Fathom Discovers 300m Conductive Corridor - Confirmation of a Significant Magmatic Nickel Sulphide System

Intersected 3.07% Nickel Equivalent

Calgary, April 28, 2022 - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the "Company" or "Fathom") is pleased to announce the intersection of significant, near surface magmatic nickel mineralization within a conductive corridor exceeding 300m in strike at its Albert Lake Property ("the Bay Area Conductive Corridor"). The Bay Area Conductive Corridor (see Figure 1) and it's associated magmatic nickel mineralization provides evidence that the previously exploited, high-grade Ni-Cu-Co+PGE Rottenstone deposit was a function of a very large magmatic nickel sulphide system. The Company is confident that the historic Rottenstone deposit, in combination with the now defined Bay Area Conductive Corridor demonstrates Fathom's exploration activities are occurring in a new and developing magmatic nickel camp located in a world class jurisdiction - Saskatchewan, Canada.

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Highlights of Q1/2022 Drill Program

• Magmatic nickel mineralization occurs within the Bay Area Conductive Corridor, located 450m west/northwest of the high-grade, historic Rottenstone deposit. The significance of this new discovery is proof that the high-grade Rottenstone deposit originated from a larger source.
• The Bay Area Conductive Corridor exceeds 300m in strike and remains open in both directions.
• 13 drill holes were drilled within the corridor and each drill hole intersected nickel and up to 3.07% NiEq¹.
• Eight of the drillholes from the current program intersected significant nickel and nickel equivalent values over drilled intervals up to 13.27m.
• Drill hole AL22052 displays the best results to date with 3.54m at 1.68% NiEq (1.09% Ni, 0.42% Cu, 0.068% Co and 0.75g/t Pt, Pd & Au) within a 13.27m zone at 1.00% Ni Eq (0.62% Ni, 0.29% Cu, 0.039% Co and 0.62g/t Pt, Pd & Au).
• Three drill holes visually match the net-texture mineralization of the "Rottenstone style" mineralogy. These results, plus other magmatic nickel textures recognized within the corridor could potentially define the outer edges of Rottenstone-like deposits. (The original Rottenstone mine was contained in a mineralized body measuring only 50mx40mx10m, yet yielded some of the highest grades of Ni-Cu + PGE ever mined in Canada).
• Drillholes AL22057 through AL22054A defines a zone of nickel mineralization approximately 185 meters in strike. This mineralization occurs at downhole depths of 97.55 meters and 144.48 meters, respectively. Refer to Figure 1 and Table 2 for drillhole dips.
• Additionally, both near surface and deeper high-priority borehole electromagnetic ("BHEM") targets within and outside the corridor need to be drill tested.

The Q1/2022 drill program, totaling 3,900m in 21 drillholes was completed on March 28, 2022. (See Figure 2, Table 2 for drillhole locations). The Company is now in receipt of all assay values.

Brad Van Den Bussche, Fathom CEO stated, "We are extremely pleased with the accomplishments of the Fathom geological team resulting from the Q1/2022 exploration program. The definition of the 300m Bay Area Conductive Corridor, along with the positive drill results demonstrate proof of concept that the historic Rottenstone deposit did not occur in isolation. The systematic and disciplined exploration approach the team has taken at Albert Lake has resulted in a new magmatic nickel discovery associated with a near surface mineralized structure that is open along strike at both ends. We expect to expand and test the corridor to the southwest during the summer exploration program."

It is now evident the Bay Area Conductive Corridor is structurally controlled and preliminary interpretation and modelling suggest a fold nose or hinge zone. Continuous magmatic Ni-Cu-Co+PGE sulphide mineralization occurring in both ultramafic rock and the associated country rock is emplaced in a south to north, shallow plunging, keel-like structure that coincides with the interpreted fold nose or hinge zone. At the south end of the corridor, re-interpretation of historic BHEM surveys define zones of off-hole conductivity within 50m of surface. This area has not been drill-tested, but remains a high priority for the next phase of exploration and drilling.

The Bay Area Conductive Corridor's electromagnetic ("EM") response, structural control, and observed mineralization textures in ultramafic and the associated country rock are consistent with a magmatic nickel geological model. Furthermore, similar to the historic Rottenstone deposit, it is apparent, based on results of AL22049, AL22051, AL22052, AL22053 and AL22057, that better mineralization occurs within net-texture style mineralization and net-textured to semi-massive to massive sulphide mineralization. It is this style of mineralization that yields the most robust BHEM responses. Also of note are the comparably robust yet deeper Bay Area off-hole BHEM responses (Figure 1) that the Company has yet to drill test. Given the Q1/2022 Bay Area Conductive Corridor success, the Company is now in a much better position to test these deep conductors with a greater degree of confidence.

Ian Fraser, VP Exploration stated, "Defining this new corridor, that contains magmatic nickel mineralization and textures at a location outside of the immediate vicinity of Rottenstone, is a fantastic accomplishment. Our multi-disciplinary approach to exploration over the past year demonstrates that we now have the tools and know-how to locate these features. The presence of potentially economic grades of nickel and PGEs in the Bay Area Conductive Corridor proves that we are in a nickel camp and the prospects for the discovery of additional "Rottenstones" has increased significantly. The combination of coincident soil and biogeochemistry anomalies, stacked geophysical anomalies, well-planned drilling and BHEM has led us to this discovery. There are multiple priority areas within 5km of the historic Rottenstone deposit where we have the same coincident anomalies that can be pursued aggressively through the drill bit, but in a much more efficient manner. This new discovery area is a very small fraction of our total land package - I can't think of a better place to be exploring for nickel in Canada than at Albert Lake, Saskatchewan."

Figure - 1: The Bay Area Conductive Corridor

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Table 1: Q-1 2022 Assay Summary

¹Where used in this news release NiEq% = Ni%+ Cu% x $4.50/$11.00 + Co% x $30.00/$11.00 + Pt [g/t]/31.103 x $1,050/$11.00/22.04 + Pd [g/t]/31.103 x $2400/$11.00/22.04 + Au [g/t]/31.103 x $1,900/$11.00/22.04

²Note; interval (m) are downhole intervals and not true thickness.

³Net-texture sulphide intersections.

Figure 2: Q-1 2022 Drillhole Location Map

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Figure 3: Net-texture Ultramafic-Hosted Magmatic Nickel Sulphide Mineralization Drillhole AL22052; @ 99.03m

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Figure 4: Net-texture Ultramafic-hosted Magmatic Nickel Sulphide Mineralization Drillhole AL22057; @ 100.49m

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Figure 5: Massive Magmatic Sulphide Mineralization Drillhole AL22051; @108.79m

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Table 2: Q-1 2022 Drillhole Location Table

Quality Assurance / Quality Control (QA/QC) Disclosure Statement

Fathom implements an industry-standard QA/QC for all field and diamond drill programs. Fathom, through the services of TerraLogic Exploration Inc., inserts QA/QC samples in its diamond drill programs at a rate of one sample per approximately every 12-13 samples collected. Standards sourced from CDN Resource Laboratories and CCRMP were inserted into the sample stream at a rate of 1 in 30 samples. Additionally, lab duplicates (coarse rejects) were inserted and positioned in the sample sequence at a rate of 1 in 30 samples and positioned in the sample sequence alternating with standards to result in a QA/QC insertion rate of no less than 1 in 15 samples. Blanks were inserted at the start of every sample batch and additionally after samples of anticipated high-grade or high sulphide content.

Assaying is performed at ALS Canada Ltd. ALS is an accredited laboratory; (SCC - CAN-P-1579 and CAN-P-4E ISO/IEC 17025) and is independent of Fathom. All drill core samples are analyzed using a 4-Acid digestion followed by 33 element ICP-AES analyses (Code ME-ICP61). Over limit Ni, Cu results are further analyzed by 4-Acid ore grade elements ICP-AES process (Code ME-OG62). Analyses for Au, Pd and Pt utilized the ore grade Pt, Pd and Au by ICP-AES (Code PGM-ICP27).

Qualified Person and Data Verification

Ian Fraser, PGeo., 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 a resource exploration and development company that is targeting high-grade nickel sulphide discoveries for use in the rapidly growing global electric vehicle market.

The Company is accelerating exploration on its flagship Albert Lake Project, host to the historic Rottenstone mine, which is recognized as one of the highest‐grade (Nickel, Copper, Platinum group metals) deposits of its type ever mined in Canada. The Albert Lake Project consists of over 90,000 ha of mineral claims located in the Trans-Hudson Corridor of Saskatchewan, which is home to numerous world-class mining camps.

ON BEHALF OF THE BOARD

"Brad Van Den Bussche"
President and CEO, Director

For Further Information Please Contact:

Brad Van Den Bussche, President and CEO
or
Manish Grigo, Director of Corporate Development
+1-416-569-3292

Email: mgrigo@fathomnickel.com

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 the enhancement of the Company's geologic model and extending the areas of known mineralization and the Company's work towards defining a resource base. Such forward 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. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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