Fathom Announces Completion of Final Requirements Under Gochager Lake Earn-in Agreement
Executive Summary
- Fathom Nickel Inc. has satisfied all obligations under the Gochager Lake Earn‑In Agreement, now holding a 100 % interest in the Gochager Lake Property (subject to a 2 % NSR royalty).
- The company completed the required cash payment of $79,500 and issued 1,210,000 common shares to the vendor, exceeding the original terms.
- An option to purchase an additional 1 % of the NSR for $1 million has been secured, and a new stock‑option grant (up to 6.4 M shares at $0.05) was issued to directors, officers and consultants.
Key Details
- Earn‑In Requirements Fulfilled
- Issued 1,210,000 common shares (originally 920,000).
- Paid cash $79,500 (reduced from $92,000 by $12,500).
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Incurred $2 M of exploration expenditures by end‑2024, accelerating the earn‑in period to three years.
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Ownership Outcome
- Fathom now owns 100 % of the Gochager Lake Property, with a 2 % net smelter return (NSR) royalty retained by the vendor.
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Company holds the right to purchase an additional 1 % NSR for $1 M at any time.
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Stock Option Grant
- Incentive stock options granted for up to 6,400,000 common shares.
- Exercise price: $0.05 per share; term: 60 months.
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Vesting schedule: 1/3 on grant date, 1/3 after first anniversary, 1/3 after second anniversary.
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Exploration Highlights (Property Overview)
- Gochager Lake footprint expanded to >34,000 ha (originally 4,696 ha).
- Mineralized corridor now extends >1.4 km and remains open in both strike directions.
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16 drill holes (5,549 m) have confirmed Ni‑Cu grades comparable to or higher than historic values, supporting the presence of a nickel‑copper‑cobalt deposit.
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Other Projects Mentioned
- Albert Lake Project: high‑grade Ni‑Cu‑Co mineralization extending ≥40 m south; new Rottenstone‑like discoveries along Bay Island Trend and Nic5‑Tremblay‑Olson area.
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Friesen Lake Project: hosts Olsen Cu‑Ni‑Pt showing; no exploration to date.
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Qualified Person
- Ian Fraser, P.Geo., CEO & VP Exploration (also a director), signed off as the qualified person per NI 43‑101.
Notable Quotes
“We are very pleased to have completed all requirements under the Agreement to earn a 100% interest in the Property… we have expanded the Gochager Lake property footprint from the original 4,696 hectares … to now more than 34,000 hectares…” – Ian Fraser, CEO & Vice‑President, Exploration.