Mr. Troy Boisjoli reports

ATHA ENERGY COMPLETES ANGILAK PROJECT EQUIPMENT AND SUPPLY MOBILIZATION, UPDATE ON COMMENCEMENT OF DIAMOND DRILLING

Atha Energy Corp. has completed its equipment and supply mobilization to its 100-per-cent-owned Angilak project in Nunavut.

The mobilization is in support of the 2024 exploration program at the Angilak project, which is anticipated to begin in early June with phase I diamond drilling and includes an annual fuel supply, drilling and logging materials, two centrifuges, and, most significantly, two state-of-the-art X10 diamond drills. The X10 diamond drill, manufactured by Tactex Industries, from Parksville, B.C., is the most versatile and efficient diamond drill available for helicopter-supported exploration programs. The two new X10s are anticipated to nearly double daily metreage production compared with previous drilling on the Angilak project, significantly decreasing exploration costs.

The company is also pleased to announce it has signed a service agreement with Base Diamond Drilling Ltd. from Smithers, B.C., to execute phase I diamond drilling of Atha's previously announced 2024 exploration program at the Angilak project. Base has extensive experience working throughout the northern regions of Canada. In the Athabasca basin in Saskatchewan, Base drillers have successfully and efficiently executed diamond drill programs on the largest and highest-grade uranium deposits in the world, such as Cameco's Cigar Lake, McArthur River and NexGen's Rook I.

Angilak project -- Nunavut

The Angilak project is 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 million pounds at an average grade of 0.69 per cent U3O8 (triuranium octoxide).

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 metres 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.

Qualified person

The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, PEng, the 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 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 three 100-per-cent-owned postdiscovery uranium projects (the Angilak project located in Nunavut, and CMB discoveries in Labrador hosting historical resource estimates of 43.3 million lb and 14.5 million lb 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 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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