Mr. Troy Boisjoli reports

ATHA ENERGY PROVIDES UPDATE ON 2024 EXPLORATION PROGRAM

Atha Energy Corp. has provided plans for its 2024 exploration program. At the 100-per-cent-owned Angilak project in Nunavut, the company will focus on diamond drilling with the objective of deposit expansion and discovery. In the Athabasca basin, the company will be further advancing nine of its 100-per-cent-owned projects through a combination of ground and airborne geophysical surveys. The objective of the Athabasca basin program is to continue to mature Atha's geological understanding within each of its projects, increase the probability of discovery and optimize capital expenditure during future drill campaigns. Additionally, subject to the completion of the company's proposed scheme of arrangement with 92 Energy Ltd. (92E), development of 92 Energy's projects, such as Gemini, which hosts the recently discovered high-grade GMZ showing, will be incorporated into the into the company's Athabasca basin exploration program. The company will provide an update, inclusive of drilling plans for the Gemini project, postclosing of the scheme.

Two thousand twenty-four exploration program highlights and update to 92 Energy transaction:

• Atha begins the company's most significant exploration program to date, targeting Canada's most prospective regions for high-grade uranium discovery, including: the Angilak project in Nunavut and maturation of Atha's Tier 1 exploration portfolio in the Athabasca basin.
• Atha's proposed transaction with 92 Energy is expected to close on or about April 11, 2024, at which point the development of 92 Energy's portfolio -- including the Gemini project that is host to the newly discovered, high-grade GMZ corridor -- will become a primary focus for Atha's 2024 exploration program. Atha will provide a detailed update after the close of the transaction with 92 Energy.
• 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 43.3 million pounds (Mlb) at an average grade of 0.69 per cent triuranium octoxide (U3O8).
• Latitude Uranium recently completed (September, 2023) a diamond drill-based exploration program comprising a total of 18 holes (5,665 metres). The 2023 program focused on delineation and expansion of the Main zone within the Lac 50 deposit, and successfully achieved all objectives -- highlighted by:
  • Extension of known mineralization along strike and at depth within the Main Tuff horizon, demonstrated by drill hole 23-LC-005 -- designed to infill a 100 m gap in historic drilling -- intersected grades of up to 7.54 per cent U3O8 over 1.6 m and represents continuity of high-grade mineralization at depth.
  • Discovery of a new lens of uranium mineralization within the Lac 50 deposit.
  • Increased understanding of structural controls on uranium mineralization and identification of similar settings at regional prospective targets.
• Angilak project 2024 exploration programs builds upon the work completed by Latitude Uranium:
  • Phase 1 (diamond drilling): An approximately 10,000 m diamond drilling program is planned to begin June, 2024, targeting expansion of the Lac 50 deposit, which remains open in all directions. Exploration drilling is also expected to test high-priority targets on parallel structures to Lac 50 that were previously identified as being prospective to host uranium mineralization.
  • Phase 2 (geophysics and ground geochemistry): In concert with the phase 1 diamond drilling program, Atha will also undertake a targeted airborne geophysics program composed of electromagnetic (EM), magnetic and VLF (very-low-frequency) survey types, in addition to targeted ground geochemistry sampling and mapping. The objective of phase 2 is to identify and derisk a pipeline of additional high-priority targets for future exploration programs.
• Athabasca basin exploration: In addition to proposed work on 92 Energy's portfolio of projects posttransaction with 92 Energy, Atha is planning to further advance and develop nine of its wholly owned high-priority projects within its four Athabasca exploration districts (North Rim, Cable Bay, East Rim and West Rim) covering all currently producing, past-producing and developing uranium mining jurisdictions within the Athabasca basin -- home to the highest-grade uranium deposits and mines globally. The objective of the 2024 Athabasca basin exploration program is to advance Atha's exploration model, generating additional high-priority targets for future drill programs:
  • Atha plans to employ a combination of EM, gravity and ambient noise tomography (ANT) survey types.
  • The Athabasca basin exploration program is currently under way and is projected to continue through the end of Q3 2024.

Exploration outlook

Following Atha's recent closing of its acquisition of Latitude Uranium, and assuming the completion of the scheme, Atha expects to have a diversified portfolio of uranium projects across the exploration risk curve. Going forward, Atha's exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, derisking those targets and seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. With the company's recently closed transaction with Latitude and subject to the completion of the scheme, Atha intends to leverage its robust cash position to pursue a fully financed growth strategy, with focus on:

• Deposit and discovery expansion: Historical resource deposits at the Angilak project and CMB discoveries, as well as, subject to the completion of the scheme, the GMZ corridor (host to the Gemini discovery), remain underexplored and are expected to provide significant resource and discovery expansion potential on a regional scale. Diamond drilling is planned for both Angilak and, subject to the completion of the scheme, Gemini in summer, 2024.
• Advanced exploration: Drill-ready targets on a number of advanced projects owned by Atha and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration programs within the Athabasca and Thelon basins, as well as at the newly acquired Angilak project.
• Greenfield exploration: Pro forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide Atha with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis.

Angilak project -- Nunavut

Atha is pleased to announce exploration plans for the upcoming 2024 field season at its wholly owned Angilak project, situated within the Angikuni basin approximately 225 kilometres southwest of Baker Lake in the Kivalliq region of Nunavut. The Angilak project is host to the Lac 50 uranium deposit, which has a historical mineral resource estimate of 43.3 Mlb at an average grade of 0.69 per cent U3O8.

The 2024 Angilak exploration program will consist of diamond drilling, airborne geophysical surveys, and surficial sampling and mapping programs, prioritized to expand the footprint of known uranium mineralization, while also advancing regional exploration targets. Approximately 10,000 m of diamond drilling is planned to be completed during the June to August time frame. Drill targeting will focus on the Lac 50 deposit and mineralized corridor, targeting expansion of the deposit footprint both along strike and down-dip, as well as testing parallel structures which may host uranium mineralization. Diamond drilling will also test additional regional targets that have been identified through past exploration campaigns -- the most recent of which was completed in 2023 by Latitude Uranium (acquired by Atha). During Latitude's most recent exploration program completed in the fall of 2023, the company reported uranium drill hole intersections with grades of up to 7.54 per cent U3O8 over 1.6 m from hole 23-LC-005, which targeted the Lac 50 deposit.

Athabasca basin exploration program

The company's 2024 Athabasca basin exploration program is built upon the results from the maiden 2023 campaign, which saw the completion of 17 EM surveys within Atha's 3.8 million acres of mineral claims located in the Athabasca basin. The objective of the 2024 exploration program is to further mature nine high-priority project areas with the use of airborne and ground geophysical surveys. The surveys will target each of the company's four exploration districts -- North Rim, Cable Bay, East Rim and West Rim exploration districts -- which encompass all currently producing, past-producing and developing uranium mining jurisdictions within the Athabasca basin.

The 2024 Athabasca basin exploration program is already under way and is slated to continue through to the end of Q3 2024. The program will deploy seven different airborne and ground survey types, consisting of: EM, magnetic, gravity and ANT. The objective of the 2024 Athabasca basin program is to further delineate and refine prospective trends and corridors within Atha's high-priority project areas in advance of drill testing.

Troy Boisjoli, chief executive officer, added: "The company is excited to provide guidance on Atha's industry-leading exploration plans. At the recently acquired Angilak project, Atha will be leveraging the expansion potential of one of the highest-grade uranium deposits globally outside of the basin through a combination of diamond drilling and geophysics. In the Athabasca basin, home to the highest-grade uranium deposits and mines globally, our program will focus on adding to our pipeline of exceptional drill-ready targets. Additionally, we look forward to providing guidance on our exploration plans -- inclusive of diamond drilling -- on the Gemini project which hosts the high-grade GMZ discovery. Our objective through 2024 is to continue to advance and develop our uranium assets within the world's most prospective, highest-grade uranium jurisdictions."

Cliff Revering, vice-president of exploration, added: "We are very excited to be commencing our 2024 exploration program on our pro forma portfolio of diversified uranium projects. Atha has a unique opportunity to leverage a strong balance sheet to invest at scale in a large number of early-stage exploration projects, while also providing significant exploration upside through advancement of our known uranium deposits and discoveries. These factors, combined with the strength of our technical team, provides unrivalled potential for delivering on our objective of defining the next generation of world-class uranium assets."

Qualified person

The scientific and technical information contained in this news release have been reviewed and approved by Mr. Revering, PEng, the vice president of exploration for Atha, who is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Atha Energy Corp.

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 two 100-per-cent-owned postdiscovery uranium projects (the Angilak deposit located in Nunavut and CMB discoveries in Labrador hosting historical resource estimates of 43.3 Mlb and 14.5 Mlb U3O8, respectively) and the largest cumulative prospective exploration land package (6.5 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-per-cent carried interest in key Athabasca basin exploration projects operated by NexGen Energy Ltd. and IsoEnergy Ltd.

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