Fathom Nickel Announces Filing of NI 43-101 Technical Report for Previously Announced Maiden Mineral Resource Estimate, Gochager Lake Ni-Cu-Co Deposit, Saskatchewan
The resource calculations use preliminary recovery assumptions that remain to be confirmed by project-specific metallurgical testing.
Sentiment and the balance of points
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Rhea-AI Summary
Fathom Nickel (FNICF) has filed an independent technical report supporting the maiden mineral resource estimate for its wholly owned Gochager Lake project.
The northern Saskatchewan nickel-copper-cobalt project has 858,701 metric tonnes of indicated resources grading 0.41% nickel and 0.57% nickel-equivalent, and 3,103,916 metric tonnes of inferred resources grading 0.32% nickel and 0.45% nickel-equivalent. Nickel-equivalent expresses the metals together on a nickel-value basis. The estimate is effective June 9, 2026; the report is effective June 12, 2026. There are no material differences from the results disclosed September 10, 2026.
Resources are reported using net smelter return cut-offs of US$20.48 per tonne within the optimized pit and US$56.50 per tonne outside it. A 3D geological model is also available for illustrative and educational use alongside the technical disclosures.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Minor pointIndependent technical report filed supports the maiden resource estimate for the 100%-owned Gochager Lake project.
- Minor pointIndicated resources: 858,701 metric tonnes at 0.41% nickel, containing 7,734,799 pounds of nickel.
- Minor pointInferred resources: 3,103,916 metric tonnes at 0.32% nickel, containing 22,108,763 pounds of nickel.
Negative
- Moderate pointMetallurgical recoveries remain preliminary; no project-specific metallurgical testing has been completed on Gochager Lake material.
- Minor pointSeven of 39 claims carry a 2.0% royalty; buying down 1.0% costs C$1M.
- Minor pointA further 24 claims carry a separate 2.0% royalty; the Gochager Lake deposit lies outside those claims.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - October 13, 2026) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) ("Fathom", or the "Company") is pleased to announce the Company has filed on SEDAR+ the independent technical report (the "Report" or "Technical Report") prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), supporting the maiden Mineral Resource Estimate ("MRE") for its
The Technical Report, effective June 12, 2026 and issued October 13, 2026, is titled, "National Instrument 43-101 Mineral Resource Estimate for the Gochager Lake Ni-Cu-Co Deposit and Technical Report for the Gochager Lake Ni-Cu-Co Project." The Report was prepared for Fathom Nickel Inc. by Caracle Creek International Consulting Inc. and will be filed and available under the Company's issuer profile at SEDAR+ www.sedarplus.ca and on the Company's website by end of day Tuesday October 13, 2026.
Fathom is also pleased to announce that a comprehensive 3D geological model of the Gochager Lake Ni-Cu-Co Deposit is available for view at Mining Hub https://mininghub.com/3d/v/2C6Lmlp9. The 3D model is intended for illustrative and educational purposes and should be viewed in conjunction with the Company's Technical Report, MRE, and other disclosure documents filed on SEDAR+.
The Mineral Resource Statement for the Gochager Lake Ni-Cu-Co Project is provided in Table 1 (see Company news release September 10, 2026).
Table 1. Summary of Mineral Resource Statement for the Gochager Lake Ni-Cu-Co Project, Saskatchewan.
| Category | Tonnage | SG | Grades | Metallic Content | |||||||
| Ni % | Cu % | Co % | NiEq1 % | NSR $/t | Ni (lb) | Cu (lb) | Co (lb) | NiEq1 (lb) | |||
| Pit Constrained: | |||||||||||
| Indicated | 631,241 | 3.01 | 0.40 | 0.11 | 0.03 | 0.56 | 82 | 5,579,751 | 1,547,491 | 461,875 | 7,754,876 |
| Inferred | 1,838,107 | 2.96 | 0.28 | 0.09 | 0.02 | 0.40 | 59 | 11,536,642 | 3,478,613 | 930,856 | 16,186,626 |
| Out-of-Pit: | |||||||||||
| Indicated | 227,460 | 3.01 | 0.43 | 0.13 | 0.04 | 0.60 | 89 | 2,155,048 | 649,832 | 176,178 | 3,028,800 |
| Inferred | 1,265,809 | 2.99 | 0.38 | 0.10 | 0.03 | 0.52 | 77 | 10,572,121 | 2,814,774 | 857,993 | 14,568,380 |
| Total Mineral Resources: | |||||||||||
| Total Indicated: | 858,701 | 3.01 | 0.41 | 0.12 | 0.03 | 0.57 | 84 | 7,734,799 | 2,197,324 | 638,053 | 10,783,676 |
| Total Inferred: | 3,103,916 | 2.97 | 0.32 | 0.09 | 0.03 | 0.45 | 66 | 22,108,763 | 6,293,387 | 1,788,850 | 30,755,005 |
1NiEq (%) = Ni% + 0.74 x Cu% + 2.26 x Co% (see notes 9, 10 and 11)
Notes to Table 1:
(1) The Mineral Resource Estimate has an effective date of 9 June 2026.
(2) The Qualified Persons, as defined by NI 43-101, responsible for the Mineral Resource Estimate are Scott Jobin-Bevans (P.Geo.) and Curtis Ferron (P.Geo.) of Caracle Creek International Consulting Inc.
(3) The Mineral Resource estimate has been prepared and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014), as incorporated by reference into National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101), and with consideration of the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019). The Mineral Resource classification and reporting terminology conform to the requirements of NI 43-101 and the CIM Definition Standards.
(4) Mineral Resources are classified as Indicated and Inferred Mineral Resources; no Measured Mineral Resources were estimated.
(5) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
(6) Inferred Mineral Resources have a lower level of geological confidence than Indicated Mineral Resources; they may not be converted to Mineral Reserves and must not be aggregated with Indicated Mineral Resources for the purpose of economic studies.
(7) Mineral Resources are constrained to demonstrate reasonable prospects for eventual economic extraction. Pit-constrained (in-pit) Mineral Resources are reported within an optimized open pit shell above a net smelter return (NSR) cut-off of US
(8) Open pit Mineral Resources are constrained within a Lerchs-Grossmann algorithm defined pit shell with an average strip ratio of 4.22:1.
(9) The NSR cut-offs were derived using metal prices of US
(10) Metallurgical recoveries are preliminary and are based on analogous magmatic Ni-Cu-Co sulphide deposits; no project-specific metallurgical test work has been completed on Gochager Lake material and the recoveries remain to be confirmed by metallurgical testing.
(11) Nickel-equivalent (NiEq) grade is calculated as NiEq (%) = Ni% + 0.74 x Cu% + 2.26 x Co%, using the same metal prices and recoveries; nickel-equivalent grade is provided for comparison only and assumes the stated recoveries are achieved.
(12) Block grades were estimated by inverse distance weighting to the power of two (ID2). Tonnages use a specific gravity assigned to each block by the Alcock density formula (SG = 100/(100/2.88 + 0.0166 (wt% Cu) - 0.1077 (wt% Ni) - 0.328 (wt% S)).
(13) Tonnes are reported as metric tonnes. Contained metal is reported as in-situ metal and is not adjusted for metallurgical recovery, mining dilution or mining losses.
(14) Rounding may produce apparent discrepancies in the totals.
(15) The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the Mineral Resource Estimate.
(16) Mineral resources are reported on a
Qualified Person
Ian Fraser, P.Geo., (APEGS #09910, APEGA #54846), CEO, VP Exploration and a Director of the Company and the "Qualified Person" as such term is defined by NI 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 two high-quality exploration projects located in the prolific Trans Hudson Corridor in Saskatchewan, Canada: 1) The Albert Lake Project, a 90,000+ hectare project that hosts the historical Rottenstone Ni-Cu-Pd-Pt+Au Mine; and 2) The 33,000+ hectare Gochager Lake Project that hosts the Gochager Lake Ni-Cu-Co Deposit.
For further information, please contact:
Ian Fraser, Chief Executive Officer & Vice-President Exploration
1-403-650-9760
Email: ifraser@fathomnickel.com
or
Doug Porter, President & CFO
1-403-870-4349
Email: dporter@fathomnickel.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318694
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What resources does Fathom Nickel's Gochager Lake technical report support?
The report supports 858,701 metric tonnes of indicated resources and 3,103,916 metric tonnes of inferred resources. Their respective nickel grades are 0.41% and 0.32%, with nickel-equivalent grades of 0.57% and 0.45%. The estimate is effective June 9, 2026, with no material differences from the results disclosed September 10, 2026.
What recovery and metal-price assumptions underpin Fathom Nickel's Gochager Lake resource estimate?
The calculations use recoveries of 80% nickel, 92% copper and 70% cobalt, and metal prices of US$8.50 per pound nickel, US$5.50 per pound copper and US$22.00 per pound cobalt. Recoveries are preliminary, based on analogous deposits, and remain subject to project-specific testing. Nickel-equivalent grades assume those recoveries are achieved.
Are the contained metal figures in Fathom Nickel's Gochager Lake estimate recoverable metal?
The contained metal figures represent in-situ metal, not amounts adjusted for metallurgical recovery, mining dilution or mining losses. The estimate includes indicated and inferred resources, with no measured resources estimated. Inferred resources have lower geological confidence and must not be combined with indicated resources for economic studies.
What royalty buy-down rights does Fathom Nickel have at Gochager Lake?
Fathom can purchase 1.0% of the 2.0% net smelter return royalty on seven claims for C$1M, and 1.0% of a separate 2.0% royalty on a further 24 claims for C$1,000,000. The latter royalty is payable to Edge Geological Consulting; the Gochager Lake deposit lies outside those 24 claims.