ATHA Energy

ATHA Energy Corp. is a Canadian uranium exploration company focused on advancing one of the largest exploration portfolios in Canada's premier uranium jurisdictions. The company trades on the TSX Venture Exchange under the symbol SASK, the Frankfurt Exchange as X5U, and the OTCQB as SASKF. With over 7 million acres of exploration land across the Athabasca Basin (Saskatchewan), Angikuni Basin and Thelon Basin (Nunavut), and the Central Mineral Belt (Labrador), ATHA represents significant exposure to uranium discovery and development potential across Canada’s most prolific mining jurisdictions.

The company's flagship asset is the 100%-owned Angilak Project in Nunavut, which is comprised of: (i) the Lac 50 Deposit – a historical resource estimate of 43.3 million pounds U3O8 at an average grade of 0.69%); and, (ii) the Angikuni Basin, a geologic analogue to the Athabasca Basin, where ATHA has identified the 31 kilometre Rib – Nine Iron structural trend [and is actively exploring for ‘unconformity-style’ uranium mineralization at regional targets]. 

ATHA also holds the CMB Discoveries in Labrador, which has a historical resource estimate of 14.5 million pounds U3O8 at 0.037% average grade. Beyond these core assets, the company maintains strategic positions through 10% carried interests in key Athabasca Basin exploration projects operated by NexGen Energy and IsoEnergy.

ATHA's portfolio spans multiple stages of the exploration and development curve, from early-stage regional exploration targets to more advanced post-discovery assets.  The company has positioned itself to benefit from the current uranium cycle through systematic exploration programs at scale and strategic land accumulation in Canada's most prospective uranium regions.

The uranium market fundamentals present a compelling investment backdrop for exploration companies with quality assets. Global uranium demand continues to grow driven by nuclear power expansion, while supply constraints persist due to limited new mine development and geopolitical considerations affecting major producing regions. Canada's uranium mining jurisdictions offer political stability and established regulatory frameworks that support long-term investment.

The Athabasca Basin is home to the largest and highest-grade uranium deposits in the world, with over 900 million pounds of U3O8 produced and known resources of 606,600 tonnes U3O8. Saskatchewan ranks seventh globally for mining investment attractiveness, while Newfoundland & Labrador ranks eighth globally [footnote Fraser Institute Annual Survey of Mining Companies 2024]. The Angikuni Basin, where ATHA's Angilak Project is located, represents a geological analogue to the Athabasca Basin, providing exposure to similar geological settings that have produced world-class uranium deposits.

ATHA's extensive land position provides leverage to potential discoveries across multiple geological settings and mineralization styles. The company's 2024 exploration program at Angilak achieved a 100% hit rate for intersection of uranium mineralization, demonstrating the quality of its target selection and geological understanding. The conceptual exploration target at the Lac 50 Deposit, established through a 2024 technical report, ranges between 60.8 million pounds U3O8 and 98.2 million pounds U3O8, with an average grade range of 0.37% U3O8 and 0.48% U3O8. This represents substantial scale potential, particularly considering that only approximately 24% of these identified trends have been drill tested to date. 

ATHA’s 2025 exploration drilling has focused on new ‘unconformity-style’ discoveries beyond the Lac 50 deposit, under the cover of the previously unexplored Angikuni Basin.  Early success at the KU and RIB East regional targets validate the company's exploration thesis and systematic approach to derisking new discovery targets. The discovery of uranium mineralization in these new targets highlights the potential for additional discoveries outside of the Lac 50 Deposit area to be made, providing a district scale opportunity.

ATHA's leadership combines extensive uranium industry experience with proven track records in exploration, development, and capital markets. CEO Troy Boisjoli leads the team with significant experience in uranium project advancement and corporate development. VP Exploration, Cliff Revering, brings technical expertise as a Professional Engineer and serves as the company's Qualified Person under National Instrument 43-101.  Complimenting the exec team’s technical credentials, SVP Business Development, Ryan Gaffney, brings +20 years of experience in global mining and energy capital markets and strategy.

The management team includes professionals with experience from major uranium companies including Cameco, NexGen Energy, IsoEnergy, and Mega Uranium. This collective experience spans uranium mine operations, resource development, exploration at scale, and successful capital markets execution. Chairman Mike Castanho, a seasoned capital markets professional, and the board of directors provide additional strategic oversight and industry connections.

The team's technical capabilities are demonstrated through their systematic approach to exploration, successful target generation, and efficient program execution. Their ability to achieve 100% success rates in drilling programs reflects strong geological understanding and effective targeting methodologies. The management team's previous experience with uranium resource growth and mine operations positions them well to advance ATHA's projects through the exploration and development continuum.

ATHA's growth strategy centers on systematic exploration across its diversified portfolio to create value through discovery and resource expansion. The company is executing a disciplined approach that balances near-term catalysts with longer-term development potential. The 2025 exploration program comprises approximately 10,000 meters of diamond drilling focused on two primary objectives at Angilak: expanding the mineralized footprint at the Lac 50 Deposit and testing high-priority regional targets along the 31-kilometer RIB-Nine Iron Trend.

Recent discoveries at the KU and RIB East targets, demonstrate the effectiveness of this strategy, with maiden drill holes successfully intersecting uranium mineralization in previously untested areas. The company's approach leverages modern geophysics, structural analysis, and systematic target generation to identify drill-ready prospects with high discovery potential.

ATHA's land position provides multiple avenues for growth through organic exploration success, potential joint ventures, and strategic partnerships. The carried interest positions with NexGen and IsoEnergy offer exposure to exploration upside without additional capital requirements. NexGen has initiated a 43,000-meter drill program for 2025 on SW2 to test the extent of mineralization at the Patterson Corridor East discovery.

The company's strategy includes advancing projects along the exploration curve while maintaining optionality for development partnerships or strategic transactions. The scale and quality of ATHA's uranium portfolio position it as an attractive consolidation target or partner for larger uranium companies seeking exposure to Canadian uranium districts.

As of July 31, 2025, ATHA had 298.1 million basic shares outstanding with a share price of C$0.70, resulting in a basic market capitalization of C$208.7 million and enterprise value of C$193.6 million. The company maintains additional securities, including 19.3 million options, 5.1 million RSUs, and 9.2 million warrants.

ATHA completed a significant exploration program in 2024, investing approximately $30 million across its portfolio. The company has demonstrated its ability to access capital markets and maintain adequate funding for exploration programs. The current exploration program is fully funded, providing near-term operational security while the company executes its growth strategy.

The company's financial position reflects typical exploration-stage dynamics, with primary expenses related to exploration activities, general administration, and business development. ATHA's market capitalization provides reasonable valuation relative to its uranium resource base and exploration potential, particularly when compared to peer companies in the uranium exploration sector.

Financial management focuses on efficient capital allocation to maximize exploration returns while maintaining adequate working capital for ongoing operations. The company's approach to funding includes strategic use of equity markets, potential partnership structures, and optimization of exploration expenditures to achieve maximum geological value.

ATHA Energy represents a compelling investment opportunity in the uranium exploration sector, combining extensive high-quality land positions with experienced management and systematic exploration execution. The company's flagship Angilak Project offers near-term catalyst potential through ongoing exploration programs, while the broader portfolio provides leverage to multiple discovery opportunities across Canada's premier uranium districts.

The recent success in achieving 100% drill hit rates and discovering new mineralized zones demonstrates the quality of ATHA's geological understanding and target generation capabilities. With fully funded exploration programs and multiple avenues for value creation, the company is well-positioned to benefit from favorable uranium market conditions and growing recognition of nuclear power's role in clean energy transition.

ATHA's combination of historical resources, exploration targets, carried interest positions, and extensive land holdings creates multiple pathways for value realization through organic discovery success, strategic partnerships, or industry consolidation. The company's focus on established uranium districts with proven geological potential reduces exploration risk while maintaining exposure to significant discovery upside.

For investors seeking exposure to Canadian uranium exploration with a foundation of historic resource estimates, ongoing discovery potential, and experienced management, ATHA Energy offers a diversified platform with multiple catalysts for value creation in the current uranium cycle.