Mr. Ian Fraser reports

FATHOM ANNOUNCES PLANNED START OF DRILL PROGRAM AT THE GOCHAGER LAKE PROJECT

Fathom Nickel Inc. will begin the second round of drilling at the Gochager Lake project on or about Sept. 2, 2023. The drill program is expected to consist of five to six drill holes totalling approximately 1,800 metres to 2,000 metres.

The primary purpose of the program is to test the vertical plunge extensions along strike of the very favourable drill results intersected in drill hole GL23003 (see press release from April 12, 2023). Multiple borehole electromagnetic (BHEM) surveys within this area of high-grade nickel mineralization have defined a complex set of steeply plunging geophysical targets. The very robust off-hole BHEM anomaly detected below drill holes GL23003, GL23004 and historic drill hole GL18002 is also a high-priority target that will be tested. The company also anticipates drill holes designed to test continuity of conductivity as defined by surface TDEM (time domain electromagnetic) surveys (see press release from July 25, 2023) along strike of the Gochager Lake deposit and a Gochager-like area of conductivity 300 metres to the northeast. The drill program is expected to be completed within four weeks.

Ian Fraser, chief executive officer and vice-president of exploration, stated: "We have spent the last several months evaluating the results of the winter drilling and BHEM surveys, as well as the recently completed second round of BHEM/surface TDEM results. We are confident and very excited to now further drill test the apparent very steep controls on the high-grade nickel mineralization intersected in drill hole GL23003. A better understanding of the structural controls, the orientation and dimensions of this mineralization will set us up to better pursue what we think will be a multitude of steeply plunging chutes within the historic Gochager Lake deposit area. The deep, strong conductivity detected below the two holes drilled in February, 2023, and detected off hole of a drill hole drilled in 2018, suggests the continuation of the Gochager Lake deposit at depth. The strength of this conductor is indicative of a body of semi-massive to massive sulphides, similar to what was intersected in drill hole GL23003. The summer TDEM program identified zones of conductivity distal from the historic deposit, suggesting a continuation along strike. We look forward to testing all priority targets in the upcoming program."

Highlights:

• Drill hole GL23004 was drilled in a northeast-southwest direction.
• The positioning of the BHEM conductive zones is a best fit based on multiple BHEM surveys performed within drill hole GL23003 and GL23004, and historic drill holes GL18001 and GL18002.
• A structural fault was recognized in Fathom drill holes GL23003 and GL23004, and was observed to truncate mineralization occurring in GL23003.
• This is a very important observation, suggesting possible offsets occurring within the Gochager Lake deposit.
• The company interprets the semi-massive to massive high-grade nickel mineralization intersected in GL23003 to be occurring within a broad shell of disseminated, low-grade Ni mineralization.
• Furthermore, the low-grade mineralization intersected in GL23003 below the fault is the possible outer-shell, low-grade mineralization which engulfs the very robust BHEM anomaly that Fathom anticipates to be semi-massive to massive sulphides.
• The goal of the upcoming drill program is to test along strike, and up and down plunge, the high-grade Ni mineralization intersected in GL23003.

Qualified person and data verification

Mr. Fraser, PGeo, CEO, vice-president of 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 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 nickel/copper plus platinum group elements from 1965 to 1969); and (2) the 22,000-plus-hectare Gochager Lake project, which is host to a historic, NI 43-101 non-compliant open-pit resource consisting of 4.3 million tons at 0.295 per cent nickel and 0.081 per cent copper.

Note: The Saskatchewan Mineral Deposit Index (SMID No. 0880) reports drill indicated reserves at the historic Gochager Lake deposit of 4,262,400 tons grading 0.295 per cent nickel and 0.081 per cent minable by open pit. Fathom cannot confirm the resource estimate or the parameters and methods used to prepare the reserve estimate. The estimate is not considered NI 43-101 compliant and further work is required to verify this historical drill indicated reserve.

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