ATHA Energy Confirms High-Grade Uranium at Angilak's Rib-Nine Iron Trend and Mushroom Lake

• Independent structural assessment confirms ATHA Energy's Angilak Project hosts significant high-grade uranium mineralization with grades up to 47.8% U₃O₈ in outcrops at Mushroom Lake and 30.3% U₃O₈ along the expanded 31 km Rib-Nine Iron Trend.
• The Angikuni Basin is interpreted as a direct analog to the uranium-rich Athabasca Basin but with comparatively minimal historical exploration, suggesting substantial untapped potential.
• SRK Consulting's structural interpretation identifies major primary and secondary structural controls that provide a roadmap for targeting additional high-grade uranium discoveries within the Angikuni Basin.
• ATHA Energy has increased its Angilak Project footprint by an additional 25,000 acres, establishing itself as the dominant player in both the Angikuni and Yathkyed Basins.
• The company is advancing its 2025 exploration program with equipment mobilization already underway and plans for geophysical surveys beginning in April, ahead of diamond drilling operations.

ATHA Energy (TSXV:SASK) holds the largest uranium exploration portfolio in two of the highest-grade uranium districts globally. The company is focused on the acquisition, exploration, and development of uranium assets in pursuit of clean energy solutions. ATHA's portfolio includes three 100%-owned post-discovery uranium projects: the Angilak Project in Nunavut, the CMB Discoveries in Labrador, and a newly discovered basement-hosted GMZ high-grade uranium discovery in the Athabasca Basin. With 7.3 million acres of prospective exploration land across prominent uranium basins and a 10% carried interest in key Athabasca Basin exploration projects, ATHA Energy is strategically positioned to capitalize on the growing demand for uranium in the clean energy transition.

Key Exploration Highlights and Discoveries

Rib-Nine Iron Trend

One of the most significant findings from the 2024 exploration program is the expansion of the Rib-Nine Iron Trend from 25 km to 31 km. This trend is now interpreted to extend under the cover of the Angikuni Basin and presents multiple promising targets:

• Eastern Margins: Historic samples from 2014 near the Nine-Iron Discovery revealed outcrops with grades up to 30.3% U₃O₈ on surface, which have not yet been drill-tested at depth.
• Western Margin: Historic drilling at the Rib Discovery intersected shallow (less than 25 meters depth) mineralization with grades up to 5.6% U₃O₈, hosted within graphitic pelitic rocks with Athabasca-style alteration.
• Northern Margin: Historic sampling and drilling have returned grades exceeding 1% U₃O₈.

The SRK report interprets that the Rib-Nine Iron trend is controlled by a large regional sigmoidal dextral relay structure that is prospective for hosting uranium mineralization along its strike.

Historical Context: The Rib Discovery

The Rib Discovery, located approximately 30 km southwest of the Lac 50 Deposit along the western margin of the Angikuni Basin, provides historical context for the potential of the region. Between 1977 and 1979, Noranda Exploration Company completed 30 diamond drill holes at this site, intersecting Athabasca Basin-style unconformity alteration, structure, and lithologies associated with shallow uranium mineralization with grades up to 5.6% U₃O₈ hosted within graphitic mylonites.

These historical drill results demonstrate that the Angikuni Basin has the potential to host Athabasca Basin-style basement and unconformity-type uranium mineralization. However, as was typical of 1970s-1980s Athabasca Basin exploration, the maximum depth of drilling at Rib was only about 100 meters, ending in what is now considered to be prospective alteration and lithologies.

The 2024 MMT survey demonstrates that the prospective conductive horizon along the Western Margin Trend extends from the surface to depths of more than 1 km, within and along the margins of the Angikuni Basin.

Mushroom Lake Outcrop and Lac 50 Deposit

Another significant area of interest is the Mushroom Lake Outcrop, which extends over approximately 3 kilometers and remains untested at depth. Historic samples from this outcrop have returned remarkable grades of up to 47.8% U₃O₈.

The SRK report interprets that the Angikuni Shear Zone and secondary extensional structures transect the Lac 50 Deposit area and correlate with the Mushroom Lake Outcrop. These secondary structures act as controls and host high-grade uranium mineralization.

Independent Assessment on Angilak Project

A recent independent report by SRK Consulting, authored by Principal Structural Geologist Dr. Ron Uken, provides a comprehensive structural interpretation of the Angilak Project. The assessment details the structural architecture of the Angikuni Basin and identifies the controls on uranium mineralization.

The report highlights that the Angikuni Basin is bounded by dominant northeast-trending structures—the Ferguson and Angilak Shear zones—which are connected by sigmoidal linkage structures with east-west to west-southwest trends. This structural configuration suggests an extensional pull-apart basin complex developed within a dextral strike-slip system during northwest-southeast directed contraction.

Recent geochronology results indicate that uranium mineralization was likely active during basin development, with the identified structural system controlling fluid flow and mineralization. This suggests potential for both unconformity and basement styles of mineralization within the Angikuni Basin—styles that have yielded significant deposits in the Athabasca Basin.

2024 Exploration Program Results

ATHA Energy's 2024 exploration program at Angilak comprised three phases: diamond drilling, surficial mapping and sampling, and geophysics.

Phase I: Diamond Drilling

Between early June and late August 2024, ATHA completed 25 diamond drill holes totaling approximately 10,000 meters. The drilling focused on the Lac 50 Deposit area and was designed to explore the envelope of mineralization. The program was highly successful, with 100% of the drill holes intersecting uranium mineralization. Assay results highlighted grades of up to 5.85% U₃O₈ over 0.5 meters.

Phase II: Surficial Mapping

The mapping program, completed by late August, successfully identified numerous additional high-grade uranium outcrops on the surface and further delineated the Mushroom Lake Outcrop.

Phase III: Geophysics

By late September 2024, ATHA completed an Airborne Mobile MagnetoTellurics (MMT) survey totaling 5,946 line kilometers. The survey covered the northern half of the Angilak Project, representing approximately 85% of the original project area.

Results from the MMT survey confirmed the depth extent of the prospective conductive horizons that host uranium mineralization at the Lac 50 Deposit and Nine Iron Discovery. At the Lac 50 Deposit, the survey indicated that the prospective conductive horizons extend to approximately 1 km depth, while at Nine Iron Discovery, they extend to approximately 800 meters depth. These results demonstrate the potential for mineralization to extend well beyond the current envelopes of mineralization.

Management Insights on Angilak's Potential

Troy Boisjoli, CEO of ATHA Energy, emphasizes the company's methodical approach to exploration at Angilak since its acquisition:

"ATHA Energy acquired the Angilak Uranium Project just one year ago. Since that time, the company has applied a systematic, geoscience first approach to exploration – completing a >10,000 m drill program to test the extent of mineralization surrounding the Lac 50 Deposit [...] These steps have resulted in the substantial derisking of Angilak, and have led to our realization that the Angikuni Basin has untapped Athabasca potential."

Cliff Revering, VP Exploration at ATHA, added further highlights the growing discovery potential of the project in the news release:

"From our 2024 exploration program, the extent of uranium mineralization observed highlights the significant potential for discovery of additional high-grade, Athabasca-style uranium deposits. Given the immense scale of highly prospective and untested exploration corridors within the project area, we continue to view the Angikuni Basin as an exciting and emerging uranium district."

Looking Ahead: ATHA's 2025 Exploration Plans

Building on the successful 2024 exploration program and the findings from the SRK report, ATHA Energy has already begun mobilizing equipment, fuel, and supplies to the Angilak Uranium Project in anticipation of the 2025 Exploration Program.

Beginning in April, the company plans to execute localized and regional aerial and ground geophysical surveys designed to de-risk expansion and exploration targets in advance of the diamond drilling phase of the 2025 Angilak Exploration Program.

Additionally, ATHA has increased the size of its Angilak project by an additional 25,194 acres, making it the dominant player in both the Angikuni and Yathkyed Basins.

The company anticipates releasing full results from its 2024 Exploration Program—including drill results from its Gemini Project—in the coming weeks, in addition to announcing ATHA's 2025 Exploration Plans on its portfolio of tier I uranium assets.

For Investors

For investors looking at ATHA Energy, the company presents a compelling opportunity in the uranium exploration sector. With its strategic land position in two of the world's highest-grade uranium districts, ATHA is well-positioned to capitalize on the growing demand for uranium as the world transitions to cleaner energy sources.

The recent findings at the Angilak Project, particularly the confirmation of high-grade uranium mineralization with similarities to the prolific Athabasca Basin, suggest significant upside potential. The systematic, science-based approach to exploration employed by ATHA's management team has already yielded promising results and helped de-risk the project.

As ATHA moves forward with its 2025 exploration program, investors should watch for continued news flow regarding drill results, geophysical survey findings, and potential resource updates. The company's dominant position in the Angikuni and Yathkyed Basins, coupled with its methodical exploration strategy, positions it well for potential discoveries that could significantly enhance shareholder value in the uranium sector.