Mr. Ian Fraser reports

FATHOM ANNOUNCES RECEIPT OF NEW EXPLORATION PERMIT AND COMMENCEMENT OF FIELD ACTIVITIES AT THE GOCHAGER LAKE PROJECT

Fathom Nickel Inc. has received receipt of all necessary permits to continue exploration activity at the company's Gochager Lake project. The exploration permit allows the company to:

• Drill up to 60 drill holes;
• Construct and utilize an all season 25-person camp;
• Utilize temporary fly camps during summer-fall field season to conduct site specific, airborne geophysical anomaly follow-up, mapping and prospecting, soil geochemistry, and site-specific geophysical surveys;
• To do necessary line cutting ahead of surface geophysical surveys;
• Prepare necessary ground and ice trails to facilitate the movement of drilling equipment;
• The new exploration permit is valid for a two-year period, expiring July 31, 2026.

In addition, exploration field activities have commenced at the Gochager Lake project. Field crews were mobilized last week and will be utilizing a temporary fly camp located at the Gochager Lake deposit area to conduct:

• A soil geochemical survey within the area. The company is confident it can define a soil geochemical signature associated with the Gochager Lake deposit and utilize this signature to expand Gochager and find additional Gochager-like deposits;
• Detailed mapping, prospecting and soil geochemical sampling will occur in areas of conductivity defined through surface time domain electromagnetic surveys (TDEM) performed in 2023 to 2024. The team will focus on identifying and mapping the strike extent of the favourable gabbro host-rock and defining other favourable gabbro rock outside of the historic deposit area;
• Flying a detailed drone-MAG survey (30-metre line spacing) over the historic Gochager Lake deposit area. The total MAG survey will encompass approximately 385 line kilometres;
• Field crews are expected to complete the field program by June 30, 2024.

Ian Fraser, chief executive officer and vice-president of exploration, stated: "We are very pleased to now have the exploration permit in hand. Having completed 16 successful drill holes in little more than a year, this two-year permit is the next step in our exploration plan to aggressively drill the historic Gochager Lake deposit and to continue to expand the deposit to depth and along strike. We expect that camp construction will begin in the coming weeks."

Mr. Fraser continued: "There is very good geophysical evidence that the Gochager Lake deposit is potentially only the first of several magmatic nickel sulphide deposits occurring within the 22,000-hectare Gochager Lake property. Our international geophysical team have identified 13 high-priority targets through the reinterpretation of the 2008 VTEM survey. During the current program, the field crews will systematically map and prospect the deposit area to further enhance our understanding of the geological, structural, geophysical and geochemical signatures of the Gochager Lake deposit. The knowledge gained from this exercise will be invaluable as we progress our exploration efforts outwards from the deposit area and start to assess the 13 other high-priority targets. We are very confident that the high-resolution drone-MAG survey, combined with field mapping, will define the extent of the mineralized gabbro unit that is host to the zones of high-grade nickel mineralization along strike beyond our current drilling. Knowing the extent and the boundaries of the host gabbro unit will be critical as we prepare for a late summer/early fall drill program. We are also confident the MAG survey will map other zones of gabbro within the survey area."

The drone-MAG survey will provide much higher resolution MAG data in comparison with the VTEM survey completed in 2008. Drone-MAG data will be flown at 30-metre line spacing compared with 100-metre to 200-metre VTEM line spacing. The drone-MAG data will be collected from approximately 30 to 35 metres above surface compared to 60 to 65 m collection height of the 2008 VTEM data. The company has awarded the contract to Tuzo Geosurveys and looks forward to working with and interpreting this high-resolution dataset in the historic Gochager Lake deposit area. The company is confident this type of survey will prove very useful in its quest to define the extent of the gabbro host-rock at the Gochager deposit, as well as, going forward, discover other magmatic nickel sulphide deposits within the 22,000-hectare Gochager Lake property. High-resolution data provide a clearer picture of the magnetic properties of the various intrusive rocks at Gochager and it expects to better define the magnetic properties associated with the high-grade nickel-copper-cobalt-bearing (Ni-Cu-Co) semi-massive to massive sulphides it has intersected by drilling.

Qualified person and data verification

Mr. Fraser, PGeo, chief executive officer, 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.

We seek Safe Harbor.