Calgary, Alberta--(Newsfile Corp. - October 13, 2026) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) ("Fathom", or the "Company") is pleased to announce the Company has filed on SEDAR+ the independent technical report (the "Report" or "Technical Report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), supporting the maiden Mineral Resource Estimate ("MRE") for its 100% owned Gochager Lake Ni-Cu-Co Project located in northern Saskatchewan. There are no material differences in the Report from those results disclosed in the Company's News Release dated September 10, 2026. The MRE, effective June 9, 2026, was prepared following the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines (CIM, 2019).
The Technical Report, effective June 12, 2026 and issued October 13, 2026, is titled, "National Instrument 43-101 Mineral Resource Estimate for the Gochager Lake Ni-Cu-Co Deposit and Technical Report for the Gochager Lake Ni-Cu-Co Project." The Report was prepared for Fathom Nickel Inc. by Caracle Creek International Consulting Inc. and will be filed and available under the Company's issuer profile at SEDAR+ www.sedarplus.ca and on the Company's website by end of day Tuesday October 13, 2026.
Fathom is also pleased to announce that a comprehensive 3D geological model of the Gochager Lake Ni-Cu-Co Deposit is available for view at Mining Hub https://mininghub.com/3d/v/2C6Lmlp9. The 3D model is intended for illustrative and educational purposes and should be viewed in conjunction with the Company's Technical Report, MRE, and other disclosure documents filed on SEDAR+.
The Mineral Resource Statement for the Gochager Lake Ni-Cu-Co Project is provided in Table 1 (see Company news release September 10, 2026).
Table 1. Summary of Mineral Resource Statement for the Gochager Lake Ni-Cu-Co Project, Saskatchewan.
| Category | Tonnage | SG | Grades | Metallic Content |
Ni
% | Cu
% | Co
% | NiEq1
% | NSR
$/t | Ni
(lb) | Cu
(lb) | Co
(lb) | NiEq1
(lb) |
| Pit Constrained: $20.48/t NSR cut-off |
| Indicated | 631,241 | 3.01 | 0.40 | 0.11 | 0.03 | 0.56 | 82 | 5,579,751 | 1,547,491 | 461,875 | 7,754,876 |
| Inferred | 1,838,107 | 2.96 | 0.28 | 0.09 | 0.02 | 0.40 | 59 | 11,536,642 | 3,478,613 | 930,856 | 16,186,626 |
| Out-of-Pit: $56.50/t NSR cut-off |
| Indicated | 227,460 | 3.01 | 0.43 | 0.13 | 0.04 | 0.60 | 89 | 2,155,048 | 649,832 | 176,178 | 3,028,800 |
| Inferred | 1,265,809 | 2.99 | 0.38 | 0.10 | 0.03 | 0.52 | 77 | 10,572,121 | 2,814,774 | 857,993 | 14,568,380 |
| Total Mineral Resources: |
| Total Indicated: | 858,701 | 3.01 | 0.41 | 0.12 | 0.03 | 0.57 | 84 | 7,734,799 | 2,197,324 | 638,053 | 10,783,676 |
| Total Inferred: | 3,103,916 | 2.97 | 0.32 | 0.09 | 0.03 | 0.45 | 66 | 22,108,763 | 6,293,387 | 1,788,850 | 30,755,005 |
1NiEq (%) = Ni% + 0.74 x Cu% + 2.26 x Co% (see notes 9, 10 and 11)
Notes to Table 1:
(1) The Mineral Resource Estimate has an effective date of 9 June 2026.
(2) The Qualified Persons, as defined by NI 43-101, responsible for the Mineral Resource Estimate are Scott Jobin-Bevans (P.Geo.) and Curtis Ferron (P.Geo.) of Caracle Creek International Consulting Inc.
(3) The Mineral Resource estimate has been prepared and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014), as incorporated by reference into National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), and with consideration of the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). The Mineral Resource classification and reporting terminology conform to the requirements of NI 43-101 and the CIM Definition Standards.
(4) Mineral Resources are classified as Indicated and Inferred Mineral Resources; no Measured Mineral Resources were estimated.
(5) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
(6) Inferred Mineral Resources have a lower level of geological confidence than Indicated Mineral Resources; they may not be converted to Mineral Reserves and must not be aggregated with Indicated Mineral Resources for the purpose of economic studies.
(7) Mineral Resources are constrained to demonstrate reasonable prospects for eventual economic extraction. Pit-constrained (in-pit) Mineral Resources are reported within an optimized open pit shell above a net smelter return (NSR) cut-off of US$20.48/t, and out-of-pit Mineral Resources are reported below the pit shell above an NSR cut-off of US$56.50/t.
(8) Open pit Mineral Resources are constrained within a Lerchs-Grossmann algorithm defined pit shell with an average strip ratio of 4.22:1.
(9) The NSR cut-offs were derived using metal prices of US$8.50/lb nickel, US$5.50/lb copper and US$22.00/lb cobalt; process recoveries of 80% nickel, 92% copper and 70% cobalt; a 2% royalty; and derived operating costs. NSR (US$/t) = (Ni% x 149.91 + Cu% x 111.55 + Co% x 339.51) x (1 - 2.0%).
(10) Metallurgical recoveries are preliminary and are based on analogous magmatic Ni-Cu-Co sulphide deposits; no project-specific metallurgical test work has been completed on Gochager Lake material and the recoveries remain to be confirmed by metallurgical testing.
(11) Nickel-equivalent (NiEq) grade is calculated as NiEq (%) = Ni% + 0.74 x Cu% + 2.26 x Co%, using the same metal prices and recoveries; nickel-equivalent grade is provided for comparison only and assumes the stated recoveries are achieved.
(12) Block grades were estimated by inverse distance weighting to the power of two (ID2). Tonnages use a specific gravity assigned to each block by the Alcock density formula (SG = 100/(100/2.88 + 0.0166 (wt% Cu) - 0.1077 (wt% Ni) - 0.328 (wt% S)).
(13) Tonnes are reported as metric tonnes. Contained metal is reported as in-situ metal and is not adjusted for metallurgical recovery, mining dilution or mining losses.
(14) Rounding may produce apparent discrepancies in the totals.
(15) The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the Mineral Resource Estimate.
(16) Mineral resources are reported on a 100% basis. Fathom Nickel Inc. holds a 100% interest in the Gochager Lake Project; seven of the 39 mineral claims are subject to a 2.0% net smelter return royalty (NSR), with a buy-down option in favour of the Company to purchase 1.0% of the NSR for C$1M. A further 24 mineral claims are subject to a separate 2.0% NSR payable to Edge Geological Consulting Inc., of which 1.0% may be purchased for C$1,000,000; the Gochager Lake Deposit lies outside those 24 claims.
Qualified Person
Ian Fraser, P.Geo., (APEGS #09910, APEGA #54846), CEO, VP Exploration and a Director of the Company and the "Qualified Person" as such term is defined by NI 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.
About Fathom Nickel Inc.
Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to secure the supply of North American Critical Minerals and to support the global green energy transition. The Company now has a portfolio of two high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan, Canada: 1) The Albert Lake Project, a 90,000+ hectare project that hosts the historical Rottenstone Ni-Cu-Pd-Pt+Au Mine; and 2) The 33,000+ hectare Gochager Lake Project that hosts the Gochager Lake Ni-Cu-Co Deposit.
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