Fathom Nickel Inc. announced a further increase in the Company's land position at the Gochager Lake Project. The Company recently acquired, through direct staking, the 3,060-hectare disposition MC00017403 (the New Disposition). This brings the Company's total contiguous land package at Gochager Lake to 22,620 hectares.

The New Disposition is located approximately three kilometers due south of the site of Fathom's recent Gochager Lake exploration program. The New Disposition falls within the Area of Interest clause of the Gochager Lake Option Agreement (the "Option Agreement"), and thus the land position covered under the Option Agreement has now increased by 3,060 hectares. The acquisition of the New Disposition is important for a couple of reasons.

First, it ensures that Fathom's land package now fully encompasses 13 of the 15 high-priority targets recently identified by structural interpretation of the historic 2008 VTEM survey. The surface time domain electromagnetic (TDEM) program was recently completed at the Tremblay-Olson Claims Area at the Albert Lake Project. Surface TDEM and borehole electromagnetic (BHEM) surveys at the Gochager Lake project is expected to be completed by July 14, 2023.

Results from the geophysics programs are generating follow-up drill targets at both the Albert Lake and Gochager Lake Projects. The Company continues interpretation from both programs and will make results available once analysis is complete. The Gochager Lake Property is now comprised of a land package totaling 22,620 hectares located in north-central Saskatchewan, approximately 20 km northwest of the village of Missinipe and near the Company's Albert Lake Project.

The Company is currently conducting a second round of BHEM at Gochager Lake. This work is expected to be completed by mid-July. Once processed and analyzed, the geophysical results will play a critical role in fine-tuning drill hole locations for the next round of drilling at Gochager - expected to commence mid-August.