ATHA Puts Its 31-Kilometer Trend at the Center of Angilak's Value

• ATHA plans to advance resource work alongside exploration drilling at its Angilak Uranium Project.
• Management says any resource it delineates at Angilak will be a snapshot in time.
• Continuity at the RIB North discovery has grown from 300 meters (m) to 1.45 kilometers (km).
• Management aims to build market confidence that discoveries can continue along the trend.
• ATHA is targeting results from 3D inversion modeling of the basin survey in the fourth quarter of 2026.

ATHA Energy (TSXV: SASK | FRA: X5U | OTCQX: SASKF) is working its 100%-owned Angilak Uranium Project in Nunavut on parallel tracks. Management says the company intends to move its best-understood ground toward a resource while it keeps drilling the wider corridor, and expects any resource it delineates to capture only part of what its data shows. The plan shapes how ATHA, with an enterprise value of C$426.9 million on September 8, 2026, asks the market to value it: on continued discovery as well as on pounds in the ground.

From Discovery to Continuity 

The 2026 program is built to establish continuity of mineralization, and is the step management treats as the condition for tighter drilling. Management describes 2024 and 2025 as years to address discovery risk at scale, and 2026 as the year to define continuity. The 2025 program tested the RIB area with widely spaced holes, some as far as 2 kilometers (km) apart, a spacing management says is too wide to move straight into delineation, the closely spaced drilling used to define a resource.

At the RIB North discovery, continuity on the primary horizon, the main mineralized layer, has grown from 300 meters (m) to 1.45 km, and the discovery remains open in all directions. A secondary horizon has been traced over about 220 m. Of 16 holes drilled at RIB North in 2026 through September 8, 14 intersected uranium mineralization, and all 7 holes in the latest batch hit. The best of that batch, about 250 m northeast of the 2025 discovery hole, returned 20.0 m of total composite uranium mineralization, the combined length of the mineralized intervals, over 15 zones, including 1.3 m of high-grade mineralization. 

These results are downhole gamma probe readings, which measure radioactivity in the hole rather than grade from a laboratory assay, and true thickness has yet to be determined.

Maturing the Known Ground 

The first part of the plan moves the best-understood parts of Angilak toward a resource. Management says continuity drilling allows the company to begin delineation drilling within known ranges of uncertainty and with a high degree of confidence. This year's work is aimed at outlining continuity, and management says next year will set up the maturation of a portion of the project.   

Chief Executive Officer of ATHA Energy, Troy Boisjoli, ties that maturation step to how the market prices more advanced peers: 

"You look at companies that have resource or post-resource stage companies within the North American landscape. That type of asset class, very attractive valuations on an enterprise value per pound basis."  

Management points to the known areas at Lac 50 and RIB as the ground for that step, citing how continuity is holding together within the RIB system. At Lac 50, the company carries a conceptual exploration target of 60.8 million to 98.2 million pounds, a range that is conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the target being delineated as a mineral resource.

Why a Resource Would Be a Snapshot

The second part of the plan keeps exploration drilling running while parts of Angilak mature, because management expects any resource to reflect only part of the system. Boisjoli treats even a future resource as provisional: 

"Any resource that we ultimately move forward with or are able to delineate at Angilak based off the scale of what we see in the data that we have in hand is very much going to be a snapshot in time. It is going to be a point in time measurement." 

Management says continued investment in exploration drilling along the corridor, while other areas move to a more mature stage, is how the company intends to pull exploration value forward. The Lac 50 Deposit Corridor runs for 21 km, with about 24% drill-tested; the Mineralized RIB Corridor runs for 18 km; and the company's 3 main areas lie along a 31-km trend.

Management describes the exploration side as the process of turning geophysical targets into drill intersections. To feed that work, ATHA completed an airborne survey in late July 2026 for full coverage of the 100%-owned Angikuni Basin, to build a 3D inversion model, a 3-dimensional picture of the rock below the surface computed from the survey data, of the entire basin. 

Pricing What Is Hard to Model    

Management's stated aim is to bring exploration value that is hard to model into the market's view of ATHA. Management says analysts typically value an opportunity by discounting pounds in the ground back to the present. The value case, in Boisjoli's telling, depends on the market's confidence in discoveries still to come along the trend:  

"It's about what is the confidence that we have, and we can then give the market that we're going to be able to continue to make discoveries along our trend, as we are maturing the known parts of it into this cycle. And in my view, that's how we pull a tremendous amount of value forward, is pulling that belief forward, that understanding forward."   

Management also says it cannot yet quantify the scale of the system, because the company does not have enough data.

Capital Pointed at Angilak

Management says the capital on ATHA's balance sheet is fully focused on Angilak and is being deployed into the ground there. Management says the company raised $63 million in the first quarter of 2026, in part to keep work going amid sector volatility without pausing for a capital raise. As of September 8, 2026, ATHA had 353.5 million basic shares outstanding, a share price of C$1.23, and a basic market capitalization of C$434.8 million.

What Comes Next   

Diamond drilling with 3 drills began on May 1, 2026, and was scheduled to continue through the end of September, with preliminary results still being released as of September 8. ATHA is targeting results from the 3D inversion modeling of the basin survey in the fourth quarter of 2026. The survey is designed to identify and advance additional exploration targets.

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