Atomic Eagle Targets Up to 100.5 Mlbs Uranium with $19.2M Cash Backing
Atomic Eagle Limited has announced a substantial uranium exploration target at its Muntanga Project in Zambia, supported by promising drilling results that suggest significant resource expansion potential.
- Exploration Target of 82–150 Mt at 150–350 ppm U₃O₈ (40–100.5 Mlbs) at Muntanga
- Strong maiden drilling results at Chisebuka and Muntanga East with high-grade near-surface uranium
- Existing Mineral Resource base of 50.4Mt at 359ppm for 40.0 Mlb U₃O₈ plus 12.8Mt inferred resource
- Robust cash position of $19.2 million to fund exploration over next 24 months
- Appointment of Phil Hoskins as CEO and upcoming Mineral Resource Estimate upgrade
Exploration Breakthrough at Muntanga
Atomic Eagle Limited (ASX, AEU) has delivered a compelling update on its uranium exploration efforts in Zambia, revealing a substantial new Exploration Target at its flagship Muntanga Uranium Project. The company outlined a range of 82 to 150 million tonnes at uranium grades between 150 and 350 parts per million, translating to an estimated 40 to 100.5 million pounds of uranium oxide. This target sits well above the current resource base, signalling significant upside potential.
The Muntanga Project spans a sizeable 1,126 square kilometres and includes several priority zones such as Muntanga North, Muntanga East, and Chisebuka. These areas have been underexplored until recently, with modern techniques now unlocking new opportunities for resource growth.
Encouraging Drilling Results Confirm Potential
Atomic Eagle’s maiden drilling campaigns at the Chisebuka and Muntanga East targets have returned broad, near-surface uranium mineralisation with promising grades. At Chisebuka, standout intercepts include 16.4 metres at 1,036 ppm uranium oxide and 29.4 metres at 439 ppm, highlighting the prospect’s potential for low-strip, open-pit mining. Meanwhile, Muntanga East drilling, completed after quarter-end, yielded significant shallow mineralisation such as 24.1 metres at 323 ppm uranium oxide, reinforcing the target’s viability for resource conversion.
The company plans to expand drilling in 2026, aiming to tighten drill spacing and deliver a Mineral Resource Estimate upgrade in the first quarter. This will be a critical milestone in advancing the project’s development pathway.
Strong Financial and Corporate Foundations
Atomic Eagle’s financial position remains robust, with $19.2 million in cash reserves to support an aggressive exploration and development program over the next two years. The company successfully completed a $10 million capital raising concurrent with its ASX re-listing in November 2025, attracting institutional and sophisticated investors.
Leadership continuity has been secured with the appointment of Phil Hoskins as Chief Executive Officer. Hoskins brings over 15 years of experience in African mining projects, providing confidence in the company’s strategic direction. Additionally, Chris Bath has joined as Chief Financial Officer, bringing extensive expertise in finance and corporate governance.
Ongoing Legal and Royalty Developments
Atomic Eagle continues to receive royalty income from its previously owned Tombador iron ore project in Brazil, generating $1.08 million during the quarter. However, the company notes that future royalty payments are expected to decline due to diminishing mine output and market conditions.
On the legal front, arbitration proceedings related to the Madaouela Uranium Project in Niger remain unresolved. The company is engaged in negotiations with the Nigerien government following the withdrawal of its mining permit in 2024, with a temporary suspension of arbitration in place as discussions continue.
Looking Ahead
With a substantial exploration target, encouraging drilling results, and a strong balance sheet, Atomic Eagle is well positioned to advance its Muntanga Uranium Project. The upcoming resource upgrade and expanded drilling campaign will be key catalysts to watch as the company seeks to convert exploration potential into tangible value for shareholders.
Bottom Line?
Atomic Eagle’s next resource update will be pivotal in defining the scale of its uranium potential and shaping investor confidence.
Questions in the middle?
- How will the upcoming Mineral Resource Estimate impact the company’s valuation and project financing options?
- What are the prospects and timelines for resolving the arbitration with the Niger government over the Madaouela Project?
- How will Atomic Eagle manage exploration expenditure to balance aggressive growth with cash preservation?
