Mr. Troy Boisjoli reports

ATHA ENERGY ANNOUNCES CLOSING OF 92 ENERGY SCHEME

Atha Energy Corp. has completed the previously announced Australian scheme involving Atha Energy and 92 Energy Ltd., pursuant to which Atha Energy has acquired all of the fully paid ordinary shares in 92 Energy.

Scheme consideration

Pursuant to the scheme, shareholders of 92 Energy who hold 92 Energy shares as at 4 p.m. Australian Western Standard Time on April 4, 2024, will receive 0.5834 Atha Energy common share per 92 Energy share held (other than ineligible foreign holders and electing selling scheme participants (as defined below) who made a valid election to participate in the sale facility (as defined below)). In the aggregate, Atha Energy issued 64,101,404 Atha Energy shares under the scheme.

Ineligible foreign holders and electing selling scheme participants will have the scheme consideration that they would have otherwise been entitled to receive issued to a sale agent, who will sell those Atha Energy shares at such price and on such other terms as the sale agent determines in good faith, within a reasonable time frame and in any event not more than 20 trading days (on which Atha Energy shares are capable of being traded on the TSX Venture Exchange) after April 11, 2024 (being the implementation date of the scheme). The sale agent will then pay the total proceeds of those sales of Atha Energy shares (after deducting any applicable fees, foreign exchange, stamp duty, brokerage, and other selling costs, taxes and charges of the sale agent and after having converted such proceeds into Australian currency) to Atha Energy (or its agent), which will then remit to each such shareholder a proportion of the aggregate net sale proceeds (in Australian dollars) in accordance with the terms of the scheme.

In connection with the closing of the scheme, trading in 92 Energy shares on the Australian Securities Exchange was suspended at the closing of trading on March 28, 2024. An application has been made to remove 92 Energy from the official list of ASX, which is expected to take effect on and from the close of trade on April 12, 2024.

For additional information on the scheme, please refer to Atha Energy's news releases dated Dec. 7, 2023, and Jan. 25, 2024, March 25, 2024, and March 27, 2024.

Board of directors and management

Atha Energy's board of directors now consists of six directors, including Mike Castanho (chair), Doug Engdahl, Sean Kallir, Jeff Barber, Phil Williams and Richard Pearce.

About Atha Energy Corp.

Atha Energy 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-per-cent-owned postdiscovery uranium projects (the Angilak project located in Nunavut, and the CMB discoveries in Labrador, hosting historical resource estimates of 43.3 million pounds and 14.5 million pounds 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 (8.1 million acres) in two of the world's most prominent basins for uranium discoveries. Atha Energy is well positioned to drive value. Atha Energy 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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