Queen's Road Capital Announces Investment in ATHA Energy Corp.

On January 13, 2026, Queen's Road Capital (QRC) announced a US$20 million investment in ATHA Energy Corp. via a convertible debenture. This investment is specifically targeted at ATHA’s uranium portfolio, including the Angilak project in Nunavut, where 2025 drilling returned high-grade intercepts (8.16% U3O8 over 0.5m). This follows a string of positive developments: a record fiscal 2025 with US$115 million in after-tax earnings, a 10% increase in the annual dividend to C$0.23, and the transition to a semi-annual dividend payment schedule starting May 2026.

The investment in ATHA Energy is a material positive expansion of QRC’s "uranium-heavy" strategy. - Portfolio Weighting: The company previously reported a 50% exposure to uranium. This US$20M deployment reinforces that concentration in a sector the CEO describes as being in "high demand." - Yield and Conversion: As a convertible debenture, this provides QRC with immediate interest income (consistent with their reported US$22M annual interest income) while offering equity upside if ATHA's exploration continues to succeed. - Earnings Quality: The reported FY2025 earnings of US$115M (EPS of US$3.25) are massive relative to the stock price. Even with a conservative look at these earnings—likely bolstered by mark-to-market gains on holdings like NexGen and IsoEnergy—the cash flow from interest remains robust.

QRC is a leading financier to the global resource sector. Rather than a single mine, its "flagship" is its portfolio of convertible debentures and equity investments in companies like NexGen Energy, IsoEnergy, and now ATHA Energy. They focus on providing non-dilutive financing to junior and mid-tier miners in exchange for interest and equity conversion rights. - Key Commodities: Uranium (50%), Copper (25%), Precious Metals (25%). - Jurisdictions: Primary focus on safe jurisdictions (Canada, USA, Australia).