ATHA Energy Drills Into Its Largest-Ever Angilak Campaign With Three Rigs & CAD $63 Million in the Bank

• ATHA Energy commenced diamond drilling at its Angilak Uranium Project in Nunavut on 1 May 2026, deploying three drill rigs targeting approximately 20,000 m through to the end of September.
• The 2026 programme is the largest to date at Angilak, drilling more than double the combined metres completed across the 2024 and 2025 campaigns.
• Drilling will focus on three mineralised corridors: the Mineralized RIB Corridor, the Lac 50 Deposit Corridor, and the KU-Nine Iron Corridor, with targets identified through 3D Inversion modelling.
• An aerial Magnetotelluric (MMT) geophysics survey covering the full Angikuni Basin is scheduled to begin in late June, with 3D Inversion modelling of results targeted for completion in the fourth quarter of 2026.
• The programme is fully funded following the CAD $63 million financing closed in February 2026, positioning ATHA as one of the best-capitalised uranium exploration companies globally.

ATHA Energy (TSX-V: SASK | FRA: X5U | OTCQB: SASKF) announced on 5 May 2026 that it has completed mobilisation to its 100%-owned Angilak Uranium Project in Nunavut, Canada, and commenced diamond drilling operations on 1 May 2026. The 2026 Angilak Exploration Programme is the largest undertaken at the project to date and comprises two components: a diamond drilling campaign of approximately 20,000 m using three drill rigs, scheduled to run through to the end of September 2026, and an Expert Geophysics aerial MMT (Electromagnetic) survey of the Angikuni Basin, scheduled to begin in late June 2026.

Programme Scale & Funding

The 2026 programme represents a step-change in the scale of ATHA's activities at Angilak. The planned 20,000 m of diamond drilling exceeds the combined metreage drilled across both the 2024 and 2025 field seasons. The programme is fully funded through the CAD $63 million financing completed in February 2026, which the company states makes ATHA one of the best-capitalised uranium exploration companies globally.

Mobilisation to the remote Nunavut site was completed in late April 2026, including the arrival of a third diamond drill rig, bringing the total on-site rig count to three for the first time in the project's history.

Three Corridors, Three Distinct Objectives

Diamond drilling in 2026 will be directed at three mineralised corridors identified through previous exploration campaigns, each with a distinct strategic objective.

At the Mineralized RIB Corridor, the programme targets further discovery and expansion of uranium mineralisation. The corridor was the focus of highly productive work in 2025, which yielded four new discoveries of uranium mineralisation. The most significant of these was RIB North, where the maiden drill hole intersected 34.7 m of composite uranium mineralisation - calculated using a 0.01% uranium oxide (U3O8) cutoff with a maximum internal dilution of 1.5 m - with grades reaching up to 8.16% U3O8 over 0.5 m. The 2026 programme will follow up on those results and test for additional strike and depth extensions.

At the Lac 50 Deposit Corridor, drilling will test recently identified 3D Inversion targets situated along strike from the main Lac 50 Deposit area. The Lac 50 Deposit mineralisation footprint remains open and unconstrained, and the 2026 programme includes targets designed to expand that footprint ahead of any future delineation work.

At the KU-Nine Iron Corridor, the programme will test newly identified 3D Inversion targets that vector directly from uranium mineralisation intersected at the KU discovery during the 2025 campaign and the historic Nine Iron discovery. This corridor represents the programme's primary new-discovery focus outside of the RIB area.

Across all three corridors, ATHA has intersected uranium mineralisation in 100% of targets tested during the combined 2024 and 2025 programmes, according to the company's disclosure.

Geophysics: Basin-Scale Coverage

The second component of the 2026 programme is an Expert Geophysics aerial MMT survey covering the full extent of the Angikuni Basin, which ATHA controls 100%. The survey is scheduled to commence in late June 2026. Survey data will subsequently be used to develop a 3D Inversion model of the entire Angikuni Basin, a process the company says follows the same systematic targeting approach applied during the 2025 campaign, which generated five new regional discoveries and an expanded portfolio of drill-ready targets.

The 3D Inversion modelling of survey results is targeted for completion in the fourth quarter of 2026. ATHA states the resulting dataset will add to its existing portfolio of regional targets across the basin.

Management Commentary

Troy Boisjoli, Chief Executive Officer of ATHA, stated:

"The 2026 Angilak Exploration Program will be the largest to date on the property, with the Company planning to drill more than double the metres executed during the combined 2024 and 2025 programs. Exploration will focus on discovery and expansion - discovery using the same successful systematic approach used in 2025 that led to five new regional showings, including RIB North, and expansion off the known zones of mineralization, testing the footprint of mineralization prior to delineation. At a time of rising oil prices and geopolitical uncertainty, the merits of uranium and security of supply from stable jurisdictions is at the forefront of the discussions for future energy needs. 2026 is going to be an exciting game changer for the Company, where we are just at start of unlocking Canada's next Uranium Jurisdiction."

Cliff Revering, Vice President of Exploration, added:

"We are excited to commence our 2026 exploration program at the Angilak Project, marking a return to the field following two highly successful seasons. Results from 2024 and 2025 reflect a disciplined, systematic, and data-driven targeting approach, which has delivered meaningful value through the expansion of the Lac 50 Deposit and multiple new discoveries across the RIB and KU areas. Notably, the strong results along the RIB mineralized corridor, particularly at RIB North, highlight the project's significant potential and position Angilak for a compelling 2026 exploration campaign."

Next Steps

Diamond drilling across the three mineralised corridors - the Mineralized RIB Corridor, the Lac 50 Deposit Corridor, and the KU-Nine Iron Corridor - is scheduled to continue through to the end of September 2026, with results expected to be released on a rolling basis as assays are returned from the Saskatchewan Research Council Geoanalytical Laboratories in Saskatoon. The aerial MMT geophysics survey of the Angikuni Basin is scheduled to begin in late June 2026. Completion of a 3D Inversion model of the full Angikuni Basin from survey data is targeted for the fourth quarter of 2026, with results intended to expand ATHA's portfolio of regional exploration targets ahead of future field seasons.

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