Fathom Announces Completion of Earn-In of 100% of Gochager Lake Property
FATHOM ANNOUNCES COMPLETION OF FINAL REQUIREMENTS UNDER GOCHAGER
LAKE EARN-IN AGREEMENT
Calgary, Alberta – October 7, 2025 - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the
"Company" or " Fathom") is pleased to announce the completion of the final cash payment and
share issuance under the Gochager Lake Earn -In Agreement (the “Agreement”). Fathom has now
completed all requirements under the Agreement and now holds a 100% interest in the Gochager
Lake Property (the “Property”), subject to a 2% NSR royalty.
Ian Fraser, CEO & Vice-President, Exploration commented, “We are very pleased to have completed
all requirements under the Agreement to earn a 100% interest in the Property . We have made
tremendous advances at Gochager Lake since we entered into the Agreement in September 2022 :
we have exp anded the Gochager Lake property footprint from the original 4,696 hectares (covered
under the Agreement) to now more than 34,000 hectares ; through a consistent , scien ce-based
methodology, we developed a geological model that continues to support comparisons to certain
world-class magmatic nickel sul phide projects ; we have expanded the original Gochager Lake
deposit to a mineralized corridor that now extends over 1.4 km and is open along strike in both
directions; and we have developed a plethora of high priority drill targets as we continue our goal of
building a district- scale nickel camp in north-central Saskatchewan.”
About the Agreement
Under the terms of the Agreement, in order to earn a 100% interest in the Property, over the course
of a four-year period the Company was required to:
• Issue an aggregate of 920,000 common shares of the Company;
• Pay an aggregate of $92,000 in cash to the Property vendor;
• Incur an aggregate of $2,000,000 in exploration expenditures.
As a result of Fathom ’s exploration success at the Property, the vend or requested a change in the
consideration to increase the number of shares and reduce the aggregate cash paymen ts. As a
result, the aggregate cash payments were decreased by $12,500 to $79,500 , and the aggregate
number of shares were increased by 290,000 to 1,210,000. Additionally, as a result of our ongoing
exploration success, Fathom incurred the required exploration expenditures by the end of 2024, thus
triggering the acceleration of the earn-in period from four years to three.
In accordance with the terms of the Agreement, the Company has granted the Property vendor a 2%
net smelter return royalty (“NSR”). The Company has the right to purchase 1.0% of the NSR from the
Property vendor for $1,000,000 at any time.
Issuance of Stock Options
Pursuant to its stock option plan and the policies of the Canadian Stock Exchange, the Company has
granted incentive stock options to certain directors, officers and consultants of the Company for the
right to purchase up to an aggregate of 6,400,000 common shares of the Company, exercisable at a
price of $0.05 per share for a period of 60 months. The options will vest 1/3 on the date of grant and
1/3 on each of the first and second anniversaries of the date of grant.
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 34,000+ 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 and mineralization style; the “footprint”, extends a minimum 1 .4km 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 International 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
Gochager Lake deposit 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 accumulation 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 t he Exploration 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 the 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
as "plan", "expect ", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements
regarding permitting for the Property, receipt of an exploration permit, timing of the exploration program on the Property.
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, beliefs,
plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may
be "forward -looking statements." Forward -looking statements are subject to a variety of risks and uncertainties 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 mining 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 compl etion of feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks
related to the inherent uncertainty of production and cost estimates and the potential for unexpected 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; and 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, uncer tainties and other factors
which may cause 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.