ATHA Energy Announces Second Amendment to Royalty Agreement with the New Saskatchewan Syndicate

ATHA Energy Corp. has entered into a second amending agreement with the New Saskatchewan Syndicate (NSS), an unincorporated joint venture, amending a royalty and participation agreement dated March 30, 2023, as previously amended by a December 6, 2023 letter. Under the Second Amending Agreement, ATHA can, at its sole discretion, abandon, relinquish, terminate or not renew properties relating to the NSS agreement, with NSS waiving its rights in respect of any such Relinquished Property. In consideration of this waiver, ATHA has agreed to issue 1,000,000 common shares and 1,000,000 common share purchase warrants to NSS, subject to approval by the TSX Venture Exchange (TSXV), with each warrant exercisable at $1.05 for a period of 5 years from the date of issuance. The agreement forms part of the Company's wider long-term greenfields exploration portfolio strategy and is separate from ATHA's 100%-owned Angilak Uranium Project in Nunavut.

Company Overview

ATHA Energy Corp. (TSX.V: SASK | FRA: X5U | OTCQX: SASKF) is a Canadian mineral company engaged in the acquisition, exploration and development of uranium assets in the pursuit of a clean energy future. The Company holds a strategically balanced portfolio, including 3 100%-owned post-discovery uranium projects: the Angilak Project in Nunavut, CMB Discoveries in Labrador, and the newly discovered basement-hosted GMZ high-grade uranium discovery in the Athabasca Basin. ATHA also holds the largest cumulative prospective exploration land package, in excess of 7 million acres, across 2 of the world's most prominent basins for uranium discoveries. The Company also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd.

The Second Amending Agreement

ATHA Energy announced on July 16, 2026, that, as part of the Company's wider long-term greenfields exploration portfolio strategy, designed to efficiently explore, discover and develop prospective projects, it has entered into the Second Amending Agreement with NSS. The agreement amends the royalty and participation agreement originally dated March 30, 2023, which was previously amended by a letter dated December 6, 2023.

The Company clarified that its Angilak Uranium Project, located in Nunavut, Canada, which is 100%-owned and operated by ATHA Energy, is neither directly nor indirectly related to the NSS properties, nor is it affected by the NSS agreements.

Relinquishment Rights & Consideration

Pursuant to the Second Amending Agreement, ATHA Energy, at its sole discretion, can abandon, relinquish, terminate or not renew properties relating to the NSS agreement, designated as the Relinquished Property. In turn, NSS has agreed to waive its rights in respect of any such Relinquished Property.

In consideration of this waiver, ATHA has agreed to issue NSS 1,000,000 Shares and 1,000,000 Warrants. Each Warrant will be exercisable to acquire one Share at an exercise price of $1.05, for a period of 5 years from the date of issuance. The issuance of the Shares and Warrants remains subject to receipt of approval from the TSX Venture Exchange (TSXV).

Next Steps

The Company's near-term milestone tied to this agreement is receipt of TSXV approval for the issuance of the 1,000,000 Shares and 1,000,000 Warrants to NSS. Once effective, the Second Amending Agreement gives ATHA Energy the flexibility to manage the NSS property package by relinquishing, abandoning, terminating or not renewing properties at its own discretion as part of its broader greenfields exploration portfolio strategy.