Mr. Ian Fraser reports

FATHOM ANNOUNCES FURTHER INCREASE TO LAND PACKAGE AT THE GOCHAGER LAKE PROPERTY

Fathom Nickel Inc. has made a further increase in the company's land position at the Gochager Lake project. The company recently acquired, through direct staking, the 3,060-hectare disposition MC00017403. This brings the company's total contiguous land package at Gochager Lake to 22,620 hectares.

The new disposition is located approximately three kilometres due south of the site of Fathom's recent Gochager Lake exploration program. The new disposition falls within the area of interest clause of the Gochager Lake option agreement, and, thus, the land position covered under the option agreement has now increased by 3,060 hectares.

"The addition of the new disposition at Gochager Lake adds to our growing interest in this regional play," commented Ian Fraser, chief executive officer and vice-president, exploration. "The acquisition of the new disposition is important for a couple of reasons. First, it ensures that Fathom's land package now fully encompasses 13 of the 15 high-priority targets recently identified by our structural interpretation of the historic 2008 VTEM [versatile time-domain electromagnetic] survey. Secondly, it provides an additional buffer in the area of the Mal Lake nickel occurrence, where a 1967 drill hole intersected 1.12 per cent nickel [and] 0.24 per cent copper over 7.9 metres. The Mal Lake nickel occurrence exhibits similar characteristics to the Gochager Lake deposit, located 10 kilometres to the northwest."

Geophysics program update

The surface time-domain electromagnetic (TDEM) program was recently completed at the Tremblay-Olson claim area at the Albert Lake project. Surface TDEM and borehole electromagnetic (BHEM) surveys at the Gochager Lake project is expected to be completed by July 14, 2023.

Results from the geophysics programs are generating follow-up drill targets at both the Albert Lake and Gochager Lake projects. The company continues interpretation from both programs and will make results available once analysis is complete.

About the Gochager Lake property

The Gochager Lake property now comprises a land package totalling 22,620 hectares located in north-central Saskatchewan, approximately 20 kilometres northwest of the village of Missinipe and near the company's Albert Lake project.

The company is currently conducting a second round of BHEM at Gochager Lake. This work is expected to be completed by mid-July. Once processed and analyzed, the geophysical results will play a critical role in fine-tuning drill hole locations for the next round of drilling at Gochager, which is expected to commence in mid-August.

Qualified person and data verification

Ian Fraser, PGeo, chief executive officer, vice-president, 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 a battery-metal-focused 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 highly prospective 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 nickel/copper plus platinum group elements from 1965 to 1969); and (2) the Gochager Lake project, a 22,000-plus-hectare project host to a historic, National Instrument 43-101 non-compliant open-pit resource -- the Gochager Lake deposit (4.3 million tons at 0.295 per cent nickel and 0.081 per cent copper, defined from 1967 to 1970), the analogous Mal Lake nickel occurrence last drilled in 1967 and the Borys Lake zinc-copper-lead-plus-silver occurrence.

We seek Safe Harbor.