ATHA Energy Expands High-Grade Uranium Discoveries at Angilak & Strengthens Exploration Model: Setting the Stage for a Catalyst-Driven 2026

• ATHA Energy's 2025 exploration program at the Angilak Project in Nunavut, Canada confirmed high-grade uranium mineralization at Mushroom Lake and expanded discoveries along the RIB–Nine Iron Trend.
• Drillhole ML-DD-014 intersected uranium zones registering up to 23,365 counts per second (CPS), validating the depth continuity of the Lac 50 system.
• Advanced 3D EM Inversion modeling provided a road map to discovery, revealing untested structural corridors across a 12-kilometer strike.
• Pending Q4 2025 assay results and new high-priority targets position ATHA for multiple near-term catalysts into 2026.
• Backed by technical leadership with uranium expertise from Cameco, NexGen, and IsoEnergy, and exposure to over seven million acres across Canada, ATHA offers diversified uranium exploration upside in jurisdictions ranked among the world's most attractive for mining investment.

Global Uranium Context & Investor Imperative

The uranium market is experiencing structural transformation as global demand accelerates from nuclear restarts, small modular reactor deployment, and energy security mandates. This demand growth occurs against a backdrop of supply constraints, creating conditions unprecedented in recent market cycles. The investment landscape increasingly prioritizes secure, ESG-compliant jurisdictions where regulatory frameworks support long-term supply development.

Canada's uranium supply infrastructure positions the country as a strategic supplier for the nuclear renaissance. ATHA Energy's Angilak Project in Nunavut, alongside the company's Athabasca Basin holdings and Central Mineral Belt discoveries in Newfoundland & Labrador, provides exposure to Canadian uranium exploration across multiple geological environments and regulatory frameworks.

Why Institutional Investors Are Turning to District-Scale Explorers

Institutional capital is increasingly allocating toward high-torque uranium explorers offering district-scale potential within proven geological systems. Early-stage discoveries provide leverage to uranium price cycles while maintaining valuation entry points ahead of resource definition and permitting milestones. Investors seek operators demonstrating technical discipline, geological conviction, and scalable land positions capable of hosting multiple deposit types.

ATHA Energy represents a case study in execution discipline. The company controls more than seven million acres of prospective uranium ground across Nunavut, Saskatchewan, and Newfoundland & Labrador. The 2025 exploration program delivered five new mineralized zones from 23 drillholes through data-driven targeting, validating the company's ability to convert geological concepts into drill-ready targets and ultimately into discoveries. This operational track record, combined with pending assay catalysts and a portfolio spanning multiple basins, positions ATHA as a differentiated vehicle for uranium exposure during the current market cycle.

ATHA Energy's Exploration Breakthrough: A Technical & Strategic Inflection Point

The Mushroom Lake discovery, situated along the Lac 50 Trend outside the existing Exploration Target area, marks a significant expansion of the system's mineralized footprint. Drillhole ML-DD-014 recorded two uranium-bearing zones between 334.85 meters and 364.45 meters, with total composite mineralization of 2.1 meters including 0.2 meters of high-grade material. The first zone, from 334.85 to 335.95 meters, averaged 2,830 CPS with a maximum reading of 7,659 CPS. The second zone, from 363.45 to 364.45 meters, averaged 8,045 CPS with a peak reading of 23,365 CPS.

These intercepts validate the depth continuity of uranium mineralization across a one-kilometer strike length, demonstrating that the Lac 50 system extends beyond previously defined boundaries. The discovery confirms that structural corridors hosting uranium mineralization remain prospective at depth and along trend, materially expanding resource growth potential for future drilling campaigns.

KU Discovery Expands the RIB–Nine Iron Corridor

The KU Discovery, located within the 31-kilometer RIB–Nine Iron Trend, delivered multiple mineralized intercepts across five additional drillholes following the initial discovery hole KU-DD-001 announced in June 2025. Drillhole KU-DD-004 intersected eight uranium zones between 478.05 meters and 583.45 meters, totaling 10.4 meters of composite mineralization. The thickest zone spanned from 480.65 to 483.45 meters, averaging 1,674 CPS with a maximum reading of 5,805 CPS.

The continuity and thickness of mineralization at KU underscore the robustness of uranium-bearing structures along the RIB–Nine Iron Trend. This 31-kilometer corridor now hosts multiple discoveries demonstrating consistent geological controls and mineralization styles. The exploration program achieved a 100 percent success rate in intersecting targeted structures along the RIB corridor, with drilling having intersected mineralization over 12 kilometers of strike length.

Quantitative Results & Pending Catalysts

The 2025 Angilak Exploration Program comprised 23 diamond drillholes totaling 10,774 meters. All mineralized drill core samples have been submitted for geochemical analysis, with assay results anticipated in Q4 2025. These pending results represent near-term catalysts capable of defining new resources, refining geological models, and potentially triggering institutional re-rating events.

The conversion of radiometric data (CPS readings) into grade-thickness intercepts (typically reported as meters multiplied by percent uranium oxide) will provide quantitative metrics for resource modeling and peer comparison. Strong assay results could accelerate resource estimation timelines and inform 2026 drilling priorities, positioning ATHA for continued momentum as uranium markets tighten through the next year.

The 3D EM Inversion Advantage: Mapping the Subsurface Highways of Discovery

ATHA's partnership with Expert Geophysics Ltd. for Advanced Electromagnetic Inversion (EM Inversion) modeling represents a technical differentiator in exploration targeting. The methodology applies sophisticated mathematical algorithms to electromagnetic survey data, producing three-dimensional models of subsurface conductivity. These models function as a geophysical roadmap, identifying conductive corridors where uranium-bearing fluids migrate along structural pathways.

EM Inversion provides subsurface imaging that reveals the structural highways along which uranium mineralization travels. The technology identified a 12-kilometer corridor anchoring the RIB North discovery and correlating strongly with existing mineralization zones across the Lac 50 Trend and RIB–Nine Iron Trend. This correlation between modeled conductivity and actual drill intercepts validates the predictive capability of the approach.

The company's adoption of advanced targeting techniques represents a methodological evolution in exploration efficiency. Chief Executive Officer and Director Troy Boisjoli explained the technical approach developed through earlier drilling campaigns:

"We employed a new inversion technique on top of our geophysics. We've got an MMT data set. We deployed a structurally controlled inversion process which allowed us to target very accurately along this conductive corridor… The correlation between that model and mineralization has been very strong within the RIB area."

From Concept to Execution: Reducing Exploration Risk

Advanced EM Inversion modeling enhances drilling efficiency by prioritizing targets with the highest probability of mineralized intersections. By incorporating structurally constrained inversion techniques, ATHA has achieved precision targeting that materially reduces exploration risk. The 2025 program's success validates this approach. Five new mineralized zones from 23 drillholes demonstrate targeting effectiveness that translates into capital preservation and faster conversion of exploration concepts into drill-ready targets, reducing the time and cost required for district-scale resource definition.

Jurisdictional & Strategic Advantages of ATHA's Canadian Uranium Portfolio

Canada's uranium supply infrastructure and regulatory transparency position the country as a strategic supplier for nuclear renaissance requirements. ATHA's projects span Nunavut, Saskatchewan, and Newfoundland & Labrador. According to the Fraser Institute's 2025 rankings, Saskatchewan ranked seventh globally for mining investment attractiveness, while Newfoundland & Labrador ranked fourth globally, underscoring the jurisdictional quality of ATHA's portfolio positioning.

The company's exposure across multiple Canadian provinces and territories provides diversification across regulatory frameworks and geological environments while maintaining the jurisdictional stability that institutional investors and strategic buyers prioritize in long-term supply planning.

ATHA Energy's strategic focus concentrates resources on its flagship asset. Troy Boisjoli outlined the company's positioning:

"ATHA Energy is a large-scale uranium exploration company focused in the best jurisdictions, Canada's best uranium jurisdictions. Our largest project and our focus is our Angilak project, which is a large-scale emerging uranium project in Nunavut, Canada."

Scale & Scarcity: ATHA's Portfolio Positioning

ATHA controls more than seven million acres of prospective uranium ground across Canada, representing the largest cumulative uranium exploration land package in the country. The portfolio breaks down as 3.8 million acres in the Athabasca Basin, 3.1 million acres in Nunavut, and 267,795 acres in Newfoundland & Labrador's Central Mineral Belt.

The company operates three 100-percent-owned post-discovery projects: the Angilak Project in Nunavut, the CMB Discoveries in Labrador, and the basement-hosted GMZ high-grade uranium discovery at the Gemini target in the Athabasca Basin. This structure concentrates capital on wholly owned assets where ATHA retains full strategic optionality.

Additionally, ATHA maintains a 10-percent carried interest in key Athabasca Basin exploration projects operated by NexGen Energy and IsoEnergy. This arrangement creates non-dilutive exposure to third-party exploration upside, with NexGen having announced 30,000 meters of drilling in 2024 in the region where ATHA holds an interest.

The diversified portfolio across multiple basins mitigates single-asset risk and enhances long-term strategic optionality. Investors gain exposure to discovery potential in the Athabasca Basin (via both wholly owned assets and carried interests), the Angikuni Basin (via Angilak), and emerging uranium districts in Newfoundland & Labrador's Central Mineral Belt. This multi-basin approach provides leverage to uranium price cycles while maintaining operational flexibility to allocate capital toward the highest-return opportunities as geological models evolve.

Operational Execution & Management Strength

ATHA's management team brings notable uranium development and production experience from Cameco, NexGen Energy, IsoEnergy, and Mega Uranium. Chief Executive Officer and Director Troy Boisjoli worked on NexGen's Arrow deposit from maiden resource through advanced stages of feasibility and permitting. Vice President of Exploration Cliff Revering served as chief geologist at Cameco's Cigar Lake operation, one of the world's highest-grade uranium mines.

This pedigree translates into disciplined capital allocation, robust safety protocols, and technical competence in navigating the complexities of unconformity-style uranium exploration. The 2025 exploration program was fully funded and executed on schedule, validating management's ability to deliver against stated objectives.

ATHA's exploration philosophy prioritizes systematic validation of geological models across its district-scale land positions. Boisjoli described the company's execution discipline:

"As an exploration company, these are the type of results that you hope for and that you look for. We've had a 100% success rate."

Financial Resilience & Market Positioning

As of September 2025, ATHA maintained a market capitalization of CAD $296 million and an enterprise value of CAD $278 million. The company's capital structure includes options (19.2 million), restricted share units (5.1 million), and warrants (27.3 million), with special warrants issued on September 18, 2025. The 2025 summer drill program was described as fully funded, indicating working capital sufficient to execute planned exploration activities.

This financial positioning provides a runway for exploration programs while maintaining balance sheet discipline. ATHA's approach reflects capital market awareness and a commitment to executing technical programs without near-term financing pressure during market volatility.

Angilak's Emerging Role in Canada's Uranium Supply Chain

Discoveries at Angilak fit within Canada's strategic objective to secure uranium supply for clean energy transitions. The district-scale potential positions Angilak as a potential asset within Canada's long-term nuclear supply strategy, particularly as utilities seek diversified sources beyond the Athabasca Basin.

The uranium market environment has shifted fundamentally in recent years. Troy Boisjoli characterized the current landscape:

"The macro environment in the uranium sector is unequivocally unlike any time I've seen in my career. We're seeing real demand that's being built up coupled with some of the supply side risk."

This convergence of demand growth and supply constraints creates conditions favoring explorers with district-scale land positions in stable jurisdictions. ATHA's strategic positioning addresses this market dynamic through its Canadian portfolio concentration and multi-basin diversification approach.

Comparative Valuation Context

In peer comparison to other Canadian uranium explorers, ATHA's enterprise value of CAD $278 million reflects its land position and discovery footprint. Baselode Energy Corp., another Athabasca Basin explorer, maintained an enterprise value of CAD $41 million as of September 2025. ATHA's significantly larger land position (over seven million acres compared to peers typically holding under two million acres) and multi-basin exposure create a distinct valuation profile.

The company's EM-based targeting efficiency, demonstrated through the 2025 program's discovery success rate, establishes a technical differentiation that may appeal to institutional investors evaluating early-stage uranium exposure. The pending Q4 2025 assays represent binary catalysts that could further define ATHA's valuation relative to peers while maintaining exploration upside across untested structural corridors identified through the EM inversion modeling.

The Investment Thesis for Uranium

• District-scale potential across Angilak's expansion of the Lac 50 system demonstrates resource growth capacity in Nunavut's Angikuni Basin, complementing ATHA's Athabasca Basin and Central Mineral Belt holdings.
• High-grade discoveries including Mushroom Lake's 23,365 CPS intercept and KU's multiple mineralized zones across 10.4 meters of composite mineralization validate the geological model and demonstrate exploration momentum.
• Technology-driven competitive advantage through EM Inversion modeling has delivered a 100 percent hit rate along targeted RIB corridor structures, materially enhancing discovery efficiency relative to traditional exploration methodologies.
• Diversified exposure via seven million-plus acres across three Canadian regions provides multi-basin leverage without single-asset concentration risk, while carried interests in NexGen and IsoEnergy projects create non-dilutive upside.
• Strong management pedigree ensures disciplined execution and credible capital deployment, with uranium expertise from Cameco's Cigar Lake operation and NexGen's Arrow development providing institutional credibility.
• Upcoming catalysts including pending Q4 2025 assays and 2026 exploration initiatives targeting 12 kilometers of untested EM-defined corridors position ATHA for momentum and investor attention as uranium fundamentals tighten.

ATHA's Road Map to Discovery in Canada's Next Uranium District

The 2025 exploration results at Angilak underscore ATHA Energy's capacity to combine advanced technology with disciplined execution. As uranium markets respond to supply constraints and nuclear renaissance requirements, ATHA's portfolio breadth, technical leadership, and early successes position it within Canada's uranium exploration landscape. With assays pending and EM-defined corridors ready for 2026 drilling, the company has established a technical and operational foundation for converting geological insight into measurable exploration outcomes. For investors seeking leveraged exposure to uranium price cycles through district-scale exploration in stable jurisdictions, ATHA Energy's proven targeting methodology, expansive land position, and pending catalysts represent a differentiated approach to capturing upside in Canada's next generation of uranium discoveries.

TL;DR

ATHA Energy's 2025 exploration program at the Angilak Project in Nunavut delivered five new uranium discoveries along the 31-kilometer RIB–Nine Iron Trend, with drillhole ML-DD-014 intersecting peak radioactivity of 23,365 counts per second. Advanced 3D EM Inversion modeling identified a 12-kilometer structural corridor that guided targeting, achieving a 100 percent success rate along the RIB corridor. The company controls over seven million acres across Canada's highest-ranked mining jurisdictions, including three post-discovery projects and carried interests in NexGen and IsoEnergy assets. With assay results pending in Q4 2025 and management expertise from Cameco, NexGen, and IsoEnergy, ATHA positions institutional investors for leveraged uranium exposure through district-scale exploration in stable Canadian jurisdictions during tightening supply conditions.

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