ATHA Energy Expands Uranium Footprint with High-Grade Discoveries at Flagship Angilak Project

• ATHA Energy has intersected significant uranium mineralization at its 100%-owned Angilak Project in Nunavut, including bedrock radioactivity reaching 60,000 counts per second at Mushroom Lake over a 3-kilometer strike length.
• The company completed over 10,000 meters of diamond drilling across 25 holes in 2024, with all holes intersecting uranium mineralization beyond the existing Lac 50 Deposit model.
• Recent exploration has outlined a 31-kilometer mineralized trend along the RIB-Nine Iron structural corridor, with the newly discovered Mineralized RIB Corridor demonstrating 12 kilometers of prospective strike length.
• ATHA controls over 7 million acres across Canada's premier uranium jurisdictions, representing the largest uranium exploration land package in the country with projects spanning the exploration risk curve.
• The company maintains a strong financial position with C$278 million enterprise value and full funding for its 10,000-meter 2025 drill program targeting globally significant uranium scale.

As global uranium markets reflect strengthening fundamentals with spot prices holding near $80 per pound and long-term contracts reaching $85 per pound, exploration companies with district-scale discovery potential are garnering increased investor attention. ATHA Energy Corp. has emerged as a compelling uranium exploration investment following significant drill results from its flagship Angilak Project that expand the known mineralized footprint and demonstrate the property's potential to host multiple high-grade uranium deposits. Against a backdrop of accelerating nuclear energy demand and constrained primary uranium supply, ATHA's comprehensive portfolio across Canada's top uranium jurisdictions positions the company to capitalize on what industry analysts project will be a $13.59 billion global uranium market by 2032.

The company's recent exploration success comes at a particularly opportune moment. October 2025 uranium spot prices settled at $80.00 per pound, maintaining significant ground above the year's low of $64.23 per pound recorded in March. More significantly, long-term uranium prices reached their highest point of the year at $85.00 per pound, signaling market participants' confidence in sustained demand growth. These price levels create an increasingly favorable economic environment for companies like ATHA that are advancing high-grade uranium assets through systematic exploration programs designed to delineate district-scale mineralization.

ATHA's strategic approach combines targeted drilling at known deposits with aggressive regional exploration across a 7-million-acre land position that spans the Athabasca Basin, Thelon Basin, Angikuni Basin, and Central Mineral Belt. This diversified asset base provides multiple pathways to value creation while mitigating exploration risk, a particularly attractive characteristic as uranium market fundamentals continue strengthening in response to global decarbonization initiatives and renewed focus on nuclear power generation.

Company Overview

ATHA Energy Corp. operates as Canada's premier uranium exploration company, distinguished by both the scale of its land holdings and the quality of its technical team. With 315.3 million basic shares outstanding and a market capitalization of C$296 million at a September 30, 2025 share price of C$0.94, the company maintains an enterprise value of C$278 million. This valuation reflects investor recognition of ATHA's extensive asset portfolio while providing significant upside leverage to exploration success.

The management team brings operational experience from Canada's most successful uranium companies, including Cameco, NexGen Energy, IsoEnergy, and Mega Uranium. CEO Troy Boisjoli leads a technical group headed by VP Exploration Cliff Revering, whose collective expertise spans uranium mine operations, resource growth, and large-scale exploration programs. This combination of operating knowledge and capital markets experience positions ATHA to efficiently advance its assets while maintaining strong relationships with investors and industry partners.

ATHA's portfolio architecture provides exposure across the uranium exploration value chain. The flagship Angilak Project represents the company's most advanced asset, hosting the historical Lac 50 Deposit and newly discovered mineralization along a 31-kilometer trend. Beyond Angilak, the company controls 3.8 million acres in the Athabasca Basin, the world's highest-grade uranium district, including advanced targets at Gemini, Pinnacle, Ridge, and Zenith that have been de-risked through historical work and modern geophysics.

Key Development: Angilak Project Drill Results

ATHA's October 2025 announcement detailed results from one of the uranium sector's largest exploration programs executed during 2024. The company completed 10,051 meters of diamond drilling across 25 holes at Angilak, with every hole intersecting uranium mineralization. This 100% success rate demonstrates the systematic nature of the deposit system and validates the company's targeting methodology.

The most significant development involves the Mushroom Lake bedrock outcrop, where radioactivity measurements reached 60,000 counts per second across a 3-kilometer strike length.

VP Exploration Cliff Revering emphasized the discovery's significance:

"Uranium mineralization along the eastern limb of the MRC has now been intersected across a 4.4 km long prospective graphitic structural corridor, extending from RIB South to RIB North."

This continuity of mineralization across multiple kilometers suggests the potential for a district-scale uranium system rather than isolated occurrences.

Detailed results from the Mineralized RIB Corridor illustrate the high-grade nature of the discovery. Hole RIBN-DD-001 intersected 10 separate mineralized zones over a 26.3-meter composite interval, including Zone 7 which returned 13.6 meters averaging 4,824 counts per second with peak radioactivity of 55,731 counts per second and 1.7 meters of off-scale readings exceeding 10,000 counts per second. These results confirm the presence of substantial uranium concentrations at shallow depths accessible to conventional mining methods.

Strategic Significance: District-Scale Potential

The exploration results at Angilak extend beyond individual drill intercepts to reveal the property's district-scale potential. ATHA has now identified uranium mineralization across a 31-kilometer RIB-Nine Iron structural corridor, with the Mineralized RIB Corridor alone demonstrating 12 kilometers of strike length defined by advanced electromagnetic surveys. This scale of mineralization places Angilak among Canada's most significant uranium discoveries outside the Athabasca Basin.

Geological comparison supports the district-scale interpretation. The Angikuni Basin shares key characteristics with the Athabasca Basin, including similar basement geology, structural architecture, and alteration assemblages associated with unconformity-style uranium deposits. The presence of multiple parallel mineralized trends at Angilak, including the Lac 48, Lac 52, and Lac 54 trends that run parallel to Lac 50, mirrors the multi-deposit corridor model observed in the Athabasca Basin.

The company's updated exploration target model for Lac 50 illustrates the growth potential. ATHA estimates a conceptual exploration target of 60.8 to 98.2 million pounds of uranium oxide at average grades ranging from 0.37% to 0.48%. While this target remains conceptual and requires additional drilling for resource definition, it represents a significant increase from the historical deposit model and demonstrates how systematic exploration is expanding the known mineralized envelope.

Current Activities: 2025 Exploration Program

ATHA has initiated a fully-funded 10,000-meter diamond drilling program for summer 2025, targeting high-priority zones identified through geophysical surveys. The program focuses on testing 3D electromagnetic inversion anomalies within the Angikuni Basin that exhibit characteristics similar to known mineralized zones. This systematic approach leverages modern geophysical techniques to identify drill targets with higher probability of discovery while efficiently deploying capital across the large property position.

Beyond Angilak, the company is advancing its Athabasca Basin portfolio through targeted geophysical programs. The 2024 exploration season included 6,100 meters of diamond drilling, ground geophysics, data compilation, and machine learning prospectivity analysis for target generation. This work has identified multiple drill-ready targets at the Gemini, Pinnacle, Ridge, and Zenith properties, each representing advanced exploration opportunities with historical mineralization or geophysical anomalies warranting drill testing.

The company's carried interest positions provide additional near-term catalysts without requiring capital deployment. NexGen Energy announced 30,000 meters of drilling planned for 2024 in regions where ATHA holds 10% carried interests, while IsoEnergy continues active exploration adjacent to ATHA's lands. These programs offer cost-free exposure to discovery potential while validating the prospectivity of ATHA's surrounding land holdings.

Market Context: Uranium Fundamentals

Current uranium market dynamics support aggressive exploration by well-positioned companies. The October 2025 spot price of $80.00 per pound represents a 24.6% increase from the March low of $64.23 per pound, while long-term contract prices reaching $85.00 per pound, the year's highest level, signal sustained demand expectations. Uranium futures trading at $80.80 per pound on November 3, 2025, approximately 3% higher than year-earlier levels, confirm market strength.

Structural demand drivers underpin these price trends. DataM Intelligence projects the global uranium market will reach $13.59 billion by 2032, representing a compound annual growth rate of 4.86% from 2025 through 2032. This growth reflects planned reactor construction, particularly in the United States where an approximately $80 billion contract between Westinghouse Electric Company and the US government for reactor construction has boosted market optimism.

Supply constraints provide additional price support. Primary uranium production has lagged demand for over a decade, with utilities increasingly competing for limited available material. The disconnect between current production levels and projected requirements creates favorable economics for new discoveries, particularly high-grade deposits that can compete on the cost curve.

Competitive Positioning

ATHA's competitive position reflects both asset quality and portfolio breadth. Among uranium explorers, the company ranks as one of the largest by enterprise value at C$278 million, trailing only major developers NexGen Energy at C$7.2 billion, Denison Mines at C$3.3 billion, and Paladin Energy at C$3.3 billion, while maintaining comparable or superior scale to focused explorers IsoEnergy at C$640 million and CanAlaska Uranium at C$198 million. This positioning reflects market recognition of ATHA's district-scale potential at Angilak combined with extensive exploration upside across its portfolio.

The company's 7-million-acre land position represents the largest uranium exploration package in Canada, providing competitive advantages in terms of discovery potential and strategic optionality. Within the Athabasca Basin alone, ATHA controls 3.8 million acres carefully accumulated over 10 years by what management describes as the most successful uranium staking team in Canada. This land base includes exposure to the Thelon Basin at 3.1 million acres and Central Mineral Belt at 268,000 acres.

Technical capabilities differentiate ATHA from junior competitors. The management team's operational experience at producing uranium mines provides practical knowledge of deposit characteristics that support economic extraction. This expertise informs target generation and helps prioritize drill programs toward discoveries with development potential rather than purely geological curiosities.

The Investment Thesis for ATHA Energy

• Acquire positions before resource definition catalysts materialize as systematic drilling converts geological potential into measured mineralization across the 31-kilometer Angilak trend.
• Leverage portfolio diversification across Canada's premier uranium districts to reduce binary risk while maintaining upside to district-scale discoveries in proven productive regions.
• Capitalize on carried interest exposure to major developers for cost-free participation in active exploration programs by well-funded companies without diluting ATHA shareholders.
• Monitor uranium market fundamentals for strategic accumulation opportunities during commodity price weakness while maintaining conviction in long-term nuclear energy demand growth.
• Consider position sizing reflecting exploration-stage risk profile while recognizing ATHA's scale and systematic approach increase odds of meaningful discoveries.
• Track drill results for evidence of expanding mineralized footprint as successful step-out drilling demonstrating kilometer-scale continuity would significantly enhance district potential and valuations.‍

ATHA Energy's recent exploration results at Angilak demonstrate the property's evolution from a single-deposit target to a district-scale uranium opportunity. The intersection of uranium mineralization across a 31-kilometer trend, combined with high-grade intervals at Mushroom Lake and the Mineralized RIB Corridor, validates the company's systematic exploration approach and supports continued aggressive drilling. For investors seeking exposure to uranium exploration with meaningful discovery potential, ATHA offers a compelling combination of asset quality, technical expertise, and portfolio diversification across Canada's premier uranium jurisdictions.

The strengthening uranium market provides favorable backdrop for exploration investment. Long-term contract prices reaching $85 per pound, the year's highest level, reflect market participants' confidence in sustained demand growth driven by reactor construction and nuclear energy's role in decarbonization. ATHA's focus on high-grade discoveries in established uranium districts positions the company to potentially deliver assets that compete favorably on the global cost curve, enhancing development optionality as market fundamentals continue improving.

Risk-adjusted return potential appears favorable at current valuations. ATHA's C$278 million enterprise value represents a modest premium relative to the scale of its land position and the early evidence of district-scale mineralization at Angilak. As systematic drilling continues converting geological potential into defined mineralization across multiple parallel trends, the company offers exploration leverage to investors confident in both uranium fundamentals and management's technical capabilities.

TL;DR

ATHA Energy has emerged as Canada's premier uranium explorer following significant drill results expanding mineralization across a 31-kilometer trend at its flagship Angilak Project in Nunavut. The company intersected bedrock radioactivity reaching 60,000 counts per second at Mushroom Lake over 3 kilometers, while the newly discovered Mineralized RIB Corridor demonstrates 12 kilometers of prospective strike length. With over 7 million acres across Canada's top uranium districts, full funding for a 10,000-meter 2025 drill program, and carried interests in NexGen and IsoEnergy lands, ATHA provides diversified exploration exposure as uranium prices strengthen.

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