Atha Energy (TSX.V: SASK; FRA: X5U; OTCQB: SASKF) has announced its third uranium discovery of the year following maiden drilling at the RIB West target within the company’s 100%-owned Angilak Uranium Project in Nunavut, Canada. The update comes alongside news that the company has completed an oversubscribed financing, raising $11,499,928.30 through an underwritten private placement of special warrants.

Troy Boisjoli, CEO commented in a press release: ” 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 teams’ 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 also commented in a press release: ” 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 RIB 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 provided 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. “

Highlights from the results are as follows:

• 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 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 remaining 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.

Financing Completed

The $11.5 million offering was conducted by a syndicate of underwriters led by Stifel Canada, which acted as lead underwriter and sole bookrunner. Red Cloud Securities Inc. and Paradigm Capital Inc. also participated in the syndicate. The financing included the full exercise of the underwriters’ option. Proceeds are expected to support Atha’s ongoing exploration efforts at Angilak and related projects.

Third Discovery of 2025 at RIB West

The latest drilling results confirm a new discovery at RIB West, making it the third discovery from Atha’s 2025 Angilak Exploration Program. Two drill holes have been completed at this target, located about 1.5 kilometers west of the previously defined RIB East Discovery.

• RIB_W-DD-001 intersected 2.1 meters of composite mineralization. Within this interval, 0.5 meters contained high-grade uranium with a peak response of 18,485 counts per second (CPS).

• RIB_W-DD-002, drilled roughly 340 meters northeast along strike from the first hole, intersected 8.5 meters of composite mineralization over a broad interval between 204.8 and 269.5 meters depth. The mineralization was associated with a graphitic structural zone.

Together, the two drill holes demonstrate uranium mineralization potential continuity across at least 340 meters of strike length at RIB West. The majority of this prospective corridor remains untested.

Expansion of Mineralization at RIB East

Exploration has also advanced at RIB East, where the company has now completed eight drill holes in total. All holes have intersected uranium mineralization. With the latest results, the potential strike length of mineralization has been extended from approximately 400 meters to about 750 meters.

The RIB East Discovery remains open both along strike and at depth. Large sections of the conductive trend associated with this discovery have not yet been drill-tested.

Geophysics Modelling Results

In addition to drilling, Atha Energy received results in mid-August from advanced electromagnetic (EM) inversion modelling performed by Expert Geophysics Ltd. The modelling covered 12 kilometers of the 31-kilometer-long RIB–Nine Iron Trend, concentrating on the RIB East and West discovery areas.

The EM Inversion work was based on magnetotelluric (MMT) survey data collected in September 2024. According to the company, the modelling successfully mapped multiple stacked conductors, with both north-south and east-west cross-cutting trends identified. Drilling at both RIB East and RIB West has confirmed that the EM Inversion accurately outlines graphitic structural corridors associated with uranium mineralization.

2025 Exploration Context

The RIB West discovery marks the third new discovery of Atha’s 2025 exploration program at Angilak. Alongside the expansion of mineralization at RIB East, the results highlight the broader potential of the RIB–Nine Iron Trend. With large portions of the trend still untested, further drilling and geophysical analysis are expected to guide additional exploration targets.