Mr. Ian Fraser reports

FATHOM NICKEL EXPANDS THE GOCHAGER LAKE PROPERTY AND ANNOUNCES DELAY OF SUMMER FIELD EXPLORATION

Fathom Nickel Inc. has expanded the Gochager Lake property, through direct staking with the government of Saskatchewan's Ministry of Energy and Resources. Additionally, due to the current wildfire situation in north-central Saskatchewan, the company has been forced to postpone the planned Gochager Lake field program until later this summer.

Highlights

• Three contiguous mineral dispositions totalling 10,519.43 hectares have been added to the Gochager Lake property.
• The Gochager Lake property now consists of 39 contiguous mineral claims amounting to 34,409.34 total hectares.
• The new staking covers known mafic-hosted nickel-copper occurrences as well as known gold occurrences.
• The additional staked land covers the possible northeast and south-southwest extensions of the Borys Lake volcanogenic-massive-sulphide-style trend.
• Wildfire conditions in the La Ronge area in north-central Saskatchewan has forced the postponement of planned field exploration at the Gochager Lake property. Fathom plans to commence the planned field exploration later this summer when conditions permit.

About the expanded Gochager Lake property area:

• The Gochager Lake property is host to the historic Gochager Lake deposit.
• Fathom's reinterpretation of a 2008 VTEM survey flown over the Gochager Lake property area identified a very prospective structural corridor (the Gochager trend). The Gochager trend is a possible conduit that hosts the historic Gochager Lake deposit.
• The 2008 VTEM survey highlights a series of complex conductors trending along strike to the northeast and to the southwest within this interpreted structural corridor.
• Fathom's litho-geochemistry analyses of historic drill core from the Mal Lake nickel-occurrence confirms that the Mal Lake Ni-Cu+Co (nickel-copper plus cobalt) mineralization and host rock is analogous to the historic Gochager Lake Ni-Cu-Co deposit (Fathom press release July 11, 2024).
• Similar to Gochager Lake and Mal Lake, the Hood Creek Cu-Ni+Co showings mineralization, is hosted within a gabbroic host rock.
• Fathom's reinterpretation of a 2013 VTEM survey flown over the Borys Lake VMS-style Zn-Pb-Ag (zinc-lead-silver) deposit highlights numerous conductors associated with the VMS-style mineralization and has contributed to the interpreted Borys VMS trend.
• Within the Borys VMS trend. Several zones of Zn-Pb-Ag mineralization, defined by surface trenching and drilling, occur intermittently over a 3.8-kilometre strike.
• In-house reinterpretation of the 2008 and 2013 VTEM surveys flown over the current Gochager Lake property area, along with a review of Saskatchewan government assessment files, was the rationale to expand the Gochager Lake property.
• Immediately along strike of the Gochager and Borys VMS trends, in the newly staked claim (MC00022552), multiple occurrences of anomalous Ni-Cu-Zn in bedrock is reported in a government assessment file.
• Within the most eastern recent claim acquisition (MC00019534), assessment files and SMDI files reference anomalous gold of up to 2.68 grams per tonne Au associated with shear hosted quartz veins.

Ian Fraser, Fathom chief executive officer and vice-president of exploration, stated: "The Gochager Lake property area is very well endowed and not just with nickel-copper-cobalt showings and deposits. The Borys Lake VMS zinc-lead-silver mineralization cannot be overlooked. With renewed attention being drawn to gold opportunities in Saskatchewan, we feel it is prudent to not overlook gold potential at the Gochager Lake property. The Ni-Cu-Co mineralization attracted us to the Gochager Lake property in the first place -- and continues to remain our focus. However, our most recent property expansion was motivated by a number of factors, including: 1) our ever evolving understanding of the greater property area and increased potential for additional magmatic nickel sulphide deposits; 2) a very prospective (and open) regional VMS begging for a focused exploration approach; and 3) the potential for an orogenic gold discovery. This recent property acquisition has significantly expanded our playing field. I would also like to personally, and on behalf of our company, express our sadness to learn of the damage and losses suffered by the residents in and around La Ronge and surrounding areas resulting from this year's wildfires. We commend the bravery and dedication of those individuals who not only protected and saved their own properties, but the property of many other La Ronge residents. I have heard the stories firsthand -- the heroism and the spirit of the community continues to prevail. Our thoughts and best wishes are extended to Fathom's stakeholders, suppliers and friends as we work through these most trying of times."

Qualified person and data verification

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

We seek Safe Harbor.