ATHA Completes Ground Geophysics and Commences 2025 Angilak Diamond Drill Exploration Program

HIGHLIGHTS

• In May 2025, ATHA completed a ground gravity and electromagnetic (EM) survey, designed to vector in on priority targets along the highly prospective 31 km Rib-Nine Iron Trend, under cover of the Angikuni Basin – a direct analog to the Athabasca Basin. Two high-priority target areas were tested, representing ~5% of the currently identified trend:

  • KU Discovery – located within the basin along the northern margin, historical trench sampling has returned grades up to 30.7% U₃O₈^4,5,6 – KU remains untested with diamond drilling.

    • The survey identified a large gravity anomaly, measuring 2 km long by 500 m wide, coincident with a conductive corridor and numerous cross-cutting structures, where historic sampling has encountered high-grade uranium mineralization at surface.

  • Rib Discovery – located along the western margin of the Angikuni Basin where historic drilling by prior operators intersected shallow mineralization (<25m depth>3O₈^1,2,3

    • Two distinct areas were surveyed: Rib East, where a large gravity anomaly – measuring 2 km long by 500 m wide and coincident with a northeast-to-southwest conductive trend – was identified; and Rib West, which is highlighted by two large gravity anomalies. The first measures 900 m long by 250 m wide and is coincident with a highly conductive corridor that hosts the historic Rib Discovery. The second is 1.1 km long by 300 m wide, extending from the margin under the cover of the Angikuni Basin, and has yet to be drill tested.

• At both Rib and KU Discoveries the density lows, corresponding to gravity anomalies, along with the intensity of the conductive response and volumes are consistent with alteration characteristics associated with high-grade basement and unconformity style uranium mineralization, similar to the Athabasca Basin. The Rib and KU Discoveries are both high-priority targets that have been de-risked with modern geophysics, surficial geochemistry, and are associated with historic discoveries of high-grade uranium mineralization.

BACKGROUND

• SRK Consulting completed a regional scale Structural Interpretation and Targeting Assessment that identifies the major primary and secondary structural controls (conduits, traps, and the overall plumbing system for uranium mineralization) hosting the high-grade mineralized discoveries across the Angilak Project including the Lac 50 Deposit.

Troy Boisjoli, CEO commented: “Our 2025 drill program represents the next major step in advancing the Angilak Project into, in our view, one of the most exciting uranium projects globally. Building on the success of last year’s campaign where we hit mineralization in 100% of our drill holes, we’re now positioned to test some of the most exciting targets identified to date – both along strike of the Lac 50 Deposit and across the underexplored, high-potential Rib-Nine Iron Trend. With modern geophysics, historic high-grade surface showings, and a proven ability to intersect uranium mineralization, we believe this program has the potential to unlock the broader Angikuni Basin as Canada’s next premier uranium jurisdiction.”

Cliff Revering, VP Exploration added: “We are very excited to begin our 2025 drilling campaign, building on the success of our 2024 exploration program. Our strategy for 2025 is to continue to expand the mineralization footprint of the Lac 50 deposit, as well as to test very prospective high-priority targets along the Rib-Nine Iron structural corridor, which transects the Angikuni Basin. The stacked structural, geochemical, and geophysical signatures recently defined in the Rib and KU target areas (located within the Rib-Nine Iron corridor), suggest significant potential for discovery of high-grade unconformity-style uranium mineralization within the Angikuni Basin.“

VANCOUVER, BC / ACCESS Newswire / June 4, 2025 / ATHA Energy Corp. (TSXV:SASK)(FRA:X5U)(OTCQB:SASKF) (“ATHA” or the “Company“), is pleased to announce the commencement of its 2025 Angilak diamond drill exploration program of 10,000 m at its 100%-owned Angilak Uranium Project in Nunavut. The 2025 program has two primary objectives: first, building upon the success of the Company’s 2024 maiden drill campaign, exploring the footprint of mineralization at the Lac 50 Deposit. Second, testing high-priority, derisked regional targets, located within the 31 km long Rib-Nine Iron Trend (the “Rib-Nine Iron Trend“). Specifically, the KU and Rib Discoveries, where a ground gravity and EM survey was completed in May 2025 and identified large linear gravity lows, coincident with EM conductors, interpreted structures and host historic high-grade uranium mineralization.

Figure 1: Angilak Project Area – 2025 Exploration Target Area (Black Rectangles) & Mapped Historic

*Notes:

^IPrevious operators of the Angilak Project completed 24 diamond drill holes in the Dipole Showing and intersected grades of up to 5.53% U₃O₈ over 0.5 m³

^IIAlong the western margin, historic drilling at the Rib Discovery intersected shallow (<25 m depth>3O₈¹, hosted within graphitic pelitic rocks with Athabasca style alteration

^III Mushroom Lake surface outcrop spans an area of 3 km on surface with historical outcrops samples grading up to 47.8% U₃O₈^{4 & 6}

^IV Nine-Iron showing with 5 historical diamond drill holes. Intersections of shallow uranium mineralization, grades up to 1.25% U₃O₈ and historical outcrops with grades up to 30.3% U₃O₈³

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.

References for Historic Diamond Drilling Results

1. Papish, N.Z. 1978. 1978 Diamond Drill Report, Keewatin District N.W.T. Yathkyed Lake Area. Noranda Exploration company Assessment Report. March 6, 1979. A copy of such report is available on the website of the Government of Nunavut at https://nunavutgeoscience.ca/en/.

2. Dufresne, M.B., Sim, R. and Davis B., (2013). Technical report And Resource Update for the Angilak Project, Kivalliq Region, Nunavut. Technical Report prepared on behalf of Kivalliq Energy Corporation, March 1st, 2013. A copy of such report is available on the SEDAR+ profile of Kivalliq Energy Corporation at www.sedarplus.com.

3. Dufresne, M.B. and Schoeman, P. (2023). Technical report on the Angilak Project, Kivalliq Region, Nunavut. Technical Report prepared on behalf of ATHA Energy Corp. and Labrador Uranium Inc., January 31^st, 2024. A copy of such report is available on the SEDAR+ profile of the Company at www.sedarplus.com.

References for Historic Surficial Sampling

4. Ward, j., Maynes, A., McNie, E., Forbes, A. and Stacey, J. 2012. Report on 2010 and 2011 Exploration Activity on Kivalliq Corporation’s Angilak IOCG-Uranium Property, Keewatin District, Nunavut. Kivalliq Energy Corporation Assessment Report. A copy of such report is available on the website of the Government of Nunavut at https://nunavutgeoscience.ca/en/.

5. Dufresne, M.B., Sim, R. and Davis B., (2013). Technical report And Resource Update for the Angilak Project, Kivalliq Region, Nunavut. Technical Report prepared on behalf of Kivalliq Energy Corporation, March 1st, 2013. Copy of such report is available on the SEDAR+ profile of Kivalliq Energy Corporation at www.sedarplus.com

6. Dufresne, M.B. and Schoeman, P. (2023). Technical report on the Angilak Project, Kivalliq Region, Nunavut. Technical Report prepared on behalf of ATHA Energy Corp. and Labrador Uranium Inc., January 31, 2024. A copy of such report is available on the SEDAR+ profile of the Company at www.sedarplus.com.

Qualified Person

The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., Vice President, Exploration of ATHA, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Corporate Update

On June 2, 2025, ATHA Energy Corp. granted of an aggregate of 9,448,750 incentive stock options (“Options“) and 1,175,000 restricted share units (“RSUs“) to certain eligible participants, including certain directors of the Company, under the Company’s Equity Incentive Plan (the “Plan“). One-third of the Options shall vested on the date of issuance thereof, one-third of the Options shall vest on the six-month anniversary of the date of issuance thereof, and the remaining one-third of the Options shall vest on the twelve-month anniversary of the date of issuance thereof. Upon vesting, each Option shall be exercisable to acquire one common share for a period of five years at an exercise price of $0.47. Each RSU, which shall vest on the twelve-month anniversary of the date of issuance thereof, shall entitle the holder thereof to the issuance of one common share of the Company upon redemption thereof.

ATHA’s last issuance of Options or RSUs, granted under the Company’s Equity Incentive Plan, was on December 6th, 2023. As part of the Latitude Uranium acquisition, completed in March of 2024, each Latitude’s stock options were converted to ATHA Energy stock options. Specifically, each Latitude stock option was exchanged for an ATHA stock option on a one-for-one basis, utilizing an exchange ratio of 0.2769 ATHA shares for each Latitude share, as outlined in the acquisition arrangement.

Pursuant to the Plan, the aggregate number of common shares of the Company (“Common Shares“) issuable under the Plan in respect of all awards granted by the Company may not exceed 10% of the issued and outstanding Common Shares at the time of any grant hereunder, being 29,813,656 Common Shares at the date of the aforementioned grants.

A copy of the Plan is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

About ATHA

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%-owned post discovery 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 (>7 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% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.com.

On Behalf of the Board of Directors

Troy Boisjoli, CEO, ATHA Energy Corp

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Troy Boisjoli
Chief Executive Officer
Email: info@athaenergy.com
www.athaenergy.com
1-236-521-0526

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. These forward-looking statements or information may relate to ATHA’s proposed exploration program, including statements with respect to the expected benefits of ATHA’s proposed exploration program, any results that may be derived from ATHA’s proposed exploration program, the timing, scope, nature, breadth and other information related to ATHA’s proposed exploration program, any results that may be derived from the diversification of ATHA’s portfolio, the prospects of ATHA’s projects, including mineral resources estimates and mineralization of each project, the prospects of ATHA’s business plans and any expectations with respect to defining mineral resources or mineral reserves on any of ATHA’s projects, and any expectation with respect to any permitting, development or other work that may be required to bring any of the projects into development or production.

Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of ATHA’s proposed exploration program will be realized, that no additional permit or licenses will be required in connection with ATHA’s exploration programs, the ability of ATHA to complete its exploration activities as currently expected and on the current anticipated timelines, including ATHA’s proposed exploration program, that ATHA will be able to execute on its current plans, that ATHA’s proposed explorations will yield results as expected, and that general business and economic conditions will not change in a material adverse manner. Although ATHA has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Such statements represent the current view of ATHA with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by ATHA, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of ATHA to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; in ability of ATHA to complete current exploration plans as presently anticipated or at all; inability for ATHA to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of ATHA’s portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for ATHA shares; changes to ATHA’s current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of ATHA; and the ability to advance the Company projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Australia and other jurisdictions where ATHA conducts business. Other factors which could materially affect such forward-looking information are described in the filings of ATHA with the Canadian securities regulators which are available on ATHA’s profile on SEDAR+ at www.sedarplus.ca. ATHA does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE: ATHA Energy Corp

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