Fathom Announces Expanded Geology Map
FATHOM ANNOUNCES EXTENSION OF THE HISTORIC GOCHAGER LAKE DEPOSIT
HOST ROCK OVER A 3.5+ KM STRIKE LENGTH
Calgary, Alberta – October 23, 2025; Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF)
(“Fathom”, or the "Company”) is pleased to announce an updated geology map reflecting the most
recent prospecting and pXRF (Portable X -ray Florescence) rock geochemistry results at the
Gochager Lake project. The historic Gochager Lake deposit host rock (the “container rock”), has
now been mapped consistently along strike northeast of the historic Gochager Lake deposit for a
minimum distance of 3.5 kilometers . The Company is in receipt of all assays from the July 2025
program and awaits rock assay and whole rock geochemistry results from the September -October
prospecting. These results are expected mid-November.
Ian Fraser, Fathom CEO and VP Exploration stated, “We are very pleased and excited about the
results of our summer -fall geochemistry program. We have applied the knowledge gained from
drilling the historic deposit to surface exploration and have now expanded the Gochager Lake
deposit container rock signifi cantly along strike. We are currently interpreting and compiling the
summer soil geochemistry program results with the new geology map and will release those
results when complete. The expanded container rock defined to date now is developing into a very
linear feature that is consistent with the geological settings of many of the world’s premier
magmatic nickel districts. We remain adamant that there is much more to this project than just the
historic Gochager Lake deposit. The 3.5 kilometers of Gochager container rock gives us an
expanded playing field for additional discoveries of significant bodies of semi -massive to massive
Ni-Cu-Co sulphide mineralization. We are very excited to continue our exploration work as we
continue to develop and add high- quality drill targets at the project”.
Summer-Fall Program Highlights
The wildfire that impacted the Gochager Lake property at the end of July resulted in significant new
outcrop exposure. As a result, a second prospecting campaign was carried out September 25 to
October 1, 2025. Highlights of the combined summer-fall prospecting program include:
• Consistently occurring surface outcrops, characterized by disseminated sulphide
mineralization, including pyrrhotite +/ - pentlandite in variable-textured gabbro and
ultramafic rock (pyroxenite), have been mapped and form a northeast linear trend measuring
3.5 kilometers. Refer to map insert.
• The mineralized v ariable-textured gabbro continues immediately to the northeast of the
historic Gochager Lake deposit towards and under Scurry Lake, south of Rainbow Lake, and
further northeast to the north shore of Weaver Lake . The variable-textured gabbro is now
mapped for a minimum strike of 3.5 kilometers. Refer to map insert.
• Clotted gabbro has been consistently mapped in direct contact with variable-textured
gabbro along much of the 3.5 km strike length. Clotted gabbro defines the footwall lithology
at the historic Gochager Lake deposit. Refer to insert map.
• During the summer-fall p program:
o 684 outcrop chip samples were collected and analysed on-site by pXRF.
o Ni-Cu-Co + Mg-Cr pXRF scan values were used to develop the updated geology map.
o 79 rock grab samples , inclusive of standards and blanks, have been submitted for
multi-element assay and whole rock geochemistry analysis.
o Final rock assay and whole rock geochemistry results will be integrated into our final
compilation / interpretation and will aid in further refinement of the geology map and
future drill targets.
Significance of t he Gochager Lake Deposit Container Rock
• The historic Gochager Lake deposit 2 is contained within a steeply oriented mineralized
variable-textured gabbro (the “container rock”), with a thickness of up to 100-meters.
• Mineralization, including pyrrhotite +/- pentlandite and +/- chalcopyrite within the variable-
textured gabbro, is characterized by a broad halo of disseminated sulphide mineralization,
containing stringer to massive sulphide veins, local net -texture mi neralization, and semi -
massive to locally massive sulphide breccias that form steeply oriented chutes and zones.
• Fathom drilling within the Gochager Lake deposit container rock yielded:
o 3.25% Ni, 0.26% Cu, 0.11% Co / 0.64 m intersected in a massive sulphide vein in
drillhole GL23008: (Fathom Press Release November 21,2003).
o 1.43% Ni, 0.38% Cu, 0.11% Co / 7.39m, including 2.43% Ni, 0.55% Cu, 0.19% Co /
2.94m intersected in semi -massive to massive sulphide breccias in d rillhole
GL24016: (Fathom Press Release May 28, 2024).
• Disseminated sulphide in variable-textured gabbro – the Gochager Lake deposit container
rock, is now recognized along a 3.5km strike length northeast of the deposit and remains
open for expansion.
• Furthermore, the container rock at the deposit contains multiple borehole electromagnetic
(BHEM) off-hole anomalies / conductors that remain untested by drilling.
• It is very significant to see the continuation of the variable -textured gabbro and clotted
gabbro footwall contact along strike of the Gochager Lake deposit (clotted references an
increase in biotite clots) . Fathom drilling at the deposit indicate s a relationship of sulphide
concentration / accumulation along, at and near the footwall contact.
Fathom drillhole GL23011 drilled in the vicinity of the well mineralized variable-textured gabbro on
the west shore of Scurry Lake, intersected mineralized variable-texture gabbro and the BHEM survey
resulted in 3 prominent off- hole conductivity anomalies that remain untested by drilling. The
Company is confident that the container rock, containing disseminated sulphide mineralization
within the expanded 3.5 kilometers of strike has the potential to yield additional off -hole BHEM
conductivity anomalies. More imp ortantly, and like at the Gochager Lake deposit , the expanded
container rock has the potential to yield chutes of high- grade sulphide breccia mineralization ,
massive sulphide veins, and massive sulphide bodies that typically occur in this type of magmatic
setting.
The Company will make announcemen ts once we have completed our thorough evaluation of all
results from the summer -fall surface exploration programs.
Gochager Lake Deposit Area Geology Map
Quality Assurance / Quality Control (QA/QC) Disclosure Statement
As part of its ongoing exploration activities, Fathom is utilizing a portable Vanta ™ XRF Analyzer
(“pXRF”) to provide real -time lithogeochemical, multi-element data on surface rock chip samples
and rock grab samples collected in the field. The Vanta™ XRF Analyzer is a hand-held device, held in
position for a total 120 seconds – beam 1 (30 seconds), beam 2 (60 seconds) and beam 3 (30
seconds) to allow for an effective reading of elements occurring at that specific point, and at that
specific surface of a rock sample. All elements detected at that specific point; nickel, copper, cobalt
plus key pathfinder elements, chrome and magnesium, are recorded. The reader is cautioned that
pXRF data should be treated only as an indication of elements, as the accuracy of the beam position
on a particular element is variable.
Qualified Person and Data Verification
Ian Fraser, P.Geo., CEO, VP Exploration and a Director of the Company and the "qualified person" as
such term is defined by National Instrument 43 -101, has verified the data disclosed in this news
release, and has otherwise reviewed and approved the technical information in this news release on
behalf of the Company.
About Fathom Nickel Inc.
Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to
secure the supply of North American Critical Minerals and to support the global green energy
transition. The Company now has a portfolio of three high- quality exploration projects located in
the prolific Trans Hudson Corridor in Saskatchewan:
1) The Albert Lake Project, a 90,000+ hectare project that hosts the historic Rottenstone Mine 1.
Fathom exploration to date at the Albert Lake project confirms:
• The high-grade Ni-Cu-Co+3E Rottenstone deposit mineralization extends to the south a
minimum 40m and remains open.
• The Rottenstone deposit is potentially offset and continues within the footwall of a
prominent fault defined by drilling.
• A new Rottenstone -like discovery (similar host rock , and similar mineralization) by drilling
500-550m W -NW of the historic mine ; the 300+m Bay Island Trend , remains open along
strike.
• Similar Rottenstone -like host rock and mineralization intersected by drilling approximately
1.5km S-SW of the historic mine (the Nic5-Tremblay-Olson area).
2) The 3 3,000+ hectare Gochager Lake Project that hosts the historic Gochager Lake deposit 2.
Fathom exploration to date at the Gochager Lake project confirms:
• Vertical extension of Ni -Cu-Co mineralization a minimum of 150m below the historic
Gochager Lake deposit interpreted boundary, and very good potential for expansion of
mineralization in all directions.
• Multiple high- grade vertically oriented Ni -Cu-Co sulphide breccia mineralization zones
and chutes occur within the historic deposit, and the zones, chutes remain open for further
expansion and delineation in all directions .
• Surface mapping and soil / rock geochemistry has confirmed the Gochager Lake deposit
host rock ; the container rock and mineralization style extends a minimum 3.5km to the
east-northeast and remains open for expansion along strike.
3) The 10,000+ hectare Friesen Lake Project located 40km southwest of the historic Rottenstone
Mine and 30km northwest of the historic Gochager Lake deposit.
The Friesen Lake property hosts the Olsen Cu -Ni-Pt Showing also referred to as the Friesen Lake
Cu-Ni-Pt showing and is described as an ultramafic dyke that historic trenching and drilling
demonstrates Cu -Ni-Pt-Pd and Au mineralization within the ultramafi c dyke (Saskatchewan
Mineral Deposit Index (SMID) #0928a). To date Fathom has not performed any exploration at the
Friesen Lake Project.
1 – The Rottenstone Mine; a small open- pit mining / milling operation was in production 1965 -1969. Milling commenced
September 5, 1965, operated through November 7, 1965, and 5,500 short tons were mined and milled during this period.
The average production grade ; 3.23% Ni, 1.83% Cu, 0.14 oz/ton Pt, 0.10 oz/ton Pd, 0.03 oz/ton Au (9.26 g/t* 3E, 3E = Pd -
Pt+Au) and 0.20 oz/ton Ag. Initial milling operations 1965 produced 1,070 dry short tons of concentrates, the average
concentrate grade was 10.835% Ni, 5.74% Cu, 0.33 oz/ton Pt, 0.53oz/ton Pd, 0.10 oz/ ton Au (32.91 g/t* 3E) and 1.25
oz/ton Ag. Richards, B.R. and Robinson, B.G.W. (1966), Mining and milling a small ore deposit …. Rottenstone Mining
Limited: The Canadian Mining and Metallurgical Bulleting for December 1966. The Saskatchewan Mineral Deposit Index
(SMDI) #0958 reports final mine pro duction in 1969 of 28,724 tons with an average grade of 3.28% Ni, 1.83% Cu and 9.63
g/t 3E and that approximately 9,000 tons of concentrate were sold to the Internatio nal Nickel Company of Canada
Limited.
* A factor of 34.286 g/tonne was used to convert 1 oz/ton to g/tonne (g/t).
2 – The Gochager Lake property is host to the historic Gochager Lake Ni -Cu deposit. There is no source or available
Technical Reports to verify the historic resource estimate for the Gochager Lake deposit; hence, Fathom will treat the
historic estimate as an Exploration Target. Available records in the SMDI and Saskatchewan Mineral Assessment
Database (SMAD) suggest an Exploration Target of 4 -5 million tons grading 0.3% Ni – 0.4% Ni and 0.08% Cu – 0.09% Cu,
containing a higher -grade core of 1.5 -2 million tons grading 0.6% NiEq – 0.7% NiEq (note NiEq is based on Ni -Cu only).
The ranges of tons and grade are conceptual as there is insufficient historic data to verify the historical resource
estimate(s) for the Gochager Lake deposit, and the higher -grade core. At present, Fathom has drilled 16 drillholes
(5,549m) into the historic Gochager Lake deposit and has confirmed Ni- Cu grades comparable to and higher than the
historical grades reported, thus confirming that a deposit of Ni- Cu+Co metal accumul ation does exist at the historic
Gochager Lake deposit / property. Furthermore, insufficient drilling has been done by the Company to define a current
mineral resource, and again at this time, it is uncertain if further drilling will result in the Explorat ion Target being
delineated as a mineral resource. The disclosed potential quantity and grade has been determined by historic records
notably; the Saskatchewan Mineral Deposit Index (SMDI #0880) reports delineation drilling outlined a deposit at the
historic Gochager Lake Deposit; Steel, J.S. (1990),(SMAD 73P15- 0091): Report on a Diamond Drilling Program on the
Gallagher (Gochager) Lake Property of McNickel Inc., reported that Scurry -Rainbow Oil Ltd. constructed vertical sections
and a longitudinal section from drill data collected 1966 -1968, and an orebody with reasonably well -defined limits was
interpreted. Ore reserves were then calculated for Zone A. As stated above , the historic estimate is not well documented
and there are no available Technical Reports to support the historic resource estimate(s).
ON BEHALF OF THE BOARD
“Ian Fraser”
CEO, VP Exploration, Director
For further information, please contact:
Ian Fraser, CEO, VP Exploration
1-403-650-9760
Or
Doug Porter, President and CFO
1-403-870-4349
Forward Looking Statements:
This news release contains "forward -looking statements" that are based on expectations, estimates, projections and
interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such
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regarding payment of terms under the Option Agreement, permitting for the Property, receipt of an exploration permit,
timing of the exploration program on the Property and the Company achieving the earn -in thresholds under the Option
Agreement. Forward-looking statements relate to information that is based on assumptions of management, forecasts of
future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations,
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which could cause actual events or results to differ from those reflected in the forward -looking statements, including,
without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks
related to the outcome of legal proceedings; political and regulatory risks associated with mi ning and exploration; risks
related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential
for delays in exploration or development activities or the completion of feasibility studies; the unce rtainty of profitability;
risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposit s;
risks related to the inherent uncertainty of production and cost estimates and the potential for unexp ected costs and
expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; a nd other
risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's
disclosure record. Such forward looking statements involve known and unknown risks, uncertainties and other factors
which may c ause the actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such forward -looking statements. These forward -
looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise
them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results
could differ materially from the Company's expectations or projections.