Fathom Nickel Inc. announced results of the first quarter/second quarter-24 seven drillhole, 2,656 meter drill program at the Company?s Gochager Lake Project. Gochager Lake Deposit 2023-2024 Overview Fathom commenced drilling the historic Gochager Lake deposit in February of 2023. To date, 16 drillholes totaling 5,543 meters have been completed.

The Company has now defined a mineralized gabbro unit containing interstitial disseminated magmatic pyrrhotite, pentlandite and chalcopyrite, over a northeastsouthwest strike of approximately 300 meters and a vertical extent exceeding 400 meters and remains open in all directions. This unit is crosscut by semi-massive to massive sulphide veins and stringers that tend to be aligned within vertical oriented chutes. The sulphide mineralogy of the massive and disseminated sulphides is similar, with both styles of mineralization having similar sulphide Ni tenor of 3-4% and similar sulphide chemistry.

The Company believes the disseminated and massive sulphides are related to a common source and may have been injected as a separate pulse from a larger, yet undiscovered magma chamber. These sulphiderich zones coincide consistently with downhole BHEM conductors occurring within the mineralized gabbro unit. Continued success and confidence utilizing the BHEM tool and drilling sulphide-rich, conductive zones will continue to increase tonnes and the historic grade of the Gochager Lake deposit but importantly guide drilling to the source of the semi-massive to massive nickel sulphide mineralization.

Fathom believes the existence of semi-massive to massive, high-grade sulphide veins of up to 3.25% Ni (as was drilled in hole GL23008) are positive indications that our exploration efforts are getting closer to identifying the late phase source. Drillhole traces projected to surface. A shallow dipping fault has been mapped across the area of Fathom drilling.

Zones of mineralized gabbro have been defined in the hanging wall (HW) and footwall (FW) of the fault. At present we interpret an offset to the south along this fault, opening up an area for expansion not previously recognized. Zones of mineralized gabbro are defined using a 0.1% Ni cut-off.

Broad zones of mineralized gabbro >0.1% Ni are well defined in the hanging wall and footwall locally with true widths up to 75m. An example of very broad, consistent >0.1% Ni mineralization: o GL24016; 185.49m @ 0.31% Ni, 0.09% Cu, 0.03% Co from 101.7m downhole. drillhole GL23011 collared ~400m to the northeast intersected magmatic nickel sulphides in a gabbro host and BHEM anomalies were detected off-hole.

This widens the field of further targets and discoveries. The grey rectangles are defining areas of BHEM conductivity, the extent of conductivity remains undefined and thus open. The high-grade nickel sulphides intersected in GL23009, GL24012, GL24013 coincide with BHEM conductors (grey rectangles), and this mineralization remains open up plunge, down plunge, to depth, to the south, and along strike illustrating the potential for extension of existing mineralized zones and new discoveries.

For Example: o Strong off-hole BHEM conductors were detected in GL24014 @ ~170m and ~240m downhole. o Strong, broad off-hole BHEM conductors detected in GL24017 @ ~165m and ~205m downhole. In addition to the expansion potential discussed above, BHEM and mineralized gabbro occurring within GL24014, GL24017 and GL24018 confirm that the Gochager Lake deposit remains open for expansion to SW and NE.

Strong BHEM conductors suggest the presence of semi-massive to massive nickel bearing sulphides. Strong BHEM conductivity measured in front of holes GL23009, GL24012, GL24013 and GL24015 @ ~140m downhole, suggestive of hanging wall mineralization, has not been drill tested. Many of the 2023-2024 drillholes exhibit building conductivity to end of the drillhole, indicative of a mineralized source extending beyond end of the drillholes.

Drillhole GL23011 collared ~400m to the northeast intersected magmatic nickel sulphides in a gabbro host and BHEM anomalies were detected offhole. This slightly oblique view of the Gochager Lake deposit illustrates, in some respects, the chronology and understanding of the deposit based on drilling to date. The key takeaways are the zones of >0.5% Ni, containing >1.0% Ni mineralization resulted from drilling BHEM targets derived from both historic drilling and Fathom drillholes.

BHEM conductivity on the margins of Fathom drilling (GL24014, GL24017 & GL24018) is very compelling evidence that this deposit is very open along strike and it is also very evident the deposit is very open for expansion to depth. Fathom is very pleased with results of its methodical approach to, first defining the geometry and style of mineralization(s) occurring at the Gochager Lake deposit, and then discovering high-grade mineralization at depth and beyond the boundary of the historic deposit. The Company intends to continue to build on both the mineral grade and tonnage of the historic deposit but remains focused on defining the source of the high-grade nickel-copper-cobalt mineralization.

Field exploration consisting of soil geochemistry, mapping and prospecting and a detailed drone MAG survey over high-priority targets defined by our interpretation of a 2008 VTEM survey is scheduled to commence during the week of June 10. Our understanding of the complex textures associated with the Gochager Lake gabbro provides an important guide for our field crews to define prospective geology within, and outside of the deposit area. Crews will follow-up on TDEM geophysical conductors Fathom has defined in the deposit area, and follow-up on Gochager-like 2008 VTEM targets derived from the historic airborne survey.

From the analysis of the historical 2008 VTEM survey, we recognize a plethora of untested EM and Magnetic anomalies to follow-up on.