ATHA Energy Makes Major New High-Grade Discovery Along the Lac 50 Corridor

• ATHA Energy Corp. reported preliminary results from the first two drill holes testing the Lac 50 Northwest target, part of the 2026 Angilak Exploration Program at its 100%-owned Angilak Uranium Project in Nunavut, Canada.
• The result intersected 11.5 metres of total composite uranium mineralisation over 5 zones from 305.0 metres to 479.9 metres, including 7.0 metres of continuous mineralisation averaging 7,974 counts per second (CPS) and 1.6 metres of high-grade mineralisation with a maximum radioactivity of 40,162 CPS.
• The discovery is located approximately 4 kilometres along strike from the Lac 50 Deposit area, and the results confirm that the entire 4-kilometre strike length between the 2 areas is prospective for uranium mineralisation.
• The Lac 50 Northwest Discovery is the sixth regional discovery outside the Lac 50 Deposit area in the last 15 months at Angilak, with the Company reporting a 100% success rate targeting via 3D electromagnetic (EM) inversion.
• The 2026 Angilak Exploration Program is the largest to date on the project, and the Company anticipates announcing additional preliminary drilling results from the Mineralised RIB Corridor imminently.

Company Overview

ATHA Energy Corp. (TSX.V: SASK | FRA: X5U | OTCQX: SASKF) is a Canadian mineral company engaged in the acquisition, exploration and development of uranium assets in the pursuit of a clean energy future. The Company holds a strategically balanced portfolio, including 3 100%-owned post-discovery uranium projects: the Angilak Project in Nunavut, CMB Discoveries in Labrador, and the newly discovered basement-hosted GMZ high-grade uranium discovery in the Athabasca Basin. ATHA also holds the largest cumulative prospective exploration land package, in excess of 7 million acres, across 2 of the world's most prominent basins for uranium discoveries. The company also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. 

New High-Grade Intercept Confirms 4 km Prospective Extension Along the Lac 50 Corridor

ATHA Energy announced diamond drilling results from the 2026 Angilak Exploration Program at its 100%-owned Angilak Uranium Project in Nunavut, Canada, representing the first regional test along the Lac 50 Deposit Corridor as part of the recently commenced program. The release detailed preliminary results from the first 2 drill holes targeting Lac 50 Northwest, located approximately 4 kilometres along strike from the Lac 50 Deposit area.

The result intersected 11.5 metres of total composite uranium mineralisation over 5 zones from 305.0 metres to 479.9 metres. Within this interval, the hole intersected 7.0 metres of continuous mineralisation, from 415.6 metres to 422.6 metres, averaging 7,974 counts per second (CPS), a unit derived from a Mount Sopris 40TGU-1000 Triple Gamma Geiger downhole probe used for radiometric surveying. This included 1.6 metres of high-grade mineralisation, defined by the Company as any interval with radioactivity above 10,000 CPS, with a maximum recorded radioactivity of 40,162 CPS.

Mineralisation at the discovery is basement-style, hosted within brecciated basalts infilled with quartz-carbonite veining, with albite-hematite alteration halos and silicification overprinting, and demonstrates similar grade, width and style to Athabasca basement-style deposits. Drilling was designed to test a 3D magnetotelluric (MMT) inversion anomaly with a coincident broad gravity offset, and the results confirm the entire 4 kilometre strike length between the Lac 50 Northwest Discovery and the Lac 50 Deposit area as prospective for hosting uranium mineralisation. This marks the sixth regional discovery outside the Lac 50 Deposit area in the last 15 months at Angilak, with the Company reporting a 100% success rate targeting via 3D electromagnetic (EM) inversion.

Chief Executive Officer of ATHA Energy Corp., Troy Boisjoli, commented on the significance of the result:

"Over the last two decades, I have had the privilege of exploring the top uranium districts globally, including Cameco's Rabbit Lake trend and NexGen's world-class Rook I Project. It is with that experience, when I look at the exploration results from Angilak over the last two years, successfully intersecting uranium mineralisation on 100% of our regional exploration targets, now with six discoveries in just fifteen months of work, Angilak is something truly unique, representing something completely new in the uranium exploration space. Today's results from the Lac 50 Northwest Discovery, intersecting high-grade uranium mineralisation 4 kilometres along strike from the Lac 50 Deposit area and the nearest drilling, demonstrates the unrealised potential of Angilak, as well as the Company's ability to execute."

Boisjoli added further context on the broader market backdrop:

"ATHA's success is ever more impactful when considering projections for increases in global energy demand, and prominence of nuclear energy in plans to meet those needs. Compounding those demands with issues of stability of commodity supplies from stable jurisdictions, and ATHA's Angilak Uranium Project has a very bright future."

2026 Angilak Exploration Program Scope

The 2026 Angilak Exploration Program is the largest to date on the project and comprises 2 components. The first is diamond drilling, which commenced on May 1, 2026, and is scheduled to continue through the end of September, with the Company completing approximately 20,000 metres of drilling utilising 3 diamond drill rigs. The second is aerial geophysics, comprising Expert's MMT survey, scheduled to start in early July, with resulting 3D Inversion Modelling to be completed by the Fourth Quarter of 2026.

With diamond drilling, the Company intends to test 3 areas. At the Mineralised RIB Corridor, the program will pursue additional discovery potential and expansion, following the 2025 program, which resulted in 4 discoveries of uranium mineralisation, including RIB North, where the maiden hole intersected 34.7 metres of composite uranium mineralisation with grades up to 8.16% uranium oxide over 0.5 metres. At the Lac 50 Deposit Corridor, drilling will test recently identified, highly prospective 3D Inversion targets along strike from the main Lac 50 Deposit area and pursue expansion of the Lac 50 Deposit mineralisation footprint, which remains open and unconstrained. At the KU-Nine Iron Corridor, drilling will test recently identified, highly prospective 3D Inversion targets that directly vector from uranium mineralisation intersected in the 2025 KU and historic Nine Iron Discoveries.

The geophysics component is designed to add additional targets to the Company's portfolio, including full MMT coverage across the 100% ATHA-owned Angikuni Basin. The resulting survey data will be used to develop a 3D Inversion model of the entire basin, applying the same systematic approach ATHA used during its 2025 campaign. The scientific and technical information contained in the underlying release was reviewed and approved by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Vice President (VP) of Exploration at ATHA, Cliff Revering, described the discovery as a meaningful step forward for the project:

"The discovery of a new high-grade mineralised zone more than 4 km from the Lac 50 Deposit, along the extended Lac 50 Northwest Corridor and in only the second hole drilled in this area, marks an exciting step forward for the Angilak Project. These results reinforce the strength of our targeting strategy and highlight the significant exploration upside within the Angikuni Basin."

Revering continued, linking the result to the Company's ongoing exploration momentum:

"Building on the success of our 2025 exploration program, we are highly encouraged by the continued discovery momentum at Angilak. Early results from the 2026 program further support our view that Angilak has the scale, continuity and exploration potential to emerge as a significant uranium district."

Next Steps

The Lac 50 Northwest Discovery forms part of ATHA's ongoing 2026 Angilak Exploration Program, and the Company anticipates announcing additional preliminary drilling results from the Mineralised RIB Corridor imminently. Diamond drilling is scheduled to continue through the end of September, with the Company completing approximately 20,000 metres across 3 rigs to test the Mineralised RIB Corridor, the Lac 50 Deposit Corridor, and the KU-Nine Iron Corridor. In parallel, the aerial MMT survey across the Angikuni Basin, scheduled to begin in early July, is expected to feed into a 3D Inversion Model of the entire basin, to be completed by the Fourth Quarter of 2026, expanding the Company's regional target portfolio at Angilak.

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