ATHA Energy Corp. announced that the completed survey at North Valour-East is part of the Company's maiden 2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted across ATHA's current 3.8-million-acre exploration portfolio in the Athabasca Basin. To date, full results have been received and processed from five of seventeen project areas, resulting in 291 km of conductive lineaments and the definition of 25 prospective targets that have now been identified across the North Rim, East Rim, and Cable Bay exploration districts.

ATHA's recently announced acquisition of Latitude Uranium and 92 Energy is expected to provide the pro-forma company with a newly diversified portfolio of uranium projects across the exploration risk curve on top of a strong balance sheet to sufficiently capitalize its exploration-at-scale strategy. Going forward, ATHA's exploration approach is designed with the intention of providing maximum exploration exposure by investing at scale in a large number of early-stage projects, while also seeking to deliver advanced exploration upside through the expansion of known uranium deposits and discoveries. Subject to the completion of ATHA's acquisition transactions with 92E and Latitude, ATHA intends to leverage its forecasted $65 million pro-forma cash position to pursue a fully-funded growth strategy with focus on: Deposit and Discovery Expansion: Historical resource deposits at the Angilak Deposit and CMB Discoveries, as well as the GMZ Corridor (host to Gemini Discovery) remain underexplored and is expected to provide significant resource and discovery expansion potential on a regional scale.

Advanced Exploration: Drill ready targets on a number of advanced projects owned by Latitude and 92E have identified uranium mineralization, with active geophysical surveys informing future exploration program decisions by ATHA. Greenfield Exploration: Pro-forma land position of 7.1 million acres across some of the highest-grade uranium districts in the world provide ATHA with a robust pipeline of early-stage projects that are currently undergoing geophysical and geochemical analysis. Expert's MobileMT and Mag survey was successfully deployed at North Valour-East, with a total of 2,569-line km flown; Numerous conductors with interpreted cross-cutting structures were identified across the Project and are related to the Black Bay Fault, which hosts numerous historic uranium mines in and around Uranium City, SK. These sympathetic faults can act as traps capable of hosting both Beaverlodge and Basement styles of uranium mineralization.

Additionally, 24 km of high-priority conductive lineaments have been identified within the North Valour-East Project; Uranium mineralization has been discovered at twelve locations across the Valour Project area, as well as a number of additional uranium showings that are within kilometres of North Valour and hosted within untested structures that extend on to the property. These showings have grades of up to 27% U3O8, identified from historic surface grab sample 6 km to the south of North Valour, which are associated with an untested easterly striking fault that extends to North Valour; Analysis of the EM survey results have identified a high-priority target area that shows a magnetic low with an associated conductor, coincident with an outcrop containing high-grade uranium mineralization; and North Valour-East Project is located 4 km to the west of Gulch, 6 km to the west of Lorado, and 10 km to the west of Gunnar Uranium Mines. The completed survey at North Valour-East is part of the Company's maiden 2023 greenfield exploration program, which comprises a total of seventeen EM surveys being conducted across ATHA's current 3.8-million-acre exploration portfolio in the Athabasca Basin.

To date, full results have been received and processed from five of seventeen project areas, resulting in 291 km of conductive lineaments and the definition of 25 prospective targets that have now been identified across the North Rim, East Rim, and Cable Bay exploration districts. The results from announcement represent six of those prospective targets, coincident with uranium mineralization. Additional EM surveys on the remaining twelve projects have also been completed and are now being processed, with the anticipation of those results further defining the prospectivity of the largest exploration portfolio in the Athabasca Basin.

The remaining portion of the first phase of ATHA's greenfield strategy in the Athabasca Basin will include the full integration of the 2023 geophysics and regional geochemistry scheduled for completion in the first quarter of 2024. Historic exploration at the North Rim began in the early to mid 1900's with production ending at mines located near Uranium City once the Eldorado mining and milling facility closed in the early 1980's. Uranium in the Beaverlodge Mining District is structurally controlled with mineralization found in vein-filled fractures, breccias, and faults. The North Rim District remains highly prospective and is vastly under explored with modern exploration techniques.

Furthermore, mining method innovation, proximity to surface, and the presence of existing infrastructure contribute to the prospectivity of this district. The North Rim District's exploration program covers a total of 688,268 acres of 100% ATHA owned claims using a combination of Xcite TDEM, ZTEM, MMT, and QMAGt survey types. The objective of the EM program is to identify prospective conductive units such as graphitic sheers and mapping of lithological contacts, which will then be targeted for further investigation.

The graphitic sheers are typically formed in pelitic host rock which are known traps for uranium mineralization in the Athabasca Basin. The North Valour Project is comprised of fourteen mineral claims, totaling 63,843 hectares, located approximately 10 km and 4 km from former Gunnar and Gulch uranium mines, respectively. Uranium mineralization has been discovered at numerous areas throughout the property, within outcrops and boulders, as well as historic intersections at depth with diamond drilling.

The Project hosts complex deformation of Zemlak domain with interlayered granites and metapelites throughout the area, typical of both Basement and Beaverlodge styles of uranium mineralization. The recently completed EM surveys at North Terra, North Pinnacle Projects, and North Valour-East along with the currently ongoing surveys at North Valour-West, North Summit, North Beacon, and North Crest notably represent the first modern exploration work on the projects in over fifty years.