ATHA Energy Makes Fourth Major Uranium Discovery

• ATHA Energy has demonstrated control of an entire uranium-rich sub-basin with mineralization traced over 12 kilometers, representing rare district-scale potential comparable to major Athabasca Basin discoveries.
• The company's best exploration hole to date at RIB North intersected 26.3 meters of composite uranium mineralization with high-grade intervals reaching 55,730 CPS, matching grades and thicknesses seen at world-class deposits like Arrow.
• ATHA has achieved a perfect drilling success rate across four discoveries (KU, RIB East, RIB West, and RIB North) in a single exploration program, indicating systematic geological understanding and robust targeting methodology.
• With sole control of the Angikuni Basin during a uranium supply shortage and growing nuclear demand, ATHA is positioned as a potential tier-one discovery play in one of the world's premier uranium jurisdictions.
• The company faces a strategic capital allocation decision between advancing the established Lac 50 deposit (61-98 million pound conceptual exploration target at average grade 0.37% and 0.48% U3O8) and the emerging RIB corridor discoveries, providing multiple pathways to resource definition and development.

ATHA Energy: A District-Scale Uranium Discovery in Canada's Premier Mining Territory

The uranium sector is experiencing unprecedented structural tailwinds as nuclear energy gains recognition as a critical component of the clean energy transition. Against this backdrop, ATHA Energy has emerged as a compelling discovery-stage play after intersecting what CEO Troy Boisjoli describes as "Athabasca style mineralization" in terms of both thickness and grade at its 100%-owned Angilak Project in Nunavut, Canada.

The company's latest drill results from the RIB North discovery represent a significant milestone in uranium exploration, with drill hole RIBN-DD-001 intersecting 26.3 meters of composite uranium mineralization including 1.9 meters of high-grade material with radioactivity reaching 55,730 counts per second (CPS). These results place ATHA among the top uranium exploration success stories of 2025 and establish the company as a serious contender in Canada's uranium landscape.

Interview with Chief Executive Officer, Troy Boisjoli

District-Scale Control in a Proven Uranium Province

ATHA Energy's competitive advantage lies in its unique position as the sole controller of the Angikuni Basin, a sub-basin of the renowned Athabasca Basin system. This geological setting has produced some of the world's highest-grade uranium deposits, and ATHA's exploration success suggests similar potential exists within their land package.

Boisjoli, who brings extensive experience from his work on NexGen Energy's world-class Arrow deposit, draws direct comparisons between ATHA's recent discoveries and established Athabasca Basin deposits. 

"The discovery hole at Arrow, I think it was RK1421 - very similar grades, very similar thicknesses that we're seeing in the discovery hole at RIB North." 

This comparison is particularly significant given Boisjoli's hands-on experience developing Arrow from maiden resource through feasibility stages.

The Mineralized RIB Corridor (MRC) now extends over 12 kilometers based on electromagnetic inversion modeling, with mineralization traced over 4.4 kilometers along the eastern limb and 4.0 kilometers along the western limb. The company has achieved a 100% drilling success rate across all targets, with four separate discoveries made in a single exploration program - an exceptional achievement in uranium exploration.

Technical Excellence Driving Exploration Success

ATHA's exploration methodology demonstrates sophisticated geological understanding, employing structural inversion techniques on geophysical data to achieve high-precision targeting. This technical approach has enabled aggressive step-out drilling with spacings of 150 meters to 1.5 kilometers between holes while maintaining consistent success rates.

Cliff Revering, ATHA's Vice President of Exploration and former chief geologist at Cameco's Cigar Lake operation, brings world-class uranium expertise to the technical team. The combination of Boisjoli's development experience and Revering's operational background provides ATHA with proven leadership in uranium project advancement.

The geological characteristics observed at RIB North mirror those of established Athabasca Basin deposits, including basement-hosted vein-style mineralization associated with strong hematite alteration, graphitic structures, and overprinting silicification. These features suggest the presence of a robust hydrothermal system capable of supporting large-scale uranium concentration.

Financial Position & Strategic Options

ATHA recently completed a financing round, providing the company with capital to advance its exploration and development objectives through 2026. The company faces a strategic decision regarding capital allocation between advancing the established Lac 50 deposit, 61-98 million pound conceptual exploration target at average grade 0.37% and 0.48% U3O8, and the emerging RIB corridor discoveries.

Boisjoli indicates that the scale and grade encountered at RIB North may influence this decision:

"With the scale and the grades that we're seeing within the RIB area, we need assays back, we need the modeling done, and we've got a great option analysis to be able to figure out what is the optimal deposit within this project area to advance forward in the first instance."

This optionality provides ATHA with multiple pathways to resource definition and development, a valuable position in the current uranium market environment. The company plans to shift focus from exploration to project advancement in 2026, with delineation and infill drilling programs designed to move deposits toward resource definition.

Market Context & Uranium Sector Dynamics

The uranium sector is benefiting from a convergence of supply constraints and growing nuclear demand. Boisjoli characterizes the current macro environment as "unequivocally unlike any time I've seen in my career," citing the combination of real demand growth and supply-side uncertainty as creating a structural setup unprecedented in the uranium space.

Leading uranium producers like Cameco continue to test all-time highs, while exploration companies with credible discovery potential are attracting increased investor attention. ATHA's position as controller of an entire uranium district places the company in a select group of exploration plays with legitimate tier-one potential.

The company's location in Nunavut, Canada provides additional strategic value given the jurisdiction's mining-friendly regulatory environment and established infrastructure for northern resource development. Canada's position as a stable, western uranium producer adds geopolitical premium in an increasingly uncertain global supply landscape.

Resource Development Pathway

ATHA's forward work programs will focus on project advancement rather than pure exploration, marking a strategic evolution for the company. The planned activities include delineation drilling, infill programs, and resource modeling designed to establish maiden resource estimates at the most promising discovery areas.

The company's technical team is currently awaiting assay results from recent drilling, which will provide crucial data for resource estimation and deposit modeling. These results will inform the strategic decision regarding which deposit area to prioritize for initial resource definition - either the established Lac 50 deposit or the emerging RIB corridor discoveries.

Boisjoli's experience advancing the Arrow deposit through feasibility stages provides ATHA with proven leadership for this transition from exploration to development. The company's technical approach suggests a systematic progression toward resource definition and eventual development studies.

The Investment Thesis for ATHA Energy

• District-Scale Opportunity: Sole control of Angikuni Basin provides rare exposure to potential tier-one uranium discovery with 12-kilometer mineralized RIB corridor and multiple discovery zones.
• Proven Technical Team: Management combines development experience (Arrow deposit) with operational expertise (Eagle Point, Cigar Lake), providing credible pathway from discovery to production.
• Resource Development Optionality: Multiple deposit areas provide strategic flexibility for resource definition, with established Lac 50 deposit and emerging mineralized RIB corridor discoveries offering parallel development paths.
• Market Timing Advantage: Discovery success coincides with favorable uranium market fundamentals, including supply constraints and growing nuclear demand driving sector valuations.
• Exploration Risk Management: 100% drilling success rate and systematic geological approach reduce execution risk while aggressive step-out drilling accelerates deposit delineation. Further opportunities for discovery and application of ATHA’s proven exploration targeting capabilities across ATHA’s vast Athabasca Basin and Thelon Basin portfolios.
• Key Risk Factors: Resource definition timeline dependent on assay results and modeling work; remote location requires significant infrastructure development; uranium market volatility could impact development economics.
• Investment Strategy: Monitor updates for 2026 delineation and exploration strategy for entry point timing; track assay results from recent drilling for grade confirmation; evaluate management's capital allocation decisions between Lac 50 and RIB corridor advancement.

ATHA Energy represents a compelling uranium exploration play with legitimate district-scale potential in one of the world's premier uranium provinces. The company's recent drilling success at RIB North, combined with systematic exploration across a 12-kilometer mineralized RIB corridor, establishes ATHA as a credible tier-one discovery story. With experienced management, proven technical methodology, and strategic optionality for resource development, the company is well-positioned to capitalize on favorable uranium market dynamics. However, investors should recognize the inherent risks of exploration-stage investments, including resource definition uncertainty and development timeline variables. The company's transition from exploration to resource development in 2026 will provide critical milestones for investment evaluation, with assay results and strategic capital allocation decisions serving as key catalysts for value creation.

Macro Thematic Analysis

The global energy transition is creating unprecedented demand for clean, reliable baseload power, positioning nuclear energy as a critical component of future electricity generation. This nuclear renaissance is driving structural changes in uranium markets, creating opportunities for discovery-stage companies with credible resources in stable jurisdictions.

ATHA Energy's success exemplifies this thematic opportunity, with Boisjoli noting that "as people start to look for additional alpha, down cap growth opportunities, that field gets very narrow" in the uranium sector. This scarcity of quality exploration plays with district-scale potential creates significant value proposition for companies that can demonstrate systematic discovery success.

The convergence of supply constraints, growing nuclear demand, and limited high-quality exploration opportunities establishes a favorable environment for uranium discovery companies. ATHA's position as sole controller of a uranium-rich sub-basin, combined with proven exploration success and experienced management, positions the company to capitalize on these macro trends. The technical similarities between ATHA's discoveries and world-class Athabasca Basin deposits suggest potential for significant resource development, while the company's strategic optionality provides multiple pathways for value creation in an increasingly supply-constrained uranium market.

TL;DR Summary

ATHA Energy has emerged as a leading uranium exploration story following its major discovery at the RIB North target, intersecting 26.3 meters of composite uranium mineralization with high-grade intervals reaching 55,730 CPS. The company controls the entire Angikuni Basin in Canada, with mineralization traced over 12 kilometers across four separate discoveries achieved with a 100% drilling success rate. CEO Troy Boisjoli, who previously worked on NexGen's world-class Arrow deposit, draws direct comparisons between ATHA's recent results and established Athabasca Basin deposits in terms of grade and thickness. With experienced management, systematic exploration methodology, and strategic optionality between the established LAC50 deposit and emerging RIB corridor discoveries, ATHA is positioned to capitalize on favorable uranium market fundamentals driven by nuclear energy demand and supply constraints.

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