Mr. Ian Fraser reports

FATHOM ANNOUNCES COMPLETION OF THE WATTS LAKE ACQUISITION AT THE COMPANY'S GOCHAGER LAKE NICKEL PROJECT

With the final cash payment of $75,000, Fathom Nickel Inc. has now fulfilled all requirements under the agreement to acquire the Watts Lake mineral claims from SKRR Exploration Inc., dated March 21, 2023. As a result, Fathom now holds 100% of Watts Lake, consisting of twenty-four (24) mineral claims totalling 13,708 hectares. Watts Lake, together with the lands covered by the original Gochager Lake Option Agreement and subsequent staking (ten [10] mineral claims in all, totalling 5,851 hectares) now encompasses a contiguous land package of 19,559 hectares, collectively referred to as the "Gochager Lake Property". (See Figure 1).

Ian Fraser, CEO and VP Exploration, stated, "With the acquisition of Watts Lake now complete, we have begun the process of incorporating the historic exploration data obtained as part of the Acquisition Agreement with our modeling and data information system covering the original Gochager Lake dispositions. We are particularly excited to assess the Watts Lake ground that is covered by the historic 2008 VTEM survey. Based on initial analysis of the VTEM survey area, our geophysical consultants have now identified 11 prospective nickel targets away from the historic Gochager Lake deposit. These have become high-priority areas (areas not previously explored), for additional geophysics/geological mapping, prospecting, soil geochemistry and, ultimately, drilling as we continue our exploration work at Gochager Lake. We will also begin analysing the Borys Lake VMS-style Pb-Zn deposit occurring within the Watts Lake ground. The VMS mineralization, coincident with the known magmatic Ni sulphide mineralization at the Gochager Lake deposit and Mal Lake occurrence within this contiguous property, speaks to the potential of a significant metal endowment and the tremendous exploration potential of this combined land package".

Summer Exploration Update

The Company is currently finalizing its plans for the initial phases of exploration at both Gochager Lake and Albert Lake. Geophysical crews are expected to mobilize to Gochager Lake on June 6 and initiate a geophysical program expected to last two to three weeks. A separate geophysical crew is expected to mobilize to Albert Lake later in June.

Gochager Lake Program

The Gochager Lake geophysical program will consist of additional borehole electromagnetic ("BHEM") surveys on all drillholes probed in the Q1-2023 drilling program (see Press Release April 12, 2023) utilizing a multiple-loop configuration and Induction and Fluxgate ("FG") Probes. The same loop configuration will be used to run surface profiles in the area of the high-grade nickel mineralization encountered in the Q1 drilling. The goal of these surveys will be to better define the orientation and geometry of what we anticipate are steeply plunging, highly-conductive, semi-massive to massive sulphide, nickel bearing lenses. It is anticipated that certain historic drillholes drilled in 1989-1990 will be open for additional BHEM surveys. Once the BHEM and surface EM results are interpreted and modelled, the Company can then design proper drilling azimuths and dips to be utilized in a drill program expected to begin mid-summer.

Albert Lake Program

The Albert Lake geophysical program will consist of surface, time domain electromagnetic surveys ("TDEM") utilizing multiple fixed loop configurations within the area of the very robust soil geochemistry anomaly occurring within the Tremblay-Olson Claims area (see Press Release January 17, 2023). It is anticipated this survey will better define airborne conductors outlined in an AirTEM survey conducted by Fathom in Q2/Q3 2022 and results from a VTEM survey flown over the area in 2008. Furthermore, this survey will better define and orient the off-hole conductors defined in drillholes AL23073 and AL23074 drilled Q1 2023 (see Press Release May 5, 2023). This program, expected to last approximately three weeks, will produce a deeper view and better-defined imagery and Maxwell Plate models. The results from the summer program will lead to additional drilling to be conducted in Fall-2023/Winter-2024.

Qualified Person and Data Verification

Ian Fraser, P.Geo., CEO, VP Exploration and 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 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+ hectare project that was host to the historic and past producing Rottenstone deposit (produced high-grade Ni-Cu+PGE, 1965-1969), and 2) the Gochager Lake Project, a 19,560-hectare project that is host to a historic, open-pitable resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu2.

We seek Safe Harbor.