ATHA Energy at Angilak Project Intersects High-Grade Uranium Mineralization at Mushroom Lake, Additional Results from Ku Discovery, and Identifies Significant Rib- Style 3D EM Inversion Anomalies
HIGHLIGHTS
- At Mushroom Lake – situated along the Lac 50 Trend and outside of the Lac 50 Exploration
Target3 area – the Company successfully completed two drillholes targeting the depth extent of uranium mineralization identified in outcrops over a 3 km strike length;
- Both drillholes successfully intersected uranium mineralization along 1 km of strike, with
drilling highlighted by:
- Drillhole ML-DD-014: intersected two zones of uranium mineralization between
334.85 m and 364.45 m, with total composite mineralization of 2.1 m, including 0.2 m of high-grade mineralization2. The first zone (334.85 to 335.95 m) had average radioactivity of 2,830 counts per second (CPS1) and a maximum reading of 7,659 CPS1 measured on the downhole gamma probe. The second zone (363.45 to 364.45
m) had average radioactivity of 8,045 CPS1 and a maximum reading of 23,365 CPS1 (Figure 4).
- At the KU Discovery – situated within the 31 km RIB-Nine Iron Trend – the Company
successfully completed an additional five drillholes, following up on the initial discovery hole KU-DD-001 (See June 24th, 2025, News Release);
- Additional drillhole results from KU are highlighted by:
- Drillhole KU-DD-004: intersected eight zones of uranium mineralization between
478.05 m and 583.45 m, with total composite mineralization of 10.4 m2. The thickest zone of mineralization was intersected between 480.65 and 483.45 m, with average radioactivity of 1,674 CPS1 and a maximum reading 5,805 CPS1 (Figure 7).
- The 2025 Program’s unparalleled success directly corresponds to ATHA’s exploration
approach, which has unlocked the geological controls hosting uranium mineralization at Angilak along the RIB-Nine Iron Trend. Expert Geophysics Ltd.’s Advanced Electromagnetic Inversion (“EM Inversion”) modeling of its MMT survey data has proven successful in identifying prospective structural corridors associated with uranium mineralization;
- EM Inversion modeling is now complete over the northeastern section of the Angikuni
Basin, inclusive of the Lac 50 Trend and sections of the RIB-Nine Iron Trend – from the KU Discovery to the Nine Iron Discovery (Figure 2a & b).
- Lac 50 Trend: The EM Inversion modelling proved successful in mapping structural
corridors hosting the currently defined footprint of mineralization outlined in the Exploration Target. Outside of the Lac 50 Exploration Target area, numerous areas with structural complexities similar to the Mineralized RIB Corridor (MRC), have been identified and remain untested (Figure 2a);
- KU Discovery – Nine Iron: Beyond the current discoveries at KU and Nine Iron,
numerous areas of intense structural complexity, similar to the MRC, have been identified and remain untested (Figure 2b);
- ATHA has now concluded the diamond drilling component of its highly impactful 2025
Angilak Exploration Program, which successfully tested regional exploration targets outside of the Lac 50 Exploration Target area;
- 2025 Angilak Exploration Program comprised twenty-three diamond drillholes totaling
10,774 m and resulted in the discoveries of five new areas of uranium mineralization along the 31 km RIB-Nine Iron Trend;
- All mineralized drill core samples have been submitted for analysis and assay results are
pending. The Company anticipates receiving results from other components of the 2025 Angilak Exploration Program within Q4 2025.
Troy Boisjoli, CEO commented: “The successful results from Mushroom Lake and KU Discovery continue to demonstrate the Angilak difference. The 2025 Angilak Exploration Program was an unprecedented success with five new discoveries along the RIB-Nine Iron Trend and the effective application of EM Inversion providing a road map to discovery. The Company has transformed the Angilak Uranium Project and set the stage for what will be a catalyst filled 2026. At a time when the world is looking to stable jurisdictions to supply the Nuclear Renaissance with the raw materials it needs to make it happen, ATHA Energy is primed to help answer those demands.”
Cliff Revering, VP Exploration added: “The 2025 Angilak exploration program was designed with two core objectives: expanding the mineralization footprint at the Lac 50 deposit and advancing two high- priority regional targets - KU and RIB - located along the RIB–Nine Iron Trend. The program not only met these objectives but also exceeded expectations, yielding multiple new discoveries at both KU and RIB. A key highlight was the identification of a 12 km-long structural corridor associated with uranium mineralization, anchored by the significant new discovery at RIB North.
The 3D inversion modeling of the 2024 MMT survey data, developed by Expert Geophysics, has proven to be a highly reliable tool for mapping prospective structural corridors tied to uranium mineralization and has substantially enhanced our targeting strategy. The most recent 3D inversion model covering the Lac 50, KU, and Nine Iron areas, further highlights numerous prospective trends and structural complexities comparable to those already drill-tested and confirmed within the RIB mineralized corridor.
With the successful completion of the 2025 Angilak exploration program, I want to extend my gratitude to our dedicated employees, contractors, and service providers. Their commitment enabled us to achieve these significant technical milestones while upholding the highest standards of safety and environmental stewardship. At ATHA, we firmly believe that technical success must go hand-in-hand with rigorous safety and environmental practices, and we deeply value the effort and professionalism of everyone involved in our operations.”
Vancouver, British Columbia, November 5th, 2025 – ATHA Energy Corp. (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) (“ATHA” or the “Company”), is pleased to announce additional drilling results from the 2025 Angilak Exploration Program at its 100%-owned Angilak Uranium Project in Nunavut, Canada. The drillhole results are from two areas: the Mushroom Lake Discovery, situated along the Lac 50 Trend, and the KU Discovery, located along the RIB-Nine Iron Trend. At the Mushroom Lake Discovery, two drillholes were completed, ML-DD-013 and ML-DD-014, both of which intersected uranium mineralization. At the KU Discovery, five additional drillholes were completed, all designed to followup on the initial discovery drillhole KU-DD-001 (See June 24th, 2025, News Release).
The Company is also pleased to announce the results from the latest round of Expert Geophysics Ltd.’s Advanced Electromagnetic Inversion (“EM Inversion”) modeling of its 2024 MMT survey data. The Company focused on modelling the northeastern section of the Angikuni Basin, inclusive of the Lac 50 Trend and sections of the RIB-Nine Iron Trend – from the KU Discovery to the Nine Iron Discovery. Across the Lac 50 Trend and the RIB-Nine Iron Trend, the EM Inversion modeling highlights prospective trends coincident with identified uranium mineralization drill tested in 2025. Furthermore, the latest round of modeling has identified numerous additional high-priority targets within the project area.
Figure 1: Angilak Project Area – 2025 Exploration Target Area (Black Rectangles), Mineralized RIB Corridor (Red Rectangles), & Mapped Historic Mineralized Showings Figure 2a: 2025 Angilak Exploration Program – EM Inversion Model & Drill Collar Locations from KU Discovery area, along the RIB-Nine Iron Trend.
Figure 2b: 2025 Angilak Exploration Program – EM Inversion Model & Drill Collar Locations from Mushroom Lake. Situated along the Lac 50 Trend.
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) |
|---|---|---|---|---|---|---|---|---|
| *KU-DD- 001 | RIB-Nine Iron | KU Target | 30 | 70 | 515830 | 6936190 | 256.5 | 599 |
| *J4R-DD- 091 | Lac 50 | J4/Ray | 25 | 57 | 522295 | 6938558 | 218 | 650 |
| *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 |
| *RIBW- DD-001 | RIB-Nine Iron | RIB West | 150 | -50 | 495831 | 6929490 | 274 | 503 |
| *RIBW- DD-002 | RIB-Nine Iron | RIB West | 145 | -55 | 497766 | 6929322 | 271 | 380 |
| *RIBW- DD-003 | RIB-Nine Iron | RIB West | 325 | -55 | 497645 | 6930031 | 275 | 347 |
| *RIBN- DD-001 | RIB-Nine Iron | RIB North | 300 | -65 | 499574 | 6929887 | 261 | 623 |
| *RIBS-DD- 001 | RIB-Nine Iron | RIB South | 150 | -50 | 495747 | 6927640 | 277.5 | 377 |
| KU-DD- 002 | RIB-Nine Iron | KU Target | 30 | -70 | 515525 | 6936210 | 251 | 616 |
| KU-DD- 003 | RIB-Nine Iron | KU Target | 30 | -70 | 515758 | 6936059 | 268.5 | 56 |
| KU-DD- 003A | RIB-Nine Iron | KU Target | 30 | -68 | 515758 | 6936059 | 268.5 | 605 |
| KU-DD- 004 | RIB-Nine Iron | KU Target | 30 | -60 | 515757 | 695641 | 255 | 602 |
| KU-DD- 005 | RIB-Nine Iron | KU Target | 210 | -70 | 515980 | 6935734 | 256 | 302 |
| KU-DD- 006 | RIB-Nine Iron | KU Target | 30 | -70 | 514794 | 6935805 | 275 | 647 |
| ML-DD- 013 | Lac 50 | ML Target | 25 | -50 | 523968 | 6939404 | 215 | 551 |
| ML-DD- 014 | Lac 50 | ML Target | 25 | -50 | 524869 | 6939109 | 206 | 407 |
*Previously released drillholes from 2025 Angilak Exploration Program
Figure 3: Striplog ML-DD-013 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Probe1 & 2.
Figure 4: Striplog ML-DD-014 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Figure 5: Striplog KU-DD-002 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Probe1 & 2.
Figure 6: Striplog KU-DD-003A showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Figure 7: Striplog KU-DD-004 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Figure 8: Striplog KU-DD-005 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole Figure 9: Striplog KU-DD-006 showing radioactivity based on 40TGU-1000 Triple Gamma Down Hole
MARKET MAKING SERVICES
ATHA is also pleased to announce that it has engaged the services of ICP Securities Inc. (“ICP”) to provide market making services in compliance with the policies and guidelines of the TSX Venture