ATHA Energy Secures $25M for Uranium Exploration Push

• ATHA Energy secured C$25 million in flow-through financing at $1.02 per share, representing a 62% premium to its November 2025 share price of C$0.63, signaling strong institutional confidence in the company's uranium exploration strategy.
• The company holds over 7 million acres across Canada's premier uranium jurisdictions, including the flagship Angilak Project with its 31km mineralized trend and district-scale potential in Nunavut's Angikuni Basin.
• ATHA maintains strategic carried interests in NexGen Energy and IsoEnergy projects, providing low-risk exposure to active exploration programs in the high-grade Athabasca Basin.
• Global uranium fundamentals are strengthening with supply deficits emerging as nuclear capacity is projected to increase from 398 GWe to 746 GWe by 2040 in the reference scenario, with upper scenarios reaching 966 GWe, while reactor uranium requirements will rise from 68,920 tU in 2025 to over 150,000 tU by 2040.
• The financing positions ATHA for aggressive 2026 exploration across its diversified portfolio, targeting multiple discovery opportunities as uranium markets enter a structural repricing phase.

Nuclear Renaissance Drives Uranium Investment Case

The uranium sector is experiencing a fundamental transformation as governments worldwide embrace nuclear energy to meet climate goals and energy security requirements. ATHA Energy Corp. (TSXV:SASK, OTCQB:SASKF, FRA:X5U) has positioned itself at the forefront of this nuclear renaissance, announcing a C$25 million flow-through private placement that underscores institutional confidence in the company's exploration-focused growth strategy.

The January 2026 financing, led by Canaccord Genuity Corp. and CIBC World Markets, was priced at C$1.02 per share—a significant 62% premium to ATHA's November 2025 trading price of C$0.63. This premium reflects growing investor recognition that uranium explorers with quality assets and proven management teams are positioned to benefit from tightening supply fundamentals and accelerating nuclear demand.

Market dynamics are increasingly favorable for uranium exploration companies. Uranium futures have risen to above $83-85 per pound in January 2026, reaching 17-month highs, while long-term contract pricing shows utilities securing supply at $75-85 per pound for multi-year terms. Industry analysts project uranium prices could exceed US$110 per pound in 2026 as supply constraints intensify and utility procurement accelerates.

Company Overview: Canada's Largest Uranium Land Position

ATHA Energy has assembled Canada's most comprehensive uranium exploration portfolio, encompassing over 7 million acres across three premier jurisdictions. The company's strategic approach combines flagship project advancement with diversified exploration exposure, creating multiple pathways to value creation as uranium markets strengthen.

Flagship Angilak Project: District-Scale Potential

The 100%-owned Angilak Project in Nunavut represents ATHA's crown jewel, hosting the Lac 50 Deposit within a 31km mineralized corridor. The company's 2024 exploration program outlined significant expansion potential with all 25 diamond drill holes intersecting uranium mineralization, confirming multiple parallel structures extending beyond the existing resource model.

CEO Troy Boisjoli, formerly with NexGen Energy, brings proven uranium development experience to ATHA's exploration strategy.

"The 2024 program at Angilak exceeded our expectations, identifying three additional prospective trends parallel to Lac 50," Boisjoli noted in the company's corporate presentation. We're now looking at district-scale potential that could host numerous uranium deposits along our 31km structural corridor."

The project's conceptual exploration target ranges from 60.8 million to 98.2 million pounds of uranium oxide at grades between 0.37% and 0.48%. While this remains a conceptual target requiring additional drilling to define mineral resources, the scale potential positions Angilak among Canada's most promising undeveloped uranium assets.

Strategic Significance: Portfolio Diversification and Risk Management

ATHA's investment thesis extends beyond the Angilak Project through strategic portfolio diversification across multiple uranium jurisdictions. The company maintains 3.8 million acres in Saskatchewan's Athabasca Basin home to the world's highest-grade uranium deposits alongside advanced targets that have been de-risked through prior exploration work.

The Athabasca Basin holdings include the recently discovered Gemini zone, which hosts high-grade, near-surface uranium mineralization. Advanced targets like Ridge, Pinnacle/Wares, and Zenith offer drill-ready opportunities across +29km of prospective structural corridors, each supported by historical drilling or geophysical anomalies that indicate uranium potential.

ATHA's carried interest positions provide additional value creation opportunities without direct capital exposure. The company holds 10% carried interests in key Athabasca Basin projects operated by NexGen Energy and IsoEnergy, two of Canada's most successful uranium developers. These positions offer leveraged exposure to active exploration programs in proven uranium districts.

Current Activities: Accelerating 2026 Exploration

The C$25 million financing provides ATHA with significant capital to advance its 2026 exploration strategy. Flow-through share proceeds will fund eligible Canadian exploration expenses, with tax benefits passing through to investors while supporting aggressive field programs across the company's portfolio.

Priority activities include a fully funded 10,000-meter summer drilling program at Angilak, targeting high-priority zones identified through recent geophysical surveys. The program aims to expand the Lac 50 resource while testing multiple parallel structures that could host additional uranium deposits within the larger structural system.

VP Exploration Cliff Revering, a qualified person under NI 43-101 with extensive Athabasca Basin experience, leads ATHA's technical programs. "Our 2025 work at Angilak has identified five additional discoveries including the Mineralized RIB Corridor," Revering explained in company materials. "We now have 12km of prospective mineralization supported by advanced electromagnetic targets, providing multiple high-quality drill targets for 2026."

Market Context: Uranium Fundamentals Strengthen

Global uranium markets are experiencing structural changes that support higher long-term prices and increased exploration investment. The World Nuclear Association projects nuclear capacity will increase from 398 GWe (as of June 2025) to 746 GWe by 2040 in its Reference Scenario, with the Upper Scenario reaching 966 GWe and the Lower Scenario at 552 GWe. This expansion requires uranium demand to increase from 68,920 tU in 2025 to just over 150,000 tU in 2040 under the Reference Scenario, with requirements potentially exceeding 204,000 tU in the Upper Scenario.

Supply constraints are already evident as major producers face operational challenges. Kazakhstan's Kazatomprom, controlling approximately 40% of global uranium production, reduced its 2025 production guidance to 25,000-26,500 tU from initial targets of 30,500-31,500 tU due to sulphuric acid supply issues and construction delays. Canada's Cameco lowered its 2025 McArthur River production to 14-15 million pounds from an 18 million pound target due to ground freezing delays and development setbacks. Despite these challenges, Cameco achieved 23.1 million pounds of uranium production in 2024, beating its guidance.

The supply-demand balance is tightening as approximately 90% of reactor uranium requirements are now met by primary (mined) supply, up from 78% in 2022, while secondary supplies continue declining. With over 70% of primary uranium production concentrated in just five countries and significant conversion and enrichment capacity controlled by Russia, geopolitical factors are adding complexity to supply chain security.

Investor Takeaway: Positioned for Uranium Market Expansion

ATHA Energy's recent C$25 million financing demonstrates institutional recognition that quality uranium exploration companies are increasingly scarce as nuclear demand accelerates. The company's combination of district-scale flagship potential, diversified basin exposure, and experienced management team creates multiple pathways to value realization as uranium fundamentals strengthen.

The premium pricing of ATHA's flow-through financing 62% above recent trading levels signals growing investor appetite for uranium exploration exposure ahead of anticipated supply shortages. With long-term contract prices approaching US$86 per pound and utilities beginning to secure supply for future requirements, exploration companies with quality assets and proven management are attracting significant capital.

For investors seeking exposure to the uranium cycle, ATHA offers a compelling combination of near-term catalysts through its 2026 drilling programs and longer-term district development potential. The company's strategic carried interests provide additional leverage to Athabasca Basin exploration success, while its diversified portfolio reduces single-project risk common among junior exploration companies.

The Investment Thesis for ATHA Energy

• Accumulate uranium exploration exposure before supply deficits emerge in 2026-2027.
• Target companies with district-scale potential and multiple discovery opportunities.
• Prioritize management teams with proven uranium development and operating experience.
• Focus on Canadian jurisdictions offering mining-friendly regulations and infrastructure access.
• Consider carried interest positions providing leveraged exposure to established developers.
• Monitor flow-through financings as indicators of institutional confidence and tax-efficient investment structures.

ATHA Energy enters 2026 with strengthened financial position and accelerating uranium market fundamentals supporting its exploration-focused strategy. The company's successful financing at significant premium pricing demonstrates institutional confidence in management's ability to advance its diversified uranium portfolio during a period of tightening supply and growing nuclear demand.

Investment implications center on ATHA's positioning within the uranium exploration sector's structural transformation. As supply deficits emerge with reactor requirements projected to increase from 68,920 tU in 2025 to over 150,000 tU by 2040, and long-term contract prices reaching $75-85 per pound, exploration companies with quality assets and proven management teams are becoming increasingly valuable. ATHA's combination of flagship district potential, strategic basin exposure, and experienced leadership provides multiple avenues for value creation as the nuclear renaissance accelerates through 2026 and beyond.

TL;DR

ATHA Energy secured C$25 million flow-through financing at 62% premium to fund 2026 exploration across 7+ million acres of Canadian uranium properties. Company holds flagship Angilak Project with 31km mineralized trend plus strategic carried interests in Athabasca Basin projects. Nuclear capacity projected to increase from 398 GWe to 746-966 GWe by 2040 while uranium supply faces structural constraints, with reactor requirements rising from 68,920 tU in 2025 to over 150,000 tU by 2040. Major producers including Kazatomprom and Cameco have reduced 2025 production guidance due to operational challenges, supporting higher long-term uranium pricing.

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