Mr. Ian Fraser reports

FATHOM ANNOUNCES NEW ZONES OF NICKEL-COPPER-COBALT MINERALIZATION AT THE GOCHAGER LAKE PROJECT

Fathom Nickel Inc.'s phase 2 drill program at Gochager Lake continues to demonstrate the effectiveness of BHEM (borehole electromagnetic surveying) targeting. Follow-up drilling of off-hole conductors identified through BHEM probes has identified two new zones of gabbro-hosted nickel-copper-cobalt mineralization northeast and southwest of the historic deposit. With approximately two-thirds of the planned 3,000-metre program now complete, the company expects drilling to conclude by June 30, with core logging and processing to be completed during the first week of July. Phase 2 assay results are expected to be released in early August.

Ian Fraser, Fathom chief executive officer and vice-president, exploration, stated: "An off-hole BHEM anomaly below drill hole GL26024, tested by drill hole GL26028, has led to the discovery of a new zone of gabbro-hosted nickel-copper-cobalt mineralization approximately 100 metres northeast of the historic Gochager Lake deposit. Drill hole GL26029, drilled as a follow-up to GL24014 to test an off-hole BHEM anomaly, also intersected gabbro-hosted nickel-copper-cobalt mineralization approximately 150 metres southwest of the deposit. This represents another new zone and the farthest southwest mineralized intercept drilled on the property to date. BHEM probes continue to identify off-hole conductivity, and follow-up drilling of these conductors has consistently intersected nickel-copper-cobalt-bearing sulphides in gabbroic to ultramafic rocks and metasedimentary rocks. The company continues to benefit from the elimination of helicopter dependency, and this has resulted in approximately an additional 1,000 metres of drilling over and above what was originally planned and budgeted for."

The nickel-copper-cobalt mineralization and host lithologies intersected in GL26028 and GL26029 are consistent with mineralization styles observed in the historic deposit. Both drill holes contain higher densities of semi-massive to massive sulphide veins within broad zones of disseminated, blebby and stringer-style sulphide mineralization. These two zones are currently interpreted as separate from, but similar in style to, the Gochager Lake deposit. The increased vein density provides further evidence of remobilized nickel-copper-cobalt sulphides from a distinct source and supports continued exploration for high-grade massive sulphide deposits at the Gochager Lake project.

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

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 handheld 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 or drill core sample. All elements detected at that specific point; nickel, copper, cobalt (Ni-Cu-Co) plus key pathfinder elements, chrome and magnesium (Cr-Mg), 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, 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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