ATHA Energy - Advanced Uranium Portfolio Rewarding Investors

• The Angilak project, located in Nunavut, is ATHA Energy's primary focus, with resource growth potential from 43 Mlbs to an upper target of 98 Mlbs.
• ATHA Energy holds over 8.5 million acres across Canada’s top uranium jurisdictions, including the Athabasca and Thelon Basins'.
• The team’s uranium expertise spans exploration, resource development, and operations, honed at industry giants like Cameco and NexGen.
• A 70-30 split prioritizes resource growth at Angilak while funding early-stage exploration and discovery.
• Strategically positioned to capitalize on a generational uranium market, driven by contracting cycles and scarce supply.

Positioning for a Generational Opportunity

ATHA Energy, a Canadian uranium exploration company, is leveraging its significant landholdings and technical expertise to create shareholder value amid one of the most favorable uranium markets in recent history. With over 8.5 million acres across prolific uranium regions and a team deeply experienced in advancing projects, ATHA is methodically progressing its portfolio, focusing primarily on the Angilak project.

The backdrop for this growth is the tightening uranium supply-demand dynamics. As contracting cycles intensify and new nuclear projects come online globally, ATHA’s emphasis on scalable resources, efficient capital allocation, and market timing aligns with long-term investor interests.

Flagship Project: Angilak’s Significant Growth Potential

Angilak, ATHA’s most advanced project, is located in Nunavut’s Thelon Basin. With a historical resource of 43 million pounds at 0.69% U₃O₈, the project offers significant upside, with an exploration envelope estimating potential growth up to 98 million pounds.

ATHA completed a 25-hole drill program spanning 10,000 meters this summer, yielding results that de-risked the project and validated its expansion potential. CEO Troy Boisjoli noted:

“We stepped out materially; all of the holes were mineralized. We’ve captured and contextualized that within an exploration target that demonstrates the near-term scale potential.”

One key differentiator is Angilak’s location. Unlike some deep underground uranium deposits, Angilak's mineralization begins at or near the surface, enhancing its development potential.

"At Angilak, [the resource] comes right to surface—it’s sub-cropping," explained Boisjoli, highlighting a development advantage over competitors.

Moreover, the project sits within an established mining jurisdiction, Nunavut, where 47% of GDP is mining-related. Existing infrastructure and supply chains, bolstered by nearby Agnico Eagle mines, lower the perceived risk of operating in this remote region.

Interview with Chief Executive Officer, Troy Boisjoli

Leadership: Deep Expertise in Uranium Development

ATHA’s leadership team brings a wealth of experience from top-tier uranium companies. Boisjoli, who rose through Cameco to become Chief Geologist at Eagle Point Mine, likened Angilak to his former operation:

“That mine [Eagle Point] had a very similar profile to Angilak—70 million pounds remaining at 0.7%. We see parallels in size, scale, and geology.”

Additionally, Vice President of Exploration Cliff Revering previously served as Chief Geologist on Cameco’s Cigar Lake project, one of the world’s largest and highest-grade uranium deposits. The team’s combined expertise spans early-stage exploration through to operational development, providing investors confidence in ATHA’s ability to unlock value.

Capital Allocation: A Disciplined Approach

ATHA’s capital strategy balances short-term resource growth with long-term exploration. The company allocates 70% of its budget to advancing Angilak while reserving 30% for earlier-stage assets like Gemini and other generative opportunities. Boisjoli states:

“We’ve de-risked Angilak with a focus on resource growth and material expansion.”

This systematic approach ensures ATHA can advance its flagship asset while maintaining a pipeline of discovery-stage projects, mitigating the risk of relying solely on one resource.

Beyond Angilak: Gemini & Generative Exploration

ATHA’s Gemini project in Saskatchewan’s Athabasca Basin represents its most advanced discovery-stage asset. The company will release assay results from its recent drill campaign in Q1 2025. Additionally, ATHA continues to invest in its vast generative portfolio, which spans early-stage greenfield projects with high discovery potential. Boisjoli remarked:

“Our investment in pulling up generative portfolio projects and maturing them into a large-scale pipeline of exploration opportunities continues to chug forward.”

This approach ensures ATHA’s portfolio remains diversified and offers multiple opportunities for long-term value creation.

Strategic Timing in a Favorable Market

ATHA’s approach is underpinned by its recognition of a generational uranium market opportunity. Long-term contracting cycles, which historically drive price increases, are now in full swing. Boisjoli contextualized the moment:

“We’re entering a long-term contracting cycle similar to 2006, when demand significantly outpaced supply and created upward pressure on uranium prices.”

Adding to the bullish outlook is the scarcity of advanced uranium projects globally. Recent supply-side challenges, such as Paladin and Peninsula missing production targets, further highlight the need for new resources. ATHA’s timing aligns with these dynamics, ensuring its projects can meet future demand.

Navigating Challenges: The Nunavut Context

Operating in remote regions like Nunavut requires careful planning, yet ATHA views this as an opportunity. Existing supply chains and the area’s mining-friendly policies reduce operational hurdles. ATHA also emphasizes community engagement, respecting Indigenous rights while building relationships that support project development.

“Our agreement in place allows us to move forward systematically.”

This proactive approach mitigates jurisdictional risks, ensuring progress aligns with both regulatory and community expectations.

The Investment Thesis for ATHA Energy

• Resource Expansion: Angilak offers near-term resource growth to 98 million pounds, with further exploration potential.
• Experienced Leadership: The team’s track record includes scaling world-class uranium assets like Cigar Lake and Arrow.
• Strategic Timing: ATHA is poised to benefit from a tightening uranium market and contracting cycle.
• Balanced Portfolio: A disciplined capital strategy supports resource growth and long-term exploration.
• Market Dynamics: Stable Canadian jurisdiction and growing demand for nuclear energy enhance ATHA’s attractiveness.

ATHA Energy represents a compelling investment opportunity in a uranium market characterized by growing demand and scarce supply. The company’s flagship Angilak project, significant landholdings, and disciplined execution position it to deliver substantial shareholder value. With experienced leadership and strategic market timing, ATHA is well-equipped to capitalize on the next wave of uranium development.

Macro Thematic Analysis: Uranium’s Revival Points to Huge Gains

The uranium market is at an inflection point, driven by rising demand for nuclear energy and supply-side constraints. Long-term contracting cycles are accelerating, with utilities scrambling to secure uranium amid tightening inventories. Production delays at Paladin and Peninsula underscore supply-side fragility, further amplifying the urgency. Boisjoli states:

“This is a generational uranium opportunity with a scarcity of scalable projects in stable jurisdictions.”

As global nuclear capacity expands—particularly in Asia and North America—the market's bifurcation underscores the importance of Canadian resources, which align with Western demand for secure, ESG-compliant uranium.

ATHA Energy is positioned to benefit from these dynamics. Its flagship Angilak project and expansive Canadian portfolio align with macro trends, offering both scalability and stability.