Fathom Announces Start of Winter Trail Access at Gochager Lake
FATHOM ANNOUNCES THE START OF WINTER TRAIL ACCESS TO THE GOCHAGER
LAKE PROJECT
Calgary, Alberta – December 10, 2025 Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF)
(“Fathom”, or the " Company”) is pleased to announce the start of the winter trail access to the
Gochager Lake project.
The Company has been granted permission to use the access road to the Roy-Lloyd mine currently
under care and maintenance. From the mine site north to Benjamin Lake, crews will initially flag the
approved trail and then commence the preparation of the trail with the aim to complete the trail to
Benjamin Lake by Christmas. Immediately following the holiday break, work will recommence to
prepare existing historic trails between Benjamin and Bellows Lake, and provided the suitability of
lake ice, ice roads on Benjamin Lake and Bellows Lake . Existing historic trails and i ce roads will
facilitate the transportation of drilling equipment to the project by mid-February 2026. The Company
is in the process of arranging a drill contractor for the anticipated drill program.
Ahead of the proposed drilling program , and commencing in early January, the Company will be
conducting a low -frequency EM (electromagnetic) geophysical survey along strike of the historic
Gochager Lake deposit. The survey will be a continuation of previous EM surveys over the now
significantly expanded Ni-Cu-Co geochemical footprint east – northeast of the deposit area (Fathom
Press Release November 3, 2025).
Ian Fraser, Fathom CEO and VP Exploration stated, “The winter trail into the Gochager Lake project
is an important milestone for the Company , providing synergies that will significantly reduce our
all-in cost of exploration . The combination of permissions to access the Roy -Lloyd mine property
from Highway 102 , utilizing ice roads and historic trails overland will eliminate dependency on
helicopter and dramatically reduce winter fixed-wing air support. This all leads to the ability to drill
more meters at the project . We are confident that t he January geophysical program will add to the
list of untested surface EM conductors and provide further d rill target definition in the prospective
geochemical footprint east – northeast of the Gochager Lake deposit.”
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 rock geochemistry has confirmed the Gochager Lake deposit
host/container rock extends 3.5+ km along strike east-northeast of the deposit.
• Soil geochemistry has defined a favourable geochemical footprint , inclusive of the historic
deposit, that now extends 8.6+ km.
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 Saskatchewan Mineral Deposit Index (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 ., The potential quantity and grade is conceptual in nature, and the re h as been
insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target
being delineated as a mineral resource . 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 e xist at the historic Gochager Lake deposit / property.
The disclosed potential quantity and grade have been determined by historic records notably; the Saskatchewan Mineral
Deposit Index and Saskatchewan Mineral Assessment Data base. (SMDI #0880) reports de lineation 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. 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 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,
beliefs, plans, projections, objectives, assumptions or future event s 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 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 uncertainty of profitabilit y;
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 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 f orward looking statements involve known and unknown risks, uncertainties 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.