Uranium Consolidator ATHA Energy Drilling for Upside in Strengthening Bull Market

• ATHA Energy is focused on uranium exploration in Canada's top jurisdictions with a large, dominant land position encircling the Athabasca Basin.
• Seeking to mature assets along the exploration risk curve via acquisitions of resource-stage and post-discovery projects.
• Strategy is to invest at scale in early-stage exploration while expanding known deposits and discoveries.
• Strong technical and capital markets expertise to drive value creation amid a bullish uranium market outlook.
• Backed by serious institutional investors and aiming to be a real player in the current uranium cycle.

ATHA Energy’s Ambitious Strategy in a Bullish Uranium Sector

ATHA Energy is an ambitious uranium exploration and development company focused squarely on Canada, home to some of the world’s premiere deposits. With a prodigious land package spanning over 7 million acres and multiple projects along the exploration risk curve, the company is aiming to cement itself as a major player during a bullish period for uranium.

“I think this is the best uranium market certainly that I’ve ever seen,” said CEO Troy Boisjoli during a recent interview. “The fundamentals are stronger than I’ve ever seen them." Against this backdrop, ATHA Energy has crafted a strategy centered on exploring at scale in early-stage projects while also acquiring more advanced resources to provide a backstop and visibility on the value creation journey.

Dominant Land Position in Top-Tier Jurisdictions

The foundation of ATHA Energy’s portfolio lies in the Athabasca Basin of northern Saskatchewan, where the company has assembled a very large land package of over 3.4 million acres across its multiple early-stage exploration projects. The company also has 2.7 million acres in the Thelon Basin. CEO Troy Boisjoli stated that this was put together over 10 years by some of the most successful generative individuals in the basin. Neighbors in the region include industry giants like Cameco and Orano.

Beyond the Athabasca Basin, ATHA Energy also holds ground in Nunavut and Ontario via the proposed acquisitions of 92 Energy and Latitude Uranium announced in December 2023. These transactions would bring ATHA key assets like the GMZ deposit in Saskatchewan, which Boisjoli believes mirrors the geology of the prolific Rabbit Lake trend, a past producer with an indicated resource at 7% U3O8, and the Angilak project in Nunavut with a 43Mlbs deposit with average grade of 0.69%.

This diversified portfolio covering early to advanced-stage exploration provides investors with exposure across the risk-reward spectrum amid a strengthening uranium market.

Poised to Unlock Value Along Entire Risk Curve

A key tenet of ATHA Energy’s strategy lies in its objective to create value across early and late-stage exploration assets. “Fundamentally, my primary job is how do we deploy risk capital intelligently to do so in a value-creative way," Boisjoli explained regarding asset development. This entails not only generating targets and new grassroots discoveries across its sizable land position, but also committing capital to expand known zones of mineralization and advance them towards prefeasibility.

The proposed GMZ project acquisition exemplifies this approach. Boisjoli sees strong similarities both technically and geologically between GMZ and the renowned Rabbit Lake trend, home to over 500 million pounds of high-grade uranium resources. "Our view technically is that the GMZ corridor is very similar, with multiple characteristics, to the Rabbit Lake corridor,” he commented. Consequently, ATHA Energy intends to continue expanding the existing GMZ resource while also exploring along trend to unlock the full potential of this relatively underexplored area. Amid rising uranium prices and bullish sentiment, such a strategy could catalyze substantial value creation over the mid-term if additional pounds are proven up.

Similarly, at the past-producing Angilak project “the opportunity exists to materially expand that resource in the hands of a well-financed company,” Boisjoli stated. He points to successful step-out drilling by the previous operator Latitude Uranium that increased resources 60% in just two short campaigns. So in addition to its greenfields exploration, ATHA Energy is also focused on demonstrating resource growth around existing deposits to provide investors with visibility on the development pathway. "In a uranium market that we're emerging into, that equates to the ability to raise the valuation," Boisjoli contended.

Fortune Favors the Bold

In closing, Boisjoli circled back to the promising fundamentals he currently sees shaping the uranium market. “The long-term outlook right now is the strongest I’ve ever seen it,” he reiterated. “The time to invest and advance across the exploration risk spectrum is a great time." And ATHA Energy is positioning itself to seize this opportunity through a bold strategy centered on exploration at scale.

“We have the intention of being a real player in this uranium cycle,” Boisjoli concluded. With its technical prowess, access to capital, and diversified portfolio covering both early-stage and more advanced assets, ATHA Energy is moving aggressively to cement itself as an emerging leader in the uranium sector. For investors, the company offers leveraged exposure to a strengthening bull market underpinned by exceptional management experience. The next couple of years promises to be an exciting ride as ATHA Energy works to unlock value across its impressive portfolio.

The Investment Thesis for ATHA Energy

• Dominant explorer with vast holdings in premier Canadian uranium jurisdictions, providing leveraged exposure to rising prices
• Advancing projects along the entire exploration curve, from early-stage targets to expanding known deposits
• Exceptional technical expertise to systematically develop assets amid bullish uranium fundamentals
• Well-funded with access to capital markets to finance ambitious growth strategy
• Backed by credible institutional investors focused on the uranium sector
• Invest now to capitalize on a bold strategy targeting sector leadership in strengthening bull market

With its sizable land package, diversified asset portfolio, exploration prowess, and capital market access, ATHA Energy is pursuing an ambitious strategy targeting sector leadership amid exceptionally strong uranium fundamentals. Investors stand to benefit from bold value creation plans leveraged to rising prices.

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Bannerman Energy

Bannerman Energy is an Australian uranium development company focused on advancing its flagship 3.5Mlb pa open pit uranium project in Namibia, a major global uranium producer. Bannerman is currently working on Front End Engineering and Design (FEED) and financing for the Namibia project. The company also holds a significant 41.8% stake in Namibia Critical Metals, developer of the large-scale Lofdal heavy rare earths project in Namibia, one of only a few heavy rare earth deposits outside China.

Ur-Energy

Ur-Energy is a U.S. uranium mining company well positioned to benefit from rising uranium prices driven by growing demand for nuclear power. Within-situ recovery operations in Wyoming, Ur-Energy has been producing from its Lost Creek facility since 2013 and can now effectively double licensed annual production capacity to 2 million pounds with its permitted Shirley Basin project. With over $70 million in cash, Ur-Energy is funded to ramp up low-cost production from its Wyoming hub as it restarts wellfield construction. The company utilizes mining methods with a light environmental footprint and advancing next-generation technologies to further reduce costs. If uranium prices continue strengthening, Ur-Energy offers leverage as an experienced producer with scalable, permitted projects in a rising uranium market.

Global Atomic

Global Atomic Corporation is a publicly traded company with two main divisions - a Uranium Division that is developing the large, high-grade Dasa uranium project in Niger, which is now fully permitted with excavation underway, and a Base Metals Division that holds a 49%stake in a zinc production joint venture in Turkey operated by Befesa. The joint venture recycles Electric Arc Furnace Dust to produce zinc oxide concentrate sold to zinc smelters globally. Global Atomic’s unique combination of uranium production and cash-flowing zinc operations positions it well for growth.

Energy Fuels

Energy Fuels is the largest uranium and advanced rare earth element producer in the United States. The company has significant uranium production capacity and long-term sales contracts with U.S. nuclear utilities that it expects to fulfil starting in 2023-2024. Energy Fuels is also quickly moving to establish a domestic rare earth element supply chain, with plans to produce high-value separated REE oxides by late 2023 or early 2024. The company additionally produces vanadium when conditions warrant, recycles materials to recover uranium, vanadium and medical isotopes, and is advancing capabilities for medical isotope production. Overall, Energy Fuels is a major U.S. producer of strategic minerals like uranium and rare earth elements that are critical for energy, technology, and medical applications.

American Lithium

American Lithium is developing large-scale lithium projects in Nevada and Peru as well as one of the world's biggest uranium projects, with the goal of playing a major role in the transition to sustainable energy. The company's assets are the advanced-stage TLC lithium project in Nevada and the Falchanilithium project in Peru, which have robust preliminary economic assessments. American Lithium also owns the Macusani uranium project in Peru, which has seen significant historical development. With assets at various stages of pre-feasibility and feasibility studies, American Lithium is positioned to be a major player in lithium and uranium mining.

Deep Yellow

Deep Yellow has systematically built a portfolio of high-quality uranium assets to establish a significant production platform and realize its vision of becoming a leading international uranium mining company. With its experienced leadership team at the helm, Deep Yellow has set its sights on diversified production of over 10 million pounds per year, capitalizing on forecast supply squeezes. Its flagship Tumas mine in Namibia already claims one of the world's largest undeveloped uranium deposits as Deep Yellow advances toward a 2024 construction decision. Meanwhile, its Mulga Rock project in Western Australia progresses through feasibility studies for targeted development. Beyond existing core assets, Deep Yellow has accumulated extensive exploration ground at two prime locations in Namibia and Australia's Northern Territory through strategic acquisitions. These prospects provide substantial opportunities for unlocking further discoveries to continually expand its project pipeline over time. As energy security needs escalate globally, Deep Yellow stands ready to deliver the reliable uranium production that transitioning electricity grids urgently demand. With its production timeline aligned with major forecast supply deficits, Deep Yellow aims to cement itself as the go-to uranium supplier of choice for nuclear utilities worldwide seeking security and diversity of supply. Backed by disciplined leadership, Deep Yellow represents an emerging industry force promising investors exposure to the full lifecycle of value creation across resource discovery, project development and multi-decade uranium production. By targeting low-cost mining jurisdictions, adopting proven processing technologies and securing key infrastructure advantages, Deep Yellow has systematically built itself to deliver sustainable investor windfalls as the uranium bull market unfolds.

Baselode Energy

Baselode Energy is a Canadian uranium exploration company focused on the Athabasca Basin area in northern Saskatchewan. The company controls over 264,000 hectares of land that is free of any option agreements or underlying royalties. In September 2021, Baselode discovered the near-surface ACKIO uranium prospect on its exploration properties. The ACKIO prospect measures over 375 meters long and over 150 meters wide, with at least 9 separate uranium mineralized zones. Mineralization starts as shallow as 28 meters and 32 meters beneath the surface, extending down approximately 300 meters depth, with most mineralization occurring in the top 120 meters. The ACKIO prospect remains open at depth and to the north, south and east for further expansion. Baselode's exploration strategy centers on discovering high-grade uranium deposits outside of the Athabasca Basin near the surface in basement rocks. The company uses innovative and established geophysical survey methods to identify prospective shallow drill targets for high-grade uranium mineralization related to underlying structural controls. This technique has led Baselode to the discovery of the ACKIO prospect.

Nucelar Fuels
Nuclear Fuels Inc. is a Canadian uranium exploration company focused on in-situ recovery (ISR) projects in Wyoming and other proven jurisdictions globally. The company's priority asset is the Kaycee project in the Powder River Basin of Wyoming. This project has historical uranium resources distributed along a 33-mile mineralized trend with over 110 miles of mapped roll fronts. The property has been drilled extensively with over 3,800 historical drill holes. Nuclear Fuels has consolidated control of the Kaycee district, acquiring multiple historical uranium deposits and exploration targets. This positions the company to potentially advance the project portfolio into production. Beyond Kaycee, Nuclear Fuels plans to leverage its technical expertise to explore additional uranium properties and opportunities in established mining districts globally. Through aggressive exploration and consolidation of historical resources, the company aims to develop a pipeline of projects, prioritizing those that can be fast-tracked to production using the in-situ recovery mining method.

ISOEnergy
IsoEnergy is a Canadian uranium exploration and development company with projects focused in the Athabasca Basin of Saskatchewan. The company's flagship property is the Larocque East project in the eastern Athabasca Basin. This project hosts the high-grade Hurricane uranium deposit, which has the highest grade Indicated uranium resource globally. In addition to its exploration projects, IsoEnergy owns several permitted, past-producing uranium and vanadium mines in Utah. These mines are currently on standby but can be rapidly restarted to position IsoEnergy as a near-term uranium producer. The company has a toll milling agreement in place with Energy Fuels Inc. to process ore from its US projects. Beyond its Canadian and US assets, IsoEnergy holds uranium projects in various stages of exploration and development in Australia and Argentina. This diversified portfolio provides leverage to rising uranium prices across different jurisdictions. The company is advancing its Athabasca Basin projects while continuing the exploration on its global assets to drive future production growth.

Atha Energy

ATHA Offers Leveraged Exposure to World-Class Uranium Districts Athabasca Uranium Inc. (ATHA) provides investors with targeted leverage to potentially significant uranium discoveries across some of the world’s most prolific regions for new supply. As a focused mineral exploration company, ATHA has methodically accumulated the single largest exploration package covering the renowned Athabasca Basin. Spanning over 6 million acres, their claims provide unrivalled exposure to this district which has historically produced high-grade uranium deposits. Additionally, ATHA holds extensive prospective ground in the similarly uranium-rich Thelon Basin. Between these two core holdings in prime Canadian uranium provinces, the company has positioned itself amongst acreage with a proven exploration upside. Importantly, a subset of ATHA’s Athabasca land package involves a 10% carried interest in claims operated by sector leaders NexGen Energy and IsoEnergy. With ATHA carried through key exploratory expenditures, this allows leveraged participation alongside seasoned management advancing projects in the basin. For investors, ATHA brings focused leverage to maximizing discovery potential across districts that have delivered huge economic uranium resources. As sentiment improves around uncovered uranium value still unearthed in these Canadian districts, ATHA offers a targeted way to ride the upside. Their vast claim packages in underexplored but prolific terrain form the springboard for potential mineral discovery and resource growth in the coming bull cycle.

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