Mr. Ian Fraser reports

FATHOM ANNOUNCES RECEIPT OF ALBERT LAKE ASSAYS

Fathom Nickel Inc. has received assays from the limited two-hole drilling program completed at the Albert Lake project.

Albert Lake exploration

• Assay and pXRF results recorded from drill holes AL23073 and AL23074 demonstrate anomalous Ni (nickel) with associated mafic-ultramafic pathfinder elements Cr (chromium) and Mg (magnesium).
• The anomalous to highly anomalous Cr and Mg, occurring within the drill holes is suggestive of an ultramafic source in the vicinity of the drill holes.
• Borehole electromagnetic surveys (BHEM) of both drill holes has identified prominent and distant zones of offhole conductivity in front of and above both drill holes (centred at approximately 80 metres in AL23073 and centred at approximately 115 metres in AL23074).
• Drill hole AL23074 detected an additional off-hole response centred at a depth of approximately 270 m.

Commenting on the Albert Lake drilling and BHEM results, Ian Fraser, chief executive officer and vice-president of exploration, stated: "We are very encouraged by the confirmation of anomalous nickel within mafic to ultramafic rocks encountered during this limited program. Unfortunately, due to significant budget constraints, we were unable to extend the drill program beyond the initial two drill holes. Drill holes AL23073 and AL23074 were our first look into the very robust soil geochem anomaly defined at the Tremblay-Olson Claim (Nic5) area in our fall [2022] program (refer to pres release Jan. 17, 2023). These holes were essentially geology drill holes designed to get an understanding of the robust surface geochemistry anomaly. The positive offhole BHEM responses in both drill holes align with historic VLF (very low frequency -- EM) and VTEM (heliborne versatile transient electromagnetic) anomalies. We have identified sufficient evidence -- geochemistry, geologic and geophysics -- to suggest mineralized ultramafic sources within the Tremblay-Olson claim (Nic5) area. We very much look forward to our planned surface TDEM program this summer at the Tremblay-Olson claims area as we further fine-tune the drill targeting exercise."

Albert Lake winter 2023 exploration program

The company's intention was to drill several drill holes within the Tremblay-Olson claims area, and possibly a drill hole along strike of the Bay-Island trend. However, due to several temporary logistical issues that resulted in significant cost overruns associated with the both the Gochager Lake project and the Albert Lake project, the project was terminated after the completion of AL23074.

Ian Fraser added: "The highly anomalous metals-in-soil detected in the Q4 [2022] geochemistry program remains a very-high-priority exploration target. We will return to Albert Lake in the coming weeks to perform additional land-based geophysical work so that we can recommence drilling in Q4 [2023] or Q1 [2024] with increased precision on our drill targeting."

Quality assurance/quality control (QA/QC) disclosure statement

Fathom implements an industry-standard quality assurance/quality control protocol for all field and diamond drill programs. Fathom, through the services of TerraLogic Exploration Inc., inserts quality assurance/quality control samples in its diamond drill programs at a rate of one sample per approximately every 12 to 13 samples collected. Standards sourced from CDN Resource Laboratories and CCRMP were inserted into the sample stream at a rate of one in 30 samples. Additionally, lab duplicates (coarse rejects) were inserted and positioned in the sample sequence at a rate of one in 30 samples and positioned in the sample sequence alternating with standards to result in a quality assurance/quality control insertion rate of no less than one in 15 samples. Blanks were inserted at the start of every sample batch and additionally after samples of anticipated high-grade or high-sulphide content.

Assaying is performed at ALS Canada Ltd. ALS is an accredited laboratory (SCC -- CAN-P-1579 and CAN-P-4E ISO/IEC 17025) and is independent of Fathom. All drill core samples are analyzed using a four-acid digestion, followed by 33-element ICP-AES analyses (code ME-ICP61). Overlimit Ni and Cu results are further analyzed by a four-acid, ore-grade element ICP-AES process (code ME-OG62). Analyses for Au, Pd and Pt utilized the ore-grade Pt, Pd and Au by ICP-AES (code PGM-ICP27). Total sulphur is analyzed by S-IR08.

Qualified person and data verification

Ian Fraser, PGeo, chief executive officer, vice-president of exploration and a director of the company, 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 plus PGE (platinum group elements, 1965 to 1969); and (2) the Gochager Lake project, a 19,000-plus-hectare project host to a historic, non-National Instrument 43-101 compliant open-pit resource -- the Gochager Lake deposit (4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu, defined 1967 to 1970), an analogous drill-tested nickel occurrence of drill intersections greater than 1 per cent Ni (Mal Lake, last drilled in 1967), and the Borys Lake zinc-copper-lead-plus-silver occurrence.

We seek Safe Harbor.