Mr. Ian Fraser reports

FATHOM ANNOUNCES COMMENCEMENT OF SUMMER DRILL PROGRAM AT THE GOCHAGER LAKE PROJECT

The phase 2 summer drill program at Fathom Nickel Inc.'s Gochager Lake project is under way. The company anticipates drilling six to 10 drill holes for a total of approximately 3,000 metres (m).

Ian Fraser, Fathom chief executive officer and vice-president of exploration, stated: "The phase 2 summer drill program is designed to follow up on results from the seven-hole, 2,143-metre phase 1 winter program completed in late March. Phase 1 drilling identified a new metasediment-hosted zone of nickel-copper-cobalt mineralization approximately 500 metres east of the historic Gochager Lake deposit. Mineralization intersected in drill hole GL26025 is the first recorded nickel-copper-cobalt zone hosted in metasedimentary rocks at the project, indicating that metasedimentary rocks surrounding the gabbroic host of the Gochager Lake deposit can also host significant nickel-copper-cobalt mineralization. Phase 2 drilling will further test the mineralization intersected in GL26025 and follow-up on multiple strong borehole electromagnetic (BHEM) off-hole anomalies identified in both metasedimentary and gabbroic rocks from the phase 1 program."

The company is fully financed to complete the proposed 3,000-metre program. The cost-efficiencies realized from the utilization of the winter trail has allowed the company to drill an additional 1,000 metres over the originally proposed 4,000-metre drill program (phase 1 and 2 combined) (see Fathom's news release dated April 7, 2026). It is expected that assay results from the phase 1 drill program will be released in the coming days.

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 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 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, CEO, vice-president of 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 kilometres northwest of the historic Gochager Lake deposit.

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