3 Pending Disclosures Measure More of ATHA's 3.4-Kilometer Season

• ATHA's concluded 2026 program connected the RIB North and RIB East discoveries over 3.4 kilometers (km) of strike on the Eastern Limb.
• A higher-grade, thicker sub-zone measures about 300 meters (m) along-strike and 300 m down-dip, and is open and unconstrained.
• ATHA has submitted assay samples to the Saskatchewan Research Council laboratories.
• As of October 7, 2026, ATHA planned further results from the Lac 50 Deposit Corridor, where about 24% of the Lac 50 Deposit Model has been tested.
• ATHA plans a delineation phase in 2027 and has carried a C$63 million raise from the first quarter of 2026 into a 24-month runway.

Where the 2026 Angilak Program Ended

ATHA Energy (TSXV: SASK | FRA: X5U | OTCQX: SASKF) has concluded its 2026 Angilak Exploration Program at the 100%-owned Angilak Uranium Project in Nunavut. The drilling  connected the RIB North and RIB East discoveries and expanded mineralized strike length on the Eastern Limb of the Mineralized RIB Corridor from 1.45 kilometers (km) to 3.4 km. ATHA completed 23 diamond drill holes along the corridor, and 21 of them intersected uranium mineralization, including all 7 of the final holes reported on October 7, 2026. A hole about 1.2 km northeast of the 2025 discovery hole intersected 5.5 meters (m) of total composite uranium mineralization, the combined length of its mineralized intervals, over 6 zones. The hole is at the northeastern extent of the tested Eastern Limb, and the corridor remains open for potential further step-outs to the northeast.

Chief Executive Officer of ATHA Energy, Troy Boisjoli, measures the season by the strike it added to a single discovery: 

"And over the course of 1 year, 1 drill program, we outlined 3.4 km of continuous uranium mineralization based off a discovery that was made in 2025."

The 18 km corridor dates from 2025, when drilling made 4 discoveries, RIB North, East, West, and South, across 12 km of strike with a 100% hit rate on all holes drilled. Holes across RIB North are now spaced 150 to 300 m apart. On the Western Limb, a secondary horizon has been traced over about 220 m. Early indications are that it may connect with the RIB West Discovery, for a possible strike length of about 3.0 km.

Every 2026 width behind these figures is a preliminary downhole probe reading of core width, and true thickness is yet to be determined. Angilak has no current mineral resource. On October 7, ATHA reported assay samples submitted to the laboratory and planned 2 further releases: Lac 50 Deposit Corridor results and documentation of its orogenic model. With those releases, investors can measure more of the 2026 season before delineation in 2027. 

Assays on the Eastern Limb Sub-Zone

The 2026 holes outlined the higher-grade sub-zone near the discovery hole, with about 300 m of strike length and 300 m of down-dip extent. Holes in the sub-zone intersected similar thicknesses, apparent grades, and multiple stacked mineralized structures. The sub-zone and the whole Eastern Limb are open and unconstrained. A hole about 250 m northeast of the discovery hole intersected 19.5 m of total composite uranium mineralization over 14 zones between 180.0 m and 777.5 m downhole, including 2.0 m of high-grade mineralization. 

The 5 holes listed in the sub-zone returned total composite mineralization of 34.7 m, 37.5 m, 17.5 m, 20.0 m, and 19.5 m. Only the 34.7 m figure, from the discovery hole, is based on assays. The other 4 are preliminary radioactivity results. In the discovery hole, assays break the composite into intervals that include 13.6 m grading 0.533% uranium from a depth of 426.3 m, with 1.1 m at 4.814% and 0.5 m at 8.160% within it.

Assay samples have been submitted to the Saskatchewan Research Council's Geoanalytical Laboratories in Saskatoon, an ISO/IEC 17025:2005 accredited facility. The laboratory measures uranium by fluorimetry, a method that reads uranium content from the light a sample emits. Based on assays from 2024 and 2025, ATHA lowered its threshold for  reporting mineralization from more than 500 to more than 300 counts per second, the radiation reading a downhole probe records, over 0.1 m. Readings above 300 counts per second typically return grades above 0.01% U3O8, and ATHA classifies readings above 10,000 counts per second as high-grade. With the pending results, the sub-zone will have its first grade data beyond the discovery hole. 

Lac 50 Deposit Corridor Results

As of October 7, 2026, ATHA planned to release additional preliminary results from holes completed along the Lac 50 Deposit Corridor, including the Lac 50 NW Discovery area. The corridor runs 21 km, hosts the Lac 50 Deposit, and is open along-strike and at depth, with only about 24% of the Lac 50 Deposit Model tested to date. A 2026 step-out hole 4 km along-strike from the Lac 50 Deposit area intersected 11.5 m of composite uranium mineralization, including 1.6 m of near-continuous high-grade. The 2026 drill hole list includes 2 holes at the Lac 50 NW target. In 2024, drilling around the deposit returned a 100% hit rate, identified 3 new parallel trends, and returned grades up to 5.85% U3O8. 

The conceptual exploration target for the Lac 50 Exploration Target Model is 60.8 million to 98.2 million pounds, at an average grade range of 0.37% to 0.48%. The quantity and grade are conceptual; exploration has been insufficient to define a mineral resource, and it is uncertain whether further exploration will delineate the target as one. Work in 2025 expanded the J4/Ray Zone beyond the Exploration Target Model area, with grades up to 1.47% U3O8. Mushroom Lake was drill-tested at depth for the first time, intersecting mineralization over 1 km of strike length.   

Boisjoli ranks the newer corridor against the deposit area on current data:

"The RIB area, from the data we have in hand today, looks significantly larger than the Lac 50 area."

The pending Lac 50 release adds 2026 drilling results from the corridor around the deposit to that comparison. Investors will then have further 2026 drill data from the Lac 50 corridor to set beside the RIB results ahead of the 2027 delineation phase. 

Documentation of the Orogenic Model 

ATHA is working with subject-matter experts to interpret the uranium deposits within the Angilak Uranium Project area as resulting from an Orogenic Uranium-Rich Deposit Model. Orogenic refers to the mountain-building processes that form deep fault systems in the Earth's crust. The plumbing systems and discovery potential along orogenic belts are well documented within the gold sector. The Angikuni Basin is 100% owned by ATHA and has only recently been explored for uranium.     

As of October 7, 2026, ATHA planned to document the foundation for this interpretation. The 2026 program provided geological insights into the mineralizing system and the rock-type and structural controls on uranium mineralization across the Angikuni Basin. Those insights guide ATHA's drilling and broader exploration strategy and help the company prioritize target areas.   

The model documentation addresses interpretation, while the assays and the Lac 50 results add measurement. With its publication, investors have the written technical foundation for the framework ATHA applies to Angilak's mineralization. 

Sequencing Into 2027 Delineation   

ATHA's next phase at Angilak, planned for 2027, is a delineation phase. The company raised C$63 million in the first quarter of 2026 to scale up its work at Angilak and carried the raise into a 24-month runway. ATHA is capitalized for multiple years of exploration at scale. As of October 5, 2026, ATHA had 353.1 million basic shares outstanding at a share price of C$1.01, for a basic market capitalization of C$357.0 million and an enterprise value of C$349.5 million.

For Boisjoli, 3 years of drilling outside the known deposit have yet to produce a miss:

"We've drilled now over 40,000 m, have not drilled a single drill hole into the known deposit, and we haven't missed yet."

The 2026 program has concluded, and none of the 3 disclosures depends on new drilling. The assays come from samples already in the laboratory; the Lac 50 results come from holes already completed; and the orogenic model documentation writes up an interpretation already in progress. Investors can mark each release against the published 3.4 km Eastern Limb record and the 21 km Lac 50 corridor, with funding in place through the 24-month runway, before the delineation phase starts in 2027.  

The Investment Thesis for ATHA Energy 

• ATHA's concluded 2026 program connected the RIB North and RIB East discoveries over 3.4 kilometers of strike on the Eastern Limb.
• Only the discovery hole in the higher-grade sub-zone has assay-based widths, and ATHA has submitted assay samples to the Saskatchewan Research Council laboratories.  
• Further Lac 50 Deposit Corridor results were planned as of October 7, 2026, on a 21-kilometer corridor with about 24% of the Lac 50 Deposit Model tested.
• ATHA planned to document the foundation for its Orogenic Uranium-Rich Deposit Model interpretation as of October 7, 2026.  
• ATHA plans a delineation phase in 2027 and carried the C$63 million it raised in the first quarter of 2026 into a 24-month runway. 

The 3 pending disclosures come from assay samples already at the laboratory, Lac 50 holes already completed, and an interpretation ATHA is already developing with subject-matter experts; none requires new drilling. Together they add laboratory grades, a second corridor's results, and a documented geological framework to a 3.4-kilometer record built so far on preliminary probe readings, ahead of the 2027 delineation phase. 

TL;DR

ATHA Energy's 2026 Angilak program closed with 3.4 km of uranium continuity on the Eastern Limb and an open higher-grade sub-zone about 300 m by 300 m. Three disclosures are still pending: assays from samples ATHA submitted to the laboratory, and the Lac 50 Deposit Corridor results and orogenic model documentation it planned as of October 7, 2026. Each comes from work completed or underway, and together they set the measured base ATHA takes into delineation in 2027, with a C$63 million raise carried into a 24-month runway. 

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