Atha Energy Announces Results From Large-scale Electromagnetic Survey Program On North Terra And North Pinnacle Projects

VANCOUVER, Sept. 27, 2023 - Atha Energy Corp. (CSE: SASK) (FRA: X5U) (OTCQB: SASKF) ("ATHA" or the "Company") is pleased to announce results from its large-scale electromagnetic ("EM") surveys at its 100%-owned North Terra Project and North Pinnacle Project (the "Projects"), located in Saskatchewan's Athabasca basin, within the Company's North Rim Exploration District.

These two completed surveys are part of the Company's maiden 2023 exploration program, which comprises a total of seventeen EM surveys being conducted across the Athabasca Basin on ATHA's 3.4-million-acre exploration portfolio. The 2023 exploration program is organized into four distinct exploration districts: North Rim District, East Rim District, West Rim District, and Cable Bay District - encompassing numerous producing, past producing, and developing uranium mining camps within the Athabasca Basin. In August of this year, the Company commenced the largest ever multi-platform EM survey in the history of the Athabasca Basin, designed to de-risk and test ATHA's land package, which is the largest reported land package in the history of the Athabasca Basin and further complimented by ATHA's 10% carried interests on claims within the Athabasca Basin held by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX-V: ISO).

• Axiom's XciteTM Heli TDEM survey was successfully deployed at the North Pinnacle and North Terra Projects, with a total of 7,166-line km flown in two blocks;
• Numerous conductors with interpreted cross-cutting structures were identified in both Projects, which are indicative of traps capable of hosting uranium mineralization and in total, 20 km of high-priority conductive lineaments have been identified within the North Terra and North Pinnacle Projects;
• At the North Terra Project, some prospective targets were identified within 20 km in both directions from Fond du Lac, a historical unconformity-type uranium zone discovered along the same structural corridor in the 1970s; and
• Grease River Shear Zone which crosses both of the North Terra and North Pinnacle Projects has a number of identified uranium occurrences, including the Fond du Lac Zone.

Troy Boisjoli, CEO of ATHA commented: "These results are the beginning of what we anticipate to be a very active exploration period for ATHA as we kick off the initial stages of a systematic discovery process across our expansive exploration portfolio. The formation and strategic purpose of ATHA was to be a specific response to the fundamental strength of the uranium cycle we are currently experiencing, and our contention is that in order to provide the greatest probability of exploration success, we need to begin with a targeted exploration program in the highest-grade uranium basin in the world and at significant scale."

Doug Adams, VP Exploration added: "The immediate results from these surveys identified a structural corridor with localized complexity related to northwest tending structural lineation. The interpreted structural regime is an analog to the Fond du Lac Zone that was discovered in the 1970's. With that in mind the intersection pattern along the Grease River Shear Zone identifies potential targets for subsequent geophysical or geochemical surveys along the Grease River to the east and west from the known zone."

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 XciteTM, 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.

North Terra and North Pinnacle Projects encompass a large area of the Grease River Shear Zone, a major structural corridor in the North Rim Exploration district. The XciteTM system was able to identify multiple northwest trending structural lineaments along the Grease River Shear Zone that are potentially analogous to the structural controls that define mineralization at the Fond du Lac Zone.

The recently completed EM surveys at North Terra and North Pinnacle Projects, along with the currently ongoing surveys at North Valour, North Summit, North Beacon, and North Crest notably represent the first modern exploration work on the projects in over fifty years.

The scientific and technical information contained in this news release as it relates to the Claims have been reviewed and approved by Doug Engdahl, P.Geo., a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

ATHA is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. ATHA holds the largest cumulative exploration package in the Athabasca Basin, the world's most prominent basin for uranium discoveries, with 3.4 million acres along with a 10% carried interest portfolio of claims operated by NexGen Energy Ltd. (TSX: NXE) and IsoEnergy Ltd. (TSX-V: ISO).

For more information visit www.athaenergy.com

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Certain information in this news release constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans," "targets," "expects" or "does not expect," "is expected," "an opportunity exists," "is positioned," "estimates," "intends," "assumes," "anticipates" or "does not anticipate" or "believes," or variations of such words and phrases or state that certain actions, events or results "may," "could," "would," "might," "will" or "will be taken," "occur" or "be achieved." In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances including, without limitation, statements regarding expectations towards the mineral exploration activities of ATHA and expectations regarding the results from the recently completed EM surveys all constitute forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by ATHA as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks regarding the uncertain nature of mineral exploration; volatility and sensitivity to market metal prices; imprecisions in survey results; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; commodity pricing; stock market volatility and general market conditions; changes in global and regional demand for products; the business prospects of ATHA, competition; inflation; trade uncertainties as a result of, among other things, the COVID-19 pandemic, the Russian-Ukrainian war and changes to global trade restrictions and tariffs; the availability of credit on commercially reasonable terms; foreign exchange risks; legal and regulatory risks (including changes in law or regulation); risks related to relationships with stakeholders including any first nations or aboriginal groups; costs of inputs; weather and other acts of god and their impact on activities proposed to by carried on by ATHA; and the factors described in greater detail in the "Risk Factors" section of ATHA's final prospectus dated March 23, 2023 available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect ATHA; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this news release are made as of the date of this news release, and ATHA expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither the CSE nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.

SOURCE Atha Energy Corp.