In a major development for Canada’s uranium sector, Atha Energy has announced its third uranium discovery of 2025 at the RIB West target within its wholly-owned Angilak Uranium Project in Nunavut. The discovery coincides with the company’s successful completion of an oversubscribed financing round that raised approximately $11.5 million.
The latest discovery at RIB West follows previous findings at RIB East and other locations along the 31-kilometer RIB-Nine Iron Trend. Initial drill
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In a major development for Canada’s uranium sector, Atha Energy has announced its third uranium discovery of 2025 at the RIB West target within its wholly-owned Angilak Uranium Project in Nunavut. The discovery coincides with the company’s successful completion of an oversubscribed financing round that raised approximately $11.5 million.
The latest discovery at RIB West follows previous findings at RIB East and other locations along the 31-kilometer RIB-Nine Iron Trend. Initial drilling at RIB West has revealed promising uranium mineralization across a strike length of approximately 340 meters, with the first two drill holes both intersecting uranium deposits.
Troy Boisjoli, CEO of Atha Energy, emphasized the significance of this achievement, calling it “an unprecedented feat from a greenfield exploration program targeting uranium discovery.” He highlighted how these results demonstrate the substantial metal endowment at Angilak beyond the established Lac 50 Deposit area.
“We continue to see the hallmarks of a generational bull market for uranium and based on ATHA’s continued exploration success over the last two years, the Company is well positioned to accelerate uranium discovery and build value for this cycle,” Boisjoli stated.
The first drill hole at RIB West (RIB_W-DD-001) intersected 2.1 meters of composite mineralization, including a high-grade section of 0.5 meters that registered an impressive 18,485 counts per second (CPS). The second hole (RIB_W-DD-002), located 340 meters northeast, revealed 8.5 meters of composite mineralization between depths of 204.8 and 269.5 meters, associated with a graphitic structural zone.
Simultaneously, exploration at RIB East has continued to expand, with eight drill holes now completed, all intersecting uranium mineralization. This work has extended the potential strike length at RIB East from approximately 400 meters to about 750 meters, with the discovery remaining open both along strike and at depth.
Cliff Revering, VP Exploration, noted the company’s strategic use of advanced geophysical techniques: “We are very excited about the results emerging from the RIB regional target area. We are also very encouraged by the accuracy of the EM inversion model provided by Expert Geophysics in locating graphitic structural corridors associated with uranium mineralization.”
The EM (electromagnetic) inversion modeling, completed by Expert Geophysics Ltd. in August 2025, utilized magnetotelluric (MMT) survey data acquired in 2024. This sophisticated analysis has mapped multiple stacked conductors across 12 kilometers of the 31-kilometer RIB-Nine Iron Trend, including numerous north-south and east-west cross-cutting structures. Importantly, drilling has confirmed that these modeled features accurately correspond to uranium-bearing geological formations.
To date, Atha has explored only a small portion of the 12-kilometer area covered by the EM inversion model, and plans to extend this modeling to the remaining 62% of the RIB-Nine Iron Trend where MMT data exists. The company expects this analysis to guide targeting for the remainder of its 2025 exploration program, particularly focusing on newly identified cross-cutting trends.
The financing that will support these exploration efforts was led by Stifel Canada as lead underwriter and sole bookrunner, with participation from Red Cloud Securities Inc. and Paradigm Capital Inc. The offering of $11,499,928.30 through an underwritten private placement of special warrants included the full exercise of the underwriters’ option, indicating strong investor confidence in Atha’s prospects.
These developments come against the backdrop of strengthening uranium markets, as global demand for nuclear energy increases amid the transition away from fossil fuels. Canada’s uranium sector, particularly in the uranium-rich regions of northern Saskatchewan and Nunavut, has seen renewed interest from investors and mining companies.
Atha Energy notes that the 2025 Angilak Exploration Program is ongoing, with only about 55% of expected diamond drillhole results announced to date, suggesting further discoveries may be forthcoming in the months ahead.
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