Mr. Ian Fraser reports

FATHOM ANNOUNCES COMPLETION OF GOCHAGER LAKE WINTER TRAIL AND EXPECTED START OF WINTER DRILL PROGRAM

Fathom Nickel Inc. has completed the winter trail and mobilization of drilling and ancillary equipment to the Gochager Lake project. Drilling of the 3,000- to 4,000-metre program is expected to begin during the first week of March, 2026.

Ian Fraser, Fathom chief executive officer and vice-president, exploration, stated: "Our field crews have worked very hard getting the winter trail in place in spite of abnormally warm weather and challenges created by recent wildfires in the area. With overland access and lake trails now in place, it is go time. We plan to be drilling by the first week of March. The initial drill holes will test the very robust Camp multielement soil/rock geochemical anomaly, located 1.5 km along strike of the historic deposit. The expanded footprint and potential scale at the project is supported by the mapped Gochager-like geology/mineralization now recognized 3.5 km along strike east-northeast of the deposit. Drill holes will also test the strike extension of the historic deposit to the immediate east-northeast in an area of favourable geology and geochemistry that extends greater than 500 metres towards Scurry Lake. This is a very exciting time for our company and shareholders. We have methodically developed these high-priority drill targets, and we very much look forward to the results."

"The company is fully financed to complete the proposed drill program. If the full drill program is not completed by spring breakup in mid-April, we intend to complete the full 3,000- to 4,000-metre drill program in late May/early June, 2026."

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 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, 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 nickel-copper-cobalt plus palladium-platinum-gold 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 were 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 and chutes remain open for further expansion and delineation in all directions.
   • Surface mapping and rock geochemistry have confirmed the Gochager Lake deposit host/container rock extends 3.5-plus km along strike east-northeast of the deposit.
   • Soil geochemistry has defined a favourable geochemical footprint, inclusive of the historic deposit, that extends 8.6-plus km.
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 in which historic trenching and drilling demonstrate Cu-Ni-Pt-Pd and Au mineralization within the ultramafic dike (Saskatchewan Mineral Deposit Index No. 0928a). To date, Fathom has not performed any exploration at the Friesen Lake project.

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