Atha Energy closes $11.49M special warrant placement

Mr. Troy Boisjoli reports ATHA ENERGY CLOSES OVER-SUBSCRIBED BOUGHT DEAL - MAKES THIRD NEW DISCOVERY OF 2025 EXPLORATION PROGRAM AT RIB WEST AND CONTINUES TO EXPAND MINERALIZATION AT RIB EAST Atha Energy Corp. has closed its previously announced underwritten private placement of special warrants for aggregate gross proceeds of $11,499,928.30, which included the full exercise of the underwriters' option. The offering was led by Stifel Canada, as lead underwriter and sole bookrunner, on behalf of a syndicate which included Red Cloud Securities Inc. and Paradigm Capital Inc. Further details of the offering are described below. Additionally, the company is pleased to announce further drilling and geophysics results from the 2025 Angilak exploration program at its 100-per-cent-owned Angilak uranium project in Nunavut, Canada. Highlights Atha closes previously announced $11.5-million oversubscribed bought deal; First two drill holes completed at the RIB West discovery successfully intersected uranium mineralization, including high grade, over a strike length of approximately 340 metres; Results represent the third new discovery of uranium mineralization -- beyond the Lac 50 deposit trend -- during the 2025 Angilak exploration program, within the Angikuni basin along the 31-kilometre RIB-Nine Iron trend; RIB East discovery is currently defined by eight mineralized drill holes, intersecting shallow uranium mineralization (less than 275 m depth), the five latest holes extend mineralization from 400 m to a strike length of approximately 750 m. Based on EM inversion modelling (see below), RIB East now has prospective strike length of more than five km, which remains largely untested by drilling; In August, 2025, Expert Geophysics Ltd. utilized the MMT survey data acquired in 2024 to complete advanced electromagnetic inversion modelling (EM inversion) across 12 km of the 31 km long RIB-Nine Iron trend, focused on the RIB East and West discovery areas. The EM inversion has proved successful in mapping out multiple stacked conductors, including numerous interpreted north-south- and east-west-trending crosscutting structures. Drilling at both RIB East and West has demonstrated the EM inversion is accurately mapping graphitic structural corridors which are associated with uranium mineralization; To date the company has only explored a small proportion of the 12 km long prospective EM inversion model at RIB East and West. The company will be completing additional EM inversion modelling over the remaining 62 per cent of the RIB-Nine Iron trend where MMT data were acquired in 2024; Through the end of the 2025 Angilak exploration program, the company will be focused on targeting newly derived EM inversion anomalies, including the newly identified north-south and east-west crosscutting trends; The 2025 Angilak exploration program is continuing, to date, only approximately 55 per cent of expected diamond drill hole results have been announced. RIB West discovery: RIB West discovery is located approximately 1.5 km to the west of the RIB East discovery and is currently defined by two drill holes, both intersecting uranium mineralization, over a strike length of approximately 340 m. The mineralization is hosted within graphitic structures accurately mapped by the advanced EM inversion. Based on the EM inversion model, the RIB West discovery has a prospective strike length over three km, with an associated EM conductor; RIB_W-DD-001, intersected high-grade uranium mineralization with total composite mineralization of 2.1 m, hosted within a broad graphitic structure. Mineralization was found between 396.25 m and 398.35 m, including 0.5 m of high-grade mineralization with a maximum down-hole-triple gamma probe value of 18,485 counts per second (CPS) over 0.1 m; RIB_W-DD-002, drilled approximately 340 m along strike to the northeast of RIB_W-DD-001, intersected six zones of uranium mineralization within a broad graphitic structure. The hole intersected total composite mineralization of 8.5 m between 204.8 m and 269.5 m, including 2.0 m with an average of 1,586 CPS and a max peak of 5,193 CPS. RIB East discovery: Atha has completed eight drill holes at the RIB East discovery during the 2025 Angilak exploration program (see July 21, 2025, news release, for results from the first three drill holes). To date, all holes have successfully intersected uranium mineralization; Today's release comprises five additional drill holes that have extended the strike length of mineralization at the RIB East discovery from 400 m to approximately 750 m; Drilling is highlighted by: RIBE-DD-005 tested 100 m down dip and 100 m along strike to the north of mineralization intersected in RIBE-DD-003. The hole intersected three zones of mineralization totalling 2.2 m of composite mineralization, including a shallow interval (between 282.9 m and 284.4 m) of high-grade uranium mineralization that had an average down-hole probe value of 3,711 CPS and a peak of 12,357 CPS over 0.10 m; RIBE-DD-007 was drilled in a scissor orientation approximately 400 m to the southeast of RIBE-DD-003. The hole intersected four zones of mineralization (between 192.5 m and 214.9 m) with a total composite mineralization of 6.0 m, including a high-grade intersection from 207.3 m to 209.7 m, with an average down hole probe value of 4,477 CPS and a peak of 19,956 CPS over 0.10 m. Troy Boisjoli, chief executive officer, commented: "The newest discovery along the 31 km long RIB-Nine Iron trend -- at RIB West -- is the company's third discovery of the 2025 Angilak exploration program. This is an unprecedented feat from a greenfield exploration program targeting uranium discovery and speaks to the metal endowment at the Angilak project area, beyond the Lac 50 deposit area and Atha's top tier technical teams' ability to plan and execute on its thesis. We continue to see the hallmarks of a generational bull market for uranium and based on Atha's continued exploration success over the last two years, the company is well positioned to accelerate uranium discovery and build value for this cycle." Cliff Revering, vice-president of exploration, added: "We are very excited about the results emerging from the RIB regional target area, including another discovery along the RIB West trend and the continued expansion of the mineralized strike length along the RIB East trend. To date, we have drill tested only a relatively small proportion of the prospective trends within the RIB area, with all completed holes intersecting uranium mineralization associated with graphitic structural corridors. All prospective trends remain open along strike and at depth. We are also very encouraged by the accuracy of the EM inversion model provided by Expert Geophysics in locating graphitic structural corridors associated with uranium mineralization. This model has been highly valuable in guiding our targeting strategy in the RIB area, and in highlighting numerous additional prospective trends that have yet to be drill tested. " The company has completed two maiden drill holes at the RIB West discovery resulting in the third new discovery of its 2025 drill program. RIB_W-DD-001 targeted a gravity and EM anomaly located approximately 1.5 km to the west of the RIB East discovery. The hole intersected 2.1 m of composite mineralization, including 0.5 m of high-grade uranium mineralization with a peak response of 18,485 CPS. The second hole at RIB West, RIB_W-DD-002, drilled approximately 340 m along strike to the northeast of RIB_W-DD-001, successfully intersected 8.5 m of composite mineralization over a broad interval, between 204.8 m and 269.5 m, hosted with a broad graphitic structure. Drilling at RIB West has demonstrated uranium mineralization potential continuity over a 340 m strike length; the majority of the prospective RIB West trend remains untested by drilling. At the RIB East discovery, the company has completed an additional five drill holes. All eight drill holes at the RIB East discovery have successfully intersected uranium mineralization. With today's release, the potential strike length of mineralization has been extended from approximately 400 m to approximately 750 m. The RIB East discovery remains open along strike and at depth, with the majority of prospective conductive trend remaining untested. In mid-August, the company received results of advanced electromagnetic inversion (EM inversion) modelling work across 12 km of the 31 km long RIB-Nine Iron trend, focused on the RIB East and West discovery areas, from Expert Geophysics Ltd. The EM inversion model utilized MMT survey data that was completed in September of 2024. The EM inversion has proved successful in mapping out multiple stacked conductors, including numerous north-south and east-west crosscutting trends. Drilling at both RIB East and West has demonstrated the EM inversion is accurately mapping graphitic structural corridors which are associated with uranium mineralization. Underwritten private placement The company is also pleased to announce that further to its news release dated Sept. 4, 2025, it has closed its previously announced underwritten private placement of 17,126,138 special warrants comprise: (i) 5,756,820 non-flow through special warrants (the NFT special warrants) at a price of 54 cents per NFT special warrant; (ii) 5,111,888 flow-through special warrants (the FT special warrants) at a price of 65 cents per FT special warrant; and (iii) 6,257,430 charity flow-through special warrants at a price of 81 cents per charity FT special warrant, raising aggregate gross proceeds of $11,499,928.30. Each special warrant entitles the holder thereof to receive, subject to adjustment in certain circumstances and the penalty provision (for the NFT special warrants and FT special warrants) (as defined herein), and without payment of additional consideration, one unit of the company. Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share of the company at a price of 65 cents per warrant share until Sept. 18, 2028. The special warrants are duly and validly created and issued pursuant to the terms and conditions of special warrant indentures dated Sept. 18, 2025, between the company and Odyssey Trust Company. The warrants are duly and validly created and issued pursuant to the terms and conditions of a warrant indenture dated Sept. 18, 2025, between the company and Odyssey. The special warrants are exercisable by the holders thereof at any time after the closing date for no additional consideration. All unexercised special warrants shall be deemed exercised on behalf of, and without any required action on the part of, the holders (including the payment of additional consideration) on the earlier of: The second business day following the date on which a final receipt is obtained from the British Columbia Securities Commission, as principal regulator on behalf of the securities regulatory authorities in each of the provinces and territories of Canada other than Quebec, for a (final) short form prospectus filed pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions qualifying the distribution of the unit shares and warrants to be issued upon exercise of the special warrants. 4:59 p.m. (Toronto time) on Jan. 19, 2026. In the event the qualification date has not occurred on or before Nov. 2, 2025, each NFT special warrant and FT special warrant shall thereafter entitle the holder to receive, upon the exercise or deemed exercise of each NFT special warrant and FT special warrant, for no additional consideration, 1.1 units. The gross proceeds of the sale of FT special warrants and charity FT special warrants will be used for exploration expenditures that qualify as qualifying expenditures at the company's Angilak project and other exploration stage projects. The net proceeds of the sale of NFT special warrants will be used for exploration expenditures on the Angilak project and for general corporate purposes. In consideration for their services, the underwriters received an aggregate $646,414.15 in cash and an aggregate 957,805 compensation warrants. Each broker warrant shall be exercisable to acquire one common share of the company at a price of 65 cents per common share, until Sept. 18, 2028. All securities issued in connection with the offering -- the special warrants, the units, the unit shares, the warrants, the broker warrants and the compensation shares -- are subject to a statutory hold period expiring four months and one day following the date of issuance, in accordance with applicable Canadian securities legislation. The offering remains subject to the final approval of the TSX Venture Exchange. Core samples are submitted to the Saskatchewan Research Council (SRC) geoanalytical laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation No. 537). The samples are analyzed for a multielement suite using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 (sodium peroxide) fusion, and for uranium by fluorimetry. Disclaimer for historical drilling and outcrop samples Certain noted technical information provided herein has been derived exclusively and without independent verification from the following reports. Such information is historical in nature and is not considered by the company to be current. In each case, the reliability of the historical information is considered reasonable by the company. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results. Readers should read the entirety of such noted reports to fully understand the nature of the information referenced herein. Samples, including, without limitation, outcrop samples, by their nature, are selective in nature and significant variations may be seen from sample to sample. Accordingly, sample information may not be representative of the true underlying mineralization. Qualified person The scientific and technical information contained in this news release has been reviewed and approved by Cliff Revering, PEng, vice-president, exploration, of Atha, who is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. About Atha Energy Corp. Atha is a Canadian mineral company engaged in the acquisition, exploration and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100-per-cent-owned postdiscovery uranium projects (the Angilak project located in Nunavut and CMB discoveries in Labrador, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca basin). In addition, the company holds the largest cumulative prospective exploration land package (greater than seven million acres) in two of the world's most prominent basins for uranium discoveries -- Atha is well positioned to drive value. Atha also holds a 10-per-cent carried interest in key Athabasca basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. We seek Safe Harbor.