Fathom Nickel Inc. announced the receipt of the Gochager Lake Exploration Permit. Field crews are currently mobilizing to commence the first quarter of 2023 exploration program immediately. Drilling will commence on or about February 10 at Gochager Lake.

The Gochager Lake Project is host to disseminated - massive sulphide nickel-copper-cobalt mineralization. For the first time in the history of the project, the Company will employ borehole electromagnetic surveys ("BHEM") in an effort to delineate semi-massive to massive zones of nickel-copper-cobalt mineralization. Nickel-copper-cobalt mineralization was first recognized on the property in the late 1960's. Receipt of exploration permit for the recently acquired Gochager Lake Project.

Commencement of First Quarter 2023 exploration program at Gochager Lake and Albert Lake Projects. Drilling to start around February 10, 2023 at Gochager Lake; results expected by mid April. Historic Drillhole at Gochager had a 294-meter intercept that returned 0.58% Ni, 0.11% Cu starting immediately below surface; within this interval was a 9.70-meter section that assayed 2.37% Ni, 0.35% Cu and 0.14% Co.

Gravity survey initiated at the Tremblay Olson Claims area (Albert Lake) with drilling to start around 4th week of February. The Company intends to drill a hole in close proximity to historic drillhole I-12 primarily for the purpose of providing a BHEM platform to test for continuation and orientation of semi-massive to massive nickel- copper-cobalt lenses. These lenses are expected to be contained within the broader disseminated mineralization that defines the historic Gochager Lake deposit.

In addition, and for the first time in the property's history, the drillhole will be systematically sampled for cobalt. Previous operators only sporadically sampled for cobalt. As a result, the amount of cobalt associated with the known nickel- copper mineralization in not well understood.

A second drillhole will be drilled for the purpose of better defining lithology and mineralization controls. This drillhole will be drilled approximately 25 meters along strike of the I-12 location and the dip and azimuth will be designed to be perpendicular to the interpreted trend of the Gochager Lake deposit. This drillhole will also be probed by the BHEM tool.

The Company is also optimistic that the two drillholes drilled in 2018 will also provide platforms for additional BHEM surveys. Drillhole results from the program will be released once received and interpreted by the Company. Pending actual timing for the receipt of assays from lab, anticipate releasing the results in late March - early April.

Exploration at Albert Lake has also commenced. A crew was mobilized to site over the weekend of February 3-5 to initiate gravity survey coverage over the Tremblay-Olson Claims area. Fathom conducted a gravity survey in 2021 in the historic Rottenstone Mine area and this survey proved instrumental in defining the structural corridor that is host to The Bay Island Trend.

The gravity survey will tie into the existing gravity stations and is expected to take up to 10 days to complete. Results of this survey will be utilized, along with other geophysical models the Company has been developing, to target drill locations within the Tremblay-Olson Claims area. The Company anticipates issuing details on the planned Albert Lake program prior to commencement of drilling which is expected to begin in the 4th week of February.