ATHA Energy Expands Uranium Footprint Through Strategic Terra Uranium Partnership

• ATHA Energy and Terra Uranium have executed two significant option agreements, creating mutual opportunities for expansion in key uranium exploration areas
• Terra Uranium can earn up to 70% interest in ATHA's Spire and Horizon properties through $4.75M in exploration expenditures over four years
• ATHA can acquire up to 60% interest in Terra Uranium's Pasfield Project through either exploration funding or successful deep drilling programs
• The company holds one of the largest exploration land packages in prominent uranium basins, totaling over 8.5 million acres
• ATHA's portfolio includes three 100%-owned post-discovery uranium projects with historical resource estimates totaling over 57.8 million lbs U3O8

Company Overview

ATHA Energy Corp. (TSXV: SASK) stands as a prominent player in the uranium exploration sector, strategically positioned to capitalize on the growing demand for clean energy resources. The company has built an impressive portfolio that includes three 100%-owned post-discovery uranium projects: the Angilak Project in Nunavut (43.3 million lbs U3O8 historical resource), the CMB Discoveries in Labrador (14.5 million lbs U3O8 historical resource), and a newly discovered high-grade uranium deposit at GMZ in the Athabasca Basin. With the largest cumulative prospective exploration land package exceeding 8.5 million acres across two of the world's most prominent uranium basins, ATHA Energy presents a compelling opportunity for investors seeking exposure to the uranium sector's growth potential.

Strategic Partnership Details: Terra Uranium Option Agreements

Spire Horizon Option Agreement

The partnership with Terra Uranium Ltd. (ASX: T92) demonstrates ATHA's commitment to strategic resource development. Under the Spire Horizon option agreement, Terra Uranium can earn up to a 70% interest through a structured exploration program:

Initial Phase (by December 20, 2024):

• Required expenditure: $750,000
• Includes costs for mineral exploration assessment report

Subsequent Phases:

• Four annual expenditures of $1,000,000 each
• Deadlines: September 21, 2025, 2026, 2027, and 2028
• Total investment requirement: $4.75 million

The agreement includes a progressive joint venture structure:

• After $2.75M in expenditures: 50-50 joint venture formation
• Upon completion of full $4.75M: T92 increases to 70% interest
• ATHA maintains carried interest until potential conversion to participating interest

Pasfield Project Option Agreement

ATHA has secured the opportunity to earn up to a 60% interest in Terra Uranium's Pasfield Project through a flexible earning structure:

First 15% Interest (by December 31, 2025):

• Option A: $1,000,000 in exploration expenditures
• Option B: One deep hole (minimum 1,000m) into geophysical target

Second 15% Interest (by December 31, 2026):

• Option A: $2,000,000 in exploration expenditures
• Option B: Two deep holes (minimum 1,000m each)

Third 15% Interest (by December 31, 2027):

• Option A: $3,000,000 in exploration expenditures
• Option B: Three deep holes (minimum 1,000m each)

Fourth 15% Interest (by December 31, 2028):

• Option A: $4,000,000 in exploration expenditures
• Option B: Four deep holes (minimum 1,000m each)

A unique feature of this agreement is ATHA's ability to convert each 15% interest into a 1% net smelter returns royalty (NSR), providing flexibility in their investment strategy.

Asset Portfolio Analysis

ATHA Energy has assembled an impressive portfolio of uranium assets, anchored by three cornerstone projects that position the company as a significant player in the North American uranium sector. These key assets represent a strategic mix of established resources and new discoveries, providing ATHA with multiple pathways for growth and development in the uranium sector.

The Angilak Project: Flagship Asset

The flagship Angilak Project, located in Nunavut, stands as the company's largest asset with a historical resource estimate of 43.3 million pounds of U3O8. This substantial resource base demonstrates not only the project's significant scale but also hints at the broader exploration potential within the property boundaries. The project's location in mining-friendly Nunavut provides ATHA with a stable operating environment and clear pathways for potential future development.

CMB Discoveries: Strategic Labrador Position

Complementing Angilak is the CMB Discoveries project in Labrador, which hosts a historical resource estimate of 14.5 million pounds of U3O8. Situated in the prolific Central Mineral Belt, this project benefits from its strategic location in an area known for significant uranium mineralization. The CMB project's historical resource, combined with multiple identified exploration targets, presents ATHA with numerous opportunities for resource expansion and new discoveries within the property package.

GMZ Discovery: New High-Grade Potential

The company's newest addition, the GMZ Discovery in the Athabasca Basin, represents an exciting development in ATHA's portfolio. This high-grade basement-hosted uranium discovery is particularly significant given its location in the world's premier uranium mining district. The Athabasca Basin is renowned for hosting some of the highest-grade uranium deposits globally, and the GMZ Discovery's positioning within this prolific region adds considerable value to ATHA's asset base.

Industry-Leading Land Position

ATHA Energy's land position sets it apart from its peers in the uranium exploration sector. The company has accumulated an extraordinary exploration portfolio exceeding 8.5 million acres across two of the world's most prominent uranium basins. This vast land package represents one of the largest exploration portfolios in the industry and provides ATHA with unparalleled opportunities for new discoveries. The scale of this land position offers multiple advantages: it allows for systematic exploration across numerous high-priority targets, provides portfolio diversification that helps manage exploration risk, and secures first-mover advantage in highly prospective areas that have seen limited modern exploration.

Strategic Jurisdictional Advantages

The strategic value of ATHA's land package is further enhanced by its location in jurisdictions with established uranium mining industries, well-defined regulatory frameworks, and access to skilled labor and technical expertise. This combination of historical resources, new discoveries, and extensive exploration potential positions ATHA Energy to capitalize on the growing global demand for uranium, while its diverse portfolio approach helps mitigate the risks inherent in uranium exploration and development.

Market Position & Growth Strategy

ATHA Energy has strategically positioned itself as a significant player in the uranium exploration sector through a combination of strategic partnerships and asset diversification. The company's recent option agreements with Terra Uranium demonstrate its ability to forge valuable industry relationships, while its 10% carried interest in projects operated by major players NexGen Energy and IsoEnergy provides additional exposure to high-quality exploration programs without direct capital expenditure.

The company's growth strategy centers on its diversified portfolio approach, spreading risk and opportunity across multiple jurisdictions and project stages. From historical resources to new discoveries, ATHA maintains a balanced approach to resource development. This is supported by a systematic exploration program that enables the company to advance multiple projects concurrently, maximizing the potential for discovery while managing exploration risk.

Investment Considerations

Strengths

• Substantial historical resource base exceeding 57.8 million lbs U3O8
• Largest exploration land package in key uranium districts
• Strategic partnerships with established industry players
• Multiple paths to value creation through exploration and development
• Strong position in the growing clean energy sector

Opportunities

• Rising global demand for uranium
• Growing nuclear energy sector
• Potential for significant resource expansion
• Multiple exploration catalysts
• Strategic optionality through partnership agreements

Risk Factors

• Exploration and development risks
• Uranium price volatility
• Regulatory and permitting requirements
• Capital market conditions
• Technical challenges in resource development

Investment Perspective on ATHA Energy

ATHA Energy presents a compelling investment opportunity in the uranium sector, backed by substantial historical resources and an impressive land package. The company's recent option agreements with Terra Uranium demonstrate its ability to form strategic partnerships that can accelerate project development while managing risk and capital allocation.For investors seeking exposure to the uranium sector, ATHA Energy offers several attractive features:

• A balanced portfolio of historical resources and exploration potential
• Strategic partnerships that provide technical and financial leverage
• The largest exploration land package in key uranium districts
• Multiple catalysts for value creation through exploration and development
• Strong positioning in the growing clean energy sector

The company's combination of established resources, extensive exploration potential, and strategic partnerships positions it well to capitalize on the growing demand for uranium. While typical mining sector risks apply, ATHA Energy's diversified portfolio and strategic approach to project development provide multiple paths to value creation for investors.As the global focus on clean energy continues to grow, ATHA Energy's strategic position in the uranium sector, combined with its systematic approach to exploration and development, makes it a noteworthy opportunity for investors looking to participate in the uranium market's potential upside.