Mr. Ian Fraser reports

FATHOM PROVIDES GOCHAGER LAKE EXPLORATION UPDATE

Fathom Nickel Inc. has provided the preliminary results from the field exploration program at the company's 22,000-plus-hectare Gochager Lake property. The recently completed field program consisted of mapping, prospecting, detailed soil geochemistry analysis and detailed in-field core analysis.

Highlights of recent activity include:

• Field crews mobilized to the project on June 12 and completed field activities on June 30:
  • Geological mapping, prospecting and soil geochemistry sampling were completed immediately over the historic Gochager Lake deposit area.
  • From 2,047 soil sample locations, 1,757 B-horizon soils were collected, inclusive of QA/QC (quality assurance/quality control) duplicates.
  • Good outcrop exposure exists within the mapped area. This provided the opportunity to collect 50 outcrop samples that have been sent for whole-rock and geochemical analysis.
  • Additionally, the good outcrop exposure allowed for the collection of 554 chip samples that were scanned using pXRF. The pXRF provides real-time geochemical data along with estimates of contained Ni-Cu-Co (nickel-copper-cobalt) mineralization, as well as other key pathfinder elements:
    • Mineralization of up to 20,647 parts per million (ppm) Ni (2.06 per cent Ni), 6,922 ppm Cu and 1,295 ppm Co was noted in pXRF scans of outcrop material*.
  • The team identified zones of magmatic sulphide Ni occurring with coincident elevated Cr (chrome). Ni tenors equal to and greater than those noted at the Gochager Lake deposit occur to the north, southwest and east of the deposit.
  • Assay results for soil and rock samples are expected in early August.
• Evaluation of geochemical results and reconciliation to drill core data is continuing.
• The company has now reconciled the surface outcrop rock types with subsurface lithology defined to date by Fathom drilling. This exercise will continue to be very beneficial.
• Unique mineral assemblages, recognized in drill core (specifically, elevated Cr), occurring in close association with mineralized, variable textured gabbro, have been detected in surface outcrops in proximity to the Gochager Lake deposit and farther along strike.

Ian Fraser, chief executive officer and vice-president of exploration, stated: "The recently completed and very productive field program at the Gochager Lake property has provided new, high-quality data to continue to demonstrate the presence of a significant magmatic Ni-Cu-Co deposit at Gochager. We are very excited to confirm that the same unique geochemical signals recognized in drill core is occurring in outcrop, 200 to 400 metres along strike. This is confirmation of a very open magmatic system. It is also very encouraging to now recognize the ultramafic rocks we encountered in drilling to depths in excess of 400 metres subsurface are also occurring on surface and with significant Ni tenor values. This suggests that the ultramafic rocks occurring within and proximal to the Gochager Lake deposit, if sufficiently saturated with sulphide, have the potential to host separate Ni-Cu-Co deposits. Our recent review of Mal Lake drill core is suggestive of this type of mineralization and confirmation that it is not just restricted to the historic Gochager Lake deposit area. The scale of potential at Gochager, both in the vicinity of the historic deposit, but also further afield, has now proven to be considerably larger than previously understood. This exercise will lead us into drill planning ahead of a proposed autumn drill program."

* QA/QC disclosure statement

As part of its continuing exploration activities, Fathom is utilizing a portable Vanta XRF analyzer (pXRF) to provide real-time lithogeochemical multielement data on drill cores from current drill holes and recently on surface outcrop samples at the Gochager Lake project. The Vanta XRF analyzer is a hand-held device, held in position for a total 120 seconds -- beam 1 (30 seconds), beam 2 (60 seconds) and beam 3 (30 seconds) -- to allow for an effective reading of elements occurring at that specific point, and at that specific surface of a rock sample. All elements detected at that specific point -- nickel, copper and cobalt, plus key pathfinder elements, chrome and magnesium -- are recorded. The reader is cautioned that pXRF data should be treated only as an indication of elements, as the accuracy of the beam position on a particular element is variable.

As with drill core sampling, a rigid QA/QC process is in place for the collection and analyzing of pXRF data. Internal QA/QC protocols were also implemented to ensure that real-time pXRF geochemical data collected on site were of high quality and reliable. Spot scans of SiO2 blank and certified reference material were conducted every 25 scans, alternating the blank and standards every 50th scan. pXRF data collected on QA/QC material were periodically plotted in graphical form to check for data entry errors and instrument drift.

Qualified person and data verification

Ian 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 and to secure the supply of North American critical minerals.

The company now has a portfolio of three 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 mine (produced 28,724 tons at 3.3 per cent Ni, 1.8 per cent Cu, 9.63 grams per tonne (g/t) 3E (Pd-Pt+Au (palladium-platinum-plus-gold)), 1965 to 1969); (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 Ni and 0.081 per cent Cu; and (3) the 10,000-plus-hectare Friesen Lake project, located 40 kilometres southwest of the historic Rottenstone mine and 30 kilometres northwest of the historic Gochager Lake deposit.

We seek Safe Harbor.