Mr. Ian Fraser reports

FATHOM UNCOVERS GOLD ZONE AT ALBERT LAKE PROPERTY ALONG STRIKE TO THE NORTHEAST OF RAMP METALS INC.'S RANGER GOLD DISCOVERY

Fathom Nickel Inc. has released the results from a brief summer prospecting program at the company's 100-per-cent-owned Albert Lake property.

On June 17, Ramp Metals Inc. announced a significant gold discovery of 73.55 grams per tonne gold over 7.5 metres at its Rottenstone SW project, located within five kilometres of the Albert Lake property boundary. In response, and after reviewing Fathom airborne data at Albert Lake, the company initiated a reconnaissance surface sampling program to test possible targets along strike of the Ramp discovery drill hole. A four-person crew prospected a select area in the southeastern corner of the Albert Lake property from Aug. 6 to Aug. 12, 2024. The area of interest is near to the southern boundary of the Albert Lake property and along strike of the Ramp Metals' Ranger gold discovery. Two distinct northeast-trending zones of anomalous gold resulted from the prospecting exercise along with occurrences of mafic-ultramafic rocks of similar northeast trend, and locally coincide with anomalous gold samples. Fathom has an exploration permit in place to allow for continued exploration within this area and throughout the 90,000-plus-hectare Albert Lake property through to November, 2026.

Ian Fraser, chief executive officer and vice-president, exploration, stated: "Upon the announcement of the Ranger gold discovery by our neighbour Ramp, we were immediately intrigued by the possibility of gold mineralization continuing along strike onto our property. Our 2022 heliborne MAG survey highlighted very good structural complexity at the southern end of the Albert Lake property, and it certainly now appears there is gold plus mafic-ultramafic intrusives associated with this structural complexity. These results, while preliminary, are very encouraging. It makes us think, what else is going on within the very expansive 90,000-plus-hectare Albert Lake property? With our exploration permit and camp in place, we are in a very good position to explore these possibilities."

Future exploration plan

Based on the exciting discovery of 2.68 grams per tonne Au within anomalous gold showings in the southern area of the Albert Lake property, management is planning on follow-up field exploration, and, ultimately, drilling focused on this gold potential. It is expected that these plans will take shape in the coming months.

Mr. Fraser added: "We are ecstatic with the discovery of gold showings along trend with Ramp's Ranger drill hole, in an area at Albert Lake that has seen very limited exploration. We look forward to performing follow-up exploratory work in 2025. While this exciting news does provide Fathom with a new opportunity, we very much intend to continue our focus around our emerging high-grade nickel camps at both our Albert Lake and Gochager Lake properties."

Quality assurance/quality control disclosure statement

The company contracted the services of TerraLogic Exploration Inc. to conduct the prospecting program at the Albert Lake property. Prospecting crews were instructed to collect rock and grab samples to provide a broad geochemical database for the purpose of determining the potential for gold and mafic-ultramafic hosted magmatic nickel sulphides. The prospecting crews from a base fly camp set out on organized traverses and collected a representative grab sample from each outcrop encountered along the traverse. At each outcrop location (geostation), crews collected and recorded metadata associated with the location. Once sorted and logged, all rock samples were shipped to ALS Canada Ltd. in North Vancouver, B.C. At ALS, individual samples were crushed to 70 per cent less than two millimetres and then riffle split off 250 grams, which was then pulverized to greater than 85 pe cent passing 75 micrometres. Analysis was by 34-element four-acid ICP-AES (ME-ICP61) and gold 30-gram FA-AA finish (Au-AA23), and select check assays by Au 50-gram FA-AA finish (Au-AA24). ALS is an ISO/IEC 17025 certified laboratory and independent of Fathom.

The company's QA/QC approach to the rock samples collected compares with the company's drill core approach -- that is, with respect to the insertion of blanks and standards. Two standards and three blank standards were inserted into the batch of 144 rock samples.

Qualified person and data verification

Ian Fraser, PGeo, chief executive officer, vice-president, exploration, and a director of the company, 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 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 nickel, 1.8 per cent copper, 9.63 grams per tonne palladium-platinum plus gold (1965 to 1969); and (2) the 22,000-plus-hectare Gochager Lake project that is host to a historic National Instrument 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.