Mr. Ian Fraser reports

FATHOM ANNOUNCES 2025 SOIL GEOCHEMISTRY RESULTS

Fathom Nickel Inc. has released the preliminary results of the 2025 soil geochemistry program at the Gochager Lake project. The company has successfully expanded the favourable soil geochemistry footprint over a strike length in excess of 8.6 kilometres. Final rock assays from the fall prospecting program remain outstanding. Further announcements will be disseminated upon the receipt and interpretation of the results from these final samples.

Ian Fraser, Fathom chief executive officer and vice-president of exploration, stated: "One of our exploration goals at the Gochager Lake project has been to demonstrate potential scale and confirm our long-held belief that the historic Gochager Lake deposit is just one part of a highly prospective mineralized trend. The soil geochemistry results, in conjunction with the recent pXRF rock geochemistry results, combine to demonstrate a favourable geochemical footprint that now extends over a strike length exceeding 8.6 kilometres. It is very encouraging to see the positive nickel-in-soil anomalies coinciding with mineralized variable-texture gabbro in mapped outcrop. Our drilling to date at the historic Gochager Lake deposit only covers a strike length of 240 metres and we now have 8.6 kilometres of positive geochemical footprint to explore. These results are another step in validating the potential scale at the Gochager Lake project and our hypothesis that this trend has potential to host numerous additional magmatic Ni-Cu-Co sulphide deposits. We look forward to releasing further results upon completion of our ongoing interpretative work."

Combined 2024-2025 soil geochemistry highlights:

• The 2025 soil geochemistry program successfully collected 2,998 B-horizon soil samples, inclusive of 86 field duplicate samples.
• Nickel-in-soil anomalies define a northeast-southwest linear feature of 8.6-plus kilometres.
• Mineralized variable-texture gabbro/container rock mapped over a strike of 3.5-plus km occurs within and coincident with the 8.6-plus km linear nickel-in-soil geochemical footprint (Fathom news release dated Oct. 23, 2025).
• This 8.6-plus km geological/geochemical footprint is interpreted as a structural corridor/conduit suitable for emplacement of multiple magmatic intrusions and associated Ni-Cu-Co (nickel-copper-cobalt) mineralization.
• A newly discovered robust nickel-in-soil anomaly measuring 1,500 m by 400 m occurs approximately 2.7 km southwest of the Gochager Lake deposit.
• Note that the blank sections in the southwest corner of 2025 program were not sampled due to the encroaching wildfire that truncated the field program.
• Anomalies are based on the following geostatistics, inclusive of 2024 soil geochemistry results:
  • The 99th percentile more than 306 parts per million (ppm) nickel (Ni) (50 samples);
  • The 98th percentile more than 201 ppm Ni (47 samples);
  • The 95th percentile more than 87.2 ppm Ni (144 samples);
  • The 90th percentile more than 48.2 ppm Ni (240 samples).

Quality assurance/quality control (QA/QC) disclosure statement

The company contracted the services of TerraLogic Exploration Inc. to conduct its soil 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 100 m by 50 m sample spacing configuration and a detailed 50 m by 50 m sample spacing configuration. The B-horizon soil was 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. At ALS, individual samples were dried and sieved to minus 180 microns (80 mesh) and both fractions were retained. A 0.5-gram (g) split of the sieved portion was partially digested (aqua regia) and analysis of 54 elements was performed by ultratrace ICP-MS (inductively coupled plasma mass spectrometry) (ME-MS41). ALS is an ISO/IEC 17025-certified laboratory and independent of Fathom.

During the soil geochemistry program, TerraLogic crews were instructed to collect one duplicate sample per person per day. In all, 86 duplicate samples were collected, representing samples collected from either the same sample pit or a new adjacent sample pit. Internal QA/QC was performed on all duplicate samples to umpire for contamination occurring between samples.

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.