Mr. Ian Fraser reports

FATHOM ANNOUNCES COMMENCEMENT OF Q1-2023 EXPLORATION PROGRAMS

Fathom Nickel Inc. has received the Gochager Lake exploration permit. Field crews are currently mobilizing to commence the Q1 2023 exploration program immediately. Drilling will commence on or about Feb. 10 at Gochager Lake. The Gochager Lake project is host to disseminated to massive sulphide nickel-copper-cobalt mineralization. For the first time in the history of the project, the company will employ borehole electromagnetic surveys (BHEM) in an effort to delineate semi-massive to massive zones of nickel-copper-cobalt mineralization. Nickel-copper-cobalt mineralization was first recognized on the property in the late 1960s.

Commenting on the Gochager Lake project, Ian Fraser, chief executive officer and vice-president, exploration, stated: "The Gochager Lake project is an important addition to the company's portfolio of battery metal projects. We look forward to applying BHEM in our effort to delineate zones of semi-massive to massive nickel-copper-cobalt mineralization within broader disseminated mineralization that defines the historic Gochager Lake deposit."

Summary

• Receipt of exploration permit for the recently acquired Gochager Lake project;
• Commencement of Q1 2023 exploration program at Gochager Lake and Albert Lake projects;
• Drilling to start around Feb. 10, 2023, at Gochager Lake; results expected by mid-April;
• Historic drill hole at Gochager had a 294-metre intercept that returned 0.58 per cent Ni, 0.11 per cent Cu starting immediately below surface; within this interval was a 9.70-metre section that assayed 2.37 per cent Ni, 0.35 per cent Cu and 0.14 per cent Co;
• Gravity survey initiated at the Tremblay-Olson claims area (Albert Lake) with drilling to start around fourth week of February.

The Gochager Lake property and Q1 2023 drill, BHEM program

The Gochager Lake property comprises nine mineral dispositions totalling 4,696 hectares located in north-central Saskatchewan, approximately 75 kilometres north of the town of La Ronge and in close proximity to the company's flagship Albert Lake project. Within the historic Gochager Lake deposit, diamond drill hole I-12 drilled in 1967 had a 290.4-metre intercept that returned 0.58 per cent Ni, 0.11 per cent Cu starting immediately below surface. Within this interval, and at the base of this interval, a 9.70-metre section assayed 2.37 per cent Ni, 0.35 per cent Cu and 0.14 per cent Co. In 2018, drill hole GL18-001 intersected semi-massive to massive, magmatic nickel sulphide mineralization within the vicinity of historic drill hole I-12, demonstrating this style of mineralization exists within the historic deposit and that it does contain significant nickel-copper-cobalt mineralization.

The company intends to drill a hole in close proximity to historic drill hole I-12 primarily for the purpose of providing a BHEM platform to test for continuation and orientation of semi-massive to massive nickel-copper-cobalt lenses. These lenses are expected to be contained within the broader disseminated mineralization that defines the historic Gochager Lake deposit. In addition, and for the first time in the property's history, the drill hole will be systematically sampled for cobalt; previous operators only sporadically sampled for cobalt. As a result, the amount of cobalt associated with the known nickel-copper mineralization is not well understood. A second drill hole will be drilled for the purpose of better defining lithology and mineralization controls. This drill hole will be drilled approximately 25 metres along strike of the I-12 location and the dip and azimuth will be designed to be perpendicular to the interpreted trend of the Gochager Lake deposit. This drill hole will also be probed by the BHEM tool. The company is also optimistic that the two drill holes drilled in 2018 will also provide platforms for additional BHEM surveys. Drill hole results from the program will be released once received and interpreted by the company. Pending actual timing for the receipt of assays from its lab, the company anticipates releasing the results in late March to early April.

The Albert Lake property and Q1 2023 exploration program

Exploration at Albert Lake has also commenced. A crew was mobilized to site over the weekend of Feb. 3 to 5 to initiate gravity survey coverage over the Tremblay-Olson claims area. Fathom conducted a gravity survey in 2021 in the historic Rottenstone mine area and this survey proved instrumental in defining the structural corridor that is host to the Bay Island trend.

The gravity survey will tie into the existing gravity stations and is expected to take up to 10 days to complete. Results of this survey will be utilized, along with other geophysical models the company has been developing, to target drill locations within the Tremblay-Olson claims area. The company anticipates issuing details on the planned Albert Lake program prior to commencement of drilling, which is expected to begin in the fourth week of February.

Qualified person and data verification

Mr. Fraser, PGeo, CEO, vice-president, exploration, a director of the company and the qualified person, as such term is defined by National Instrument 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 support the rapidly growing global electric vehicle market.

The company now has a portfolio of two high-quality exploration projects located in the prolific Trans Hudson corridor in Saskatchewan: 1) the Albert Lake project, a 90,000-plus-hectare project that was host to the historic and past-producing Rottenstone deposit (produced high-grade Ni-Cu-PGE (platinum group elements), 1965 to 1969), and 2) the Gochager Lake project, a 4,696-hectare project that is host to a historic (NI 43-101-non-compliant) open-pittable resource consisting of 4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu. The company anticipates winter 2023 exploration programs at both projects.

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