ATHA Energy - Game Changing New High-Grade Uranium Basin in Canada

• ATHA Energy's Angilak project hosts a 43 million pound historic uranium resource, with recent samples showing grades up to 47.8% U3O8 in outcrops
• The company has identified a 31-kilometer structural trend with multiple high-grade zones and basin potential similar to the Athabasca Basin, suggesting significant uranium expansion on a district scale
• ATHA's first-mover advantage and dominant land position position in a sub-basin equivalent to the northeastern Athabasca Basin area provides a substantial competitive edge in a new uranium district
• Led by a team with significant Tier 1 uranium mine development experience, ATHA is positioned to address the looming uranium supply deficit of the 2030s
• Systematic exploration has already de-risked the project substantially, with recent MMT surveys and an SRK Structural Report identifying new high-priority targets under the Angikuni Basin

Introduction to the Angilak Project

ATHA Energy Corp has positioned itself as a frontrunner in large-scale uranium exploration, primarily focused on Canada's uranium-rich regions across the Athabasca Basin, the Thelon Basin, and most notably, the Angilak project. Led by CEO Troy Boisjoli, the company has established a significant footprint in what appears to be emerging as a new world-class uranium district.

The company's flagship asset, the Angilak project, already boasts an impressive 43 million pound historic resource with an average grade of 0.69% U3O8, making it one of the highest grade deposits outside the Athabasca Basin. However, recent developments suggest this may be just the beginning. Recent surface sampling has revealed exceptional uranium grades, with values reaching as high as 47.8% U3O8 in outcrops along a newly defined three-kilometer trend known as the Mushroom Lake trend.

"We're seeing high-grade uranium mineralization localized on surface. That sample that you're talking about and those series of samples, it's not an isolated sample. It's across a trend that's about three kilometers long called the Mushroom Lake trend, coming right off of the Lac 50 mineralized envelope."

What makes these findings particularly significant is that they're not isolated occurrences but part of a systematic mineralized trend. The company has conducted comprehensive exploration work over the past year, including mapping, geochemical and geophysical surveys, and critically, a detailed structural interpretation that has helped connect all these elements into a cohesive geological model.

ATHA's approach has been methodical and strategic. Having taken possession of the Angilak project through the acquisition of Latitude approximately a year ago, the company immediately recognized the significant scale potential. In 2024 alone, ATHA completed 10,000 meters of drilling, with every hole being a step-out designed to expand the known mineralization envelope.

"Every one of them was a step out hole - a widely spaced step out hole, expanding that envelope of mineralization."

This aggressive but systematic approach has already paid dividends, enabling the company to define an exploration target with potential of over 100 million pounds—more than double the historic resource. Not many companies can claim to have a project with the scale potential of Angilak.

Exploration & Resource Expansion Strategies

ATHA Energy's approach to resource expansion at Angilak combines methodical de-risking with bold step-out exploration. The company has implemented a dual strategy: expanding the known Lac 50 mineralized zone while simultaneously developing new target areas across their extensive land package. Boisjoli explains:

"For us, it's been about continually de-risking since we started. It's de-risked the scale through wide-space step-outs, working from known to unknown. So the known portion of this is Lac 50, and you start to build out and extend out from Lac 50."

This progressive approach has enabled ATHA to systematically build confidence in the project's scale while managing exploration risk.

The company's exploration methodology follows a proven pattern of starting from the known resource at Lac 50 and radiating outward, testing the extent of mineralization. In parallel, they've conducted comprehensive surface work, taking advantage of the high degree of surface outcrop exposure—something that differentiates Angilak from many uranium projects where mineralization is deeply buried.

A significant technological breakthrough in their exploration approach came through the deployment of an MMT (Magnetotelluric) survey. "That MMT survey was the first opportunity that we've had to look through that sandstone cover. Previous surveys didn't have the ability to image or provide any resolution under the sandstone. MMT did that beautifully," Boisjoli states.

This advanced geophysical technique has allowed ATHA to see beneath the sandstone cover of the Angikuni Basin for the first time, revealing potential structural controls that could host significant additional mineralization—similar to the world-famous deposits of the Athabasca Basin.

The structural interpretation has been particularly critical in ATHA's exploration success. "The piece that tied it all together really was the structural interpretation," explains Boisjoli.

"What we see from a structural perspective is all of the mineralization here is structurally controlled, as it is with almost every uranium deposit within North America."

This structural control follows a "dilational structural trend"—a geological feature particularly important for uranium mineralization—that extends for approximately 31 kilometers across the Angikuni Basin. At one end of this trend, the company has identified an area called the "rib holes," with drilling showing "alteration, structure, mineralization, graphitic lithologies, all of the hallmarks of an Athabasca style targeting system." At the other end lies the Nine Iron area, featuring surface samples with grades up to 30% uranium over kilometers.

Geological Insights & Structural Analysis

The geological setting at Angilak presents a unique opportunity that combines aspects of known uranium districts with exciting new potential. One of the most significant insights from ATHA's work is the recognition that the Lac 50 deposit sits right at the edge of the Angikuni Basin—a sandstone basin similar to the prolific Athabasca Basin, yet with minimal historical exploration beneath it.

"Lac 50 is situated right at the edge of the Angikuni Basin. The Angikuni Basin is a sandstone basin similar to the Athabasca and next to no exploration has occurred underneath that basin."

This geological configuration is particularly significant for uranium explorers. The proximity of known high-grade mineralization to a sandstone basin edge creates a compelling exploration thesis that mirrors some of the world's richest uranium districts. As Boisjoli notes:

"When you have a metal endowment like that sitting right at the edge of a sandstone basin you automatically want to think about where can you localize additional mineralization underneath this basin i.e. unconformity style, Athabasca style uranium."

ATHA's MMT survey has been instrumental in developing targets beneath the basin cover. Unlike previous geophysical methods, the MMT technique provided resolution beneath the sandstone cover, revealing a large-scale structural system cutting across the entire basin. What makes this particularly exciting is that high-grade uranium mineralization has been identified on both sides of this 31-kilometer structural corridor.

In terms of depth, the mineralization appears accessible. Boisjoli explains, "We expect it to be very shallow at the edge... If we talk about unconformity depth here, we expect that the unconformity will be relatively shallow near the edges of the basin and then trend deeper towards the middle of the basin." With control points suggesting unconformity depths of around 540 meters at their deepest, ATHA anticipates that most targets will be "sub 500 meters"—relatively shallow by uranium exploration standards.

Perhaps most striking is the surface expression of uranium along the structural trend. "Across the surface expression, where you see, where you project the structure to surface through the sandstone, we're seeing mineralization in multiple percents on surface that halos that trend," notes Boisjoli. This is unusual compared to the Athabasca Basin, where sandstone uranium values typically register only in parts per million rather than percentage grades.

Commercial Strategy & Market Positioning

ATHA Energy's commercial strategy centers on leveraging their first-mover advantage and dominant land position in what appears to be an emerging uranium district of global significance. The scale of their land package is impressive by any standard.

"Just to give everyone a sense of scale, if you were to overlay the Angilak project on top of say the eastern Athabasca Basin, this is a project area that is equivalent to the area from Rabbit Lake to McLean Lake over Roughrider down to Cigar Lake."

This comparison is particularly striking as it encompasses an area that hosts several major uranium deposits and numerous exploration companies in the Athabasca.

The company's strategy follows a systematic progression designed to build value while managing risk. The immediate focus is on expansion of the mineralized envelope—both at the established Lac 50 zone and testing high-priority targets under the Angikuni Basin. As Boisjoli outlines:

"It's about expansion. It's about understanding the mineral endowment here. And then once you understand the scope and scale of what you're doing, then you move into a de-risking phase."

This de-risking follows a well-established pattern: first building inferred resources to quantify scale, then systematically increasing confidence through additional drilling to improve resource classification. This methodical approach aligns with industry best practices while positioning ATHA to capitalize on the current positive uranium market dynamics.

What sets ATHA apart from many junior uranium explorers is that they appear to have already moved beyond the discovery stage to resource growth. As Boisjoli notes:

"We have 43% mineralization, we've got high-grade mineralization that is right within the footprint of the Lac 50 area. We're going to build that out."

The company's positioning within the broader uranium market narrative is particularly compelling. With surface uranium grades reaching as high as 47% and extensive mineralized trends, ATHA believes they are addressing a critical need in the uranium sector. Referring to the looming supply deficit in the uranium market. Referring to the looming supply deficit in the uranium market, Boisjoli states:

"Projects like this, areas like this, and districts like this are what the uranium market needs."

Future Outlook & Growth Expectations

ATHA Energy's future outlook is firmly focused on growth and resource expansion of uranium mineralization at Angilak. The immediate priorities are clear: continue expanding the Lac 50 deposit area while testing the high-grade targets identified under the Angikuni Basin. As Boisjoli succinctly puts it:

"We're going to see more growth at Angilak. That's the objective."

The company sees exceptional potential in both the known Lac 50 area andthe newly identified basin targets.

"Lac 50 – that three kilometer trend at Mushroom Lake, 47% is the highest grade sample on surface. That's unique. That's rare."

This enthusiasm extends to the basin opportunities, where ATHA is conducting first-pass exploration with already encouraging indicators: "The only difference is we're doing the first pass exploration with indications of uranium mineralization, of alteration, etc. 30% uranium trending into this basin. So expect growth."

What makes ATHA's timeline particularly compelling is their view that Angilak could be developed within the current uranium cycle—a significant advantage given the sector's cyclical nature.

"Our view is that this isn’t a 20 to 30 year timeline project. This is a this cycle project."

While acknowledging the conventional wisdom that uranium projects typically take 10-14 years from discovery to production, ATHA believes they can compress these timelines by running parallel workstreams.

The company is well-positioned to execute this timeline thanks to their experienced team. "We have a team that has significant experience operating right from early-stage exploration through to development through to operating tier one uranium mines in Canada," notes Boisjoli. This includes key personnel like Vice President of Exploration Cliff Revering, who previously served as chief geologist at Cigar Lake, one of the world's richest uranium mines, and helped bring it into production.

This blend of district-scale potential and experienced leadership positions ATHA to potentially advance the Angilak Project toward becoming a significant uranium center in the 2030s—precisely when the global uranium market is projected to face its most severe supply shortages.

Investment Thesis for ATHA Energy

• Resource Scale and Growth Potential: Starting with 43 million pounds at 0.69% U3O8, ATHA has defined an exploration target with a range of 62 - 98 million pounds with significant additional upside from new high-grade discoveries
• Exceptional Grades: Surface samples grading up to 47.8% U3O8 indicate potential for high-grade resource expansion that could dramatically improve project economics
• District-Scale Control: First-mover advantage with land package equivalent to the northeastern Athabasca Basin, providing multiple exploration targets and potential discoveries
• Experienced Leadership: Management team with direct experience developing and operating Tier 1 uranium mines, providing credibility to their development timeline
• Macro Alignment: Project timeline aligns with projected uranium supply deficits in the 2030s as major mines deplete and global demand increases

ATHA Energy represents a compelling opportunity in the uranium exploration sector. With Angilak, the company appears to control a district-scale uranium project with clear pathways to significant resource growth. The combination of an existing 43 million pound historic resource, exceptional surface grades, and newly identified basin targets positions ATHA uniquely among uranium juniors.

As CEO Troy Boisjoli states, "That's with a commodity overlay on top of that... you can really start to pull work into parallel and attack those timelines." This strategic approach to development, combined with the company's extensive land position and experienced team, creates a potentially rare opportunity for investors to participate in the discovery and development of what could become one of North America's next significant uranium districts.

Uranium Market Analysis: The Looming Supply Deficit

The global uranium market is approaching what industry experts describe as an "existential" supply deficit, creating a compelling backdrop for ATHA Energy's development timeline. This deficit is being driven by a combination of increasing demand and declining production from established mines.

Global uranium demand is growing at a compound annual rate of 3-5%, primarily driven by expanding nuclear energy programs in China, India, and other emerging markets seeking reliable, carbon-free baseload power. Meanwhile, several countries previously opposed to nuclear energy are reconsidering their positions due to energy security concerns and climate change commitments. The International Energy Agency (IEA) and other energy authorities now recognize nuclear power as essential to reaching net-zero carbon emissions.

Against this rising demand, supply constraints are becoming increasingly evident. As Troy Boisjoli highlights:

"You have tier one producers that are wrapping up and going into decommissioning during the 2030's."

Specifically, he points to "Cigar Lake and MacArthur come off towards the end of the decade," along with Kazatomprom that has declining production rates in the 2030s.

These are not minor operations—they represent some of the world's largest and highest-grade uranium mines. Cigar Lake in Canada produces approximately 18 million pounds of uranium annually, while McArthur River, once the world's largest high-grade uranium mine, has capacity for 25 million pounds annually. Kazakhstan's Kazatomprom, which currently produces over 40% of global uranium supply, faces declining grades and increased costs as existing mines mature.

The development timeline for new uranium mines presents another significant challenge. From discovery to production typically requires 10-14 years, meaning that even if new discoveries are made today, they may not reach production until the mid-2030s—precisely when the supply deficit is projected to be most acute.

This supply-demand imbalance has fundamentally altered uranium market dynamics. After a decade of depressed prices following the 2011 Fukushima disaster, uranium prices have more than tripled since 2020, currently trading around $60-70 per pound. Many industry analysts project potential price increases to $90-100 per pound or higher as utilities struggle to secure long-term supplies.

In this context, ATHA Energy's Angilak project represents the exact typeof discovery the market desperately needs—a potential large-scale, high-grade uranium district in a stable jurisdiction, backed up by a historic resource and with an experienced team capable of advancing it within the current market cycle.