Mr. Troy Boisjoli reports

ATHA ENERGY PROVIDES POST CAD $63 MILLION FINANCING PLANS - FOCUSED ON GROWTH AND DISCOVERY AT THE ANGILAK URANIUM PROJECT

The use of proceeds from Atha Energy Corp.'s recently completed combined financing totalling approximately $63-million (U.S.) will focus on advancing its 100-per-cent-owned Angilak uranium project in Nunavut, Canada. Planning for the 2026 Angilak exploration program is under way, focusing on continued discovery and expansion along the MRC, KU-Nine iron and Lac 50 deposit corridors.

Highlights:

• On Feb. 5, 2026, the company completed two financings totalling approximately $63-million, including a strategic investment by Queens Road Capital.
• The quantum and strong institutional support of the combined financings is recognition of the highly impactful results and project derisking achieved during the 2025 Angilak exploration program.
• Atha is now one of the best capitalized uranium explorers globally, with financing secured for multiple exploration campaigns focused at its 100-per-cent-owned Angilak uranium project.
• The 2026 Angilak exploration program will be the largest to date on the project, following up on the highly successful 2025 campaign, which resulted in the discovery of five new uranium showings; the new discoveries are within the Angikuni basin and are in addition to the Lac 50 deposit.
• An additional diamond drill is being prepared for mobilization to Angilak by Base Diamond Drilling Ltd. -- Atha's drilling service provider since 2024. The owner of Base, along with Atha's chief executive officer, Troy Boisjoli, led the ramp-up in drilling activities at NexGen's Rook I project to 10 diamond drills.
• Full mobilization to Angilak will commence in March, with exploration activities beginning in late April to early May.
• Exploration in 2026 will focus on:
  • Expanding the footprint of mineralization at the Lac 50 deposit corridor -- which hosts the Lac 50 deposit with a 2024 exploration target ranging from 60.8 million pounds to 98.2 million pounds with an average grade range from 0.37 per cent U3O8 (triuranium octoxide) to 0.48 per cent U3O8 and remains open and unconstrained:
    • Note: The stated potential quantity and grade are conceptual in nature, and there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The conceptual target for further exploration is based on available diamond drill hole data, including the 2024 drill program results, and the ranges of potential quantity and grade were derived from conceptual vein wire frames, drill core assays, grade interpolation and applied uncertainty ranges. The Angilak project technical report can be accessed on the company's SEDAR+ profile.
  • Mineralized Rib corridor: additional discoveries and expansion;
  • KU-Nine iron corridor: additional discoveries and expansion;
  • Angilak greenfields: acquiring full suite of geophysics coverage across the Angikuni basin, identifying and derisking additional targets using Atha's proven exploration approach.
• Additional detailed information regarding the 2026 angilak exploration program will be provided in Q1 2026.

Additionally, Atha will advance complete geophysical coverage across the entire Angikuni basin utilizing its systematic derisking approach that resulted in the discovery of five new uranium showings within the Angikuni basin. With complete coverage across the Angikuni, Atha anticipates adding numerous additional derisked targets to its growing portfolio of drill-ready areas.

The company anticipates that the 2026 Angilak exploration program will be the largest to date at the project; the program will combined diamond drilling, aerial geophysics and surficial mapping -- focused on discovery and expansion of known zones of mineralization. Mobilization in 2026 is scheduled to commence in March, including the arrival of an additional diamond drill. Exploration activities are slated to kick off the end of April to early May.

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 (greater than seven 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. and IsoEnergy Ltd. Atha is institutionally backed, led by a strategic investment from Queens Road Capital Investment.

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