Interview with Troy Boisjoli, CEO of ATHA Energy Corp.

Our previous interview: https://www.cruxinvestor.com/posts/long-term-uranium-investors-find-value-in-volatility-6766

Recording date: 18th March 2025

ATHA Energy is advancing a potentially significant new uranium district in Canada at its Angilak project, where recent exploration has yielded impressive results. The company, led by CEO Troy Boisjoli, currently holds a historic 43 million pound uranium resource with an average grade of 0.69% U3O8, but new findings suggest substantially more potential.

Recent exploration has uncovered exceptional high-grade uranium mineralization, with surface samples grading up to 47.8% U3O8 along a 3-kilometer trend called Mushroom Lake. In 2024, ATHA completed 10,000 meters of step-out drilling, helping to define an expanded exploration target with an upper range of 98 million pounds – more than double the current historic resource.

A key breakthrough came when ATHA conducted the first mobile magnetotelluric (MMT) survey capable of imaging through sandstone cover in the Angikuni Basin. This survey identified a large-scale structural trend extending 31 kilometers across the basin, with mineralization present on both sides. The Nine Iron area shows surface samples with uranium grades up to 30%, while the Rib Holes area displays alteration, structure, and mineralization typical of Athabasca-style uranium deposits.

Unlike the Athabasca Basin where uranium values are typically measured in parts per million, the Angikuni Basin shows surface values in the percentage range – orders of magnitude higher. The unconformity depth is expected to be relatively shallow (less than 500 meters), with a maximum depth of around 540 meters in the middle of the basin.

ATHA has secured a dominant land position in this emerging uranium district. To put the scale in perspective, Boisjoli compared the Angilak project area to the eastern Athabasca Basin from Rabbit Lake to McArthur River to Cigar Lake – a region hosting multiple major uranium deposits operated by several companies.

The company believes the Angilak project could be developed on a timeline coinciding with the uranium supply deficit expected in the 2030s, when several tier-one producers like Cigar Lake and McArthur River will be winding down. While conventional wisdom suggests a 10-14 year timeline from discovery to production for Canadian uranium projects, ATHA believes this timeline can be compressed by running processes in parallel.

With a technical team that includes former Cigar Lake chief geologist Cliff Revering, ATHA is systematically approaching resource development and positioning itself to capitalize on what Boisjoli simply describes as continued "growth."

View ATHA Energy's company profile: https://www.cruxinvestor.com/companies/atha-energy

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