Mr. Ian Fraser reports

FATHOM EXTENDS GEOCHEMICAL FOOTPRINT OF THE HISTORIC GOCHAGER LAKE DEPOSIT AREA BY UP TO 25 TIMES

Fathom Nickel Inc. has provided final results from the extremely successful June soil and rock geochemistry program completed at the company's 22,000-plus-hectare Gochager Lake property. In overview, the results clearly demonstrate that the geochemical footprint of the Gochager Lake deposit has been extended by up to four kilometers along trend (approximately two kilometers in both the northeast and southwest directions).

Please join Ian Fraser, chief executive officer, in a webinar discussion today (Aug. 26) at 8:30 a.m. MDT for an in-depth discussion of the Gochager Lake geochemistry results.

Highlights of the June results include:

• Results from the pXRF analyses of outcrop chip samples and outcrop rock sampling has expanded the variable-textured gabbro footprint in the historic Gochager Lake deposit area, approximately 12.5 times.
• Soil geochemistry results define a Ni-Cu-Co+Cr-Mg (nickel-copper-cobalt plus chromium-magnesium) in-soil geochemical signal, analogous to the historic Gochager Lake deposit geochemical footprint, over an area of approximately 1.7 square kilometres, an area representative of 25 times the area of the historic deposit geochemical footprint.
• The company identified a very prominent linear trend of coincident and highly anomalous Ni-Cu-Co+Cr-Mg in-soils exceeding 600 metres in length and up to 100 metres in width, indicative of a subsurface mafic-ultramafic source rock. This identified trend occurs approximately 1.2 kilometres (km) east-northeast of the historic Gochager Lake deposit and extends northeast toward Weaver Lake and remains open beyond the end of the zone of soil sampling.
• One individual soil sample returned a very impressive 1,650 parts per million (ppm) Ni, 116.5 ppm Cu and 373 ppm Co from a multistation, multielement, soil anomaly occurring approximately one km west-southwest of the deposit area.

Mr. Fraser, chief executive officer and vice-president, exploration, stated: "The company is ecstatic with the results from this soil and rock geochemistry program. Through our drilling at the historic Gochager Lake deposit over the course of the last 18 months, we have developed a clear understanding of the deposit's geochemical footprint. The combination of highly anomalous Ni-Cu-Co plus chrome (Cr) and magnesium (Mg) in-soil, rock geochemistry results generated by pXRF and rock assay data has expanded the Gochager Lake deposit geochemical footprint dramatically -- to an area that now measures, incredibly, some 1.7 square kilometres. That's 25 times larger than the area of the historic Gochager Lake deposit. In addition, we have identified other, separate, very prominent Ni-Cu-Co+Cr-Mg in-soil anomalies outside of this 1.7-square-kilometre footprint area. Underlaying this geochemical footprint is a very distinct mag feature recognized through the ongoing interpretation of the 2008 VTEM survey. We are very confident that our exacting exploration approach will continue to successfully expand the historic Gochager Lake deposit along strike and to depth -- in terms of both grade and tonnage. We are also very confident of significant additional discoveries both within the now-expanded footprint and also the greater Gochager Lake property. Based on continuing results, there is clear and compelling potential for a major discovery to be had here."

In addition, the company is also pleased to announce that the construction of the 20- to 25-person, all-season camp at the Gochager Lake project has been completed. The company was able to take advantage of the mobilizing of camp gear to the project to also include the mobilization of the TUZO GeoSurveys drone mag equipment and staff. The drone mag survey was completed Aug. 6 to 11. Results of the 367.2-line-kilometre survey are expected during the first week of September.

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

The company contracted the services of TerraLogic Exploration Inc. to conduct its soil and rock geochemistry program within the historic Gochager Lake deposit area. Soil samples were collected using either a hand auger or a geotool at predetermined sites utilizing a 100-metre-by-50-metre sample spacing configuration and a detailed 50-metre-by-50-metre sample spacing configuration. The B-horizon soil was collected at each site, placed in kraft soil sample bags and all metadata associated with each sample location were recorded. Once sorted and logged, samples were shipped to ALS Canada Ltd. in North Vancouver, B.C. At ALS, individual samples were dried and sieved to minus 180 micron (80 mesh) and both fractions were retained. A 0.5-gram split of the sieved portion was partially digested (aqua regia) and analysis of 54 elements was performed by ultratrace ICP-MS (ME-MS41). Rock samples were crushed and pulverized up to 250 grams, 85 per cent minus 75 um. A 0.4-gram split was dissolved by four-acid digestion and analysis of 33 elements was performed by ICP-AES (ME-ICP61). Ore-grade measurements were performed by ME-OG62 and Ni-OG62. Platinum, palladium and gold by PGM-ICP27 and total sulphur by S-IR08. ALS is an ISO/IEC 17025 certified laboratory and independent of Fathom.

During the soil geochemistry program, TerraLogic crews were instructed to collect one duplicate sample per person per day. In all, 63 duplicate samples were collected representing samples collected from either the same sample pit or a new adjacent sample pit. Internal QA/QC was performed on all duplicate samples to umpire for contamination occurring between samples. The company's QA/QC approach to the rock samples collected compares to the company's drill core approach. One standard and one blank standard was included into the batch of 51 rock samples.

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 was of high quality and reliable. Spot scans of SiO2 (silicon dioxide) 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 was periodically plotted in graphical form to check for data entry errors and instrument drift.

Qualified person and data verification

Mr. Fraser, PGeo, CEO, VP 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; 2) the 22,000-plus-hectare Gochager Lake project that is host to a historic, NI 43-101 non-compliant open-pit resource; and 3) the 10,000-plus-hectare Friesen Lake project located 40 km southwest of the historic Rottenstone mine and 30 km northwest of the historic Gochager Lake deposit.

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