92 Energy Fast-Tracks Flagship Project, With C$64M War Chest Through Three-Way Canada Uranium Merger

• 92 Energy is merging with Atha Energy and Latitude Uranium in a three-way deal, subject to shareholder approval
• The merger provides 92 Energy shareholders with a significant 78% premium
• Combined entity will have C$64M in cash to expedite exploration at key projects like Gemini
• The newco will have a large, 7M+ acre land package for uranium exploration in Canada
• Management teams of 92 Energy and Atha bring complementary skillsets in technical geology and finance/M&A

Australian explorer 92 Energy has announced plans to merge with Canadian uranium juniors Atha Energy and Latitude Uranium in an all-scrip deal that values 92 Energy at a 78% premium to its last traded price before the announcement. The merger is subject to shareholder and regulatory approvals over the next couple of months, will create a new combined entity focused on uranium exploration in Canada’s Athabasca Basin, home to the world’s highest-grade uranium mines.

To find more about the merger, click here for 92 Energy's presentation.

The rationale behind the merger is to consolidate land packages and teams to aggressively explore 92 Energy's flagship Gemini project in the western Athabasca Basin and Latitude Energy's Angilak project in Nunavut. As 92 Energy CEO Siobhan Lancaster explained: “This gives us that ability to hopefully get the full value of the Gemini project and explore along that 14-kilometre trend that we've been very keen to explore for a long time now.” The merger provides 92 Energy shareholders with an immediate premium, while allowing the company to leverage Atha’s stronger balance sheet during a rising uranium market. The benefits of the deal are apparent.

Assessing the Merits of the Merger

The merger brings together complementary assets and skillsets that potentially accelerate exploration efforts compared to the pre-merger status quo:

• Financial Firepower: Atha Energy has $64 million cash to fund exploration campaigns
• Asset Consolidation: Combined land package totals 7M+ acres spanning Athabasca and Thelon basins
• Technical Expertise: Atha CEO, Troy Boisjoli, previously headed exploration at NexGen’s Arrow deposit and uranium mining at Cameco’s Rabbit Lake operation. Lancaster brings experience from Extract Resources’ Husab mine development‍
• M&A/Finance Experience: Lancaster has strong background in mining M&A and corporate finance to support future growth initiatives

Priority Projects

The strategy will focus on 4 main areas:

1. Expanding Latitude's 42M lb Angilak uranium deposit
2. Additional exploration along Gemini’s 14km mineralized trend
3. Prospect generation through geophysics across the full land package
4. Farm-out deals on non-core targets to advance third-party exploration

Of these, Gemini will be the flagship exploration focus in the near term. Located just west of the prolific Athabasca Basin, Gemini shares some geological similarities with Cameco's past-producing Rabbit Lake mine where Boisjoli previously managed operations. Recent promising drilling by 92 Energy also revealed a new parallel structure to the known deposit, opening up the potential for further expansion.

Key Reasons to Consider Approving or Investing in the Merged Entity

• Increased prospects of exploration success at the Gemini project leveraging Atha's cash position
• Additional near-term catalysts from preliminary drilling at Latitude's Angilak deposit
• Exposure to the rising uranium market through de-risked assets consolidated from three entities
• Proven technical and finance leadership to navigate the next stage of accelerated growth
• Farm-out deals can organically fund early exploration across a huge land package
• Active prospect generation provides a pipeline of projects for potential JV or spin-out

Conclusion

The proposed three-way merger consolidates uranium assets spanning exploration to the preliminary feasibility stage under unified leadership with the capability and access to capital to fully evaluate the properties during an accelerating bull market in uranium. The immediate premium offered to 92 Energy shareholders provides some de-risking, while investors also gain leverage to potential exploration upside from transferring promising projects like Gemini into better-funded hands.

The proposed merger allows 92 Energy to accelerate exploration plans at Gemini and fully capitalize on its potential. Meanwhile, Atha Energy gains high-potential projects, while Latitude Uranium can see quicker development progress at its Angilak deposit. The combined entity creates a new platform to consolidate and advance uranium projects in Canada's premier Athabasca Basin at an optimal time in the uranium investment cycle. Shareholder votes in the coming months will determine whether the complementary assets, leadership and timing unite to form this promising new player in Canadian uranium exploration.