Fathom Nickel Announces Commencement of Summer Drill Program at the Gochager Lake Project

About this update from Fathom Nickel, Inc.

Calgary, Alberta--(Newsfile Corp. - June 3, 2026) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) ('Fathom", or the "Company") is pleased to announce that the Phase-2 summer drill program at the Gochager Lake project is underway. The Company anticipates drilling 6 - 10 drillholes for a total of approximately 3,000 meters. Ian Fraser, Fathom CEO and VP Exploration, stated, "The Phase-2 summer drill program is designed to follow up on results from the seven-hole, 2,143-meter 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 drillhole 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 funded to complete the proposed 3,000-meter program. The cost efficiencies realized from the utilization of the winter trail has allowed the Company to drill an additional 1,000 meters over the originally proposed 4,000-meter drill program (Phase 1 and 2 combined) [See Fathom Press Release April 7, 2026]. It is expected that assay results from the Phase-1 drill program will be released in the coming days. Figure 1 illustrates location of drillholes from the Phase-1 program and areas of significant off-hole BHEM conductors. Figure 2 illustrates metasedimentary hosted nickel-copper-cobalt mineralization intersected in drillhole GL26025. Figure-1: Phase-1 Drillhole Location Map illustrating areas of significant off-hole BHEM conductivity (green triangles) Figure 2: A) GL26025 Ni-Cu-Co1 sulphide breccia mineralization in metasediment within 128.00-128.80-meters sample interval. B) GL26025 Ni-Cu-Co1 mineralization in strongly altered (metasomatized) metasediments within 133.42-133.81-meter sample interval. C) GL26025 Ni-Cu-Co1 breccia and stringer mineralization in metasediment within 160.10-160.97-meter sample int...

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