ATHA Energy Completes Mobilization & Commences Diamond Drilling Operations as Part of the 2026 Angilak Exploration Program – Fully Funded and Largest to Date at the Project
ATHA ENERGY COMPLETES MOBILIZATION & COMMENCES
DIAMOND DRILLING OPERATIONS AS PART OF THE 2026 ANGILAK
EXPLORATION PROGRAM – FULLY FUNDED AND LARGEST TO DATE
AT THE PROJECT
HIGHLIGHTS
• The 2026 Angilak Exploration Program, is fully funded with the February closing of CAD $63
Million financing, making ATHA one of the best capitalized uranium exploration Companies
globally;
• ATHA completed m obilization to Angilak in late April – including the arrival of a third
diamond drill rig – and commenced diamond drilling operations on May 1st, 2026;
• The 2026 Angilak Exploration Program is focused on expansion and discovery of uranium
mineralization across the three mineralized corridors (Figure 2), building upon the highly
successful 2024 and 2025 campaigns;
• Over the two previous programs, ATHA has had unparalleled success, intersecting uranium
mineralization in 100% of targets tested . During the 2025 campaign – focused on testing
regional targets outside of the Lac 50 Deposit Exploration Target3 area, within the Angikuni
Basin – the Company made five new regional discoveries , including the Mineralized RIB
Corridor with four new showings;
• 2026 Angilak Exploration Program will be the largest to date at the Angilak Uranium Project,
with two primary components:
1. Diamond drilling operations: Commenced on May 1st, with three drill rigs scheduled to
complete ~20,000 m, continuing through September, focusing on:
o Mineralized RIB Corridor: Additional discovery potential and expansion, following
up on the highly successful 2025 program, which resulted in the four discoveries of
uranium mineralization – including RIB North, where the maiden hole intersected
34.7 m of composite uranium mineralization1 with grades up to 8.16% U3O8 over 0.5
m;
o Lac 50 Deposit Corridor: Testing recently identified, highly prospective, targets along
strike from the main Lac 50 Deposit area, and expansion of the Lac 50 Deposit
mineralization footprint, which remains open and unconstrained.
o KU-Nine Iron Corridor: Testing recently identified, highly prospective, targets which
directly vector from uranium mineralization intersected in the 2025 KU and historic
Nine Iron Discoveries;
2. Geophysics: Expert Geophysic’s Aerial MMT (EM) survey, scheduled to commence at the
end of June:
o Angikuni Basin: Acquiring full MMT coverage across the 100% ATHA -owned
Angikuni Basin. The resulting survey data will then be used to develop a 3D Inversion
model of the entire Angikuni Basin. The same highly successful systematic approach
ATHA utilized during the 2025 cam paign – adding to ATHA’s already extensive
portfolio of regional targets.
Vancouver, British Columbia, May 5th, 2026 – ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB:
SASKF) (“ATHA” or the “ Company”), is pleased to ann ounce the completion of mobilization to the
Angilak Project and the commencement of its 2026 Exploration Program, at its 100%-owned Angilak
Uranium Project in Nunavut, Canada. The 2026 Angilak Exploration Program will be the largest to date
on the project, comprising two components: First, diamond drilling, which commenced operations on
May 1st, 2026, scheduled to continue through the end of September. The Company will complete
~20,000 m, utilizing three diamond drill rigs. Second, aerial geophysics, comprising Expert’s MMT
survey, scheduled to start in late June , with resulting 3D Inversion Modeling to be completed by Q4
2026.
With diamond drilling the Company intends to test the following areas:
• Mineralized RIB Corridor: Additional discovery potential and expansion, following up on the
highly successful 2025 program, which resulted in the four discoveries of uranium
mineralization – including RIB North, where the maiden hole intersected 34.7 m of composite
uranium mineralization1 with grades up to 8.16% U3O8 over 0.5 m;
• Lac 50 Deposit Corridor: Testing recently identified, highly prospective, 3D Inversion targets
along strike from the main Lac 50 Deposit area, and expansion of the Lac 50 Deposit
mineralization footprint which remains open and unconstrained.3
• KU-Nine Iron Corridor: Testing recently identified, highly prospective, 3D Inversion targets,
which directly vector from uranium mineralization intersected in the 2025 KU and historic
Nine Iron Discoveries.
While the geophysics portion of the program is designed to provide additional targets to the
Company’s portfolio, and consists of:
• Angikuni Basin: Acquiring full MMT coverage across the 100% ATHA -owned Angikuni Basin.
The resulting survey data will then be used to develop a 3D Inversion model of the entire
Angikuni Basin. the same highly successful systematic approach ATHA utilized during its 2025
campaign – adding to ATHA’s already extensive portfolio of regional targets.
Troy Boisjoli, CEO commented: ”Since launching in 2023, ATHA Energy has had a simple yet powerful
vision, to maximize exploration and development exposure across Canada’s top uranium jurisdictions.
The Company has executed on this objective by accumulating the largest uranium exploration portfolio
in Canada, and conducting exploration at scale, de-risking and advancing multiple projects in tandem.
The Company’s flagship property, the Angilak Uranium Project, in Nunavut, was acquired in 2024,
subsequently, A THA has completed two highly successful exploration campaigns utilizing our
systematic, derisking, exploration at scale approach, culminating in identification of three mineralized
corridors with tremendous blue -sky potential. The Angilak Uranium Project is now at a positive
inflection point, ready to deploy a massive investment, that will have Angilak poised for growth.
The 2026 Angilak Exploration Program will be the largest to date on the property, with the Company
planning to drill more than double the metres executed during the combined 2024 and 2025 programs.
Exploration will focus on discovery and expansion – discovery using the same successful systematic
approach used in 2025 that led to five new regional showings, including RIB North, and expansion off
the known zones of mineralization, testing the footprint of mineralization prior to delineation. At a
time of rising oil prices and geopolitical uncertainty, the merits of uranium and security of supply from
stable jurisdictions is at the forefront of the discussions for future energy needs. 2026 is going to be an
exciting game changer for the Company, where we are ju st at start of unlocking Canada’s next
Uranium Jurisdiction.”
Cliff Revering, VP Exploration added: “We are excited to commence our 2026 exploration program at
the Angilak Project, marking a return to the field following two highly successful seasons. Results from
2024 and 2025 reflect a disciplined, systematic, and data -driven targeting approach, which has
delivered meaningful value through the expansion of the Lac 50 Deposit and multiple new discoveries
across the RIB and KU areas. Notably, the strong results along the RIB mineralized corridor, particularly
at RIB N orth, highlight the project’s significant potential and position Angilak for a compelling 2026
exploration campaign.”
Figure 1: Angilak Uranium Project Location – Nunavut, Canada
Figure 2: Angilak Uranium Project – Red Rectangles Denote the Three Currently Defined Mineralized
Corridors: Lac 50 Deposit, Mineralized RIB, and KU-Nine Iron Corridors
Assay Samples
1.Composite mineralization is calculated using a 0.01% U 3O8 cutoff with a maximum internal dilution
of 1.5 m.
2The Company considers high-grade mineralization to be any interval over 1% U3O8.
All drill intercepts are core width and true thickness is yet to be determined.
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 #537). The samples are analyzed for a multi-element suite using partial and
total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by
fluorimetry.
References for Historic Diamond Drilling Results and Surficial Sampling
3For additional information regarding ATHA’s Angilak Project please refer to the Technical Report
entitled “Technical Report on the Angilak Property, Nunavut, Canada” with an effective date of
October 14, 2025, prepared by Matt Batty, MSc, P. Geo, who is a “qualified person” under NI 43-101,
available under ATHA’s SEDAR+ profile at www.sedarplus.ca.
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.
About ATHA Energy
ATHA Energy is a uranium mineral exploration Company focused on advancing exploration at
scale at its flagship Angilak Project in southern Nunavut, where ATHA controls 100% of the
Angikuni Basin. ATHA offers significant exposure to uranium discovery, controlling the largest
cumulative prospective exploration land package ( 6.8 million acres) across Canada' s most
prominent basins for uranium discoveries , and 10% carried interest exposure in key Athabasca
Basin exploration projects operated by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX:
ISO). ATHA is institutionally backed , led by a strategic investment from Queens Road Capital
Investment (TSX: QRC).
For more information visit www.athaenergy.com and review ATHA’s company profile on SEDAR+ at
www.sedarplus.ca.
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: [email protected]
Website: www.athaenergy.com
Phone: 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 “do es 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. A lthough 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 n o 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, compe titive, 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; inability 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 curren tly 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 to 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 politic al 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 ava ilable 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.