Mr. Ian Fraser reports

FATHOM ANNOUNCES COMPLETION OF DRILLING AT ALBERT LAKE PROJECT AND COMMENCEMENT OF DRILLING AT THE GOCHAGER LAKE PROJECT

Drilling has been completed at Fathom Nickel Inc.'s 100-per-cent-owned Albert Lake project and drill and crews have mobilized to the Gochager Lake project. Drilling commenced at the Gochager Lake project on March 12 and is expected to continue through mid-April, 2024.

Summary of the Albert Lake project drill program is as follows:

• Six holes were drilled amounting to 1,386 metres drilled.
• Drill hole AL24075, the first drill hole of the program, was designed to test the very robust electromagnetic-coincident gravity anomaly. The drill hole intersected multiple zones of elevated sulphide mineralization from 295 to 348.5 m. The host rock was not mafic/ultramafic in composition and portable X-ray fluorescence scans of the mineralization suggest the mineralization is not that of a magmatic sulphide source.
• The semi-massive to locally massive sulphide mineralization hosted within sediment-hosted sulphidic iron formation does explain the strong EM conductivity and the gravity feature targeted.
• The other five drill holes focused on weaker EM features coincident with local strong multielement soil geochemistry results. Multiple zones of varying conductivity were identified by BHEM (borehole EM) surveys and within the detailed EM grids surveyed during the program. Several of these zones coincide with interpreted mafic/ultramafic intersections from the drilling and are worthy of more follow-up surface exploration and drilling.
• Assay results are expected by mid- to late April, 2024, and the company will provide a complete summary of the Albert Lake program once assays are in hand.

Ian Fraser, chief executive officer and vice-president, exploration, stated: "Although we are disappointed the significant sulphide mineralization encountered in the first drill hole appears to be not magmatic in origin, we are encouraged that the remainder of the drill program did identify several, shallow weak to moderate zones of conductivity by BHEM and by our detailed surface EM grids. Some of these zones are coincident with zones of mafic-ultramafic rock intersected in our drill program. However, the robust soil geochemical anomaly that was our focus remains unexplained and eminently worthy of future exploration. Given the shallow nature of several of these new targets (less than 100 m below surface) it is suggestive that this anomaly is perhaps a culmination of several shallow sources. In this new scenario we felt further detailed surface work is required to target them appropriately. Furthermore, drilling these new, shallow targets with a helicopter-supported drill would be a very inefficient use of exploration dollars and investor capital. Based on this, the company made the decision to cut the Albert Lake project drill program short of the intended metreage and use these extra metres at the Gochager Lake project drill program. Future drilling of these new, shallow Albert Lake targets will utilize a smaller track- or skid-mounted drill providing a greater degree of flexibility and in the process a much more cost-effective approach versus the helicopter-supported methodology deployed in the most recent drill program."

Gochager Lake drill program:

• Drilling commenced on March 12.
• The company anticipates drilling 2,000 to 2,500 metres in five to seven drill holes.
• Initial drill holes are designed to follow up on nickel-copper-cobalt mineralization encountered in drill hole GL23009 (see press release Nov. 21, 2023) and the associated off-hole BHEM conductivity detected in this drill hole.
• New zones of conductivity resulted from additional surface TDEM (time-domain EM) survey performed southwest of the Gochager Lake deposit in February, 2024. A follow-up, detailed TDEM survey in this area will commence on March 14.
• Several new, high-priority drill targets have been identified outside the area of the historic Gochager Lake deposit.

Mr. Fraser stated: "We are very excited to get back to the historic Gochager Lake deposit and continue to build out this deposit and increase tonnes and grade in the process. The current program is designed to drill multiple holes with a common azimuth across the host Gochager Lake intrusive and to specifically test zones of off-hole BHEM conductivity that resulted from the fall 2023 drill program. Our 2023 drill programs illustrated zones of BHEM conductivity contained zones of nickel mineralization grading greater than 1 per cent Ni and these higher-grade zones have a steep orientation and plunge. The nine holes drilled in 2023 provided an initial good understanding of the dynamics of the historic Gochager Lake deposit and we look forward to continuing to build on this understanding. Ongoing interpretation of geophysical data collected in 2023 to 2024 along with historical data confirms that the historic Gochager Lake deposit is wide open along strike northeast, southwest and to depth. This current drill program will expand upon the 2023 results along strike and to depth and we are confident will add another dimension on our path to a new, modern maiden resource for the Gochager Lake deposit. We look forward to continuing the drilling success we had in 2023."

Comments on initial drill hole, cross-section:

• The grade shells (greater than 0.2 per cent Ni, greater than 0.5 per cent Ni) are based on Fathom 2023 drilling and are at present best approximation/interpretation of steeply oriented mineralized envelope(s) defined to date.
• It is within these mineralized envelopes (greater than 0.5 per cent Ni) in which the company intersected multiple zones of greater than 1 per cent nickel plus significant cobalt mineralization. See press release Nov. 21, 2023.
• Complex off-hole BHEM responses were detected in GL23009 from approximately 335to 370 m. These zones of conductivity are interpreted to be typical of semi-massive to massive sulphides and it has been suggested this is possibly a discrete zone separate from the semi-massive sulphides intersected above the interpreted fault.
• The initial drill hole of the March, 2024, Gochager Lake drill program is designed to test this area of complex BHEM conductivity and extend the mineralization intersected in GL23009 down plunge to depth and along strike.
• Also of note, increasing conductivity in GL23009 was observed building to depth beyond the end of drill hole. Furthermore, the massive sulphide vein intersected in GL23008 (3.25 per cent Ni/0.64 m) is within 40 m of the proposed drill hole, and as in GL23009, conductivity builds to depth and beyond drill hole GL23008.
• The initial drill hole will be drilled deep enough to test the source of building conductivity at depth.

Qualified person and data verification

Mr. Fraser, PGeo, CEO, 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 Ni-Cu plus platinum group elements, 1965 to 1969), and 2) the 22,000-plus-hectare Gochager Lake project that is host to a historic, NI 43-101 non-compliant open-pit resource consisting of 4.3 million tons at 0.295 per cent Ni and 0.081 per cent Cu.

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