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Fathom Minerals Ltd.Piecing Rottenstone Together,

Implications For Future Exploration

SK Open House November 2017

Forward Looking Statements

This presentation is prepared by Fathom Minerals Ltd. (Fathom) management and Fathom is solely responsible for the content and format. Ian Fraser, P.Geo. is a

non independent Qualified Person for the purposes of NI 43-101 and has reviewed and approved the information of a scientific or technical nature contained in

this presentation. The presentation has been compiled from publicly available industry information and 43-101 compliant technical reports and releases with

specific underlying Qualified Persons as set out in the reports and releases.

This presentation may contain forward‐looking statements concerning the Company’s plans for its properties, operations and other matters. These statements

refer to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Statements concerning reserves and mineral resource estimates may also be deemed to be forward‐looking statements to the extent that they involve estimates of

the mineralization that will be encountered if the property is developed and in the case of mineral reserves, such statements reflect the conclusion based on

certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions,

expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be

“forward‐looking statements”. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results

may vary materially from those described in forward‐looking statements. Forward‐looking statements are made based on management’s beliefs, estimates and

opinions on the date the statements are made and the Company undertakes no obligation to update forward‐looking statements if these beliefs, estimates and

opinions or other circumstances change. Investors are cautioned against attributing undue certainty to forward‐looking statements.

Potential quantities and grades at the Rottenstone Project are conceptual in nature. There has been insufficient exploration on the project to define a mineral

resource. It is uncertain if further exploration will result in the targets being delineated as a mineral resource. Potential quantities and grades in this presentation

are based on historic exploration and mining results.

Fathom and RottenstoneFathom Minerals – Private Company

Founded spring 2015

Brad van Den Bussche, Ian Fraser

Acquired Flagship Rottenstone Property May 2015

Now have 100% Interest in 8 Contiguous Mineral Dispositions;

21,910ha

Located 130km NNE La Ronge

Property in The Rottenstone Domain

Rottenstone Exploration History

1929 – Consolidated Mining and Smelting Co. of Canada (TECK) drilled the “Hill of Rotten Stone” and results suggested an estimated 36,000t @ 1.81%Ni, 1.01% Cu – Pt, Pd + Au recognized

Deposit high-grade, but small and isolated

Very little exploration 1929 – 1954

In 1962; Drillhole 62-1: 2.67%Ni 2.80%Cu 12.34 g/t Pt-Pd / 7.46m

1964 – Barry Richards; Rottenstone Mining Ltd. commenced mining the Rottenstone Deposit

Rottenstone Outcrop – Rottenstone Mill circa 1965; looking N

The “Hill of Rotten Stone” – pre mining circa 1960; looking SE

Rottenstone Exploration History

SK Mineral Deposit Index (#0958) reports:

1965 – 1969 the Rottenstone Mine produced 26,057 tonnes at an average grade:

3.28%Ni, 1.83%Cu and 9.63 g/t combined Pt, Pd + Au

Note; no Cobalt production!

2017 – Kemetco Metallurgical Study (25kg Rottenstone Ore) Results:1. Head Grade – 3.99%Ni, 1.32%Cu, 970ppmCo and

12.60 g/t Pt-Pd + Au2. Ni-Cu-Co reports to Single Concentrate >90%

RecoveryUsing Current spot market prices; inclusive of Cobalt:

The Rottenstone Deposit; today, would have an in situ value of >US$23,000,000

Rottenstone Mining Ltd. – circa 1965

Rottenstone Outcrop

The Model – Metal Tenor; R-Factor

Dr. L Hulbert

Four (4) Necessary Events:

1. A Metal rich (Chalcophile Elements, Ni-Cu-Co+PGE’s) parental magma forms – result of partial melting of mantle – ascends to crust – intrudes into crust or erupts – the Conduit

2. Along way – Magma interacts with wall rocks, Sulphide contamination occurs and an immiscible Sulphide melt forms – the Sulphur

3. The Sulphide melt interacts with silicate magma; SULPHUR SCAVENGES chalcophile elements; ppm’s, ppb’s increase to % and g/t levels, how?? – the R Factor defines the amount of Silicate Magma the Sulphide Melt is exposed to – Higher R Factor = MORE MAGMA = MORE METAL = HIGH METAL TENOR; at Rottenstone very/very High R Factor

4. Metal rich sulphide liquid entraps itself in embayment's, footwall contacts, fold structures or other structural traps in sufficient quantities to form an economic Ni-Cu + PGE deposit(s) (Naldrett, 1989) – the Trap

1

23

41

Rottenstone

Magmatic Ni-Sulphide Mineralization Types

8.3%Ni, 4.67%Cu, 1870ppmCo, 9.09 g/t PGE’s (massive ore)

4.0%Ni, 1.12%Cu, 923ppmCo, 10.48 g/t PGE’s (matrix ore)

1.8%Ni, 1.0%Cu, 569ppmCo, 2.15 g/t Pt+Pd / 1.2m (interstitial ore)

Barnes, Lightfoot (2005)

1%Ni, 0.16%Cu, 276ppmCo, 1.17g/t Pt+Pd / 1.0m (vein ore?)

Rottenstone Deposit Focus

Pre-mining (1960 – 1962) properly geo-referenced drillholes with ore grade mineralized ultramafic intercepts

Cross section of pre-mine Rottenstone outcrop/deposit

Rottenstone deposit hosted in (Harzburgite – Dunite) within supracrustal rocks; notably, metapelites / metapsammites

Conceptual model and orientation of original Rottenstone Ore Body / Deposit

RottenstoneLake

Rottenstone Pit






FMRS16-006

meters

West East

MineralizedUltramaficIntervals East Plunge






Orebody Shell(approx.)

West East

meters

East Plunge

Magma Highway(s) – Composite Long Section

This long section illustrates evidence of magma flows (sills) as defined by ultramafic rock intersections (multi coloured cylinders) in drillhole. Collectively these intercepts define Magma Highway(s)

The Rottenstone Mine is just one known embayment; or trap, along the defined Magma Highway – (red cylinders) – HW1

There could be other embayment’s; or traps, on this and/or other Magma Highways

Can we map these highways – do these highways connect to a Magma Conduit?

North South

RottenstoneMine

~550m

RL03-29RL03-32 RL99-01

HW1

FMRS16-008

HW1 Magma Highway – Magma Conduit

Northwest Southeast

RottenstoneMine

Northwest Fault

MagmaHighway (HW1)

Magma FlowUp From Depth

Chalcophile element enriched ultramafic magma from depth

Metal rich ultramafic sill flow direction

• The Northwest Fault

• Magma flow Conduit – Magma flowed up the Northwest Fault

• Magma then silled out along the HW1 Magma Highway along weakness in supracrustal rock stratigraphy

• An embayment at location of Rottenstone Mine along the HW1 Magma Highway resulted in the Mineral concentration and deposition = the Rottenstone Deposit

• What did this embayment look like……

RL03-29

RL03-32

RL99-01

Rottenstone Pit Cross-section

West

0 20m

East

HW1 top

HW1 bottom

sectionlocation

• At Rottenstone Deposit location – the embayment allowed metals to pool and drop out forming the Rottenstone Deposit

• Small volume; however, >US$23M value

• Only one recognized embayment, on one sill…..

• What other tools do we have to recognize aMagma Highway; an embayment(s)?

Magnetic – Mine Scale “Fingerprint” (Left) Original 1960 MAG survey map

Survey performed over the Rottenstone Outcrop / Deposit – pre-mining

(On Right) Re-processed, properly georeferenced, Residual MAG data from (1960) survey over Rottenstone Outcrop / Deposit – illustrated on mine workings – more recent air photo

Specifically – the Analytical Signal (AS) of re-processed MAG data

Conclusion:Strong MAG (AS) Signature associated with original Rottenstone Outcrop / Deposit

The Magnetic – “Fingerprint”

1999-2000 Ground MAG Survey

• MAG anomaly remains at Rottenstone!

• Do we see the Rottenstone “MAG Fingerprint” / signature in the Ground MAG survey?

• Yes – Multiple MAG signatures analogous to the “Rottenstone MAG Fingerprint” throughout survey area

• Are these well pronounced MAG anomalies suggestive of traps along ‘Magma Highways’?

• Are Regional Structures suggestive of Magma Conduits?

• Interesting to note the proximity of strong MAG anomalies to the Regional Structures

NorthwestFault

Gravity – Mine Scale “Fingerprint” (Left) Re-processed, 1960 pre-mining Gravity data (CVG) over Rottenstone Outcrop / Deposit on 1957 air photo

Conclusion: 1960 – Gravity Signature associated with original Rottenstone Outcrop / Deposit

(Right) Re-processed, 2002 Ground Gravity survey data –specifically the Horizontal Gradient

2002 – Multiple additional features suggestive of magmatic flow and mineral deposition

The Gravity – “Fingerprint”

Ddh-29

NorthwestFault

3D Gravity (Bouger) Inversion Models

Northwest Trending

Fault

MagmaHighway (HW1)

Magma flowup from depth

Northwest Southeast

RottenstoneMine

PotentialRottenstone #2 (?)

• Gravity Isoshells defining areas / zones of higher density

• At Rottenstone Mine – void in Gravity Isoshell

• Note proximity of DDH-29 to Gravity Isoshell – is this Isoshell defining a zone of increased density due to a Rottenstone-type deposit?

• Are all Isoshells depicted in this image more embayment / trap areas within HW1 and other Magma Highways?

• Additional modelling and vectoring tools required to efficiently evaluate these potential targets – what other tools can we use?

RL03-29

MR08-05

RL03-31RL03-30

Tree Top Biogeochemistry & B-Horizon Soil Geochemistry

1957 Air photo Rottenstone Lake

Geochemistry – Another vector to Mineralization Property-Wide

• Tree Top Biogeochemical data, tri-plot where Ni, Cu, Pt >80th

percentile (Dr. Colin Dunn, 1999) – Yellow Squares

• Re-processed, re-interpreted B-horizon soil tri-plot Ni, Cu, Pt >90th

percentile – Red Circles

• Coincident Tree and Soil anomalies

• More geochemistry required

• Layer geochemistry over top of favourable MAG/Gravity anomalies

1999 Tree-topBiogeochemical Survey

Is Rottenstone a Raglan-type Model?

Rottenstone Similarities?

• Small, isolated, ultramafic, Mineralized outcrop within metasediments

• One Mineralized pod in a Magma Highway? An Embayment in Magma Highway?

• At Raglan; Glencore has identified hundreds of and is actively mining Mineralized pods / lenses measuring 0.01Mt – 0.50Mt

• Rottenstone Deposit one pod identified to date, on one Magma Highway identified to date? Are there more?

Very small mineralized outcrop /lens, at Raglan Mine Area

Glencore’s Raglan Deposits PQ (Lesher, 2013)

Where We At? Conclusion • Fathom has come a long way 2015 – present; just

getting started

• Multiple targets of similar signal to the Rottenstone deposit within large 2008 VTEM MAG survey

• Property as a whole very underexplored – more airborne MAG required

• 2018 Exploration Plan – “proof of concept” – Raglan-like?

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

fathom minerals ltd. piecing rottenstone together ... · rottenstone exploration history sk mineral...

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