Fathom Announces Assays from Metasedimentary Hosted Nickel-Copper-Cobalt Mineralization at the Gochager Lake Project

Exploration Update and Geological Model Shift

• Fathom Nickel announced assay results from drillhole GL26025 at the Gochager Lake project, revealing nickel-copper-cobalt mineralization hosted in metasedimentary rocks rather than solely within the original mafic intrusions.
• Key intercepts include 0.41m @ 1.10% Ni, 0.23% Cu, 0.12% Co and 7.22m @ 0.34% Ni, 0.15% Cu, 0.04% Co.
• Phase-1 drilling expanded the mafic-ultramafic intrusive system to at least 1,500 meters of strike length.
• Management interprets the discovery as a Thompson Nickel Belt-style model, where mineralization is transposed from intrusions into surrounding metasediments, significantly expanding the project's geological footprint.
• Phase-2 summer drilling is currently underway to test the new metasedimentary-hosted discovery and high-priority borehole electromagnetic (BHEM) anomalies.

Operational Execution

• The company completed a seven-hole, 2,143-meter winter drill program ahead of schedule, leveraging cost-efficient winter trail access.
• QA/QC protocols followed industry standards with assaying performed at ALS Canada Ltd.
• CEO Ian Fraser characterized the metasedimentary intercept as a "complete surprise" that introduces a new geological model and high-priority exploration targets.

Strategic and Financial Implications

• The discovery validates a broader geological model and extends the prospective strike length, which is positive for long-term resource potential.
• However, the reported grades are relatively low (0.24% to 1.10% Ni) and remain in the early exploration phase. No economic cut-offs or resource estimates are implied at this stage.
• The news does not trigger immediate revenue, cash flow, or valuation re-rating. It primarily serves to de-risk the project and guide the ongoing Phase-2 drill program.
• As a non-earnings exploration update, the market typically prices in incremental drill results as routine progress unless they reveal high-grade, wide intercepts that fundamentally alter the project's economics.

• Fathom Nickel Inc. is an early-stage mineral exploration company focused on nickel-copper-cobalt projects in Saskatchewan's La Ronge Mining District.
• The company holds a 100% interest in the Gochager Lake project (subject to a 2% NSR royalty) and the Albert Lake project.
• Management's stated goal is to build a district-scale nickel camp by expanding the known geological footprint, testing high-priority geochemical and geophysical targets, and ultimately defining a mineral resource.
• The company relies entirely on equity financing to fund exploration, with no revenue or production history.