ATHA Energy Corp. has entered into a binding term sheet with Queen’s Road Capital Investment Ltd. under which Queen’s Road will invest US$20 million via unsecured convertible debentures. The five-year debentures carry a 12% annual coupon and are convertible into ATHA common shares at C$0.85 per share, representing a potential equity injection of approximately 23.5 million new shares upon full conversion. Completion is conditional on regulatory approvals, including TSXV consent, and is expected by the end of the month.

ATHA Energy holds three 100%-owned post-discovery uranium projects: the Angilak Uranium Project in Nunavut, the CMB Discoveries project in Labrador, and the newly identified GMZ basement-hosted high-grade uranium zone in the Athabasca Basin. The company controls over 7 million acres of exploration ground across these two prolific uranium belts, the largest such land package held by a junior explorer in Canada. These assets position ATHA to capitalize on strengthening uranium market fundamentals.

Following the 2025 discovery of the Mineralized RIB Corridor at Angilak, ATHA reported assay results including 8.16% U3O8 over 0.5 metres and 4.81% U3O8 over 1.1 metres. These high-grade intercepts rank among the best outside Saskatchewan’s Athabasca Basin, underscoring the project’s prospectivity and potential for resource expansion. Ongoing summer drilling is designed to extend the corridor along strike and at depth, with assay results expected in Q2.

In addition to its core assets, ATHA holds a 10% carried interest in key Athabasca Basin projects operated by two leading uranium developers. These carried positions, which require no further capital contributions through to production decision, provide ATHA with exposure to NexGen Energy and IsoEnergy’s flagship deposits. This diversified stake structure enhances ATHA’s leverage to discovery and development milestones across multiple high-grade uranium projects.