ATHA Energy Mobilizes for Largest-Ever Angilak Drill Campaign, Backed by CAD $63 Million Treasury

• ATHA Energy Corp. has begun moving crews, equipment, and supplies to its wholly owned Angilak Uranium Project in southern Nunavut, Canada, deploying 3 drill rigs simultaneously - the largest drilling program in the project's history - with field work targeting a late April 2026 start.
• The 2026 program is fully funded by CAD $63 million raised through two separate financings closed on February 5, 2026, including a cornerstone investment by Queens Road Capital Investment, giving ATHA one of the largest cash positions among uranium exploration companies globally.
• The 2025 drilling season uncovered five new uranium discoveries across the Angikuni Basin, with the standout find - RIB North - intersecting a 34.7-metre zone of uranium mineralization in the very first hole drilled there, with a peak grade of 8.16% uranium oxide over 0.5 metres, more than 8 times the company's own definition of high-grade uranium at 1% uranium oxide.
• Earlier 2024 drilling produced an initial size estimate for the Lac 50 Deposit - the project's primary uranium zone - suggesting it could contain between 60.8 million and 98.2 million pounds of uranium at grades of 0.37% to 0.48% uranium oxide; this estimate is an early-stage target range, not a formally certified resource, and carries no regulatory guarantee.
• Beyond the Angilak Project, ATHA controls 6.8 million acres of uranium exploration land across Canada's most active uranium regions and holds a 10% free-carried interest in exploration projects run by NexGen Energy Ltd. and IsoEnergy Ltd. in Saskatchewan, meaning ATHA shares in any discoveries made on those projects without contributing to their exploration costs.

ATHA Energy  (TSX-V: SASK | FRA: X5U | OTCQB: SASKF) has begun site mobilization at its 100%-owned Angilak Uranium Project in southern Nunavut, Canada, ahead of a 2026 exploration program that is the largest in the project's history by drill rig count. Diamond drilling is targeting commencement by the latter part of April, building on two successive campaigns that extended the project's mineralized footprint and identified five new uranium showings in 2025.

The mobilization follows the February 5, 2026 closing of a combined CAD $63 million financing - comprising two separate raises including a strategic investment by Queens Road Capital Investment (TSX: QRC) - which the company states fully funds the 2026 program and positions ATHA as one of the best-capitalized uranium exploration companies globally.

Mobilization Details

Logistics have been underway since mid-March, with fuel, supplies, and equipment - including a third diamond drill unit supplied by Base Diamond Drilling Ltd. - airlifted to the Angilak winter landing strip via ATR planes departing from Yellowknife, Northwest Territories, and Baker Lake and Rankin Inlet, Nunavut. The deployment of 3 simultaneous diamond drill rigs marks an expansion in operational scale relative to prior seasons, allowing the company to test multiple geological targets concurrently rather than sequentially across the Angikuni Basin.

The 2026 campaign will be supported by infrastructure established during previous field seasons, including a base camp, logging facilities, airstrip, and core storage capacity at the project site.

Building on 2024 & 2025 Results

The 2026 program follows two successive exploration campaigns that progressively extended the known uranium mineralization at Angilak. The 2024 campaign - ATHA's first at the project following its acquisition - focused on expanding the mineralizing footprint along the Lac 50 Deposit Corridor, culminating in the release of a 2024 Exploration Target for the corridor ranging from 60.8 million to 98.2 million pounds of uranium oxide at an average grade of 0.37% to 0.48% uranium oxide. This target is a conceptual range based on available data and is not a defined mineral resource under National Instrument 43-101 (NI 43-101).

The 2025 program shifted focus to regional prospectivity testing within the broader Angikuni Basin, specifically along the Mineralized Rhyolite Intrusive Breccia (RIB) and KU-Nine Iron Corridors outside the Lac 50 Deposit area. That work resulted in the discovery of five new uranium showings. The most notable - RIB North - returned 34.7 metres of composite uranium mineralization in the maiden drill hole, with grades reaching 8.16% uranium oxide over 0.5 metres, more than 8 times ATHA's own high-grade threshold of 1% uranium oxide. Composite mineralization was calculated using a 0.01% uranium oxide cutoff with a maximum internal dilution of 1.5 metres; true thickness has not yet been determined. No follow-up drilling has yet confirmed the geometry, continuity, or tonnage of the RIB North system.

Project & Regional Context

The Angilak Uranium Project is located in southern Nunavut, where ATHA controls 100% of the Angikuni Basin. No formal Mineral Resource Estimate (MRE) exists at Angilak under NI 43-101; the project is currently at exploration stage, with the 2024 Exploration Target representing the only quantified estimate of potential uranium endowment at the Lac 50 Deposit Corridor.

Beyond Angilak, ATHA holds a land package of 6.8 million acres across Canada's most prominent uranium basins, as stated in the company's March 31, 2026 news release. The company also retains a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX: ISO), providing exposure to uranium discovery in Saskatchewan at no additional exploration cost to ATHA shareholders.

Financial Position

The February 5, 2026 closing of the combined CAD $63 million financing removes near-term capital risk from ATHA's exploration schedule and, per company disclosure, provides a runway extending beyond the 2026 campaign. No project-level economic studies - including net present value, internal rate of return, or capital expenditure estimates - have been disclosed, consistent with the project's exploration-stage status.

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