"Generational" Uranium Opportunity Emerges with High-Grade Angilak Project

• ATHA Energy's CEO Troy Boisjoli discussed their Angilak project, which has a historic resource of 43.3 million pounds at 0.69% U308 and an exploration target range of 62-98 million pounds.
• The company recently completed a structural study that confirmed a 31km trend across the Angikuni Basin with high-grade uranium samples (up to 47% U308) on surface at multiple locations.
• ATHA sees Angilak as having "tier one scale potential" with geological similarities to Saskatchewan's Athabasca Basin, but with significantly more surface mineralization.
• The company is focusing most of its resources on Angilak exploration this year, with crews already mobilized, to determine the full extent of the mineralization before moving to resource delineation.
• Boisjoli, formerly Cameco's chief geologist, believes the current uranium market fundamentals are strong with growing demand and insufficient supply, creating an opportunity for large-scale projects in good jurisdictions.

In a recent interview, Troy Boisjoli, CEO of ATHA Energy Corp., outlined the company's progress and plans for their Angilak uranium project in Nunavut, Canada. The discussion highlighted the project's significant scale potential, recent exploration success, and positioning within the broader uranium market. With a historic resource already established and extensive high-grade surface samples, ATHA believes they control a district-scale opportunity that could become a significant uranium producer in the coming years as global demand continues to outpace supply.

Project Background & Historic Resource

The Angilak project was acquired by ATHA just over a year ago, providing what Boisjoli describes as "a fantastic foundation" with a historic resource of 43.3 million pounds at 0.69% U308. This resource grade significantly exceeds many uranium projects globally and places it in a competitive position even before considering expansion potential. The project is located in Nunavut, in northern Canada, and while remote, the company sees the scale of mineralization as more than offsetting the logistical challenges.

Highlighting the numerous high-grade surface samples found across the property that originally attracted them to the acquisition, Boisjoli noted:

"We bought it because we believe that this project has a very high metal endowment."

‍Recent Exploration Success

ATHA completed a 10,000-meter drill program at Angilak last year, with all 25 drill holes successfully intersecting mineralization. This program expanded the zones of mineralization in multiple directions, particularly around the Lac 50 deposit area. The company identified parallel mineralized corridors designated as Lac 48, Lac 50, Lac 52, and Lac 54, which contributed to an exploration target ranging from 62 to 98 million pounds of uranium.

In parallel with the drilling, ATHA conducted extensive regional exploration work, culminating in a structural study recently announced that identified a 31-kilometer regional structure crossing the Angikuni Basin. This structure shows significant uranium mineralization where it enters and exits the basin.

Geological Setting & Comparison to Athabasca Basin

A key aspect of the Angilak project is its geological similarity to Saskatchewan's Athabasca Basin, which hosts some of the world's highest-grade uranium mines. The Angikuni Basin at Angilak shares similar timing and structural characteristics with the Athabasca, including dilational structures that allow fluid movement and structural and chemical traps necessary for uranium deposition.

However, Boisjoli highlighted a significant differentiator:

"The metal endowment that we see on surface here, in terms of the sheer volume of locations that has mineralization localized on surface, is something I've never seen. I've never seen it in the Athabasca basin."

This surface expression includes samples with extraordinary grades, including up to 47.6% U308 in grab samples and 30% in outcrop samples. Even samples from the sandstone within the basin show uranium values in the 10-20% range, compared to typical Athabasca alteration halos that might show only 10-20 parts per million.

Interview with Chief Executive Officer, Troy Boisjoli

2025 Exploration Strategy

ATHA is shifting its focus heavily toward Angilak, with the majority of its exploration budget directed at the project. The company has mobilized crews to the site and is preparing for a substantial drill campaign in 2025. Their strategy involves a multi-pronged approach:

• Continuing to expand the known mineralization around the Lac 50 trend, which comes to surface and has only been tested along about 25% of its strike length
• Testing the "Mushroom Lake" outcrop, a 3-kilometer outcrop with high-grade surface samples that has never been drilled
• Exploring the newly identified 31-kilometer structural corridor crossing the Angikuni Basin

The company's primary objective is to find the edges of the mineralized system before moving into resource delineation. As Boisjoli noted:

"We don't yet know the edges of the system, which is a very good problem to have." 

While the mineralization remains open at depth, ATHA plans to first establish the lateral extent of the system before testing deeper targets.

Development Considerations & Jurisdictional Advantages

While Angilak is located in a remote area of Nunavut, ATHA sees several advantages to operating in the territory. Nunavut has a positive track record with mining development, with approximately 50% of its GDP coming from mining activities. The company already has agreements in place with local communities and multi-year exploration permits.

From a regulatory perspective, uranium development in Canada falls under the Canadian Nuclear Safety Commission regardless of province or territory, providing a consistent regulatory framework similar to Saskatchewan. ATHA's management team, with experience at Cameco operations including Rabbit Lake and Cigar Lake, brings significant expertise in advancing uranium projects through this regulatory process.

The project is currently fully permitted for exploration, allowing ATHA to move forward aggressively with its exploration plans while beginning to consider longer-term development requirements.

Comparison to Other Uranium Projects

When positioning Angilak against other uranium projects globally, Boisjoli drew comparisons to established operations in the Athabasca Basin. The historic Lac 50 resource grade of 0.69% U308 is comparable to Cameco's Eagle Point mine at Rabbit Lake, which averaged approximately 0.7% U308. However, the surface samples at Angilak show potential for zones of significantly higher grade.

The scale potential also appears substantial. Boisjoli noted that overlaying the Angilak project area on the northeast Athabasca Basin would cover an area stretching from Rabbit Lake to Cigar Lake, encompassing multiple mines and two mills. This comparison highlights the district-scale opportunity that ATHA controls.

In terms of development timeline, the company views defining the scale of the resource as the critical first step. Boisjoli suggested that a resource in the 80-100 million pound range would make the project "very attractive," with anything above that being "exceptionally attractive."

The Investment Thesis for ATHA Energy

• Large-Scale Resource Potential: Historic resource of 43.3 million pounds at 0.69% U308 with an exploration target of 62-98 million pounds, and significant expansion potential along a 31km structural trend.
• Exceptional Grade Profile: Surface samples up to 47.6% U308 demonstrate potential for high-grade zones within the deposit, particularly along the newly identified structural corridor.
• District-Scale Control: ATHA has first-mover advantage and controls the entire Angikuni Basin area, which shows similar characteristics to the productive Athabasca Basin but with more extensive surface mineralization.
• Experienced Management: Leadership team includes former Cameco executives with direct experience developing and operating major uranium mines in Canada.
• Strong Uranium Market Fundamentals: Growing demand from existing and new nuclear plants combined with limited supply growth creates favorable pricing environment for new projects.
• Jurisdictional Advantage: Located in mining-friendly Nunavut, Canada, with existing community agreements and permits in place.
• Exploration Catalyst-Rich 2025: Multiple high-priority targets being drilled this year with potential to substantially expand the resource base.
• Strong Balance Sheet: Adequately funded for planned exploration activities with access to capital markets if needed.

Uranium Market Analysis

The global uranium market is entering what ATHA Energy CEO Troy Boisjoli describes as "a generational period" comparable to the 1970s in terms of demand growth. With over 60 nuclear reactors under construction globally and many countries extending the lives of existing plants, uranium demand is projected to grow substantially through the 2030s. Meanwhile, supply faces significant constraints as major mines including Cigar Lake and McArthur River approach the end of their productive lives, while Kazakhstan's ISR production is expected to plateau and begin declining.

This supply-demand imbalance is further complicated by geopolitical factors, including Western utilities' desire to reduce dependency on Russian fuel cycle services. The result is an emerging structural deficit that will require new uranium mines to be developed and brought into production.

What makes the current situation particularly noteworthy is the limited pipeline of advanced uranium projects capable of filling this gap. After 15 years of depressed uranium prices following the Fukushima accident in 2011, exploration and development spending was severely curtailed, leaving few projects ready to advance to production. Those projects with scale, high grades, and favorable jurisdictions are likely to command premium valuations as utilities compete to secure long-term supply.

As Boisjoli succinctly stated:

"The reality is that there's not enough supply, that is just the stark reality. From a near-term perspective there's going to be volatility, especially in a thinly traded spot market that doesn't represent the total market, but we also understand that we do need to return back to a contracting cycle in the space... and it has been contracting cycles that have put upward pressure on the prices on spot prices within the uranium space."