ATHA Energy Reports High U3O8 Grades, New Lac 50 Model

• Conclusions from a third-party updated Technical Report (with an effective date November 25, 2024) establish a baseline Exploration Target for the Lac 50 Deposit, ranging between 60.8 M lbs U₃O₈ and 98.2 M lbs U₃O₈, with an average grade range of 0.37% U₃O₈ and 0.48% U₃O₈ (Table 1);
• ATHA has received assay results from its 2024 Exploration Program on the Angilak Project, which is host to the Lac 50 Uranium Deposit, one of the largest high-grade deposits in Canada outside of the Athabasca Basin, with a 2013 historic mineral resource estimate of 43.3M lbs at an average grade of 0.69% U₃O₈.¹;
• The Exploration Target Model is restricted to drill results from the Lac 48, 50, 52, and 54 mineralized Trends (known as the "Lac 50 Deposit") (Figures 2a & 2b). The Lac 50 Deposit area is prospective to host uranium mineralization in excess of the Exploration Target Model, with only a cumulative ~24% of the Lac 48, 50, 52, and 54 Trends having been drill tested to date;
• The Lac 50 Deposit remains open along strike and at depth, with the corridor remaining highly prospective for the discovery of additional parallel mineralized horizons. Further unrealized prospectivity is also demonstrated by numerous showings - such as the Dipole and Nine Iron showings (Figure 1) - at the Angilak Project outside of the Lac 50 Deposit area;
• The core objective of ATHA's 2024 Exploration Program at Angilak was to focus on large step-outs from previously established areas of uranium mineralization and testing of parallel prospective trends in order to outline a potential production-scale uranium project;

• The Program was completed in late August, with the diamond drill phase of the program comprised of 25 drill holes totalling ~10,051 m;

• The drilling Phase of the campaign successfully intercepted uranium mineralization on 100% of drill holes. Assay results are consistent with the grade profile of the Exploration Target Model and are highlighted by grades of up to 5.85% U₃O₈ over 0.5 m; and

• Based off the early signs of success of the 2024 Angilak Exploration Program and historical showings, ATHA staked an additional 69,704 hectares in September 2024, and now controls the entirety of the Angikuni Basin.

VANCOUVER, British Columbia, Nov. 25, 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 conclusions from its updated 2024 Technical Report (effective date November 25, 2024) on its 100%-owned Angilak Uranium Project in Nunavut.

Conclusions from the Report - in accordance with the guidelines set forth in the National Instrument NI 43-101 - establish a baseline Exploration Target (the "Exploration Target") for the Lac 50 Deposit ranging between 60.8 M lbs U₃O₈ and 98.2 M lbs U₃O₈, with an average grade range between 0.37% U₃O₈ and 0.48% U₃O₈ (Table 1) - restricted to drill results from the Lac 48, 50, 52, and 54 mineralized Trends (known as the "Lac 50 Deposit") (Figures 2a & 2b). The updated 2024 Technical Report utilized technical information collected predominately from 2009 through to 2024 - inclusive of assay results from the 2024 Angilak Exploration Program and will be prepared by Mr. Matthew Batty, MSc., P.Geo, owner of Understood Minerals Resources Ltd. The updated 2024 Technical Report will also include details regarding the Exploration Target Model (the "Exploration Target Model") presented herein, and will be filed on SEDAR within 45 days of this release.

The Company is also pleased to announce assay results from its Phase I: diamond drilling campaign completed as part of the 2024 Angilak Exploration Program. The 2024 Angilak Exploration Program resulted in the expansion of mineralized domains along the Lac 50 Trend where grades of up to 5.85% U₃O₈ over 0.5 m were intersected. Additionally, the program identified and expanded mineralization along parallel trends, defined as Lac 48, Lac 52, and Lac 54 Trends.

Troy Boisjoli, CEO added: "ATHA was built with a large-scale vision that reflects our belief in the generational opportunity within the uranium sector and we believe our exploration program at Angilak exemplifies this approach. Rather than relying on incremental delineation at Angilak, the unique strength of our balance sheet amongst exploration peers and deep technical bench provided us the opportunity to design and successfully execute an exploration program seeking long-term value creation that give us both resolution on the future scale of Angilak and also significantly de-risks future exploration programs. We are extremely pleased with the outcome of this choice and believe these exploration results not only establish the large-scale resource potential at Angilak but also prove the viability of Nunavut as a tier 1 uranium jurisdiction globally."

Cliff Revering, VP Exploration added: "The objectives we had set for ATHA's 2024 drilling at Angilak were to expand the footprint of mineralization of the historic Lac 50 mineralized domains, as well as to identify new zones of mineralization within the main Lac 50 Trend and proximal exploration target areas. The success we had in meeting these objectives has now been contextualized by the 2024 Exploration Target model which further demonstrates the potential that exists within the Lac 50 Deposit. The additional prospectivity we see regionally within the Angilak Project, where numerous additional mineralized discoveries and showings have already been identified by limited drill testing, provides even more exploration upside and growth potential for the project."

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). The project notably hosts the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U₃O₈.¹ Additionally, numerous regional discoveries of uranium mineralization have been made outside of the Lac 50 Corridor, both within Angikuni Basin as well as along its rim - demonstrating many similarities to high-grade uranium discoveries in the Athabasca Basin, Saskatchewan. One such prominent regional discovery within the Angilak Project area is the Dipole Showing, located along the western rim of the Angikuni Basin 25 km to the southwest of the Lac 50 Corridor. Previous operators of the Project completed 24 diamond drill holes in the Dipole Showing and intersected grades of up to 5.53% U₃O₈ over 0.5 m.

Figure 1: Plan Map detailing Lac 50 Deposit location with the Angilak Uranium Project

SUMMARY NOVEMBER 2024 ANGILAK PROJECT TECHNICAL REPORT:

• The Angilak Project is host to the Lac 50 Uranium Deposit, one of the largest high-grade deposits in Canada outside of the Athabasca Basin, with a 2013 historic mineral resource estimate of 43.3M lbs at an average grade of 0.69% U₃O₈.¹
• ATHA retained Mathew Batty, MSc., P.Geo, Owner and Founder of Understood Mineral Resources Ltd. to prepare a Technical Report for the Company's Angilak Uranium Project, located in Nunavut, Canada
• Mr. Batty is a highly experienced resource geologist who was instrumental in the development of NexGen Energy's Rook I Project. He completed his MSc thesis at the Centre for Computational Geostatistics at the University of Alberta.
• The updated 2024 Angilak Project Technical Report summarizes the scientific and technical information (inclusive of assay results from the Company's 2024 Exploration Program) collected thus far from the Angilak Uranium Project
• Conclusions from the Report - in accordance with the guidelines set forth in the National Instrument NI 43-101 - establishes a baseline Exploration Target Model for resource growth at the Lac 50 Deposit (Table 1). The Exploration Target model is restricted to areas that have been drill tested within the Lac 50 Deposit: comprised of the Lac 48, 50, 52, and 54 mineralized Trends (Figures 2a & 2b)

Table 1: Lac 50 Deposit Exploration Target Model

*Notes - The stated potential quantity and grade is conceptual in nature, and there has not been sufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. **Significant digits have been rounded to the nearest decimal. ***The ranges were derived from a block model approach using interpreted vein wireframes, drill core assays, grade interpolation via Ordinary Kriging, and applied uncertainty bandwidths.

Figure 2a: 2024 Lac 50 Deposit Planview Schematic

Figure 2b: 2024 Lac 50 Deposit Long-section Schematic

• Lac 48 Trend - located ~1 km to the southwest of the Western-Extension Zone at the Lac 50 Deposit, the Lac 48 Trend is currently defined by a prospective ~5.5 km long interpreted Very Low Frequency electromagnetic survey ("VLF") trend with numerous parallel anomalies. Limited drill testing has resulted in the discovery of several parallel mineralized horizons, two of which are included in the Exploration Target Model. The Lac 48 Exploration Target Model for resource growth is based on 26 diamond drill holes totaling 3,569 m, with holes intersecting grades of up to 6.83% U₃O₈ over 0.4 m. Lac 48 was not included in the 2013 historic mineral resource estimate. The two modeled horizons have a cumulative strike length of 345 m with a maximum modeled depth of 210 m (Figures 2a & 2b). Along with the currently modeled mineralized horizons, the Lac 48 Trend remains open along strike and at depth.
• Lac 50 Trend - currently defined by a prospective ~15 km long interpreted VLF trend with numerous parallel anomalies. Exploration to date has resulted in the discovery of several mineralized domains, including the Western Extension, Main Zone, Eastern Extension and J4/Ray Domains - which formed the entire 2013 historic mineral resource estimate for the Lac 50 Deposit - in addition to several newly identified mineralized domains. The entire Lac 50 Trend, including all domains incorporated in the 2024 Exploration Target Model for resource growth, remains open along strike and down-dip.
  • The Main Zone, Western Extension, and Eastern Extension Domains are based on 267 drill holes totaling 50,449 m. Thus far, the three domains have a cumulative strike length of 3.65 km and vertical depth of 510 m (Figures 2a & 2b).
  • The J4/Ray Domain encompasses the J4 Upper, J4 Lower, and the Ray Zones. The J4/Ray Domain Exploration Target model is based on 72 drill holes totaling 15,395 m with the three zones having a cumulative strike length of 1.97 km and a vertical depth of 510 m (Figures 2a & 2b).
  • The J4 West Zone - located directly west of the J4/Ray Domain, the J4 West Zone is a newly defined mineralized zone and not included in the 2013 historic mineral resource estimate. The J4 West Zone is based on 16 drill holes completed to date totaling 2,079 m with dimensions of 750 m strike length and 280 m vertical depth (Figures 2a & 2b).
• Lac 52 Trend - located ~750 m to the north of the Lac 50 Trend, the Lac 52 Trend is currently defined by a prospective ~11 km long interpreted VLF trend with numerous parallel anomalies. Limited exploration to date has resulted in the identification of several parallel horizons of uranium mineralization, three of which are included in the Exploration Target Model for resource growth. The Lac 52 Exploration Target Model is based on 37 diamond drill holes totaling 6,528 m, with holes intersecting grades of up to 3.57% U₃O₈ over 0.4 m at Mushroom Lake and 1.29% U₃O₈ over 1.0 m at Pulse. Lac 52 was not included in the 2013 historic mineral resource estimate. The three modeled horizons have a cumulative strike length of 2.21 km and vertical depth of 260 m (Figures 2a & 2b). The Lac 52 Trend remains open along strike and at depth.
• Lac 54 Trend - located ~1.5 km to the north of the Lac 50 Trend, the Lac 54 Trend is currently defined by a prospective ~7.5 km long interpreted VLF trend with numerous parallel anomalies. Limited exploration to date has resulted in the identification of multiple mineralized horizons, one of which is included in the Exploration Target Model for resource growth. The Lac 54 Exploration Target Model is based on 8 diamond drill holes totaling 2,144 m, with holes intersecting grades of up to 0.92% U₃O₈ over 1.0 m. Lac 54 Trend was not included in the 2013 historic mineral resource estimate. The modeled horizon has a strike length of 1.3 km and vertical depth of 180 m (Figures 2a & 2b) and remains open along strike and at depth.
• The Lac 50 Corridor is prospective to host uranium mineralization in excess of the Exploration Target Model for resource growth. The Lac 48, 50, 52, and 54 Trends all remain open along strike and at depth - moreover, the corridor is highly prospective for the discovery of additional parallel mineralized horizons.

ANGILAK 2024 EXPLORATION PROGRAM:

• Completed in late August, the diamond drill phase of the 2024 Angilak Exploration Program comprised 25 drill holes totaling ~10,051 m.
• Lac 50 Trend - The Company successfully expanded the historic footprint of mineralization along strike and at depth, as well as identified new mineralized horizons
  • Lac 50 Deposit - encompassing the Western Extension, Main Zone, Eastern Extension and the J4/Ray. Drilling resulted in the identification of J4 West, a zone of mineralization directly along strike to the west of the J4 Upper Zone. Additionally, the Company successfully expanded all four Domains both along strike and at depth, demonstrating the historic Lac 50 Deposit remains open in all directions. Drilling is highlighted by:
    • Drill hole J4R-DD-085: successfully tested the Ray Zone, J4 Upper and J4 Lower with total composite mineralization of 4.5 m. In the Ray Zone grades of up to 5.85% U₃O_{8 '}over 0.5 m were intersected at a shallow depth of 111.8 m. Additionally, in the J4 Upper 2.0 m at 0.56% U₃O₈ was intersected including 0.5 m at 1.52% U₃O₈.
    • Drill hole J4R-DD-086: successfully intersected a new shallow horizon of uranium mineralization between 34.0 m and 37.5 m with grades up to 0.64% U3O8 over 0.5 m width. Additionally, the hole increased the down-dip extent of J4 Lower Zone intersecting 2.5 m grading 0.87% U₃O₈ including 0.5 m grading 3.92% U3O8 at 393.5 m depth. The hole intersected total composite mineralization of 6.0 m.
• During the Angilak 2024 Exploration Program, ATHA identified three parallel mineralized trends, now defined as Lac 48, Lac 52, and Lac 54 Trends.
• Lac 48 Trend - During the 2024 Exploration Program the Company followed up on previous drilling at the Blaze Target completing one hole that successfully intersected shallow high-grade mineralization associated with a new mineralized horizon.
  • Drill hole BLZ-DD-034 successfully intersected total composite mineralization of 2.5 m including grades of up to 0.99% U₃O₈over 0.5m at a depth of 94.5 m.
• Lac 52 Trend - During the 2024 Exploration Program a total of 8 holes were completed, resulting in the successful expansion of mineralization at the Pulse and Mushroom Lake Discoveries. Drilling along the Lac 52 Trend is highlighted by:
  • Drill hole PL-DD-030: successfully extended the strike length of the Pulse Discovery by ~144 m southeast, intersected total composite mineralization of 5.5 m including grades of up to 1.33% U3O8 over 1.0 m at a depth of 262.5 m.
• Lac 54 Trend - During the 2024 Exploration Program a total of four holes were drilled - all holes intersected uranium mineralization resulting in the definition of the Hot Discovery.
  • Surficial mapping within the Lac 52 and Lac 54 Trends completed as part of the 2024 Exploration Program further characterized a zone of extensive bedrock outcrop containing structures with increased radioactivity up to >60,000 counts per second (cps) measured with a handheld RS120 scintillometer. This area has not been drill tested to date, and is not included within the 2024 Exploration Target model.
• Drill hole strip logs, inclusive of detailed assays for all drill holes completed during the 2024 Angilak Exploration Program can be found here.

NOVEMBER 2024 ANGILAK PROJECT TECHNICAL REPORT