ATHA Energy Corp. provided an update on completed, ongoing, and pending geophysical surveys conducted as part of the Company's 2024 Exploration Program. At the 100%- owned Gemini Project located in the Athabasca Basin, Saskatchewan, the Company completed Phase I Geophysics of its 2024 Gemini Exploration Program, which consisted of a Ground Gravity Survey ("GGS") and Fleet Space's Exosphere Ambient Noise Tomography (ANT). Both surveys focused on the GMZ, and surrounding area encompassing prospective parallel conductors and aim to identify alterations that may indicate the presence of uranium mineralization. Results from Phase I are being utilized in the currently ongoing Phase II of the 2024 Gemini Exploration Program, which focuses on data compilation, target development, and optimization. The objective of Phase II is the development of a detailed 3D geological model of the GMZ that will be coupled with ATHA's proprietary machine learning. These processes will further derisk targets, optimize planning and execution during the Company's pending Phase III - Diamond Drill program, commencing in August of 2024. Additionally, the Company commenced its Athabasca Basin 2024 Exploration Program in January. The program is comprised of two Phases; Phase I is a continuation of the Company's maiden 2023 Exploration
Program, which covers all of ATHA's Athabasca Basin projects with aerial EM and MAG. The objective of Phase I is to identify high-priority targets that will then undergo additional testing and derisking during Phase II. Phase I was completed during the first half of 2024. Phase II builds on the results from the maiden 2023 Exploration Program in addition to the results from Phase I. Projects where high-priority targets were identified are undergoing additional testing with geophysical systems such as QMAGt, MMT, Gravity, and ANT survey types. These additional surveys will further characterize and derisk previously identified high-priority targets and help to identify additional areas of interest. As part of Phase II the Company has completed four surveys across four projects on two of its Exploration Districts. One survey is ongoing with two additional surveys commencing mid-May. The Company is in the process of analyzing results that will then be evaluated and prioritized for testing during future drill programs. The Company's core objective is discovery and development of its portfolio of uranium-focused projects. With the acquisition of Latitude Uranium and 92 Energy, ATHA's portfolio now totals 8.1 million acres across Canada's three most prospective jurisdictions for uranium discovery and development. The Company's portfolio is highly diversified across the exploration risk curve. With projects ranging from advanced exploration stage, like Angilak, which hosts the Lac 50 Deposit - one of the largest, highest- grade uranium deposits outside of the Athabasca Basin; to post-discovery projects like Gemini - which contains GMZ, a recent shallow, basement-style, high-grade uranium discovery on the eastern margin of the Athabasca Basin; through to highly prospective greenfields projects with numerous uranium
occurrences and high-priority derisked geophysical targets. ATHA's exploration approach is designed to provide 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 additional discoveries. ATHA's growth strategy is fully funded based on the Company's robust cash position. The scientific and technical information contained in this news release have been reviewed and approved by Cliff Revering, P.Eng., the Vice President, Exploration of ATHA, who is a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.