ATHA Energy Bets Big on Uranium's Future with Angilak Project

Troy Boisjoli, Chief Executive Officer of ATHA Energy Corp. (TSXV:SASK), is betting on timing. In the uranium industry, you have to, because the windows of opportunity can be narrow and the capital requirements immense. Mr. Boisjoli hopes to advance the company's Angilak project in Nunavut toward development by decade's end, potentially creating one of North America's largest uranium operations with up to 98 million pounds of uranium resource potential.

The vision is ambitious, but ATHA believes it has three key advantages its predecessor, Latitude Uranium, lacked: timing, access to capital, and technical expertise. In an industry where projects can languish for years waiting for the right market conditions, these factors could prove decisive.

"We're at a stage where we're entering into a long-term contracting cycle," Mr. Boisjoli explains. He draws parallels to 2006, when surging uncovered uranium demand drove prices higher. "We're in a very similar period right now."

ATHA acquired the Angilak project through its purchase of Latitude Uranium last year. The project already hosts a 43.3-million-pound resource, but recent drilling suggests much more potential. A maiden drill program of 25 holes across 10,000 meters has outlined an exploration target of 60 to 98 million pounds.

This scale matters. In the Canadian uranium landscape, only a handful of projects exceed 100 million pounds. Industry leader NexGen Energy's Arrow deposit contains 336 million pounds, with just a couple other projects in the 100-130 million pound range. Most fall below 50 million pounds.

From Overlooked to Opportunity

The history of Angilak illustrates the cyclical nature of uranium development. Between 2011 and 2013, the project's resource grew rapidly from 4 million to 43 million pounds. Then the Fukushima disaster triggered a prolonged uranium market downturn, stalling further advancement.

"It was a function of timing," Mr. Boisjoli notes. "What happened in 2011 led into the long night in the uranium space."

Now, with nuclear power gaining renewed acceptance as a clean energy source and supply shortages looming, ATHA sees an opportunity to realize Angilak's full potential. The company's approach differs markedly from previous owners.

"We could have easily looked at moving this project from a historic resource of 43 million pounds with incremental growth," Mr. Boisjoli explains. "We didn't see the value in that. The value comes through unlocking the scale."

Building the Right Team

ATHA has assembled a technical team with deep uranium expertise. Mr. Boisjoli himself came up through Cameco, serving as chief geologist at the Eagle Point mine. He later joined NexGen, helping grow the Arrow deposit from 200 to 336 million pounds. The company's vice president of exploration, Cliff Ring, was chief geologist during Cigar Lake's development.

"We put together a team that has significant experience in developing uranium assets," Mr. Boisjoli says. "From early stage projects right through to operations."

This expertise has already proved valuable. Rather than pursue incremental growth from the existing 43-million-pound resource, ATHA opted for step-out drilling to demonstrate Angilak's district-scale potential. The strategy appears to be working, with all holes from the recent program encountering mineralization.

Navigating the North

Operating in Nunavut brings challenges, but ATHA sees advantages. The territory's mining-friendly stance - with the sector comprising 47% of GDP - and improved infrastructure from other mining operations have reduced historical barriers.

The project benefits from near-surface mineralization, contrasting with some deeper deposits in Saskatchewan's Athabasca Basin. This geological advantage could simplify development and reduce costs.

Community relations remain crucial. The project's nearest center is Baker Lake, where many residents work in mining. "It is an area that has seen and will continue to see benefits from mining," notes Mr. Boisjoli. ATHA has secured community agreements to advance current work.

The regulatory framework, overseen by the Canadian Nuclear Safety Commission, provides consistency across jurisdictions. "It's relatively the same process in Nunavut as it is in Saskatchewan," Mr. Boisjoli explains. This regulatory predictability helps in planning development timelines.

A Strategic Approach to Growth

ATHA's methodology emphasizes predictive rather than reactive development. "That's why we did this model," Mr. Boisjoli says. "You model out the drill results even if they're wider spacing than can be included in an inferred mineral resource. What that does is give you geologic control."

This approach allows the company to optimize development timelines by running multiple workstreams in parallel. The goal is to advance the project efficiently while maintaining technical rigor.

Current exploration has focused on the Lac 50 trend, where the company has only tested 28% of the identified structural corridors. Surface sampling has revealed mineralization over three kilometers at Mushroom Lake, an area yet to see any drilling. Additional targets at Dipole and Nine Iron suggest district-scale potential.

"When we point to this project as having unique scale, it's not arm-waving based off of geophysical targets," Mr. Boisjoli emphasizes. "It is based off of actual results from the ground right now."

Market Context & Financing

For now, ATHA is focusing roughly 70% of its resources on Angilak, with the remainder spread across its extensive exploration portfolio, including the promising Gemini project in Saskatchewan's Athabasca Basin.

The company has raised approximately $55 million over the past 18 months, mostly from institutional investors. This financial backing, combined with strong uranium market fundamentals, gives ATHA confidence in its aggressive growth strategy.

"There is a scarcity of uranium assets and a significant amount of interest in the uranium space," Mr. Boisjoli observes. With supply constraints evident in missed production targets at operations like Paladin Energy's and Peninsula Energy's, he believes the market will increasingly value large-scale development projects in stable jurisdictions.

The uranium market appears to be at an inflection point. "We have literally never seen a market like this," Mr. Boisjoli says. "It is a generational uranium opportunity." He points to a disconnect between bullish market fundamentals and current equity valuations as a potential opportunity for investors.

Looking Ahead

The next steps are clear: continue resource growth within defined areas while testing new targets across the property. The company has already mobilized equipment and fuel for potential winter work.

ATHA's strategic positioning - with the largest exploration portfolio in Canada's uranium districts - provides multiple avenues for value creation. But it's Angilak that could prove transformative, potentially joining the ranks of Canada's tier-one uranium assets.

"We're in a fortunate position of having enough data to understand directionally where this project is headed," Mr. Boisjoli says. In a uranium market he describes as presenting a "generational opportunity," ATHA is betting that direction is up.