ATHA Energy: Canada's Uranium Explorer for Critical Era

• ATHA Energy controls over 7 million acres across Canada's premier uranium jurisdictions (the Athabasca Basin, Thelon Basin, and Central Mineral Belt), representing the nation's largest uranium exploration land package at a time when enrichment capacity and fuel-cycle security have become front-line policy priorities.
• The company's flagship Angilak Project hosts a 60.8 to 98.2 million pound exploration target across a 31-kilometer mineralized corridor, with 2024 drilling confirming district-scale potential comparable to world-class Athabasca Basin deposits in grade and geological setting.
• Strategic carried-interest positions with NexGen Energy and IsoEnergy provide free-carried exposure to active drilling in the highest-grade uranium district globally, while advanced targets across the Athabasca Basin offer near-term discovery catalysts.
• ATHA's management team brings operational experience from Cameco, NexGen, and IsoEnergy, combining uranium mine operations, resource-growth track records, and capital-markets execution during the sector's most recent development cycle.
• With $10 million in working capital, no debt, and a fully funded 10,000-meter summer 2026 drill program underway at Angilak, the company offers leveraged exposure to uranium's structural supply deficit without the permitting, construction, or financing risks inherent in near-term producers.

Why ATHA Energy Deserves Attention Now

Uranium has entered a new phase. What was once treated as a commodity governed by electricity demand and reactor economics is now explicitly framed as a critical mineral subject to state-level supply-chain policy. The United States recently committed $2.7 billion to domestic uranium enrichment capacity over the next decade, aiming to eliminate reliance on Russian nuclear fuel by 2028. High-assay low-enriched uranium (HALEU), the fuel required for next-generation reactors, remains commercially available only from Russia, creating a structural bottleneck that government funding is now racing to resolve.

ATHA Energy Corp. (TSXV: SASK; OTCQB: SASKF) has assembled the largest uranium exploration portfolio in Canada, spanning 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. The company's flagship Angilak Project in Nunavut contains the Lac 50 Deposit and multiple high-grade discoveries along a 31-kilometer structural corridor that management believes could support a district-scale uranium system.

Canada supplies approximately 13% of global uranium mine production and ranks second worldwide in known uranium resources. Saskatchewan's Athabasca Basin hosts the highest-grade uranium deposits on Earth, with average mine grades of 16.36% U₃O₈ compared to 0.05 to 2.64% elsewhere. ATHA's portfolio straddles this tier-one jurisdiction and its geological analogues, providing investors with exploration leverage across multiple mineralized trends, diverse stages of advancement, and free-carried exposure to active drilling by sector leaders NexGen and IsoEnergy.

Company Overview: Canada's Largest Uranium Explorer by Acreage

ATHA Energy was purpose-built to capitalize on uranium's structural deficit through aggressive, large-scale exploration across Canada's top uranium jurisdictions. The company's 7-million-acre land package consolidates generative-stage greenfield targets, advanced drill-ready projects, post-discovery assets, and a flagship district-scale opportunity under a single vehicle. This diversification offers continuous newsflow across the exploration risk curve while maintaining concentrated exposure to Canada's highest-probability uranium addresses.

Management is led by CEO Troy Boisjoli, who previously served at NexGen Energy and brings capital-markets experience alongside technical oversight. VP Exploration Cliff Revering (P.Eng.) is a qualified person under NI 43-101 with extensive Athabasca Basin and unconformity-style uranium deposit experience. The board includes Mike Castanho (Chairman), whose background spans investment banking and mining finance, and director Suraj Ahuja, founder of Ouro Capital, providing strategic and capital-allocation depth.

The company's portfolio architecture is designed for optionality. The Angilak Project anchors the portfolio as a district-scale exploration play with an existing 60.8 to 98.2 million pound exploration target and 31 kilometers of prospective mineralized trend. Advanced targets in the Athabasca Basin, including Gemini, Pinnacle, Ridge, and Zenith, offer near-term discovery potential with shallow unconformity depths and historical mineralization. Carried-interest positions with NexGen and IsoEnergy provide free exposure to active drilling programs without capital calls.

The Angilak Project: District-Scale Potential in a Tier-One Uranium Basin Analogue

The Angilak Project, located in Nunavut's Angikuni Basin, is ATHA's flagship asset and the primary focus of its 2025 exploration program. The property covers 253,802 hectares and has been subject to over $115 million in historical investment since 1975. The Lac 50 Deposit, the project's most advanced discovery, hosts a conceptual exploration target of 60.8 to 98.2 million pounds U₃O₈ at grades ranging from 0.37% to 0.48%. The exploration target is not a mineral resource; it reflects potential quantity and grade ranges derived from conceptual vein wireframes, drill-core assays, grade interpolation, and applied uncertainty ranges.

"The 2024 program at Angilak outlined a 31 km mineralized trend, with 2025 work confirming multiple new zones and supporting a potential district-scale uranium opportunity. This positions ATHA to deliver one of the sector's most significant exploration stories in the current cycle."

The Angikuni Basin is considered a geological analogue to Saskatchewan's Athabasca Basin based on shared characteristics: Paleoproterozoic sandstone sequences overlying graphitic basement rocks, unconformity-related structural corridors, and high-grade uranium mineralization spatially associated with reactivated fault systems. The Angilak Project demonstrates these hallmarks across a 31-kilometer RIB-Nine Iron structural corridor that hosts multiple mineralized zones including the Lac 50 Deposit, the newly discovered Mineralized RIB Corridor (MRC), and the KU showing.

ATHA's 2024 drilling program at Angilak totaled approximately 10,051 meters across 25 diamond drill holes. All 12 holes targeting the Lac 50 Deposit intersected uranium mineralization beyond the existing resource model, expanding the footprint both along strike and at depth. Thirteen holes tested parallel structures 3 to 15 kilometers from Lac 50; all intersected new uranium mineralization, confirming the presence of at least three additional prospective trends that run parallel to the Lac 50 Trend.

Advanced Athabasca Basin Targets: Near-Term Discovery Leverage

Beyond Angilak, ATHA controls 3.8 million acres of exploration claims in the Athabasca Basin, the largest single land package held by any explorer in the district. These holdings include both generative greenfield targets and advanced drill-ready projects with historical drilling, geophysical anomalies, or surficial mineralization. Four projects (Gemini, Pinnacle/Wares, Ridge, and Zenith) represent the most advanced targets with near-term catalyst potential.

The Gemini project hosts the GMZ mineralized zone, a near-surface, high-grade discovery announced in prior years. The property lies along a regional structural corridor that remains prospective for further discovery. The Pinnacle/Wares project features a 12-kilometer conductive trend coincident with historical drilling that intersected 0.18% U₃O₈ over 0.1 meters at 202.9 meters depth at the unconformity. Ridge comprises a 14-kilometer trend of coincident ambient noise tomography and gravity anomalies on strike from IsoEnergy's Hawk project.

ATHA's 2024 Athabasca Basin program included 6,100 meters of diamond drilling, targeted ground geophysics, data compilation, and machine learning prospectivity analysis for target generation. The company has applied advanced geophysical techniques, including EM, gravity, and ANT, to further de-risk high-priority targets across its claims. With unconformity depths ranging from 185 to 500 meters across much of the portfolio, drilling costs are significantly lower than in the central Athabasca Basin.

Carried Interest: Free Exposure to Active Drilling by NexGen and IsoEnergy

ATHA holds 10% carried interests on select claims held by NexGen Energy and IsoEnergy, two of the most active and well-funded uranium developers in the Athabasca Basin. These carried interests provide ATHA with free participation in exploration results without capital calls, exploration management, or permitting obligations. The carried interest positions are located in some of the Basin's highest-grade and most actively developed areas, adjacent to existing infrastructure and near producing or advanced-stage deposits.

NexGen's Arrow Deposit, one of the largest undeveloped high-grade uranium resources globally, is located immediately adjacent to claims where ATHA holds carried interest. NexGen announced a 30,000-meter drill program in 2024 targeting regional expansion and step-out drilling from Arrow. IsoEnergy's carried-interest lands are similarly positioned near the company's Hurricane, Roughrider, and Phoenix zones, where active drilling and resource expansion programs are underway.

The carried-interest structure is particularly attractive in a rising uranium price environment. As uranium spot prices have moved from US$45/lb in early 2020 to over US$90/lb in late 2024, exploration budgets at major developers have expanded significantly. NexGen and IsoEnergy collectively announced over C$100 million in exploration spending in 2024, much of it concentrated in areas proximate to ATHA's carried-interest claims.

Strategic Significance: Uranium's Transition to Critical Mineral Status

Uranium is increasingly treated as a critical mineral subject to state-level supply-chain policy, not merely a commodity governed by electricity demand. The United States has committed $2.7 billion to expand domestic uranium enrichment capacity over the next decade, targeting both low-enriched uranium for existing reactor fleets and high-assay low-enriched uranium for advanced reactor designs. The funding is tied to a legislative timeline that includes a ban on Russian uranium imports by 2028.

HALEU represents a particular vulnerability: Russia is currently the sole commercial source, creating a single-point-of-failure risk for advanced reactor deployment. The U.S. enrichment awards are framed as a jump-start to cover both today's reactors and next-generation designs, with HALEU availability now a front-line constraint in nuclear supply-chain security. This policy shift has implications for uranium miners: long-term contracting behavior is accelerating, utility procurement strategies are prioritizing security of supply over spot-price optimization.

Canada is well-positioned to benefit from this reconfiguration. The nation supplies approximately 13% of global uranium mine production, ranks second worldwide in uranium resources, and maintains a stable regulatory framework with established permitting pathways. ATHA's portfolio, concentrated in Canada's top uranium districts, aligns with the strategic priorities of Western utilities and governments seeking to diversify supply away from geopolitically sensitive sources.

Current Activities: Fully Funded 2026 Program Targeting Global Scale

ATHA's 2025 exploration program is fully funded and underway, consisting of 10,000 meters of diamond drilling at the Angilak Project targeting high-priority zones identified by geophysics within the Angikuni Basin. The program is designed to test multiple electromagnetic conductors that management believes could represent large, high-grade, unconformity-style uranium deposits comparable to world-class Athabasca Basin analogues.

The company's 2024 program delivered multiple exploration successes, including the discovery of the Mineralized RIB Corridor, where uranium mineralization has now been intersected across a 4.4-kilometer strike length on the eastern limb and approximately 4.0 kilometers on the western limb. Drill hole RIBN-DD-001 returned 12.0 meters of 0.125% U₃O₈ (including 0.5 meters of 2.730% U₃O₈) and 13.6 meters of 0.533% U₃O₈ (including 1.1 meters of 4.814% U₃O₈).

ATHA's balance sheet as of the most recent quarter shows approximately $10 million in working capital, no debt, and 316.5 million basic shares outstanding. The company's enterprise value of C$189 million reflects a market capitalization of C$199 million based on a share price of C$0.63 as of November 28, 2025. With the 2025 drill program fully funded, ATHA is not facing near-term financing pressure.

The Investment Thesis for ATHA Energy

• The 7-million-acre portfolio offers diversified exploration exposure across Canada's premier uranium jurisdictions, with catalysts across the risk spectrum from generative greenfield to district-scale resource expansion.
• The 10% carried interests with NexGen and IsoEnergy provide asymmetric upside without capital calls, exposure to active drilling by sector leaders, and participation in potential discoveries adjacent to world-class deposits.
• The 31-kilometer RIB-Nine Iron corridor, multiple parallel mineralized trends, and 60.8 to 98.2 million pound exploration target position Angilak as a potential district-scale uranium system comparable to tier-one Athabasca Basin deposits.
• Management and technical personnel bring uranium mine operations, resource-growth, and capital-markets experience from Cameco, NexGen, IsoEnergy, and Mega Uranium, reducing execution risk.
• With $10 million in working capital, no debt, and a 10,000-meter drill program initiated, ATHA can deliver newsflow through 2025 without near-term financing dilution.
• Canada's position as a stable, Western-aligned uranium supplier, combined with U.S. policy prioritizing fuel-cycle security, creates favorable conditions for long-term contracting and valuation re-rating of exploration assets.

ATHA Energy represents leveraged exposure to uranium's structural supply deficit through the largest exploration land package in Canada, a flagship district-scale project, and free-carried participation in active drilling by sector leaders. The company's portfolio architecture provides continuous newsflow across the exploration risk curve while maintaining concentrated exposure to Canada's highest-probability uranium jurisdictions. The Angilak Project's 31-kilometer mineralized corridor, multiple high-grade discoveries, and 60.8 to 98.2 million pound exploration target offer district-scale potential comparable to world-class Athabasca Basin deposits, with 2025 drilling fully funded and underway.

At an enterprise value of C$189 million, ATHA's valuation has not yet fully incorporated the scale of its land position, the district potential at Angilak, or the strategic value of its Athabasca Basin holdings. The company offers exploration leverage without the permitting, construction, or financing risks inherent in near-term producers, and its balance sheet provides runway to deliver 2025 results without dilution. For investors seeking exposure to uranium's structural supply deficit through a portfolio of scalable projects in tier-one jurisdictions, ATHA Energy warrants close attention.

TL;DR

ATHA Energy controls Canada's largest uranium exploration portfolio (7M+ acres), anchored by the Angilak Project's 60.8–98.2M lb exploration target across a 31km mineralized corridor. The company holds free-carried interests with NexGen and IsoEnergy, offers near-term discovery catalysts in the Athabasca Basin, and is fully funded for a 10,000m 2025 drill program targeting globally significant scaleall while uranium transitions from commodity to critical mineral under state-level supply-chain policy.

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