Mr. Ian Fraser reports

FATHOM ANNOUNCES NEW DISCOVERY AT THE GOCHAGER LAKE PROJECT DURING COMPLETION OF WINTER DRILL PROGRAM

Fathom Nickel Inc. has made a new discovery located approximately 500 metres east-northeast of the historic Gochager Lake deposit during the completion of the winter drilling phase at the Gochager Lake project.

Exploration highlights:

• Drilling intersected broad zones of magmatic nickel-copper-cobalt sulphide mineralization approximately 500 metres east-northeast of the historic Gochager Lake deposit.
• Robust borehole electromagnetic conductors were identified, including the strongest off-hole BHEM conductor encountered to date at the project, approximately 1.6 kilometres east-northeast of the historic Gochager Lake deposit.

Ian Fraser, Fathom chief executive officer and vice-president, exploration, stated: "The goal of the initial phase of the drilling program was to demonstrate the continuation of magmatic Ni-Cu-Co mineralization in favourable host rock along strike to the east-northeast of the historic Gochager Lake deposit. Mission accomplished. We are excited to announce a new discovery of Gochager-like magmatic Ni-Cu-Co zones of mineralization approximately 500 metres east-northeast of the historic Gochager Lake deposit. The new discovery area will be the subject of additional drilling once we commence the summer phase of the drilling program in early June. We were also pleased to identify the strongest borehole electromagnetic off-hole response encountered to date at the Gochager Lake project. This area, within the camp geochemistry anomaly and approximately 1.6 kilometres east-northeast of the historic deposit, will also see additional drilling during the summer phase. We will spend the next two months refining our interpretations of results from the winter program and planning new drill holes for the upcoming summer phase of the drill program."

In all, seven drill holes totalling 2,143 metres of drilling was completed during the winter phase of the program. The company is fully financed to complete the combined winter and summer drill program of up to 4,000 metres. The summer phase of the drill program is expected to commence in early to mid-June.

The company experienced a logistical setback with respect to core cutting. Core from the past two drill holes was not cut in camp and has been transported to La Ronge for cutting and sampling. Assuming a six- to eight-week turnaround time for assays, the company does not anticipate the release of all assays and the interpretation of assay results until mid-June.

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 of 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 or drill core sample. All elements detected at that specific point, nickel, copper, cobalt, and 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, 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, Canada: (1) the Albert Lake project, a 90,000-plus-hectare project that hosts the historic Rottenstone mine; (2) the 33,000-plus-hectare Gochager Lake project that hosts the historic Gochager Lake deposit; and (3) the 10,000-plus-hectare Friesen Lake project located 40 kilometres southwest of the historic Rottenstone mine and 30 km northwest of the historic Gochager Lake deposit.

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