Rankings Commodities & uranium ATHA Energy
ATHA Energy
44
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Resource and studies−8
- Dilution and convertibles−6
Strengths
- Carried interests+1
- Specialised financing partner+1
How the score is built
From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.84 CAD
- Median analyst target
- 1.95 CAD
- Upside to median
- +132.1%
- Analysts
- 4
- Target range
- 1.75 – 2.78 CAD
- 52-week change
- +9%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−23 of −30
- −10MarginNo revenue. Operating loss CAD 10.9m and net result −19.4m TTM; FCF −CAD 33.7m (almost all drilling). The loss is counted only here.
- −8Resource and studiesLac 50 has only a historical resource of 43.3m lb U3O8 at 0.69% and a conceptual exploration target of 60.8-98.2m lb (0.37-0.48%). No current NI 43-101 resource and no PEA, and the project is in remote Nunavut without infrastructure.
- −5Capital allocationRepeated issues: the share count rose 19% in the last year after +25% in 2025, +117% in 2024 and +217% in 2023, so shareholders have paid for the drilling with heavy dilution. (The convertible bonds are counted under T3.)
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −5Multiples vs own historyP/B 1.51 vs 0.89 (2025), 0.75 (2024) and 1.96 (2023); the market value has risen from CAD 193m to 350m since the start of the year without a new resource.
- −5Price per pound and peersEV about CAD 342m corresponds to about CAD 7.9 per historical pound at Lac 50 (about CAD 5.9 incl. CMB's 14.5m pounds with only 0.037%). F3 Uranium trades at about CAD 5.6 per indicated, high-grade Athabasca pound, so ATHA is not cheap for a non-compliant resource in Nunavut.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −6Dilution and convertiblesThe conversion price of CAD 0.85 is below the market price, so the USD 25m (about CAD 35m) can become about 42m new shares (about 12%), and 4% of the interest is paid in shares each quarter.
- −6Jurisdiction and time horizonAngilak is in Nunavut with no roads or power grid, a short season and a requirement for agreements with Inuit organisations; the company itself calls it a multi-decade basin evaluation, so a mine is a long way off.
- −4Exploration riskThe findings at RIB North (continuity extended to 1.45 km) and Lac 50 West (11.5 m of mineralization) are preliminary, radiometric results from scattered holes; dense delineation drilling not until 2027.
- −3FundingCash of CAD 48.1m at 30/6-2026 vs average spending of approx. CAD 8.4m per quarter (more in the drilling season), i.e. approx. 17 months of runway; the 2027 program with tighter drilling probably requires new capital.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Carried interests10% carried interests in Athabasca projects operated by NexGen and IsoEnergy provide free exposure to discoveries without capital requirements.
- +1Specialised financing partnerQueen's Road Capital (specialist commodity financier) provided the convertible part of the financing of approx. 63m CAD in February 2026, so the 2026 programme of approx. 20,000 m was fully funded.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Uranium explorer with no revenue, with the flagship Angilak (Lac 50) in Nunavut, plus CMB in Labrador, over 7m acres in the Athabasca, Thelon and Angikuni basins and 10% carried interests in Athabasca projects operated by NexGen and IsoEnergy. The Lac 50 resource of 43.3m pounds is a HISTORICAL resource (not current NI 43-101), and there is no PEA. Price CAD 0.99 and market cap CAD 350m from stockanalysis 2/10-2026 (Nordnet DKK 1,707m). Latest financial statements are as of 30/6-2026; Q3 with the summer drilling programme is not published, so cash today is lower than CAD 48.1m. Insider trades, the largest shareholders and the CEO's background have not been investigated in depth. Peers priced per pound are only partially documented.
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