terms).
• Resale Restriction: Units subject to a four‑month‑plus‑one‑day lock‑up from distribution date.
• Use of Proceeds – Charity FT Units: Eligible Canadian exploration expenses qualifying as “flow‑through critical mineral mining expenditures” for the Gochager Lake Project, to be renounced to subscribers by Dec 31 2026.
• Use of Proceeds – NFT Units: Exploration and development of mineral projects, working capital, and general corporate purposes.
• Finder Compensation: Cash commission C$43,310 plus 2,945,440 broker/finder warrants (each warrant for one common share at C$0.05, exercisable for 24 months).

Notable Quotes

(No direct CEO/President quotes were included in the release.)