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 Anomolies
5 November 2025
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.
