Atomic Eagle Advances Muntanga Uranium Project with 24% Resource Increase

Significant Resource Upgrade at Muntanga

Atomic Eagle Limited (ASX:AEU) has reported a 24% increase in total Mineral Resources at its Muntanga Uranium Project in Zambia, lifting the resource base to 58.8 million pounds (Mlbs) of U3O8 at an average grade of 309ppm. This boost incorporates maiden pit-constrained Mineral Resource Estimates (MRE) for the Chisebuka and Muntanga East deposits, which now stand at 9.7Mlbs and 1.7Mlbs respectively. These additions mark a substantial expansion of the project’s footprint and underpin its district-scale potential.

The Chisebuka target, the second largest deposit within the project, was delineated following a 69-hole drill program completed in late 2025, revealing shallow stacked lenses of uranium mineralisation open along strike. Meanwhile, Muntanga East, explored for the first time in over a decade, confirmed a near-surface flat-lying uranium zone extending 1,000m by 600m, adding a low strip-ratio resource close to existing deposits. Both targets are poised to contribute materially to the mine inventory and are likely to support separate heap leach operations before central processing.

Feasibility Study Endorsed by Independent Engineering Review

Atomic Eagle has also declared a maiden Probable Ore Reserve of 39.6 million tonnes at 320ppm U3O8, containing 28.0Mlbs of uranium oxide, consistent with the March 2025 Feasibility Study. This study, originally completed by GoviEx Uranium Inc., was subjected to an independent Material Assumptions Review by PRODEO Consulting to satisfy ASX Listing Rule requirements.

The review confirmed the mining strategy, processing flowsheet, capital and operating cost estimates, and financial outcomes as credible and aligned with industry standards. Key highlights include a low-strip ratio open pit mine with heap leaching, average annual production of 2.2Mlbs U3O8, high process recoveries exceeding 90%, and a life of mine of approximately 12 years. The processing method requires only crushing to 25mm for agglomeration and maintains low acid consumption, supporting operational efficiency.

Drilling Program and Operational Readiness

Building on these milestones, Atomic Eagle has launched the largest drilling campaign at Muntanga in nearly two decades, deploying two rigs to advance resource definition and expansion across priority targets. Preparations included securing 40,000 litres of diesel to mitigate fuel supply uncertainties, ensuring uninterrupted exploration activities during the initial phase.

The company’s cash balance stood at a robust $16.3 million at quarter’s end, providing a solid financial foundation to execute its 2026 exploration and development programs. Exploration expenditure for the quarter was $408,000, reflecting a disciplined approach to advancing the project while managing costs.

Corporate and Legal Developments

Atomic Eagle remains engaged in arbitration proceedings related to the Madaouela Uranium Project in Niger, where the mining permit was withdrawn by the Niger Ministry of Mines in 2024. The company asserts this withdrawal breached applicable mining laws and has agreed to a temporary suspension of arbitration while negotiations continue under new management.

Meanwhile, Atomic Eagle’s use of funds since its ASX re-admission in November 2025 remains on track, with expenditure aligned to prospectus estimates. The company’s Annual General Meeting is scheduled for 27 May 2026, marking a key corporate milestone.

These developments position Atomic Eagle as a uranium explorer and developer with a growing resource base, validated project economics, and a clear pathway to advancing its flagship Muntanga Project. The ongoing drill program and arbitration outcomes will be critical catalysts to watch in the coming months.

Notably, the company’s expansion and operational plans build on the recent 24% uranium resource boost and the largest 30,000m drill program launched to underpin Muntanga’s development.