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 CLOSES OVER-SUBSCRIBED BOUGHT DEAL – MAKES
THIRD NEW DISCOVERY OF 2025 EXPLORATION PROGRAM AT RIB
WEST AND CONTINUES TO EXPAND MINERALIZATION AT RIB EAST
HIGHLIGHTS
• ATHA closes previously announced CAD $11.5 Million Over -Subscribed Bought Deal (See
detail below, “Underwritten Private Placement”);
• First two drill holes completed at the RIB West Discovery successfully intersected uranium
mineralization, including high-grade, over a strike length of ~340 m (Figure 2);
• 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 km RIB-Nine Iron Trend (Figure 1);
• RIB East Discovery is currently defined by eight mineralized drill holes, intersecting shallow
uranium mineralization (<275 m depth), the five latest holes extend mineralization from 400
m to a strike length of ~750 m (Figure 2). Based on EM Inversion modelling (see below), RIB
East now has prospective strike length of more than 5 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 cross cutting 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 (Figure 2);
• 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 rema ining 62% of the RIB-Nine Iron Trend where MMT data
was 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 cross cutting trends;
• The 2025 Angilak Exploration Program is on-going, to date, only ~55% of expected diamond
drillhole 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 (Figure 2) . 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 3 km, with an
associated EM conductor;
• RIB_W-DD-001, intersect ed 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 (CPS1) over 0.1
m (Figure 2 & 3);
• RIB_W-DD-002, drilled ~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 CPS1 and a max peak of 5,193 CPS1 (Figure 2 & 4).
RIB East Discovery:
• ATHA has completed eight drill holes at the RIB East Discovery during the 2025 Angilak
Exploration Program (See July 21st, 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 ~750 m.
• Drilling is highlighted by:
o 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 totaling 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 CPS1 and a peak of 12,357 CPS1 over
0.10 m (Figure 2 & 6);
o RIBE-DD-007, was drilled in a scissor orientation ~ 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, inclu ding a high -grade
intersection from 207.3 m to 209.7 m, with an average down hole probe value of
4,477 CPS1 and a peak of 19,956 CPS1, over 0.10 m (Figure 2 & 8).
Troy Boisjoli, CEO 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 team s’ 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, VP 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 R IB 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 provid ed 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.”
Vancouver, British Columbia , September 18th, 2025 – ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U)
(OTCQB: SASKF) (“ATHA” or the “Company”), is pleased to announce that the Company has closed its
previously announced underwritten private placement of special warrants (the “ Offering”) 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 R ed Cloud Securities Inc. and Paradigm Capital Inc . (collectively, the
“Underwriters”). 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%-owned Angilak Uranium Project in Nunavut, Canada.
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
~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 CPS1. The second
hole at RIB West, RIB_W-DD-002, drilled approximately 340 m along strike to the north-east 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 ~400 m to ~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 cross cutting 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 (Figure 2).
Figure 1: Angilak Project Area – 2025 Exploration Target Area (Black Rectangles) & Mapped Historic
Figure 2: 2025 RIB (East & West) Regional Target Area – EM Inversion Model & Drill Collar Locations at RIB East
& West Discoveries
Table 1: 2025 Angilak Exploration Program Drill Collar Information
Hole ID Trend Zone Azimut
h (°)
Dip
(°)
Easting
(mE)
Northing
(mN)
Elevation
(m)
Final
Depth (m)
*RIBE-DD-
001
RIB-Nine
Iron
RIB
East 145 -55 497928 6929449 270 443
*RIBE-DD-
002
RIB-Nine
Iron
RIB
East 145 -55 497766 6929322 271 345
*RIBE-DD-
003
RIB-Nine
Iron
RIB
East 145 -63 497524 6929337 271 398
RIBE-DD-
004
RIB-Nine
Iron
RIB
East 145 -60 497404 6920180 271 428
RIBE-DD-
005
RIB-Nine
Iron
RIB
East 155 -65 497530 6929401 270 472
RIBE-DD-
006
RIB-Nine
Iron
RIB
East 145 -60 497670 6929501 273 491
RIBE-DD-
007
RIB-Nine
Iron
RIB
East 325 -50 497798 6929101 274 467
RIBE-DD-
008
RIB-Nine
Iron
RIB
East 325 -55 498284 6929287 264 464
RIB_W-
DD-001
RIB-Nine
Iron
RIB
West 150 -50 495831 6929490 274 503
RIB_W-
DD-002
RIB-Nine
Iron
RIB
West 145 -55 497766 6929322 271 380
*Previously released drill holes from 2025 Angilak Exploration Program
Figure 3: Striplog RIB_W-DD-001 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole
Probe1.
Figure 4: Striplog RIB_W-DD-002 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole
Probe1.
Figure 5: Striplog RIBE-DD-004 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole
Probe1.