Fathom Nickel Inc. provided an exploration update for the Company's 100% owned Albert Lake Project. Geophysical crews recently completed a time domain electromagnetic (TDEM) survey within the Tremblay-Olson Claims Area where a very robust multi-element-in-soil anomaly has been identified. Interpretation of this TDEM data is ongoing and being incorporated with other TDEM data sets along with other geophysical, geochemical, and geological data sets.

Preliminary TDEM results are as follows. TDEM highlights include: A very strong TDEM conductor occurs approximately 1,000 meters south-southwest of the historic Rottenstone Mine/deposit. Modelling of this conductor suggests a very conductive, flat lying body with an area that is approximately 450m x 150m and is situated approximately 300 meters below surface.

This conductor occurs along the eastern margin of the Tremblay-Olson Claims area multi-element-in-soil anomaly. This conductor occurs at a critical contact between metasedimentary supracrustal rocks and granitoid intrusive rocks. This conductor Is directly associated with a very strong, deep, gravity anomaly indicative of subsurface higher density rocks.

This strong TDEM conductor is within 600 meters of the Nic-5 and 1,500 meters of the Tremblay-Olson showings; both known, historic occurrences of mineralized ultramafic rock. Ultramafic rock is the host rock at both the Rottenstone deposit and the Bay-Island Trend. Fathom and its consultants continue to analyze and interpret the results of the recent TDEM data in association with all historic data.

Results of this additional analysis will be released as it becomes available. Notes to Exploration Update Map: The >90th percentile (>15.7ppm Ni) Nickel in soils has defined an area of above background Ni-in-soil that measures in excess of 3.7 kilometers in strike x 1.0 kilometers wide. Coincidentally theRottenstone deposit, The Bay-Island-Trend, the Tremblay-Olson, and Nic-5 occurrences all occur within this trend.

Note: >97th percentile Ni-in-soil is >28.96ppm Ni. Within the Ni-in-soil anomaly area and proximal to the modelled TDEM conductor, individual soil samples returned up to 743ppm Ni, 547ppm Cu, 946ppb Pd, 575ppb Pt and 175ppb Au. Gravity Inversion iso-surfaces have been derived from surface Gravity surveys performed within this area 2021 - 2023.

The modelled inversions are depicting zones, at varying depth, of density contrast, i.e., higher density rocks in contrast to lesser dense rocks. Structurally, the outer margins of the Ni-in-soil anomaly coincide with an interpreted unconformity contact between granitoid rocks and younger supracrustal metasedimentary rocks. It is along this interpreted contact that structural traps occur.

It is these traps that host the Rottenstone deposit, the Bay-Island Trend, and the Tremblay-Olson occurrence. Fathom and its consultants continue to interpret the multiple data sets the Company has collected 2021 - 2023. It is evident that structural traps are necessary for the deposit forming process.

The combined approach of surface geochemistry, surface TDEM surveys, gravity surveys, airborne MAG, drilling and BHEM (borehole electromagnetic) surveys has been successful in delineating and defining these structural traps. The Bay-Island Trend discovery and the south extension of the historic Rottenstone deposit are good examples. As the Company continues to evaluate all data sets, it is becoming very evident that within the corridor between the Tremblay-Olson Claims and the Bay-Island Trend, there are numerous favourable target areas in need of drill testing and BHEM surveys.

At present the Company does not anticipate additional drilling at the Albert Lake Project in 2023 but does plan on drilling the deep TDEM /Gravity anomaly in first quarter -2024 as part of its winter drill program.