ATHA Energy Final Assays From 2025 Angilak Exploration Program Confirm High-Grade Discoveries at KU and Mushroom Lake Targets

26 February 2026

HIGHLIGHTS

  • Final assays from the 2025 Angilak Exploration Program at the Company’s 100%-owned Angilak Uranium Project, located in Nunavut, Canada (Figure 1), confirm high-grade uranium mineralization at the KU and Mushroom Lake Targets, as well as expansion of the J4/Ray zone mineralization beyond the 2024 Lac 50 Deposit Exploration Target area (Figure 2);
  • Recently completed 3D MMT Inversion modeling (“3D Inversion”) across the Angilak Uranium Project – the 3D Inversion led to the successful discoveries across the Mineralized RIB Corridor, including the RIB North Discovery (See News Release) – highlighting an abundance of additional highly prospective exploration targets along the Mineralized RIB, Lac 50 Deposit, and KU-Nine Iron Corridors (Figure 2);

KU Discovery (KU-Nine Iron Corridor)

  • Located within the 14 km long KU-Nine Iron Corridor, the Company completed a total of six diamond drillholes as part of the successful 2025 Angilak Exploration Program (the “Program”), intersected uranium mineralization on five of six holes;
  • The widespread uranium mineralization identified at the KU Discovery area indicates a much larger mineralizing system is at play, vectoring towards high-priority targets identified by the 3D Inversion;
  • The Program tested a prominent stacked EM and gravity anomaly located within the Angikuni Basin at the western margin of the KU-Nine Iron Corridor, resulting in the intersection of widespread uranium mineralization within the sandstone. After the completion of the 2025 Angilak Exploration Drill Program, the recent 3D Inversion has identified several large highly prospective anomalies along trend from the KU Discovery;
  • Drilling results are highlighted by:
    • Drillhole KU-DD-001 (Figure 3), which intersected total composite mineralization1 of 15.1 m, from 85.0 m down to a depth of 502.6 m. This includes a shallow interval of uranium mineralization from 85.0 m to 87.0 m containing high-grade mineralization2 of 1.56% U3O8 over 0.5 m;
    • Drillholes KU-DD-003 (Figure 4) & ‘004 (Figure 5), both drilled along strike to the north of ‘001, intersected widespread uranium mineralization with 20.5 m of composite mineralization1 from 178.0 m to 534.1 m, and 24.6 m of composite mineralization1 from 478.3 m to 583.9 m, respectively;

Mushroom Lake (Lac 50 Deposit Corridor)

  • Located within the 21 km long Lac 50 Deposit Corridor, outside of the Lac 50 Exploration Target area. The Company completed a total of two diamond drillholes, intersecting uranium mineralization over a 1 km strike length;
  • The holes successfully tested the depth extent of uranium mineralization identified in outcrops over a 3 km strike;
  • Drilling results are highlighted by:
    • Drillhole ML-DD-014 (Figure 6), which intersected total composite mineralization1 of 2.5 m, from 335.3 m down to a depth of 364.2 m, including an intersection of high-grade mineralization2 of 1.10% U3O8 over 0.5 m;

J4/Ray Zone (Lac 50 Deposit Corridor)

  • Located within the 21 km long Lac 50 Deposit Corridor the Company completed one diamond drillhole which successfully intersected high-grade uranium mineralization expanding the footprint of mineralization beyond the Exploration Target area.
  • Drilling results are highlighted by:
    • Drillhole J4R-DD-091 (Figure 7), which intersected total composite mineralization1 of 5.6 m, from 42.4 m down to a depth of 570.2 m, including an intersection of high-grade mineralization2 of 1.47% U3O8 over 0.5 m;

Troy Boisjoli, CEO commented: “The final assay results from ATHA’s 2025 Angilak Exploration Program – focused on derisking regional mineralized corridors across the Angilak Uranium Project – continue to demonstrate the robust metal endowment across the project. Over the last two years the Company has identified and systematically derisked three mineralized corridors across Angilak.

At the MRC, with only thirteen diamond drillholes, the Company has already made four discoveries across an 18 km strike which remains open and unconstrained, including RIB North, where the maiden hole is one of the best discovery holes in the uranium sector over the last number of years. When the results from the MRC are paired with those from the Lac 50 Deposit and the KU-Nine Iron Corridors, it starts to paint a picture of a potential uranium district. And speaks to ATHA’s ability to execute on exploration at scale. With our recent combined financing completed in January the Company is now fully capitalized, and ready to unlock Angilak’s potential over 2026.”

Cliff Revering, VP Exploration added: “The 2025 exploration campaign at Angilak delivered outstanding results, further demonstrating the significant potential of the project. Drilling reinforced the expansion upside of the J4/Ray zone mineralization within the Lac 50 deposit and led to the discovery of additional high-grade mineralization in the Mushroom Lake area. Importantly, the program also yielded new high-grade discoveries within both the KU and RIB regional target areas, underscoring the broader district-scale opportunity emerging across the Angikuni Basin.

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