Mr. Ian Fraser reports

FATHOM ANNOUNCES EXTENSION OF THE HISTORIC GOCHAGER LAKE DEPOSIT HOST ROCK OVER A 3.5+ KM STRIKE LENGTH

Fathom Nickel Inc. has updated a geology map, reflecting the most recent prospecting and pXRF (portable X-ray florescence) rock geochemistry results at the Gochager Lake project. The historic Gochager Lake deposit host rock (the container rock) has been mapped consistently along strike northeast of the historic Gochager Lake deposit for a minimum distance of 3.5 kilometres. The company is in receipt of all assays from the July, 2025, program and awaits rock assay and whole rock geochemistry results from the September-October prospecting. These results are expected mid-November.

Ian Fraser, Fathom chief executive officer and vice-president, exploration, stated: "We are very pleased and excited about the results of our summer-fall geochemistry program. We have applied the knowledge gained from drilling the historic deposit to surface exploration and have now expanded the Gochager Lake deposit container rock significantly along strike. We are currently interpreting and compiling the summer soil geochemistry program results with the new geology map and will release those results when complete. The expanded container rock defined to date now is developing into a very linear feature that is consistent with the geological settings of many of the world's premier magmatic nickel districts. We remain adamant that there is much more to this project than just the historic Gochager Lake deposit. The 3.5 kilometres of Gochager container rock gives us an expanded playing field for additional discoveries of significant bodies of semi-massive to massive Ni-Cu-Co sulphide mineralization. We are very excited to continue our exploration work as we continue to develop and add high-quality drill targets at the project."

Summer-fall program highlights

The wildfire that impacted the Gochager Lake property at the end of July resulted in significant new outcrop exposure. As a result, a second prospecting campaign was carried out Sept. 25 to Oct. 1, 2025. Highlights of the combined summer-fall prospecting program include:

• Consistently occurring surface outcrops, characterized by disseminated sulphide mineralization, including pyrrhotite plus or minus pentlandite in variable-textured gabbro and ultramafic rock (pyroxenite), have been mapped and form a northeast linear trend measuring 3.5 kilometres.
• The mineralized variable-textured gabbro continues immediately to the northeast of the historic Gochager Lake deposit toward and under Scurry Lake, south of Rainbow Lake, and farther northeast to the north shore of Weaver Lake. The variable-textured gabbro is mapped for a minimum strike of 3.5 kilometres.
• Clotted gabbro has been consistently mapped in direct contact with variable-textured gabbro along much of the 3.5-kilometre strike length. Clotted gabbro defines the footwall lithology at the historic Gochager Lake deposit.
• During the summer-fall program:
  • Six hundred eighty-four outcrop chip samples were collected and analyzed on site by pXRF.
  • Nickel-copper-cobalt plus magnesium-chromium pXRF scan values were used to develop the updated geology map.
  • Seventy-nine rock grab samples, inclusive of standards and blanks, have been submitted for multielement assay and whole rock geochemistry analysis.
  • Final rock assay and whole rock geochemistry results will be integrated into a final compilation/interpretation, and will aid in further refinement of the geology map and future drill targets.

Significance of the Gochager Lake deposit container rock:

• The historic Gochager Lake deposit is contained within a steeply oriented mineralized variable-textured gabbro (the container rock), with a thickness of up to 100 metres.
• Mineralization, including pyrrhotite plus or minus pentlandite and plus or minus chalcopyrite within the variable-textured gabbro, is characterized by a broad halo of disseminated sulphide mineralization, containing stringer to massive sulphide veins, local net-texture mineralization, and semi-massive to locally massive sulphide breccias that form steeply oriented chutes and zones.
• Fathom drilling within the Gochager Lake deposit container rock yielded:
  • 3.25 per cent Ni, 0.26 per cent Cu, 0.11 per cent Co over 0.64 metre intersected in a massive sulphide vein in drill hole GL23008 (Fathom press release dated Nov. 21, 2003);
  • 1.43 per cent Ni, 0.38 per cent Cu, 0.11 per cent Co over 7.39 m, including 2.43 per cent Ni, 0.55 per cent Cu, 0.19 per cent Co over 2.94 m, intersected in semi-massive to massive sulphide breccias in drill hole GL24016 (Fathom press release dated May 28, 2024).
• Disseminated sulphide in variable-textured gabbro, the Gochager Lake deposit container rock, is recognized along a 3.5-kilometre strike length northeast of the deposit and remains open for expansion.
• Furthermore, the container rock at the deposit contains multiple borehole electromagnetic off-hole anomalies/conductors that remain untested by drilling.
• It is very significant to see the continuation of the variable-textured gabbro and clotted gabbro footwall contact along strike of the Gochager Lake deposit (clotted references an increase in biotite clots). Fathom drilling at the deposit indicates a relationship of sulphide concentration/accumulation along, at and near the footwall contact.

Fathom drill hole GL23011 drilled in the vicinity of the well-mineralized variable-textured gabbro on the west shore of Scurry Lake intersected mineralized variable-texture gabbro, and the BHEM survey resulted in three prominent off-hole conductivity anomalies that remain untested by drilling. The company is confident that the container rock, containing disseminated sulphide mineralization within the expanded 3.5 kilometres of strike, has the potential to yield additional off-hole BHEM conductivity anomalies. More importantly and such as at the Gochager Lake deposit, the expanded container rock has the potential to yield chutes of high-grade sulphide breccia mineralization, massive sulphide veins and massive sulphide bodies that typically occur in this type of magmatic setting.

The company will make announcements once it has completed its thorough evaluation of all results from the summer-fall surface exploration programs.

Quality assurance/quality control disclosure statement

As part of its continuing exploration activities, Fathom is utilizing a portable Vanta XRF analyzer 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 a specific point and at a specific surface of a rock sample. All elements detected at a specific point -- nickel, copper and 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, 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 secure the supply of North American critical minerals and to support the global green energy transition. 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 hosts the historic Rottenstone mine; Fathom exploration to date at the Albert Lake project confirms:
   • The high-grade Ni-Cu-Co plus 3E Rottenstone deposit mineralization extends to the south a minimum 40 metres and remains open.
   • The Rottenstone deposit is potentially offset and continues within the footwall of a prominent fault defined by drilling.
   • A new Rottenstone-like discovery (similar host rock and similar mineralization) by drilling 500 to 550 m west-northwest of the historic mine; the 300-plus-metre Bay Island trend remains open along strike.
   • Similar Rottenstone-like host rock and mineralization intersected by drilling approximately 1.5 kilometres south-southwest of the historic mine (the Nic5-Tremblay-Olson area).
2. The 33,000-plus-hectare Gochager Lake project that hosts the historic Gochager Lake deposit; Fathom exploration to date at the Gochager Lake project confirms:
   • Vertical extension of Ni-Cu-Co mineralization a minimum of 150 m below the historic Gochager Lake deposit interpreted boundary, and very good potential for expansion of mineralization in all directions;
   • Multiple high-grade vertically oriented Ni-Cu-Co sulphide breccia mineralization zones and chutes occur within the historic deposit and the zones; chutes remain open for further expansion and delineation in all directions.
   • Surface mapping and soil/rock geochemistry have confirmed the Gochager Lake deposit host rock; the container rock and mineralization style extends a minimum 3.5 km to the east-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 copper-nickel-platinum showing also referred to as the Friesen Lake Cu-Ni-Pt showing and is described as an ultramafic dike that historic trenching and drilling demonstrate copper-nickel-platinum-palladium and gold mineralization within the ultramafic dike (Saskatchewan Mineral Deposit Index No. 0928a). To date, Fathom has not performed any exploration at the Friesen Lake project.

We seek Safe Harbor.