Atha Energy talks use of $63M financing proceeds

Executive Summary

• Atha Energy Corp. completed a combined financing totaling approximately $63 million (U.S.), including a strategic investment from Queens Road Capital, to fund growth and discovery at its 100%-owned Angilak uranium project in Nunavut.
• The company is launching its largest-ever exploration program at Angilak in 2026, scheduled to begin in late April or early May, focusing on expanding known deposits and discovering new showings across multiple corridors.
• An additional diamond drill is being mobilized to the site by Base Diamond Drilling Ltd., marking a significant ramp-up in drilling activities following the successful 2025 campaign which identified five new uranium showings.

Key Details

• Financing Structure: Combined financing totaling approximately $63 million (U.S.).
• Strategic Investor: Queens Road Capital provided a strategic investment as part of the combined financing.
• Use of Proceeds: Advancing the 100%-owned Angilak uranium project in Nunavut, Canada, specifically funding the 2026 exploration program.
• 2026 Exploration Program Scope:
  • Described as the largest exploration program to date at the project.
  • Activities include diamond drilling, aerial geophysics, and surficial mapping.
  • Focus areas include:
    • Lac 50 Deposit Corridor: Expanding the footprint of mineralization. The 2024 exploration target ranges from 60.8 million pounds to 98.2 million pounds U3O8 at an average grade of 0.37% to 0.48% U3O8. The deposit remains open and unconstrained.
    • Mineralized Rib Corridor: Additional discoveries and expansion.
    • KU-Nine Iron Corridor: Additional discoveries and expansion.
    • Angilak Greenfields: Acquiring full suite of geophysics coverage across the Angikuni basin to identify and derisk additional targets.
• Drilling Operations:
  • An additional diamond drill is being prepared for mobilization by Base Diamond Drilling Ltd. (Atha's provider since 2024).
  • Mobilization to Angilak commences in March 2026.
  • Exploration activities are slated to begin in late April to early May 2026.
• 2025 Context: The 2025 exploration program resulted in the discovery of five new uranium showings within the Angikuni basin, in addition to the Lac 50 deposit.
• Technical Reporting: Scientific and technical information reviewed by Cliff Revering, PEng, VP of Exploration, a Qualified Person under NI 43-101.
• Land Package: Atha controls 100% of the Angikuni basin (greater than seven million acres) and holds a 10% carried interest in key Athabasca basin projects operated by NexGen Energy Ltd. and IsoEnergy Ltd.

Notable Quotes

• "The quantum and strong institutional support of the combined financings is recognition of the highly impactful results and project derisking achieved during the 2025 Angilak exploration program."
• "Atha is now one of the best capitalized uranium explorers globally, with financing secured for multiple exploration campaigns focused at its 100-per-cent-owned Angilak uranium project."