ATHA Energy - Unlocking the Uranium Opportunity

• ATHA Energy sees the current uranium market as historically bullish, driven by growing demand, shrinking supply, and strong public and financial support for nuclear energy
• ATHA has rapidly grown into the largest uranium exploration company in North America, with a portfolio of projects across the Athabasca Basin, Thelon Basin, and Central Mineral Belt
• ATHA's key projects include the advanced-stage Angikuni Lake deposit (43M lbs at 0.69% U3O8), the Gemini discovery, and extensive land positions in highly prospective uranium districts
• ATHA is well-funded with ~$60M, has a strong technical team with experience exploring and developing tier-one uranium assets, and is pursuing an aggressive exploration and growth strategy
• Near-term catalysts for ATHA include drill results from Angikuni and Gemini, which could lead to significant resource growth and discovery

The global push towards decarbonization has reignited interest in nuclear power as a clean, reliable baseload energy source. This is driving a resurgence in the uranium market, with prices rebounding from multi-year lows. Investors seeking exposure to this megatrend should consider companies like ATHA Energy Corp (ATHA), which offer significant upside potential through their robust project portfolios, experienced teams, and well-timed growth strategies.

The Bullish Case for Uranium

Uranium serves as the key fuel for nuclear reactors, making it essential for nuclear power generation. The fundamentals for uranium are the strongest they've been in over a decade:

• Demand is surging as countries seek to decarbonize their electricity grids. There are 59 new reactors under construction globally.
• Public and government support for nuclear energy is at all-time highs. Financial giants like Blackrock are launching major nuclear investment funds.
• Supply is diminishing as years of low prices have curtailed production. Over 50% of uranium supply comes from regions with elevated geopolitical risk.
• Utilities are returning to long-term contracting to secure uranium supply. Uncovered demand in coming years exceeds available production.

ATHA Energy CEO Troy Boisjoli sums up the opportunity:

"The fundamental driver is momentum to decarbonize the electrical grid. That's tied into increasing energy security, but also a pronounced shift in public perception and support for nuclear...it's very early days in terms of that demand buildup."

He sees the current setup as even more compelling than the last uranium bull market in 2005-2007 when prices spiked 14-fold to $138/lb:

"This cycle is analogous to the initial adoption of civil nuclear energy from 1965-1980. The big difference is supply is significantly reduced...we have demand security and supply uncertainty."

ATHA's Dominant Position in North American Uranium Exploration

ATHA Energy has rapidly assembled the largest portfolio of uranium exploration projects in North America. This provides exposure to rising uranium prices across a range of potential discovery and development scenarios. ATHA's portfolio spans the three most prospective uranium jurisdictions in Canada:

• Athabasca Basin: The world's highest-grade uranium district. ATHA has amassed over 4.5M acres, the largest land position in the basin.
• Thelon Basin: An underexplored region with geological similarities to the Athabasca. ATHA controls 3M acres.
• Central Mineral Belt: Home to the 127M lb Michelin deposit. ATHA's land surrounds this on all sides.

Beyond exploration, ATHA holds a 10% carried interest in the massive project portfolio of industry leader NexGen Energy. This provides additional discovery upside at no cost to ATHA.

High-Grade Resources & Blockbuster Discovery Potential

ATHA's flagship asset is the advanced-stage Angikuni Lake project in Labrador. It hosts a historic resource of 43M lbs at an impressive grade of 0.69% U3O8. This makes it one of the largest and highest-grade uranium deposits in Canada outside the Athabasca Basin.

Recent drilling has expanded mineralization and confirmed the potential for significant resource growth. CEO Troy Boisjoli commented:

"The foundational profile is very attractive. 43M lbs at 0.69% U3O8...that's about 16 lbs per ton. At modern long-term pricing around $80/lb, we like what this means for the in-situ value and economics."

ATHA is also advancing the Gemini discovery in the eastern Athabasca. Multiple mineralized zones have been intersected along a 4km untested trend that bears similarities to the prolific Rabbit Lake corridor. This provides exposure to potential Tier-1 discovery upside.

Well-Funded to Execute with a Best-in-Class Team

ATHA is well-capitalized to aggressively advance its portfolio. The company raised $55M in 2023 and currently has ~$60M in cash. This fully funds the $30M 2024 exploration program.

The ATHA team is purpose-built for uranium exploration and development success:

• CEO Troy Boisjoli is a geologist who was instrumental in discovering and advancing NexGen's world-class Arrow deposit
• VP Exploration Cliff Revering is a uranium veteran who was Chief Geologist for the start-up of Cameco's Cigar Lake mine
• The board includes experienced mining executives and financiers like Philip Williams (CEO of IsoEnergy) and Sean Kallir (CEO of HGC Investment Management).

ATHA's depth of technical uranium experience is a key differentiator in identifying and extracting value from its vast project portfolio.

The Investment Thesis for ATHA Energy

• Exposure to the strongest uranium fundamentals in a generation via the dominant land position in North America
• 43M lbs of high-grade resources at Angikuni with potential for significant near-term growth
• World-class discovery potential at Gemini and across the 7.5M acre exploration portfolio
• Proven management team with experience finding and advancing Tier-1 uranium assets
• Well-capitalized with $60M to aggressively explore and create value
• Multiple near-term catalysts: Drill results from Angikuni and Gemini, and resource updates

ATHA Energy provides a compelling investment opportunity in the resurgent uranium sector. The company has quickly established itself as a dominant player in North American uranium exploration, with an unparalleled project portfolio and top-tier management team. ATHA is well-positioned to create value through resource expansion and discovery as uranium prices rise in response to looming supply deficits and the global push to decarbonize. With $60M in cash to aggressively advance its projects, ATHA offers significant upside potential for investors at its current valuation. Drill results from flagship projects Angikuni and Gemini are near-term catalysts that could drive substantial share price appreciation.

Macro Uranium Opportunity in Focus

The uranium market is in the early innings of a supply-driven bull market. Demand is surging as the world embraces nuclear power to meet climate goals and bolster energy security. The Ukraine conflict and unrest in producing countries like Kazakhstan and Niger have added to supply risks and the geopolitical importance of North American uranium projects.

On the demand side, major institutional investors like Blackrock are launching multi-billion dollar funds to finance new nuclear buildout. Deep-pocketed ESG investors are also embracing nuclear as evidenced by Microsoft's recent power purchase agreement from a small modular reactor project.

But perhaps the most compelling development is the emergence of an entirely new demand vertical: powering energy-intensive applications like artificial intelligence and blockchain computing. ATHA Energy CEO Troy Boisjoli highlighted the potential impact:

"The optionality here is unlike anything discussed in the macro uranium thesis to date. It was not included in any demand projections...The difference with AI is the customers. Tech companies operate on a different timeline. They need energy security now as AI scales. That's a key catalyst to drive the adoption of small modular reactors in the near-term. It's in addition to the unprecedented demand growth already in motion."

The confluence of surging demand, accelerating supply disruptions, and game-changing new applications has created a perfect storm for uranium prices. The setup is even more bullish than the 2005-2007 uranium boom.

With its unrivaled project portfolio and proven management team, ATHA Energy is one of the most compelling ways for investors to gain exposure to the next leg of the uranium bull market.