ATHA Energy Angilak 2024 Exploration Update: First Six Holes Successfully Expand Footprint of Uranium Mineralization With 100% Hit Rate Outside of Historic Resource

2024-07-10

CSE - Canadian National Stock Exchange · Canada

HIGHLIGHTS:

Angilak Project: The Angilak Project is host to the Lac 50 Uranium Deposit, which is one of the largest high-grade deposits outside of the Athabasca Basin, with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U 3 O 8 . 1 In 2023, drilling at Angilak by Latitude Uranium (acquired by ATHA) intersected grades of up to 7.54 % U 3 O 8 over 1.6 m. The 2024 Angilak Exploration Program is part of the Company’s overall 2024 Exploration Program and consists of Phase I (diamond drilling) and Phase II (geophysics & ground geochemistry). A ~10,000 m diamond drilling program targeting expansion of uranium mineralization along the Lac 50 Trend, proximal to the historic deposit, began on June 3 rd , 2024. As of the end of June, six holes have been drilled outside the historic Lac 50 Mineral Resource footprint and successfully intersected uranium mineralization, demonstrating the expansion potential at the Angilak Project These six holes represent the beginning of the 2024 Angilak Exploration Program, with more than 7,000 m of ongoing drilling remaining Drilling highlights:

All six holes successfully expanded the footprint of uranium mineralization at the Main Zone, Eastern Extension, and the J4 & Ray Zones, which represent the historic zone of mineralization at the Lac 50 Deposit The six holes targeted parallel Tuff Horizons that were first identified by Latitude Uranium. At the Main Zone and the Ray Zone, shallow (<150 m depth) high-grade uranium mineralization was intersected within these newly defined Tuff Horizons. These shallow, high-grade intersections provide evidence supporting the Company’s thesis that the Lac 50 Trend hosts a stacked lens system similar to basement-hosted uranium deposits in the Athabasca Basin, such as Cameco’s Eagle Point Mine. Drill hole MZ-DD-175 successfully intersected uranium mineralization 80 m along strike to the west of the Main Zone at the Lac 50 Deposit, as well as intersecting four additional parallel Tuff Horizons. Highlights include:

Intersected Tuff MZ_004, which returned intermittent radioactivity (representative of uranium mineralization) from ~75 m to ~84.5 m depth with an average 1,685 counts per second (“CPS”) over 9.5 m and a peak of 21,940 CPS over 0.1 m. Uranium mineralization was also intersected in four additional intervals, including Tuff MZ_001 between ~366 m to ~375 m depth, where the hole intersected intermittent mineralization averaging 1,736 CPS over 9.0m and a peak of 9,026 CPS over 0.1 m.

Drill hole J4R-DD-085 successfully intersected uranium mineralization down-dip from Tuff J4R_001 in the J4 Zone at the Lac 50 Deposit in addition to intersecting two other parallel Tuff Horizons (Tuff J4R_002 and Tuff J4R_003). Highlights include:

Intersected Tuff J4R_003, which returned mineralization from 111.5 m to 113 m depth with an average 14,248 counts per second (CPS) over 1.5 m and a peak of 70,823 CPS over 0.1 m. Uranium mineralization was also intersected in two additional intervals, including Tuff J4R_002 between ~426 m to ~429.5 m depth where the hole intersected intermittent mineralization averaging 4,944 CPS over 3.5 m and a peak of 32,854 CPS over 0.1 m.

Phase II (geophysics & ground geochemistry): Scheduled to begin in August of 2024, ATHA will undertake a targeted airborne geophysics program comprised of electromagnetic (“EM”), Mag, and VLF survey types, in addition to targeted ground geochemistry sampling and mapping. The objective of Phase II is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.

VANCOUVER, British Columbia, July 10, 2024 (GLOBE NEWSWIRE) -- ATHA Energy Corp. ( TSX.V: SASK ) ( FRA: X5U ) ( OTCQB: SASKF ) (“ ATHA ” or the “ Company ”), holder of the largest uranium exploration portfolio in two of the highest-grade uranium districts in the world, is pleased to announce radioactivity results from six diamond drill holes completed as part of the Company’s inaugural 2024 Angilak Exploration Program at its 100%-owned Angilak Project in Nunavut.

Phase I of the 2024 Angilak Exploration Program is comprised of approximately 10,000 m of diamond drilling targeting the expansion of high-grade uranium mineralization outside of the historic resource footprint at the Lac 50 Deposit. The initial six holes total 2,817.6 m and target the expansion of the Main Zone, Eastern Extension, and the J4 & Ray Zone along the Lac 50 Trend at the Lac 50 Deposit.

ANGILAK PROJECT – NUNAVUT

The Angilak Project is situated within the Angikuni Basin, approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1) and is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U 3 O 8 . 1

ATHA’s 2024 Angilak exploration program consists of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs that prioritize the expansion of the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000 m of diamond drilling is currently underway, focused on expansion of the historic footprint at the Lac 50 Deposit’s Main Zone, Western Extension, Eastern Extension, and J4 & Ray Zone, as well as expansion of the recently identified parallel mineralized Tuff Horizons. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns – the most recent of which was completed in the fall of 2023 by Latitude Uranium (“ Latitude ”) (acquired by ATHA). During Latitude’s most recent exploration program, the Company reported uranium drill hole intersections targeting the Main Zone showing grades of up to 7.54 % U 3 O 8 over 1.6 m from hole 23-LC-005.

_Figure 1: Plan Map detailing the Angilak Project location within Nunavut 1 _

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Figure 2: Lac 50 Trend Schematic, displaying drill hole traces, historic resource shells, and prospective mineralized Tuff Horizon

Main Zone

The Main Zone at the Lac 50 Deposit has a historically defined mineralized footprint with a strike length of approximately 1,500 m and depth of 340 m. The uranium mineralization within the historic mineral resource is restricted to one lens. Additional drilling completed by Latitude Uranium intersected extensive mineralization outside of the historic resource. Recent geological interpretation and modeling of the additional mineralization demonstrates the Main Zone - along with the Western Extension, Eastern Extension, and J4 & Ray Zones – is part of a stacked lens system associated with Tuff Horizons. Tuff MZ_001, represents the bulk of the historic resource at the Main Zone, with Tuff MZ_002 through to Tuff MZ_005 representing newly defined parallel lenses of uranium mineralization.

Drill hole MZ-DD-174 was designed to test the down-plunge extent of uranium mineralization in Tuff MZ_001, as well as testing the extensions of additional newly defined Tuff Horizons. The hole was completed to a total depth of 600 m and successfully intersected Tuff MZ_001, 002, 003, 005, as well as a new shallow lens of uranium mineralization between 31 m and 32.5 m depth.

Figure 3: Strip log detailing results from drill hole MZ-DD-174 located at the Main Zone of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

Drill hole MZ-DD-175 was designed to test the strike extent of mineralization between the Western Extension and the Main Zone of the Lac 50 Deposit, targeting the extension of Tuff MZ_001 as well as other parallel Tuff Horizons. The hole was completed to a total depth of 471 m and successfully intersected Tuff MZ_001, 002, 003, and 004.

Figure 4: Strip log detailing results from drill hole MZ-DD-175 located at the Main Zone of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

J4 & Ray Zones

The J4 and Ray Zones are situated approximately 1,800 m along strike to the southeast of the Main Zone at the Lac 50 Deposit and have a historically defined mineralized footprint with a strike length of approximately 920 m and depth of 420 m. The uranium mineralization within the historic resource is restricted to two lenses: Tuff J4R_001 – representing the bulk of the historic resource at the J4 Zone – and Tuff J4R_003 – representing the bulk of the historic resource in the Ray Zone. Tuff lenses J4R_002 and J4R_004 are newly defined Tuff horizons with associated mineralization.

Drill hole J4R-DD-085 was designed to test the down-plunge extent of mineralization at the J4 & Ray Zones of the Lac 50 Deposit along with testing for additional lenses of parallel mineralization. The hole was completed to a depth of 490.8 m and successfully intersected mineralization, extending mineralization associated with Tuff J4R_001 between ~451.5 m and ~459 m, Tuff J4R_002 from ~426 m to ~429.5 m, and Tuff J4R_003 from ~111.5 m to ~113 m.

Figure 5: Strip log detailing results from drill hole J4R-DD-085 located at the J4 & Ray Zones of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

J4R-DD-086 was designed to test the eastern strike extent of mineralization in the Ray Zone and the down-dip extension of mineralization in the J4 Zone, as well as testing for additional lenses of parallel mineralization. The hole was completed to a depth of 468.5 m and successfully intersected mineralization, extending Tuff J4R_002 associated mineralization between ~390.5 m and ~392 m, Tuff J4R_003 with associated intermittent mineralization from ~84.5 m to ~92.5 m, and Tuff J4R_004 with associated mineralization from ~35 m to ~36 m.

Figure 6: Strip log detailing results from drill hole J4R-DD-086 located at the J4 & Ray Zones of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

Eastern Extension

The Eastern Extension is situated approximately 350 m along strike to the northeast of the Main Zone at the Lac 50 Deposit and has a historically defined mineralized footprint with a strike length of approximately 700 m and depth of 320 m. The uranium mineralization within the historic resource is restricted to one lens currently identified as Tuff EX_001. Although mineralization has been encountered outside of the Tuff EX_001 horizon, additional lenses of mineralization have not yet been defined.

Drill holes EEX-DD-052 and EEX-DD-053 were designed to test the down plunge extent of mineralization within the Eastern Extension Tuff EX_001 lens. Both holes were successful in extending the Tuff EX_001 associated mineralized footprint with intersections from 374 m to 376m and 305m to 307m, in EEX-DD-052 and EEX-DD-053, respectively. Both holes also intersected additional mineralized structures within the hanging-wall of the Tuff EX_001 lens, as depicted in Figures 6 and 7. Drill holes EEX-DD-052 and EEX-DD-053 were drilled to final depths of 427.3m and 360m, respectively.

Figure 6: Strip log detailing results from drill hole EEX-DD-052 located at the Eastern Extension of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

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Figure 7: Strip log detailing results from drill hole EEX-DD-053 located at the Eastern Extension of the Lac 50 Deposit. The Strip log displays radioactivity derived from a 40TGU Triple Gamma Probe which measures radioactivity every 10 cm. Depth intervals mentioned are approximate (~) corresponding to 0.5 m intervals, and have been corrected to radioactivity observed in drill core via an RS-120 scintillometer.

Table 1: 2024 drill hole collar and orientation details for drill holes completed on Main Zone, Eastern Extension, J4 and Ray zones as of the end of June.

| Hole ID | Zone | Azimuth (⁰) | Dip (⁰) | Easting (mE) | Northing (mN) | Elevation (m) | End of Hole (m) | | MZ-DD-174 | Main Zone | 25.0 | -78.6 | 518907.4 | 6939921.0 | 214.85 | 600.0 | | MZ-DD-175 | Main Zone | 25.0 | -50.0 | 518103.8 | 6940337.7 | 230.00 | 471.0 | | EEX-DD-052 | Eastern Extension | 25.0 | -70.2 | 520314.0 | 6939522.3 | 193.00 | 427.3 | | J4R-DD-085 | J4-Ray | 23.0 | -68.0 | 522375.8 | 6938727.0 | 217.84 | 490.8 | | EEX-DD-053 | Eastern Extension | 23.0 | -65.0 | 520219.9 | 6939570.4 | 192.99 | 360.0 | | J4R-DD-086 | J4-Ray | 25 | -50 | 522602.8 | 6938606 | 207.22 | 468.5 |

Troy Boisjoli, CEO added: “The first six drill holes from ATHA's inaugural drill program at the Angilak Project in Nunavut confirms the significant potential for expansion of the known zones of mineralization along the Lac 50 Trend along with demonstrating the high probability of additional discoveries. The 100% hit rate for these holes, on substantial step outs, is extremely encouraging and speaks to the robust nature of the mineralizing system at play at our Angilak Project. The results help confirm ATHA's thesis, that Nunavut has exploration potential analogous to the Athabasca Basin with respect to substantial uranium discoveries. Coming at a time when the macro case for Uranium has never been better, particularly for high-grade assets in proven stable jurisdictions.”

Cliff Revering, VP Exploration added: “Drilling results to date have been very encouraging and demonstrate the exciting expansion potential of uranium mineralization within the Lac 50 deposit. As we progress through our 2024 exploration program and strategy, we will continue to develop our understanding of this relatively under-explored and highly prospective uranium district.”

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

ATHA is a Canadian mineral company engaged in the acquisition, exploration, and development of uranium assets in the pursuit of a clean energy future. With a strategically balanced portfolio including three 100%-owned post discovery uranium projects (the Angilak Project located in Nunavut, and CMB Discoveries in Labrador hosting historical resource estimates of 43.3 million lbs and 14.5 million lbs U3O8 respectively, and the newly discovered basement hosted GMZ high-grade uranium discovery located in the Athabasca Basin). In addition, the Company holds the largest cumulative prospective exploration land package (8.4 million acres) in two of the world’s most prominent basins for uranium discoveries - ATHA is well positioned to drive value. ATHA also holds a 10% carried interest in key Athabasca Basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd. For more information visit www.athaenergy.ca . 1,2,3 .

For more information, please contact:

Troy Boisjoli Chief Executive Officer Email: info@athaenergy.ca www.athaenergy.ca

Historical Mineral Resource Estimates

All mineral resources estimates presented in this news release are considered to be “historical estimates” as defined under NI 43-101, and have been derived from the following (See notes below). In each instance, the historical estimate is reported using the categories of mineral resources and mineral reserves as defined by the CIM Definition Standards for Mineral Reserves, and mineral reserves at that time, and these “historical estimates” are not considered by ATHA to be current. In each instance, the reliability of the historical estimate is considered reasonable, but a Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and ATHA is not treating the historical estimate as a current mineral resource. The historical information provides an indication of the exploration potential of the properties but may not be representative of expected results.

Notes on the Historical Mineral Resource Estimate for the Angilak Deposit:

1. This estimate is considered to be a “historical estimate” under NI 43-101 and is not considered by any of to be current. See below for further details regarding the historical mineral resource estimate for the Angilak Property. 1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. 2. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues. 3. The quality and grade of the reported inferred resource in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured resource category. 4. Contained value metals may not add due to rounding. 5. A 0.2% U3O8 cut-off was used. 6. The mineral resource estimate contained in this press release is considered to be “historical estimates” as defined under NI 43-101 and is not considered to be current. 7. The “historical estimate” is derived from a Technical Report entitled “Technical Report and Resource Update For The Angilak Property, Kivalliq Region, Nunavut, Canada”, prepared by Michael Dufresne, M.Sc., P.Geol. of APEX Geosciences, Robert Sim, B.Sc., P.Geo. of SIM Geological Inc. and Bruce Davis, Ph.D., FAusIMM of BD Resource Consulting Inc., dated March 1, 2013 for ValOre Metals Corp. 8. As disclosed in the above noted technical report, the historical estimate was prepared under the direction of Robert Sim, P.Geo, with the assistance of Dr. Bruce Davis, FAusIMM, and consists of three-dimensional block models based on geostatistical applications using commercial mine planning software. The project limits area based in the UTM coordinate system (NAD83 Zone14) using nominal block sizes measuring 5x5x5m at Lac Cinquante and 5x3x3 m (LxWxH) at J4. Grade (assay) and geological information is derived from work conducted by Kivalliq during the 2009, 2010, 2011 and 2012 field seasons. A thorough review of all the 2013 resource information and drill data by a Qualified Person, along with the incorporation of subsequent exploration work and results, which includes some drilling around the edges of the historical resource subsequent to the publication of the 2013 technical report, would be required in order to verify the Angilak Property historical estimate as a current mineral resource. 9. The historical mineral resource estimate was calculated in accordance with NI 43-101 and CIM standards at the time of publication and predates the current CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) and CIM Estimation of Mineral Resources & Mineral Reserves Best Practices Guidelines (November, 2019). 10. A thorough review of all historical data performed by a Qualified Person, along with additional exploration work to confirm results would be required to produce a current mineral resource estimate prepared in accordance with NI 43-101.