ATHA Energy: Canada's Premier Uranium Explorer Positioned for Growth

• ATHA Energy holds over 7 million acres across Canada's top uranium jurisdictions, representing the largest uranium exploration portfolio in the country
• The Angilak Project features a 31km mineralized trend with the Lac 50 Deposit and multiple new discoveries, including the Mineralized RIB Corridor discovered in 2025
• Completed one of Canada's largest uranium exploration programs in 2024 with over 10,000 meters of drilling, with a fully funded 10,000m summer 2025 drill program targeting global-scale uranium potential
• Maintains 10% carried interest positions with NexGen Energy and IsoEnergy on key Athabasca Basin properties, providing upside exposure to major development projects
• Management team combines uranium mine operations, resource growth, and exploration expertise from Cameco, NexGen Energy, IsoEnergy, and Mega Uranium

ATHA Energy Corp. (TSXV: SASK, FRA: X5U, OTCQB: SASKF) has established itself as Canada's premier uranium exploration company through strategic land accumulation and systematic exploration across the country's most prolific uranium districts. With a market capitalization of C$199 million and an enterprise value of C$189 million as of November 28, 2025, the company trades at a significant discount to uranium developers while maintaining one of the industry's most comprehensive exploration portfolios.

The company's flagship Angilak Project in Nunavut's Angikuni Basin hosts the Lac 50 Deposit and has demonstrated district-scale potential with uranium mineralization confirmed across a 31-kilometer structural corridor. ATHA's strategic approach centers on maintaining the largest uranium exploration land package in Canada while executing exploration programs designed to unlock globally significant uranium resources.

ATHA's portfolio spans 3.8 million acres in the Athabasca Basin, 3.1 million acres in Nunavut's Thelon and Angikuni basins, and 268,000 acres in Newfoundland and Labrador's Central Mineral Belt. This diversified geographic exposure provides multiple vectors for uranium discovery across Canada's premier uranium jurisdictions.

Key Development: Angilak Project District-Scale Potential

The Angilak Project represents ATHA's flagship asset and demonstrates the company's ability to advance early-stage exploration targets into significant uranium discoveries. The project has been subject to over $115 million in historical investment since 1975, validating the geological potential of the region.

ATHA's 2024 exploration program at Angilak delivered exceptional results, with 25 diamond drill holes totaling approximately 10,051 meters successfully expanding the Lac 50 Deposit footprint and identifying parallel mineralized structures. All 12 holes targeting the existing deposit intersected uranium mineralization beyond the established model, while all 13 holes testing parallel structures discovered new uranium mineralization lenses.

The company's 2025 exploration work has resulted in five additional discoveries along the RIB-Nine Iron trend, including the significant Mineralized RIB Corridor. This discovery demonstrates uranium mineralization across a 12-kilometer strike length, with high-grade intersections including 12.0 meters at 0.125% uranium and individual intervals reaching 8.160% uranium over 0.5 meters.

Strategic Significance in the Current Uranium Market

ATHA Energy's positioning aligns favorably with the structural uranium market dynamics driving investment interest in the sector. Current uranium spot prices have traded between $63 and $83 per pound throughout 2025, with Cameco reporting an end-of-September spot price of $82.63 per pound, marking the year's high (World Nuclear Association, 2025). Long-term contracting prices have risen from $80 to $86 per pound during 2025, indicating sustained demand at elevated price levels.

Global uranium demand fundamentals continue strengthening as nuclear capacity expansion accelerates. The World Nuclear Association's 2025 Nuclear Fuel Report projects uranium demand rising from approximately 68,920 tonnes in 2025 to over 150,000 tonnes by 2040 in the reference scenario, with the upper scenario reaching 204,000 tonnes. This represents more than doubling demand over 15 years as nuclear capacity grows from 398 GWe currently to 746 GWe by 2040.

Canada's uranium jurisdictions offer distinct advantages for exploration and development activities. The Athabasca Basin produces the world's highest-grade uranium deposits, with Canadian mines averaging 16.36% U3O8 compared to 2.64% in Niger, 0.75% in Kazakhstan, 0.06% in Australia, and 0.05% in Namibia (World Nuclear Association). Saskatchewan ranks seventh globally for mining investment attractiveness, providing a stable regulatory environment for resource development.

Current Market Dynamics & Supply Constraints

The uranium market experienced significant supply tightening in 2025 as major producers reduced output. Cameco cut its McArthur River production guidance from 18 million pounds to 14-15 million pounds U3O8 for 2025, representing approximately a 22% decrease due to development delays and slower-than-expected ground freezing. Kazatomprom, the world's largest uranium producer responsible for over 40% of global production, reduced its 2025 production forecast by 5,000 tonnes uranium due to sulphuric acid supply uncertainties.

These production cuts come as mine supply currently accounts for 90% of uranium demand, with secondary sources comprising only 10% (World Nuclear Association). The 2025 edition of the World Nuclear Association Nuclear Fuel Report estimated total inventories end-2024 of 42,000 tonnes uranium in the USA, 40,000 tonnes in the European Union, and 65,000 tonnes in East Asia, highlighting the diminishing role of secondary supplies.

With existing mines expected to plateau or decline in the 2030s, timely investment in exploration and development becomes critical. Top producing mines face depletion in the middle of the next decade, creating opportunities for companies like ATHA with advanced exploration projects in premier uranium districts.

Management & Technical Expertise

ATHA Energy's leadership team combines extensive uranium industry experience with proven track records in exploration, development, and mine operations. Chief Executive Officer Troy Boisjoli brings operational experience from NexGen Energy, while Vice President of Exploration Cliff Revering contributes technical expertise from Cameco and Orono. Senior Vice President of Business Development Ryan Gaffney adds strategic transaction experience, while Chief Financial Officer Rhéal Assié provides financial oversight.

The company's technical approach emphasizes systematic exploration methodologies proven effective in Canada's uranium districts. All technical information is reviewed by qualified person Cliff Revering, P.Eng., meeting National Instrument 43-101 standards. The board includes uranium industry veterans with experience across the full development spectrum, including Chairman Mike Castanho and directors with backgrounds at major uranium companies.

Financial Position & Advanced Targets Portfolio

ATHA Energy maintains a solid financial foundation with 316.5 million basic shares outstanding trading at C$0.63 as of November 28, 2025. The company benefits from comprehensive analyst coverage from Hannam&Partners, Beacon Securities, Canaccord Genuity, Red Cloud, and Paradigm Capital, providing institutional awareness and liquidity support.

Beyond the flagship Angilak Project, ATHA maintains a diversified portfolio of advanced targets across Canada's premier uranium districts. In the Athabasca Basin, the company holds 3.8 million acres including drill-ready projects at Gemini, Ridge, Pinnacle/Wares, and Zenith. These targets have been systematically de-risked through geophysical surveys and historical drilling.

ATHA's carried interest positions with NexGen Energy and IsoEnergy provide additional exposure to active exploration programs on premier Athabasca Basin properties. These partnerships offer upside leverage to discovery success without exploration costs, located among the Basin's most actively developed areas with significant infrastructure in place.

Investment Thesis for ATHA Energy

• Accumulate positions in district-scale uranium explorers with proven management teams before major resource discoveries drive valuations higher
• Focus on companies with dominant land positions in premier uranium districts, as consolidation opportunities become increasingly limited
• Target exploration companies with multiple discovery vectors across different geological environments to maximize success probability
• Consider carried interest exposure to major developers as a low-risk method to gain upside participation in advanced uranium projects
• Prioritize companies with fully funded exploration programs that can advance projects without immediate dilution requirements
• Diversify into both flagship project development and generative exploration to balance near-term catalysts with long-term discovery potential

ATHA Energy represents a compelling investment opportunity for investors seeking exposure to Canada's uranium exploration sector through a company with district-scale potential, experienced management, and systematic exploration approach. The company's dominant land position across multiple uranium districts provides diversified exposure to discovery opportunities while the flagship Angilak Project offers near-term catalysts through active drilling programs.

The uranium market's structural supply deficit, evidenced by production cuts from major producers Cameco and Kazatomprom, supports increased investment in exploration and development activities. Current uranium spot prices between $63-83 per pound, combined with rising long-term contract prices reaching $86 per pound, create favorable conditions for uranium exploration companies with advanced projects.

ATHA's positioning across the Athabasca Basin, Angikuni Basin, and Central Mineral Belt provides comprehensive exposure to Canada's most prospective uranium regions while maintaining carried interest positions that offer additional upside leverage. Investors should monitor ATHA's 2025 exploration results from the Angilak Project as potential catalysts for significant revaluation, particularly given the tightening global uranium supply-demand fundamentals and accelerating nuclear capacity expansion worldwide.

TL;DR

ATHA Energy is Canada's largest uranium exploration company by land position, with over 7 million acres across premier uranium districts. The flagship Angilak Project has demonstrated district-scale potential with uranium mineralization across a 31km trend, while strategic partnerships with NexGen Energy and IsoEnergy provide additional upside exposure. The company completed one of Canada's largest uranium exploration programs in 2024 and has a fully funded 10,000m drilling program planned for summer 2025.

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