Mr. Ian Fraser reports

FATHOM WELCOMES FORMER NORONT RESOURCES PRESIDENT AND CEO, ALAN COUTTS TO THE COMPANY'S BOARD OF DIRECTORS

Fathom Nickel Inc. has added Alan (Al) Coutts to Fathom's board of directors. Mr. Coutts was the president and chief executive officer of Toronto-based Ring of Fire developer, Noront Resources Ltd.,) who orchestrated the sale of Noront (including the Eagle's Nest Ni-Cu+PGE (nickel-copper-plus-platinum-group-element property) to Wyloo Metals in 2022 at a valuation in excess of $650-million. The Noront-Wyloo transaction was the largest nickel acquisition in the past decade.

Mr. Coutts is a professional geologist with more than 35 years of domestic and international mining experience across a range of commodities. In addition to his role at Noront, he has held various senior management positions in the exploration and mining industry, including: executive general manager for Australasia with Xstrata Nickel in Perth, Australia, general manager at Noranda's Brunswick mine in New Brunswick, Canada, general superintendent of Falconbridge Ltd.'s Raglan Ni-Cu-Co-Pd-Pt (nickel-copper-cobalt-palladium-platinum) operations in Quebec, Canada, and regional exploration manager at Falconbridge overseeing base metal and gold exploration projects in Northern Ontario and Quebec Abitibi. Since retiring from full-time employment following the Noront-Wyloo transaction, Mr. Coutts has been involved in consulting assignments in the critical minerals sector.

Mr. Coutts holds a BSc (first class honours in geology) from the University of Alberta and holds a professional geoscientist (PGeo) designation in the province of Ontario.

Ian Fraser, Fathom chief executive officer and vice-president, exploration, stated: "We are ecstatic to welcome Al to our board of directors. Al's breadth of experience, both in the field as well as the boardroom, will be a real boon to the Fathom team. Al's demonstrated ability to shepherd the Eagle's Nest project through complex permitting, financing and exploration challenges will be of great benefit as we move forward at Albert Lake and Gochager Lake. We see various parallels between our projects and Noront circa 2019 to 2020. Al's firsthand knowledge in the transaction process will be invaluable to Fathom."

"I'm joining the Fathom Nickel board of directors because I see a lot of the hallmarks of an emerging nickel district in the properties that Ian and his team have assembled in northeastern Saskatchewan," said Mr. Coutts. "Fathom holds an impressive package of ground in a favourable mining jurisdiction, complete with identified nickel showings, deposits and a past-producing property in the same Proterozoic belt that hosts Raglan and Thompson nickel complexes."

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.

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 g/t 3E (Pd-Pt+Au) 1965 to 1969), and 2) the 34,000-plus-hectare Gochager Lake project that 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 km southwest of the historic Rottenstone mine and 30 km northwest of the historic Gochager Lake deposit.

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