ATHA Energy Corp (CSE:SASK, OTCQB:SASKF) announced a significant agreement with Inspiration EnergyCorp, granting Inspiration an exclusive option to acquire an interest in two of ATHA’s early-stage Athabasca Basin properties.
Under the agreement, Inspiration was granted an exclusive option to acquire a 70% interest in each of ATHA's Plateau and Ledge properties, which are located in the famed uranium Basin in Saskatchewan.
The move follows ATHA's extensive maiden exploration program in 2023, during which the company invested significantly in early-stage uranium exploration projects.
Troy Boisjoli, CEO of ATHA Energy, highlighted the strategic significance of the agreement, stating, "With 4.8 million acres of exploration land in the high-grade Athabasca Basin and over 8 million total acres in ATHA’s uranium exploration portfolio, our team has been deliberate in evaluating ways to drive shareholder value from our leading position in two high-grade uranium basins."
Boisjoli explained that the “size and optionality” of the company’s portfolio allows our team to make significant investments into the high-discovery potential of its flagship exploration projects at Angilak in Nunavut and Gemini in Saskatchewan.
“With uranium fundamentals stronger than ever, we anticipate that there will be an increasing focus by others seeking to gain exploration exposure within the Athabasca Basin and believe our dominant land position puts us in excellent position to capitalize on this opportunity,” the CEO added.
According to the terms of the option agreements, Inspiration can earn its 70% interest in the Plateau and Ledge properties through the issuance of common shares and exploration expenditures. ATHA will retain a 2% NSR royalty on each property.
Inspiration must fulfil certain conditions to exercise the option on each property, including issuing common shares to ATHA and incurring exploration expenditures as outlined in the agreement.
The Plateau option requires Inspiration to issue 2,165,114 common shares to ATHA and incur exploration expenditures totaling $8 million by September 1, 2028. Similarly, the Ledge option entails the issuance of 2,165,114 common shares and exploration expenditures of $8 million by the same deadline.