ATHA Energy Corp. (CVE: SASK) (OTCMKTS: SASKF) has started its largest exploration campaign yet at the Angilak uranium project in Nunavut, as the company ramps up drilling and airborne surveys across several mineralized corridors.
The company said crews completed mobilization to the remote property and began drilling operations on May 1. Additionally, ATHA plans to continue drilling through the end of September.
The 2026 exploration program will include about 20,000 metres of diamond drilling using three rigs. Meanwhile, the company also plans to launch a large airborne geophysics survey in late June. ATHA intends to use the drilling campaign to expand known uranium zones and test new targets identified during earlier work. Furthermore, the company plans to complete 3D inversion modelling from the geophysical survey by the fourth quarter of 2026.
One major focus area will be the RIB mineralized corridor. The company discovered several new uranium zones there during last year’s exploration season. ATHA reported strong early results from the RIB North zone in 2025. The maiden drill hole intersected 34.7 metres of composite uranium mineralization, including grades reaching 8.16 per cent U3O8 over 0.5 metres.
In addition, the company plans to expand exploration around the Lac 50 deposit corridor. ATHA said recent modelling identified several prospective targets along strike from the main deposit area. The company believes the Lac 50 mineralization footprint remains open and unconstrained. Consequently, the upcoming drilling campaign will attempt to determine how far the uranium system extends.
ATHA also plans to test the KU-Nine Iron corridor. Management said recent inversion modelling identified several targets connected to uranium mineralization discovered during both historic and 2025 drilling campaigns.
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ATHA has advanced multiple projects simultaneously
The airborne geophysics program will focus on the broader Angikuni Basin. Furthermore, ATHA intends to acquire full Mobile MagnetoTellurics coverage across the basin.
The company said the resulting data will support construction of a basin-wide 3D inversion model. ATHA also expects the information to generate more regional exploration targets. Chief executive Troy Boisjoli said ATHA built its strategy around securing and advancing uranium projects across Canada. He added that the company now controls the country’s largest uranium exploration portfolio.
Boisjoli said ATHA has advanced multiple projects simultaneously since launching in 2023. He described the company’s exploration approach as systematic and designed to reduce geological risk. He also said the Angilak project reached what management considers a major turning point. According to Boisjoli, ATHA now plans to deploy significantly more capital and exploration activity at the property.
Boisjoli noted that the 2026 drilling campaign will exceed the combined drilling totals from 2024 and 2025. Additionally, he said the company intends to pursue both new discoveries and expansion around known mineralized areas. He pointed to five new regional showings discovered during the 2025 campaign, including RIB North. Meanwhile, he connected growing uranium interest to energy security concerns and geopolitical instability.
Vice-president of exploration Cliff Revering said the company’s previous field seasons produced strong results across several target areas. He added that ATHA’s data-driven targeting strategy continues to identify new opportunities at Angilak. Revering said exploration success at RIB North strengthened confidence in the project’s long-term potential. Further, he described the upcoming season as an important step toward expanding known uranium systems throughout the property.
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Investor analysis remains largely bullish
Analyst and investor commentary surrounding ATHA remains largely bullish, though coverage still comes primarily from mining-focused outlets rather than major Canadian bank research desks.
Mining publication Crux Investor has repeatedly framed ATHA as a potentially undervalued uranium exploration company due to the scale of its Canadian land package and growing activity at the Angilak project. Furthermore, Crux analysts have pointed to the company’s strong treasury position following a roughly CAD$63 million financing earlier this year. Crux also identified Angilak’s expanding RIB corridor as a possible district-scale uranium system rather than a single isolated deposit.
Meanwhile, Investing.com currently lists ATHA with a “Strong Buy” analyst consensus and a CAD$2.00 average target price. However, the rating appears based on a limited analyst pool rather than broad institutional coverage.
More cautious commentary has emerged from market research platform Kalkine. Analysts there have warned that ATHA remains a high-risk exploration-stage company dependent on continued drilling success and favourable uranium market conditions. Kalkine also noted that junior uranium equities can experience sharp volatility during commodity downturns and periods of weaker investor sentiment.
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