ATHA Energy - Independent Report Confirms Uranium Discovery and Expansion Potential at Angilak - Highlights 31 KM Rib-Nine Iron Trend With Grades up to 30.3% U3O8 & Mushroom Lake With Grades of up to 47.8% U3O8

Published: 2025-03-21 09:46:24 ET SASK.V

VANCOUVER - ATHA Energy Corp. (TSXV:SASK)(FRA:X5U)(OTCQB:SASKF) ('ATHA' or the 'Company'), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts globally, is pleased to announce results from SRK Consulting's independent report detailing Angilak Structural Interpretation and Targeting Assessment at the Company's 100%-owned Angilak Uranium Project (the 'Project') in Nunavut, Canada.

The Report was authored by Dr. Ron Uken, Principal Structural Geologist at SRK Consulting (Canada) Ltd. and provided a regional structural interpretation of the Angilak Project which detailed the structural architecture of the Angikuni Basin and controls on uranium mineralization. The area of focus was the northern half of the Angikuni Basin, where the majority of exploration and discovery of uranium has occurred. Dr. Uken utilized multilevel geophysical, geochemical and geo-structural data collected by the Company to interpret the structural architecture of the Angikuni Basin formation and controls on uranium mineralization.

ANGILAK PROJECT - NUNAVUT

The Angilak Uranium Project is situated within the Angikuni Basin, approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut. The Project is anchored by the Lac 50 Deposit, in addition there are currently eight named showings containing high-grade uranium, located across the project area. These numerous regional discoveries, both within the Angikuni Basin as well as along its margins - demonstrating many similarities to high-grade uranium discoveries in the Athabasca Basin, Saskatchewan. One such prominent regional discovery within the Angilak Project area is the Dipole Showing, located along the western rim of the Angikuni Basin 25 km to the southwest of the Lac 50 Corridor. Previous operators of the Project completed 24 diamond drill holes in the Dipole Showing and intersected grades of up to 5.53% U3O8 over 0.5 m.

After acquiring the Project in March, 2024, the Company commenced its maiden exploration program which comprised three phases: Phase I - diamond drilling, Phase II - Surficial mapping and sampling, and Phase III - Geophysics.

Phase I - Between early June and late August, the Company completed 25 diamond drill holes comprising 10,000 m. The drilling Phase of the campaign focused in and around the Lac 50 Deposit area, designed to explore the envelop of mineralization. The program proved extremely successful, with 100% of the drill holes intersecting uranium mineralization. Assay results are highlighted by grades of up to 5.85% U3O8 over 0.5 m.

Phase II - Surficial mapping was completed by late August. The mapping program successfully identified numerous additional high-grade uranium outcrops on surface and further outlined the Mushroom Lake Outcrop. Mushroom Lake is a 3 km area just to the north of the Lac 52 trend within the Lac 54 trend, with previously identified historic outcrop samples grading up to 47.8% U3O8.

Phase III - Geophysics was completed by late September 2024 and utilized an Airborne Mobile MagnetoTellurics ('MMT') survey totaling 5,946-line kilometres. The survey covers the northern half of the Angilak Project - representing approximately 85% of the original project area, pre-2024 staking - inclusive of the Lac 48, 50, 52, and 54 mineralized trends (known as the 'Lac 50 Deposit' area), as well as the eastern, western, and northern margins of the Angikuni Basin.

Results from the MMT survey confirm the depth extent of the prospective conductive horizons that host uranium mineralization at the Lac 50 Deposit and Nine Iron Discovery. At the Lac 50 Deposit the survey indicates that the prospective conductive horizons extend to approximately 1 km depth, while at Nine Iron Discovery the prospective horizons extend to approximately 800 m depth. At both areas the results demonstrate the potential for mineralization to extend well beyond the current envelops of mineralization. Additionally, along the western margin of the Angikuni Basin a 31 km conductive trend - significantly more conductive than Lac 50 and Nine Iron - has been identified. During the late 1970's several rounds of exploration took place along the Western Margin Trend ('WMT'), inclusive of diamond drilling, trenching and soil sampling, which resulted in the discovery of numerous uranium showings, including Rib and Yat.

At the Rib Discovery - located 30 km southwest of the Lac 50 Deposit, situated along the western margin of the Angikuni Basin - early exploration programs were conducted by Noranda Exploration Company ('Noranda'). Between 1977 and 1979 Noranda completed 30 diamond drill holes at the Rib Discovery intersecting Athabasca Basin style unconformity alteration, structure, and lithologies associated with shallow (