Mr. Troy Boisjoli reports

ATHA ENERGY COMPLETES MOBILIZATION & COMMENCES DIAMOND DRILLING OPERATIONS AS PART OF THE 2026 ANGILAK EXPLORATION PROGRAM – FULLY FUNDED AND LARGEST TO DATE AT THE PROJECT

Atha Energy Corp. has completed mobilization to the Angilak project and has commenced its 2026 exploration program at its 100-per-cent-owned Angilak uranium project in Nunavut, Canada. The 2026 Angilak exploration program will be the largest to date on the project, comprising two components: First, diamond drilling, which commenced operations on May 1, 2026, scheduled to continue through the end of September. The company will complete approximately 20,000 metres, utilizing three diamond drill rigs. Second, aerial geophysics, comprising Expert's MMT survey, scheduled to start in late June, with resulting 3-D inversion modelling to be completed by Q4 2026.

Highlights

• The 2026 Angilak exploration program, is fully financed with the February closing of $63-million financing, making Atha one of the best capitalized uranium exploration companies globally.
• Atha completed mobilization to Angilak in late April -- including the arrival of a third diamond drill rig -- and commenced diamond drilling operations on May 1, 2026.
• The 2026 Angilak exploration program is focused on expansion and discovery of uranium mineralization across the three mineralized corridors, building upon the highly successful 2024 and 2025 campaigns.
• Over the two previous programs, Atha has had unparalleled success, intersecting uranium mineralization in 100 per cent of targets tested. During the 2025 campaign -- focused on testing regional targets outside of the Lac 50 deposit exploration target area, within the Angikuni basin -- the company made five new regional discoveries, including the mineralized RIB corridor with four new showings.
• 2026 Angilak exploration program will be the largest to date at the Angilak uranium project, with two primary components:
• 1. Diamond drilling operations: commenced on May 1, with three drill rigs scheduled to complete approximately 20,000 m, continuing through September, focusing on:
  • Mineralized RIB corridor: Additional discovery potential and expansion, following up on the highly successful 2025 program, which resulted in the four discoveries of uranium mineralization -- including RIB North, where the maiden hole intersected 34.7 m of composite uranium mineralization1 with grades up to 8.16 per cent U3O8 (triuranium octoxide) over 0.5 m.
  • Lac 50 deposit corridor: Testing recently identified, highly prospective, targets along strike from the main Lac 50 deposit area, and expansion of the Lac 50 deposit mineralization footprint, which remains open and unconstrained.
  • KU-Nine Iron corridor: Testing recently identified, highly prospective, targets which directly vector from uranium mineralization intersected in the 2025 KU and historic Nine Iron discoveries.
• 2. Geophysics: Expert Geophysic's Aerial MMT (EM) survey, scheduled to commence at the end of June:
  • Angikuni basin: Acquiring full MMT coverage across the 100-per-cent Atha-owned Angikuni basin. The resulting survey data will then be used to develop a 3-D inversion model of the entire Angikuni basin. The same highly successful systematic approach Atha utilized during the 2025 campaign -- adding to Atha's already extensive portfolio of regional targets.

With diamond drilling the company intends to test the following areas:

• Mineralized RIB corridor: Additional discovery potential and expansion, following up on the highly successful 2025 program, which resulted in the four discoveries of uranium mineralization -- including RIB North, where the maiden hole intersected 34.7 m of composite uranium mineralization with grades up to 8.16 per cent U3O8 over 0.5 m.
• Lac 50 deposit corridor: Testing recently identified, highly prospective, 3-D inversion targets along strike from the main Lac 50 deposit area, and expansion of the Lac 50 deposit mineralization footprint which remains open and unconstrained.
• KU-Nine Iron corridor: Testing recently identified, highly prospective, 3-D inversion targets, which directly vector from uranium mineralization intersected in the 2025 KU and historic Nine Iron discoveries.

While the geophysics portion of the program is designed to provide additional targets to the company's portfolio and consists of:

• Angikuni basin: Acquiring full MMT coverage across the 100-per-cent Atha-owned Angikuni basin. The resulting survey data will then be used to develop a 3-D inversion model of the entire Angikuni basin. The same highly successful systematic approach Atha utilized during its 2025 campaign -- adding to Atha's already extensive portfolio of regional targets.

Troy Boisjoli, chief executive officer, commented: "Since launching in 2023, Atha Energy has had a simple yet powerful vision, to maximize exploration and development exposure across Canada's top uranium jurisdictions. The company has executed on this objective by accumulating the largest uranium exploration portfolio in Canada, and conducting exploration at scale, derisking and advancing multiple projects in tandem. The company's flagship property, the Angilak uranium project, in Nunavut, was acquired in 2024, subsequently, Atha has completed two highly successful exploration campaigns utilizing our systematic, derisking, exploration at scale approach, culminating in identification of three mineralized corridors with tremendous blue-sky potential. The Angilak uranium project is now at a positive inflection point, ready to deploy a massive investment, that will have Angilak poised for growth.

The 2026 Angilak exploration program will be the largest to date on the property, with the company planning to drill more than double the metres executed during the combined 2024 and 2025 programs. Exploration will focus on discovery and expansion -- discovery using the same successful systematic approach used in 2025 that led to five new regional showings, including RIB North, and expansion off the known zones of mineralization, testing the footprint of mineralization prior to delineation. At a time of rising oil prices and geopolitical uncertainty, the merits of uranium and security of supply from stable jurisdictions is at the forefront of the discussions for future energy needs. Two thousand twenty-six is going to be an exciting game changer for the company, where we are just at start of unlocking Canada's next uranium jurisdiction."

Cliff Revering, vice-president of exploration, added: "We are excited to commence our 2026 exploration program at the Angilak project, marking a return to the field following two highly successful seasons. Results from 2024 and 2025 reflect a disciplined, systematic and data-driven targeting approach, which has delivered meaningful value through the expansion of the Lac 50 deposit and multiple new discoveries across the RIB and KU areas. Notably, the strong results along the RIB mineralized corridor, particularly at RIB North, highlight the project's significant potential and position Angilak for a compelling 2026 exploration campaign."

Assay samples

1. Composite mineralization is calculated using a 0.01 per cent U3O8 cut-off with a maximum internal dilution of 1.5 m.

2. The company considers high-grade mineralization to be any interval over 1 per cent U3O8.

All drill intercepts are core width and true thickness is yet to be determined.

Core samples are submitted to the Saskatchewan Research Council (SRC) geoanalytical laboratories in Saskatoon. The SRC facility is ISO/IEC 17025:2005 accredited by the Standards Council of Canada (scope of accreditation No. 537). The samples are analyzed for a multielement suite using partial and total digestion inductively coupled plasma methods, for boron by Na2O2 fusion, and for uranium by fluorimetry.

References for historic diamond drilling results and surficial sampling

3. For additional information regarding Atha's Angilak project please refer to the technical report entitled "Technical Report on the Angilak Property, Nunavut, Canada" with an effective date of Oct. 14, 2025, prepared by Matt Batty, MSc, PGeo, who is a qualified person under National Instrument 43-101, available under Atha's SEDAR+ profilea.

Qualified person

The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, PEng, 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 Energy is a uranium mineral exploration company focused on advancing exploration at scale at its flagship Angilak project in southern Nunavut, where Atha controls 100 per cent of the Angikuni basin. Atha offers significant exposure to uranium discovery, controlling the largest cumulative prospective exploration land package (6.8 million acres) across Canada's most prominent basins for uranium discoveries and 10-per-cent carried interest exposure in key Athabasca basin exploration projects operated by NexGen Energy Ltd. (Toronto Stock Exchange: NXE) and IsoEnergy Ltd. (TSX: ISO). Atha is institutionally backed, led by a strategic investment from Queens Road Capital Investment (TSX: QRC).

We seek Safe Harbor.