Mr. Ian Fraser reports

FATHOM FURTHER DELINEATES HIGH-GRADE NICKEL WITH MULTIPLE INTERCEPTS OF 1% TO 3.25% AT THE GOCHAGER LAKE PROPERTY

Fathom Nickel Inc. has released assay results from the seven-hole September drill program completed at the historic Gochager Lake deposit within the company's 22,620-hectare Gochager Lake project.

Highlights:

• Continuous nickel-copper-cobalt mineralization occurs in broad halos, which host steeply oriented chutes of very conductive, semi-massive sulphide mineralization grading approximately 1 per cent to 3 per cent nickel.
• Drilling continues to confirm that zones of greater than 1 per cent nickel are associated with zones of high conductivity, as defined by borehole electromagnetic (BHEM) surveys.
• A massive sulphide vein intersected in GL23008 returned 3.25 per cent nickel over 0.64 metre; very strong and complex off-hole conductivity (BHEM) responses from this drill hole suggest additional mineralization of this type and grade occurs proximal to this intercept.
• Semi-massive sulphide mineralization intersected at approximately 335 metres below surface remains open to depth.
• Nickel tenor calculations suggest Gochager Lake mineralization tenor of approximately 3.5 per cent (Ni100), which is comparable with nickel tenors within the Sudbury nickel camp.

Ian Fraser, chief executive officer and vice-president, exploration, stated: "The September drill program was successful in providing insight into the steep orientation of the mineralization we intersected in GL23003 and, importantly, its orientation along strike. It is now very evident that steeply oriented chutes of semi-massive mineralization occur within broad halos of disseminated mineralization. This recent drill campaign intersected multiple halos of broad disseminated mineralization that all have the potential to host additional chutes of semi-massive sulphide nickel-copper-cobalt mineralization. BHEM surveys have detected numerous strong off-hole conductors within the broad disseminated mineralization halos. We are also extremely excited and encouraged by the presence of the massive sulphide vein in GL23008. Clearly, massive sulphides equate to high-grade nickel -- 3.25 per cent in this case -- and the BHEM tells us there is very strong conductivity off-hole of GL23008. BHEM is also telling us we didn't drill deep enough in GL23008 and several other drill holes as conductivity continues to increase to the end of the drill holes. We have made tremendous strides with only nine drill holes drilled at the Gochager Lake project in 2023. We look forward to continuing this success as we prepare to execute the winter 2024 drill program, which we are planning to initiate in Q1 2024."

Discussion

Drill holes GL23006, GL23007 and GL23011 reported no significant results (see attached table). Drill holes GL23006 and GL23007 intersected multiple zones of weak mineralization greater than 0.10 per cent nickel to 0.25 per cent nickel over thicknesses up to 17.89 metres. The BHEM probe of GL23007 recognizes the strong conductivity off-hole to the east and associated with semi-massive sulphide mineralization intersected in drill holes GL23003 and GL23010. It now appears this chute of high-grade nickel mineralization has a north-northeast strike and not a northeast strike as originally anticipated. Drill hole GL23011 drilled approximately 400 metres to the northeast of the deposit area and was consistently anomalous in nickel (greater than 100 parts per million and up to 1,290 parts per million nickel). Gabbro, the Gochager Lake deposit host rock, was logged in the drill hole and the BHEM survey has identified three off-hole anomalies. GL23009 has significantly extended the historic Gochager Lake deposit to depth and the deposit remains wide open for expansion to depth. The drill hole intersected the zone of conductivity detected off-hole of historic drill hole GL18002, but, based on the strength of the modelled conductivity, it is not clear if the 3.25 metres of semi-massive sulphide mineralization (1.35 per cent nickel) is the exact source of this conductivity. Strong off-hole conductivity has been interpreted in front of GL23009, where zones of disseminated mineralization occur between depths of 43 metres and 217 metres. The high-grade nickel mineralization intersected in GL23010 is contained within two discrete broad zones of disseminated mineralization (see attached table). The encompassing halos and higher-grade mineralized chutes within remain open for expansion to surface and to depth. A third mineralized halo in GL23010 was intersected starting at a depth of 260.05 metres and continuing to 297.67 metres (0.21 per cent nickel over 37.62 metres). Mineralization within this interval is very consistent, and, hereto, BHEM conductivity was interpreted to be building to the bottom of the drill hole.

The company will spend the remainder of 2023 continuing to interpret the drilling and geophysical data sets accumulated in 2023. The company's goal is to drill 3,000 to 5,000 metres in Q1 2024 at Gochager Lake to further delineate the broad mineralized halos and the more conductive and higher-grade mineralization occurring within these halos.

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

Fathom implements an industry-standard QA/QC for all field and diamond drill programs. Fathom, through the services of TerraLogic Exploration Inc., inserts QA/QC 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 QA/QC 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 nickel and copper results are further analyzed by four-acid ore-grade element ICP-AES process (Code ME-OG62). Analyses for gold, palladium and platinum utilized the ore-grade platinum, palladium and gold 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, 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/platinum group elements from 1965 to 1969); and (2) the Gochager Lake project, a 19,000-plus-hectare project host to a historic, NI 43-101 non-compliant open-pit resource -- the Gochager Lake deposit (of 4.3 million tonnes at 0.295 per cent nickel and 0.081 per cent copper defined from 1967 to 1970), an analogous drill-tested nickel occurrence of drill intersections greater than 1 per cent nickel (Mal Lake last drilled in 1967), and the Borys Lake zinc/copper/lead plus silver occurrence.

We seek Safe Harbor.