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

• ATHA Energy Corp holds Canada's largest uranium exploration portfolio with over 7 million acres across premier jurisdictions including the Athabasca Basin, Thelon Basin, and Central Mineral Belt
• The flagship Angilak Project features the Lac 50 Deposit with an exploration target of 60.8-98.2 million pounds of uranium at grades of 0.37-0.48% U3O8, plus five new discoveries along a 31km mineralized trend
• Strategic 10% carried interest positions in key NexGen Energy and IsoEnergy lands provide significant upside exposure to major development projects without dilution
• 2024 exploration program included over 16,000 meters of drilling across multiple projects, with a fully-funded 10,000-meter 2025 program targeting global-scale uranium potential
• Enterprise value of C$189 million presents compelling valuation compared to uranium sector peers, with experienced management team combining mine operations expertise and capital markets experience

As global energy security concerns intensify and nuclear power gains renewed momentum as a clean energy solution, uranium exploration companies are attracting unprecedented investor attention. ATHA Energy Corp (TSXV: SASK, OTCQB: SASKF) stands out as Canada's premier uranium exploration company, strategically positioned to capitalize on the current uranium cycle through its industry-leading land portfolio and aggressive exploration strategy.

The company's December 2025 corporate presentation reveals a compelling investment thesis built on district-scale potential, strategic partnerships, and a proven management team with deep uranium sector experience.

Company Overview: Dominant Multi-Basin Position

ATHA Energy has assembled the largest uranium exploration land package in Canada, encompassing over 7 million acres across three premier uranium jurisdictions. The portfolio includes 3.8 million acres in Saskatchewan's 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 dominant land position was carefully accumulated over more than 10 years by what the company describes as "the most successful uranium staking team in Canada." The strategic approach has resulted in a diversified portfolio spanning the exploration risk curve, from advanced discovery assets to early-stage generative targets, providing multiple pathways to value creation.

As ATHA CEO Troy Boisjoli stated:

"ATHA delivered one of the largest exploration programs in the uranium sector in 2024 over one of the most comprehensive uranium exploration portfolios in Canada and is positioned for growth through this uranium cycle."

The company's asset base includes the flagship Angilak Project in Nunavut, multiple post-discovery assets across the Athabasca Basin including the high-grade Gemini discovery, and valuable carried interest positions alongside major developers NexGen Energy and IsoEnergy. This comprehensive portfolio design ensures continuous catalysts across different project stages while maintaining exposure to Canada's highest-grade uranium districts.

Key Development: Angilak Project Shows District-Scale Potential

The crown jewel of ATHA Energy's portfolio is the 100%-owned Angilak Project in Nunavut's Angikuni Basin, which hosts some of the highest-grade uranium discoveries outside Saskatchewan's Athabasca Basin. The project has been the subject of over $115 million in historical investment since 1975, demonstrating its long-term strategic value.

ATHA's 2024 exploration program at Angilak achieved significant milestones, with 25 diamond drill holes totaling 10,051 meters expanding the Lac 50 Deposit footprint and discovering multiple new uranium zones. The company reports that all 12 holes targeting the existing deposit intersected uranium mineralization beyond the current model, while all 13 holes testing parallel structures intersected new uranium lenses.

The exploration success has resulted in an updated conceptual exploration target of 60.8 million to 98.2 million pounds of uranium at average grades ranging from 0.37% to 0.48% U3O8. This target is based on available diamond drill hole data and represents significant expansion potential from the previous resource model. The 2025 work program has already resulted in five additional discoveries, including the newly identified Mineralized RIB Corridor (MRC) that extends uranium mineralization across a 31-kilometer structural trend.

Strategic Significance: Carried Interest in Major Projects

ATHA Energy's strategic positioning extends beyond its direct-owned assets through valuable carried interest arrangements with two of the uranium sector's leading developers. The company holds a 10% carried interest in key land packages controlled by NexGen Energy (TSX: NXE) and IsoEnergy (TSX: ISO), providing significant upside exposure without ongoing funding obligations.

These carried interest positions are located in some of the Athabasca Basin's most actively developed areas, where substantial infrastructure is already in place. NexGen announced 30,000 meters of drilling in the region during 2024, while IsoEnergy continues advancing its high-grade discoveries. The strategic value of these positions lies in their proximity to world-class deposits including NexGen's Arrow deposit and IsoEnergy's Hurricane zone.

The carried interest structure provides ATHA Energy shareholders with leveraged exposure to exploration success on prime uranium lands without diluting the company's treasury or diverting management attention from its core assets. As these projects advance through the development curve, the carried interest positions could provide substantial returns on investment while requiring no additional capital commitments from ATHA.

Current Activities: Aggressive Exploration Strategy

ATHA Energy delivered one of the largest exploration programs in the Canadian uranium sector during 2024, demonstrating its commitment to aggressive value creation through drilling and discovery. The comprehensive program included over 10,000 meters of diamond drilling at Angilak, 6,100 meters of drilling across Athabasca Basin targets, and extensive geophysical surveys across multiple project areas.

The company's 2025 exploration strategy builds on these successes with a fully-funded 10,000-meter summer drilling program at Angilak targeting global-scale uranium potential. Advanced geophysical surveys have identified multiple high-priority zones within the Angikuni Basin that remain untested, providing a strong pipeline of drill-ready targets for the current program.

Beyond Angilak, ATHA continues advancing its portfolio of Athabasca Basin targets including the post-discovery Gemini project and advanced prospects at Ridge, Zenith, and Pinnacle/Wares. The systematic approach to portfolio advancement ensures continuous news flow and multiple opportunities for discovery across different geological environments and mineralization styles.

Management & Technical Expertise

ATHA Energy's management team combines extensive uranium sector experience with proven track records in mine development, resource growth, and capital markets execution. CEO Troy Boisjoli brings leadership experience from multiple uranium ventures, while VP Exploration Cliff Revering contributes technical expertise from Cameco and other major uranium producers.

The technical team's credentials include direct experience with uranium mine operations at some of North America's largest projects, including McArthur River, Cigar Lake, Eagle Point, and McClean Lake in Saskatchewan, as well as international operations in Kazakhstan. This operational experience provides valuable insights for advancing exploration projects toward development potential.

Chairman Mike Castanho and the board of directors bring additional capital markets and strategic expertise, with backgrounds spanning mining finance, mergers and acquisitions, and corporate development. The combination of technical competence and financial market experience positions ATHA Energy to effectively execute its growth strategy while maintaining strong investor relations and access to capital.

The Investment Thesis for ATHA Energy

• ATHA's 7+ million acre land package provides unmatched geographic and geological diversification across premier uranium jurisdictions
• The 31km mineralized trend with multiple discoveries offers potential for globally significant uranium district development
• 10% interests in NexGen and IsoEnergy lands provide exposure to major project advancement without dilution
• Team's proven track record in uranium mine operations and resource development de-risks exploration program execution
• C$189 million valuation appears attractive relative to land package scale and exploration potential
• Fully-funded 10,000-meter program targeting global-scale potential could provide significant news flow

ATHA Energy Corp represents a compelling opportunity for investors seeking leveraged exposure to Canadian uranium exploration during a uranium cycle characterized by supply-demand imbalances and growing nuclear energy adoption. The company's industry-leading land portfolio, flagship Angilak Project with district-scale potential, and strategic carried interest positions combine to create multiple pathways for value creation.

The fully-funded 2025 exploration program targeting global-scale uranium potential at Angilak, combined with ongoing advancement of multiple Athabasca Basin targets, ensures continuous catalyst potential throughout the current year. The experienced management team's proven track record in uranium sector operations and development provides confidence in execution capabilities.

For investors considering uranium sector exposure, ATHA Energy's diversified portfolio approach, strategic partnerships, and aggressive exploration strategy offer a differentiated investment proposition in Canada's premier uranium exploration company positioned for growth through the current uranium cycle.

TL;DR

ATHA Energy holds Canada's largest uranium exploration portfolio (7M+ acres) with flagship Angilak Project showing 60.8-98.2M pound potential, plus strategic carried interests in NexGen/IsoEnergy lands, trading at attractive C$189M enterprise value with fully-funded 2025 drilling programs targeting district-scale discoveries.

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