ATHA Energy Launches Record Exploration Campaign Following $63 Million Capital Injection
Vancouver, Monday, 9 February 2026.
Backed by Queens Road Capital, ATHA Energy deploys CAD 63 million for its most extensive uranium exploration to date, targeting expansion at Nunavut’s high-potential Angilak project this spring.
Mobilization and Operational Logistics
With the financing officially closed as of February 5, 2026, ATHA Energy has confirmed that full mobilization for the 2026 Angilak Exploration Program is set to commence in March [1][2]. Actual exploration activities are scheduled to begin between late April and early May, utilizing the proceeds from the recent capital raise to fund the company’s largest campaign to date [1][3]. To support this scale of operation, an additional diamond drill is being prepared for mobilization by Base Diamond Drilling Ltd., a service provider that has worked with ATHA since 2024 [1][2].
Operational Synergy
The collaboration with Base Diamond Drilling leverages a history of shared operational success. The owner of Base Diamond Drilling and ATHA CEO Troy Boisjoli previously led the ramp-up of drilling activities at NexGen’s Rook I Project, where they successfully managed ten diamond drills [1]. This logistical experience is expected to be pivotal as ATHA executes its ambitious 2026 strategy in the remote environment of Nunavut [1].
Expanding the Angikuni Basin
The 2026 program is explicitly focused on expanding the mineralized footprint of the Lac 50 Deposit Corridor [1][2]. This corridor hosts the Lac 50 Deposit, which currently holds a 2024 Exploration Target ranging from 60.8 million to 98.2 million pounds of triuranium octoxide (U3O8), with average grades between 0.37% and 0.48% [1][2]. Beyond the Lac 50 Deposit, the exploration team aims to further delineate five new uranium showings that were discovered within the Angikuni Basin during the successful 2025 campaign [1][2].
Strategic Capital and Corporate Outlook
The CAD 63 million financing package is composed of a US$25 million unsecured convertible debenture involving strategic investor Queens Road Capital Investment Ltd., alongside a brokered charity flow-through share offering [4]. This significant injection of capital positions ATHA as one of the most well-funded uranium explorers globally, providing the necessary liquidity for multiple exploration campaigns [1]. CEO Troy Boisjoli noted that the strong institutional support serves as recognition of the project de-risking achieved throughout 2025 [1][2].
Broader Portfolio Strength
In addition to the Angilak Uranium Project, ATHA controls a massive land package exceeding 7 million acres across Canada’s prospective uranium basins [1]. The company also retains a 10% carried interest in Athabasca Basin exploration projects operated by industry leaders NexGen Energy Ltd. and IsoEnergy Ltd., offering diversified exposure to the sector [1]. Further details regarding the specific execution of the 2026 Angilak Exploration Program are expected to be released in the first quarter of 2026 [2].
Analytical Summary
ATHA Energy’s aggressive 2026 strategy, underpinned by substantial financial backing and a proven technical team, aims to capitalize on the high-grade potential of the Angilak project. As mobilization begins next month, the company is well-positioned to advance its discoveries in Nunavut while maintaining significant influence across Canada’s premier uranium districts.