ATHA Energy Secures $11.5M Funding as Third Uranium Discovery Expands Angilak Project Potential

• ATHA Energy successfully closed an oversubscribed $11.5 million bought deal financing to fund continued exploration at its 100%-owned Angilak Uranium Project in Nunavut, Canada.
• The company announced its third new uranium discovery of 2025 at RIB West, with initial drilling intersecting high-grade mineralization over a 340-meter strike length.
• RIB East Discovery has been expanded from 400 meters to 750 meters strike length, with all eight drill holes successfully intersecting uranium mineralization at shallow depths.
• Advanced electromagnetic inversion modeling has identified multiple prospective targets across a 12-kilometer section of the 31-kilometer RIB-Nine Iron Trend, with 62% remaining unexplored.
• Only 55% of expected diamond drill hole results from the 2025 exploration program have been announced, indicating significant additional data forthcoming.

ATHA Energy Corp. (TSX.V: SASK, FRA: X5U, OTCQB: SASKF) is a uranium exploration company focused on advancing its 100%-owned Angilak Uranium Project in Nunavut, Canada. The company has established itself as an active explorer in the Athabasca Basin region, with a systematic approach to uranium discovery through advanced geophysical modeling and targeted drilling programs. ATHA's exploration strategy centers on identifying and developing uranium deposits beyond the established Lac 50 Deposit Trend, utilizing cutting-edge electromagnetic inversion technology to guide drilling decisions across its extensive property holdings.

Financing Success Provides Exploration Capital

ATHA Energy completed its previously announced underwritten private placement on September 18, 2025, raising $11,499,928.30 through the issuance of 17,126,138 special warrants. The financing was led by Stifel Canada as lead underwriter and sole bookrunner, with participation from Red Cloud Securities Inc. and Paradigm Capital Inc.

The financing structure included three components: 5,756,820 non-flow through special warrants priced at $0.54 each, 5,111,888 flow-through special warrants at $0.65 each, and 6,257,430 charity flow-through special warrants at $0.81 each. Each special warrant entitles holders to receive one unit consisting of one common share and one warrant exercisable at $0.65 until September 18, 2028.

The proceeds will be strategically deployed, with flow-through and charity flow-through funds designated for qualifying exploration expenditures at the Angilak project and other exploration properties, while non-flow through proceeds will support Angilak exploration and general corporate purposes.

Third Discovery Validates RIB West Potential

The company's 2025 exploration program achieved a significant milestone with the discovery of uranium mineralization at RIB West, located approximately 1.5 kilometers west of the RIB East Discovery. Initial drilling at RIB West targeted gravity and electromagnetic anomalies identified through advanced geophysical modeling.

RIB_W-DD-001, the maiden drill hole at RIB West, intersected 2.1 meters of composite mineralization between 396.25 and 398.35 meters depth. The intersection included 0.5 meters of high-grade uranium mineralization with a maximum down-hole triple gamma probe value of 18,485 counts per second over 0.1 meter. CEO Troy Boisjoli emphasized the significance of this achievement:

"The newest discovery along the 31 km long RIB-Nine Iron Trend – at RIB West – is the Company's third discovery of the 2025 Angilak Exploration Program. This is an unprecedented feat from a greenfield exploration program targeting uranium discovery and speaks to the metal endowment at the Angilak Project area."

The second hole, RIB_W-DD-002, drilled approximately 340 meters along strike to the northeast, encountered six zones of uranium mineralization within a broad graphitic structure. This hole intersected 8.5 meters of total composite mineralization between 204.8 and 269.5 meters depth, including 2.0 meters averaging 1,586 counts per second with a maximum peak of 5,193 counts per second.

RIB East Expansion Demonstrates System Scale

The RIB East Discovery continues to demonstrate significant growth potential, with five additional drill holes extending the mineralized strike length from 400 meters to approximately 750 meters. All eight completed drill holes at RIB East have successfully intersected uranium mineralization at relatively shallow depths of less than 275 meters.

Notable results from the expanded drilling program include RIBE-DD-005, which tested 100 meters down-dip and 100 meters along strike north of previous mineralization. This hole intersected three mineralized zones totaling 2.2 meters of composite mineralization, including a shallow high-grade interval between 282.9 and 284.4 meters with an average down-hole probe value of 3,711 counts per second and a peak of 12,357 counts per second.

RIBE-DD-007, drilled approximately 400 meters southeast of earlier holes, intersected four mineralization zones between 192.5 and 214.9 meters depth, totaling 6.0 meters of composite mineralization. A high-grade intersection from 207.3 to 209.7 meters recorded an average down-hole probe value of 4,477 counts per second with a peak of 19,956 counts per second.

VP Exploration Cliff Revering highlighted the discovery's expansion potential:

"We are very excited about the results emerging from the RIB regional target area, including another discovery along the RIB West trend and the continued expansion of the mineralized strike length along the RIB East trend. To date, we have drill-tested only a relatively small proportion of the prospective trends within the RIB area, with all completed holes intersecting uranium mineralization."

Advanced Geophysical Modeling Guides Exploration Strategy

ATHA Energy has implemented sophisticated electromagnetic inversion modeling to enhance targeting accuracy across the RIB-Nine Iron Trend. In August 2025, Expert Geophysics Ltd. completed advanced electromagnetic inversion modeling across 12 kilometers of the 31-kilometer trend, utilizing magnetotelluric survey data acquired in 2024.

The modeling has successfully mapped multiple stacked conductors, including numerous north-south and east-west cross-cutting structural trends. Drilling results at both RIB East and West have validated the model's accuracy in identifying graphitic structural corridors associated with uranium mineralization.

Based on the electromagnetic inversion results, RIB East now exhibits a prospective strike length exceeding 5 kilometers, while RIB West shows potential over 3 kilometers of strike length. Revering noted the technology's impact:

"We are also very encouraged by the accuracy of the EM inversion model provided by Expert Geophysics in locating graphitic structural corridors associated with uranium mineralization. This model has been highly valuable in guiding our targeting strategy in the RIB area, and in highlighting numerous additional prospective trends that have yet to be drill-tested."

The company plans to complete additional electromagnetic inversion modeling over the remaining 62% of the RIB-Nine Iron Trend where magnetotelluric data was acquired in 2024, potentially identifying additional high-priority targets for future drilling programs.

Exploration Program Progress & Future Outlook

The 2025 Angilak Exploration Program remains active, with approximately 45% of expected diamond drill hole results yet to be announced. This indicates substantial additional data flow expected in the coming months, which could further expand the known mineralization extents or identify additional discoveries along the trend.

The program has systematically targeted newly derived electromagnetic inversion anomalies, including recently identified north-south and east-west cross-cutting trends that represent untested exploration opportunities. The company's approach of integrating advanced geophysical modeling with systematic drilling has demonstrated effectiveness in uranium discovery within the Angikuni Basin.

ATHA has established three separate uranium discoveries during the 2025 program beyond the established Lac 50 Deposit Trend, indicating the potential for a significant uranium system across the property. The discoveries span the 31-kilometer RIB-Nine Iron Trend, with each showing characteristics consistent with the region's known uranium mineralization styles.

Market Context & Investment Considerations

ATHA Energy's exploration success occurs within what management characterizes as favorable uranium market conditions. Boisjoli stated:

"We continue to see the hallmarks of a generational bull market for uranium and based on ATHA's continued exploration success over the last two years, the Company is well positioned to accelerate uranium discovery and build value for this cycle."

The company's systematic exploration approach, supported by advanced geophysical techniques and successful financing, positions it to continue expanding its uranium resource base. The integration of electromagnetic inversion modeling with traditional exploration methods has proven effective in identifying drilling targets, potentially reducing exploration risk and improving discovery success rates.

The Angilak Project's location in Nunavut provides access to established uranium mining jurisdiction with existing infrastructure and regulatory frameworks supporting mineral development. The project's proximity to other uranium operations and the presence of multiple mineralized trends suggest potential for developing a significant uranium resource base.

For Investors

ATHA Energy presents investors with exposure to an active uranium exploration program demonstrating consistent discovery success through systematic, technology-driven exploration methods. The company's third uranium discovery of 2025, combined with successful expansion of existing discoveries and completion of oversubscribed financing, indicates operational momentum and market confidence in the exploration program.

The extensive remaining exploration potential across the RIB-Nine Iron Trend, supported by advanced geophysical modeling identifying numerous untested targets, provides multiple opportunities for additional discoveries. With substantial drill results pending and continued exploration funding secured, ATHA Energy is positioned to potentially expand its uranium resource base significantly over the remainder of 2025 and into future exploration programs.

Investors should consider ATHA Energy within the context of uranium market dynamics, exploration stage risks, and the company's demonstrated technical capabilities in systematic uranium discovery within established mining jurisdictions.