Mr. Ian Fraser reports

FATHOM ANNOUNCES COMPLETION OF THE GOCHAGER LAKE SUMMER FIELD EXPLORATION PROGRAM AND FURTHER "FOOTPRINT" EXPANSION ALONG STRIKE

Fathom Nickel Inc. has completed the summer field exploration program at the Gochager Lake project.

The Gochager Lake project summer field program highlights:

• 2,926 B-horizon soil samples were collected from 3,183 designated sites;
• 337 rock samples, consisting of both chip samples and grab samples were collected from various outcrop locations;
• All 337 samples were analyzed on site by pXRF for nickel-copper-cobalt-sulphur and key mafic-ultramafic rock pathfinder elements (chrome and magnesium);
• Multiple well-mineralized samples have been submitted for multielement assay along with a select number of samples for whole rock geochemical analysis;
• Unfortunately, due to a lightning-induced wildfire in the Gochager Lake area, the field crew was evacuated and the program was cut short by three days. Despite the truncated program, the crew was able to complete approximately 90 per cent of the intended soil geochemistry sampling coverage.

The program summary is presented in figures 1 and 2 (these figures, referenced more below, are available in the original version of this news release).

• Figure 1 illustrates the extension of the soil geochemistry along strike to the northeast and southwest of the area where the 2024 soil geochemistry survey was performed.
  • The 2025 program has added approximately 3.5 kilometres of coverage to the northeast and approximately 2.5 km of coverage to the southwest.
  • Note: The areas to the southwest that are not highlighted in grey, are the areas where crews were unable to complete their work due to the encroaching wildfire.
  • The area now covered by B-horizon soil geochemistry (from 2024 and 2025) totals approximately nine km in strike and one to three km in width. To date, the soil geochemistry coverage has been focused within the interpreted structural corridor highlighted in figures 1 and 2.
• Figure 2 illustrates chip sample locations and three notable polygons where pXRF analysis detected anomalous to very anomalous nickel in sulphide mineralization within metasedimentary, gabbroic and ultramafic rock.
  • Nickel (Ni) in disseminated sulphide mineralization in an ultramafic host was detected approximately 1,200 metres along strike of the historic Gochager Lake deposit.
  • Multiple locations of Ni in disseminated sulphide mineralization, in gabbroic rock was detected approximately 400 to 500 m along strike of the historic Gochager Lake deposit.
  • Note variable texture gabbro with Ni occurring in disseminated sulphide mineralization is the host rock at the historic Gochager Lake deposit. Furthermore, Fathom recognizes Ni in disseminated sulphide mineralization in ultramafic rock (pyroxenite) occurring immediately north of the historic Gochager Lake deposit.
  • Elevated Ni in disseminated to semi-massive sulphide mineralization within a metasediment host was detected approximately 800 m west-southwest of the historic Gochager Lake deposit. It is within this area that the highest Ni-in soil sample was collected (Fathom press release dated July 21, 2025).
  • The historic Gochager Lake deposit area geology map will be updated once all analyses have been received and interpreted.
  • The company anticipates the receipt of all soil and rock geochemistry results by mid-September.

In acknowledging the efforts of the team in response to the wildfires, Ian Fraser, Fathom chief executive officer and VP, exploration, stated: "Firstly, I would like to thank the crew at TerraLogic Exploration Inc. for an excellent job done under extremely challenging circumstances. I must also acknowledge the leadership teams at both TerraLogic and Osprey Wings Ltd. for their swift action in ensuring a safe and complete evacuation of the Gochager Lake camp. I must also thank the team at JP Enterprises Inc. for their efforts in manning the pumps and sprinkler system at our camp. It has been a very challenging exploration season due to wildfires burning in our project area and we are very grateful that the crew was extracted safely and further commend the efforts of those individuals who remained in camp and ultimately saved our newly constructed 20- to 25-person all-season camp."

He went on to comment on the exploration program and the future plans at Gochager Lake: "We look forward to interpreting the results of the soil and rock geochemistry program once assays are in hand in September. It is obvious from preliminary rock geochemistry that mineralized gabbro continues for a minimum of 500 m along strike of the historic Gochager Lake deposit. We were delighted and very encouraged with the discovery of a mineralized ultramafic outcrop further along strike and on the other side of the lake from the known mineralized gabbro occurrences. We look forward to completing a geophysical survey to determine the conductivity associated with the newly discovered mineralized gabbro and ultramafic rock and to specifically determine if there is a conductor(s) below the small lake. Once we have all results in hand we will be in a better position to discuss the robust multielement in-soil anomalies that flank the boundaries of the interpreted structural corridor and to determine the next exploration steps as we further define this burgeoning nickel camp in north-central Saskatchewan."

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 50 m by 50 m sample spacing configuration. B-horizon soil samples were collected at each site, placed in kraft soil sample bags and all metadata associated with each sample location was recorded. Once sorted and logged, samples were shipped to ALS Canada Ltd. in North Vancouver, B.C., for multielement analyses. All rock samples collected for analyses, once logged and sorted, were also sent to ALS for multielement analyses.

As part of its continuing exploration activities, Fathom is utilizing a portable Vanta XRF analyzer (pXRF) to provide real-time lithogeochemical, multielement data on surface rock chip samples and rock grab samples collected in the field. 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, 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.

Qualified person and data verification

Ian Fraser, PGeo, chief executive officer, vice-president, 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 secure the supply of North American critical minerals and to support the global green energy transition.

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 hosts the historic Rottenstone mine. Fathom exploration to date at the Albert Lake project confirms: the Rottenstone deposit mineralization (Ni-Cu+Pd-Pt+Au) (nickel-copper plus palladium-platinum plus gold) extends to the south a minimum 40 metres and remains open, and the potential for a footwall offset of the Rottenstone deposit; a new Rottenstone-like (similar host rock and similar mineralization) discovery by drilling 500 to 550 m west-northwest of the historic mine; and similar Rottenstone-like host rock and mineralization intersected by drilling approximately 1.5 km south-southwest of the historic mine; 2) the 34,000-plus-hectare Gochager Lake project that hosts the historic Gochager Lake deposit. Fathom exploration to date at the Gochager Lake project confirms: the vertical extension of Ni-Cu-Co mineralization a minimum of 150 m below the interpreted historic deposit boundary, and very good potential remains open for expansion in all directions; and multiple high-grade zones/chutes of vertically oriented Ni-Cu-Co sulphide breccia mineralization occur within the historic deposit and remain open for further expansion and delineation; and surface mapping and soil/rock geochemistry has confirmed the Gochager Lake deposit host rock and mineralization style; the footprint, extends a minimum 1,200 m to the northeast and remains open for expansion along strike; 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. The Friesen Lake property hosts the Olsen Cu-Ni-Pt showing also referred to as the Friesen Lake Cu-Ni-Pt showing and is described as an ultramafic dike that historic trenching and drilling demonstrates Cu-Ni-Pt-Pd and Au mineralization within the ultramafic dike (Saskatchewan Mineral Deposit Index (SMID) No. 0928a). To date Fathom has not performed any exploration at the Friesen Lake project.

We seek Safe Harbor.