Mr. Ian Fraser reports

FATHOM ANNOUNCES START-UP OF THE GOCHAGER LAKE SUMMER FIELD EXPLORATION PROGRAM

The geological field crew mobilized to Fathom Nickel Inc.'s Gochager Lake project on July 19, 2025, for the commencement of the summer field program. The program had been postponed due to wildfires in the La Ronge region (see Fathom's news release dated June 11, 2025).

The Gochager Lake project summer field program

The program is expected to entail the following:

• Line cutters have now completed a three-week assignment to establish a 100-metre-spaced (m) grid that will accommodate future ground geophysical surveys, as well as the completion of a 3.5-kilometre (km) trail from the Weaver Lake camp to Gochager Lake.
• The geological crew will focus on mapping and prospecting further along strike of the area mapped and prospected in 2024 (see Fathom's news release dated Aug. 26, 2024), notably to the northeast and southwest of the historic Gochager Lake deposit and within the interpreted regional shear (conduit).
• Approximately 4,000 B-horizon soil samples will be collected along strike to the northeast and southwest of the area covered by soil geochemistry in 2024.
• Of particular interest of for the program are three very robust multielement (Ni-Cu-Co-plus-Cr-Mg (nickel-copper-cobalt-plus-chromium-magnesium)) soil geochemical anomalies (see Fathom's news release dated Aug. 26, 2024):
  • Soil geochemical anomaly 1 is a linear, 600 m by 150 m feature occurring immediately west of the camp. Twelve individual samples, spaced 50 m apart, all returned assay values more than 98th percentile Ni (162.5 parts per million (ppm)), ranging from 190 ppm Ni to 973 ppm Ni. The 973 ppm Ni sample also returned 295 ppm Cu and 91ppm Co. Anomaly No. 1 occurs along the southern boundary of the interpreted regional shear (conduit) and may be representative of magmatic nickel sulphides concentrating along this interpreted structural contact.
  • Soil geochemical anomaly 2 occurs approximately 1.5 km north-northwest of the camp. Five individual samples define two separate anomalies measuring a combined strike of approximately 500 m and are located along the northern boundary of the interpreted regional shear (conduit). Individual samples all score more than 98th percentile Ni, the highest value being 712 ppm Ni, with 76.4 ppm Cu and 91.1 ppm Co.
  • Soil geochemical anomaly 3 occurs along the northern shore of Gochager Lake and is proximal to the northern boundary of the interpreted regional shear (conduit). Four individual samples, along a strike of 200 m, define a circular feature, and all score more than 98th percentile Ni, the highest value being 1,650 ppm Ni with 116.5 ppm Cu and 373 ppm Co.
• The company is optimistic that there will be outcrop proximal to geochemical anomalies 1, 2 and 3. There is also a distinct possibility of encountering rock types similar to the mineralized host rock at the historic Gochager Lake deposit.
• Prospecting will also focus on areas defined as priority exploration targets generated from the results from the historic 2008 VTEM (versatile time domain electromagnetic) survey.
• The program is expected to be completed within three weeks. Soil assays and other findings will be reported as that information becomes available.

Ian Fraser, Fathom's chief executive officer and vice-president of exploration, stated: "We are excited to get into the field and continue to expand on the very successful field program completed in 2024. We are very intrigued by the location and the robustness of the soil anomalies defined along the boundaries of our interpreted regional shear. Magmatic nickel sulphide deposits tend to occur in clusters along a common structural feature. The historic Gochager Lake deposit occurs within this interpreted structural feature/possible conduit and we look forward to unravelling the cause of these three very robust multielement soil geochemistry anomalies. In addition to the Ni-Cu-Co values defining these anomalies, we are also very encouraged that associated Cr-Mg is also very highly anomalous. Cr-Mg are key pathfinder elements associated with mafic-ultramafic rock and specifically the historic Gochager Lake deposit host rock."

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 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 historical 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 (three elements) (palladium-platinum-plus-gold ((Pd-Pt-plus-Au)), 1965 to 1969); and (2) the 34,000-plus-hectare Gochager Lake project, which is host to a historical, 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 historical Gochager Lake deposit.

We seek Safe Harbor.