Troy Boisjoli, CEO of Atha Energy, provided an in-depth look at the company's transformative developments in the uranium sector. With uranium equities showing robust strength and the spot price of uranium on the rise, Atha Energy is positioning itself as a significant player in this dynamic market. The company’s recent exploration success at its Angilak project in the Athabasca Basin, particularly the Rib North discovery, marks a pivotal moment for Atha and underscores the immense potential of its portfolio. This article delves into the key highlights of the interview, exploring the significance of Atha’s latest discoveries, the broader uranium market dynamics, and the company’s strategic vision for the future.

The Uranium Market: A Generational Opportunity

The uranium market is experiencing a resurgence, driven by a combination of fundamental supply deficits and increasing global demand. Boisjoli highlighted the high correlation between uranium spot prices and the performance of uranium equities, noting that the spot price has been under tremendous upward pressure. After finding a bottom in the spring of 2025, the uranium price embarked on a significant rally, with expectations of continued momentum into the fall, a period traditionally marked by increased industry buying to address supply shortfalls.

Boisjoli emphasized the structural supply deficit in the uranium market, a challenge that has persisted due to underinvestment in new production capacity over the past decade. This deficit is compounded by growing demand, reminiscent of the mid-1960s when civil nuclear technology gained widespread adoption in the United States and Europe. Today, global decarbonization efforts and the push for clean energy are driving renewed interest in nuclear power, with countries like China and India expanding their nuclear fleets. Additionally, physical uranium funds are actively raising capital and purchasing spot pounds, further tightening the market. Boisjoli described the current setup as “unlike anything I’ve seen,” signaling a generational opportunity for uranium producers and explorers like Atha Energy.

Angilak’s Rib North Discovery: A Game-Changer

The centerpiece of the interview was Atha Energy’s recent exploration success at its Angilak project, particularly the Rib North discovery. The company announced a significant intercept of 26.3 meters of composite uranium mineralization, including a continuous 13.7-meter interval with 1.7 meters of high-grade material, as indicated by radiometric data. Boisjoli, drawing on his extensive experience as chief geologist at Cameco’s Rabbit Lake deposit and vice president of exploration at NexGen Energy, compared the Rib North results to early discovery holes at major Athabasca Basin deposits like Rook I. The grade, thickness, and geological setting of the Rib North intercept align closely with those of tier-one uranium discoveries, positioning Angilak as a potential world-class asset.

The Rib North discovery is part of the broader mineralized Rib Corridor, which spans over 12 kilometers and includes uranium mineralization traced across 4.4 kilometers on the eastern limb and 4 kilometers on the western limb. Atha’s exploration strategy has been guided by innovative geophysical techniques, including a MobileMT Magnetotellurics (MMT) survey conducted in 2024, followed by an advanced inversion process. This approach has allowed the company to precisely define the structural corridor, which hosts the Rib North, Rib East, Rib West, and Rib South zones—all of which have yielded mineralized intercepts. Remarkably, Atha has achieved a 100% hit rate in its drilling program, consistently encountering mineralization across widely spaced holes, sometimes hundreds of meters to kilometers apart. This success underscores the scale and continuity of the mineralized system.

The Rib Corridor is just one segment of a larger 31-kilometer-long trend within the Angikuni Basin, a sub-basin of the Athabasca Basin. Earlier in 2025, Atha also reported a discovery at the KU area along this trend, further validating the basin’s uranium potential. Boisjoli emphasized that the company controls the entire Angikuni Basin, a unique position that offers unparalleled exploration opportunities. He likened the current stage of exploration to the Athabasca Basin in 1965, before the discovery of the Rabbit Lake deposit, highlighting the untapped potential of this under-explored region.

Geological Indicators: Hallmarks of a Major System

Boisjoli provided a detailed overview of the geological indicators that make Angilak a standout project. Beyond the impressive grades and thicknesses, the Rib North discovery exhibits several key characteristics of a large-scale uranium system. The Angikuni Basin is clearly uraniferous, with large-scale reactivated graphitic faulting—a critical component in the redox processes that precipitate uranium mineralization. The presence of brick-red hematite alteration associated with the uranium is another positive indicator, signaling that Atha is targeting the right geochemical environment. These features, combined with the structural and alteration characteristics observed in the drilling, align with the hallmarks of major basement-hosted uranium deposits in the Athabasca Basin.

Boisjoli’s experience in the region, including his work at Rabbit Lake and Rook I, informs his confidence in Angilak’s potential. He noted that the combination of grade, thickness, and geological setting is rare and indicative of a system with significant scale. The company’s ability to consistently hit mineralization across the Rib Corridor, even with widely spaced drilling, further reinforces the project’s tier-one potential.

Strategic Plans for Angilak and Beyond

Looking ahead, Atha Energy is focused on aggressively advancing the Angilak project. The company is awaiting additional drill results from the 2025 program, including assays from the KU and Mushroom Lake areas. These results will be complemented by ongoing MMT inversion work to refine targeting along the 31-kilometer trend. Chemical assays, expected to confirm the radiometric data, will be released throughout the fall of 2025, providing further validation of the Rib North discovery and other intercepts.

In 2026, Atha plans to launch a large-scale drilling campaign to build on the success of the current program. Boisjoli described Angilak as the early stages of a “uranium camp,” with the Rib Corridor and the Lac 50 trend both showing significant potential. The Lac 50 area, where Atha expanded a historic deposit with a 100% hit rate in 2024, is a key focus for resource delineation. The company is conducting data spacing studies to optimize drilling and move Lac 50 toward a maiden resource estimate, balancing cost efficiency with confidence in the resource model.

Beyond Angilak, Atha’s portfolio spans over eight million acres across Canada’s premier uranium jurisdictions, including the Athabasca Basin, Thelon Basin, and Central Mineral Belt. The company has advanced these projects through generative exploration, including desktop studies and airborne geophysics, to build a robust pipeline of drill-ready targets. While Angilak is the flagship asset, Boisjoli emphasized the optionality provided by Atha’s extensive land package, which positions the company to unlock value across multiple jurisdictions as the uranium market continues to strengthen.

Financial Strength and Strategic Focus

Atha Energy has secured significant funding in 2025, raising $10 million in flow-through financing in April and an oversubscribed $11.5 million bought deal in recent months. These funds are primarily allocated to exploration and general administrative expenses, with a focus on advancing Angilak. Boisjoli noted that while merger and acquisition (M&A) activity is expected to increase in the uranium sector, Atha sees no immediate need to pursue acquisitions. The company believes that Angilak’s upside potential is substantial enough to drive shareholder value without diluting focus through M&A.

Looking Ahead: Catalysts and Market Dynamics

Over the next six months, Atha Energy expects to deliver a steady stream of news, including remaining drill results, assay confirmations, and detailed plans for the 2026 exploration program. The company is gearing up for a significant step-up in activity in early 2026, with a focus on expanding the Rib Corridor and advancing Lac 50 toward resource delineation. Boisjoli expressed confidence in the company’s ability to capitalize on the favorable macro environment, with major players like Cameco and NexGen hitting all-time highs and the uranium spot price showing strong upward momentum.

The company’s relationship with laboratories, particularly the Saskatchewan Research Council (SRC), ensures efficient processing of assay results, with an estimated turnaround time of six weeks. Boisjoli emphasized the reliability of Atha’s radiometric data, which provides a strong basis for decision-making while awaiting confirmatory assays.

The interview with Atha CEO Troy Boisjoli is available here:Interview

Conclusion

Atha Energy is at a transformative juncture, with the Rib North discovery at Angilak signaling the potential for a tier-one uranium asset. The company’s strategic focus on exploration, backed by a robust financial position and a vast portfolio of high-quality assets, positions it to capitalize on the uranium market’s generational opportunity. As Troy Boisjoli and his team continue to unlock the value of the Angikuni Basin and advance their broader portfolio, Atha Energy is poised to become a material contributor to the global uranium cycle. Investors can look forward to a busy and catalyst-rich period over the next six months, as Atha solidifies its position as a leader in uranium exploration.

Disclaimer: This article is not a recommendation to buy or sell any shares, products, or services. Always conduct your own due diligence and consult with a financial advisor. Presented company is our client so we may be considered biased!