Atomic Eagle

The investment case rests on two complementary projects: what the company calls a simple heap-leach development in Zambia and a high-grade, scale opportunity in Niger.

At Muntanga, a 2025 Feasibility Study, released to the ASX on 4 March 2026, outlined an open-pit, low-strip ratio operation using heap leaching and conventional processing. It modeled a mine life of about 12 years, 39.6 million tonnes of ore at 320 ppm U3O8, a plant throughput of 3.5 million tonnes a year, a life-of-mine production of 25.3 million pounds, and an average annual production of 2.2 million pounds. The study estimated pre-production capital of US$282 million, C1 operating costs of US$32.20 per pound, a post-tax NPV8 of US$243 million, a post-tax IRR of 20.8%, and a payback period of 3.5 years. It also reported recoveries above 90% over the life of mine and acid consumption averaging 20 kg of sulfuric acid per tonne treated.

The company states that 44% of the JORC Resource was not considered in that study, including 8.7 million pounds in satellite deposits and 11.4 million pounds of inferred resources from the 2026 resource upgrade. Atomic Eagle is targeting a larger-scale project underpinned by these resources and by resource growth. Muntanga covers a 1,126 km2 license package that has seen limited exploration in the last 15 years.

Test work reported on 6 October 2026 covered the recently discovered Muntanga East deposit. Test work by Mintek on composites with an average head grade of approximately 167 ppm U3O8 achieved uranium recoveries of between about 81% and 86%, with acid consumption of about 3 kg/t during the uranium extraction period. The test work was undertaken on lower-grade mineralization than has historically been tested from several of the project's other deposits.

Madaouela adds grade and scale. The project carries a technical database of about 600,000 m of drilling and approximately US$160 million of historical expenditure, and a feasibility study was completed in November 2022. It lies in northern Niger's Tim Mersoi Basin, which also hosts the SOMAIR and former COMINAK operations. The company notes that, for the 2022 study, mine optimization used a uranium price of US$55 per pound and excluded the Inferred resources of about 19.6 million pounds from the mine plan entirely.

Chief Executive Officer Phil Hoskins is an ASX mining executive who has been involved in the exploration, development, and operations of resources projects over the last 15 years as either Managing Director or Chief Financial Officer. He spent a decade as Managing Director of an African critical-minerals project, overseeing its development from greenfield exploration to the completion of feasibility studies, permitting, and financing. He is a Chartered Accountant. Chief Financial Officer Chris Bath is a Chartered Accountant with more than 20 years of senior management experience in the energy and resources sector in Australia and Southeast Asia.

Non-Executive Chair Grant Davey has 30 years of senior management and operational experience in the development, construction, and operation of global mining and energy projects, and was the founder of uranium producers Boss Energy and Lotus Resources. Non-Executive Director Keith Bowes is a process engineer with more than 30 years of experience in project development, metallurgy, and operations, including 20 years with Anglo American and BHP. He served as Managing Director and Technical Director of Lotus Resources, playing a key role in redefining the Kayelekera Uranium Project in Malawi.

Non-Executive Director Govind Friedland founded and led GoviEx Uranium Inc., serving as Chief Executive Officer and later Executive Chairman until its reverse takeover by Tombador Iron Limited, which formed Atomic Eagle. Stephen Quantrill and Muna Hantuba complete the board. The company has Country Managers in Zambia and Niger.

The company's stated catalysts are Muntanga resource growth and scale optimization, a JORC resource for Madaouela, project optimization, and strategic financing.

At Muntanga, a 30,000 m drill program is underway. It combines infill drilling at Chisebuka with wide-spaced drilling at the Muntanga North and Namakande exploration targets. Chisebuka hosts a resource of 9.7 million pounds at 220 ppm, and drilling has confirmed a higher-grade south-west zone measuring 830 m by 400 m. On 16 September 2026, the company reported a zone of uranium mineralization over an interpreted area of approximately 600 m by 200 m at Muntanga North Target 5, open along strike and down dip to the east, and a broad 1,000 m by 400 m zone at Namakande Target 2, where intercepts to date have generally been relatively thin (less than 2 m). The company said it was over halfway through the program, with the large-scale Muntanga North Targets 6, 7, and 8 still to be tested, and drilling at the current Muntanga North targets expected to be completed in Q4 2026.

At Madaouela, the mining convention was formally executed on 23 September 2026 in Niamey. It provides legal, fiscal, and regulatory stabilization measures, as well as an initial ten-year term with renewal provisions. Execution also triggers the agreed steps to discontinue the historical ICSID arbitration proceedings. On 30 September 2026, the company announced it had commenced a value optimization and technical review program to assess whether Madaouela can support a materially larger and more valuable development than that contemplated in previous studies. Atomic Eagle aims to release a JORC-reported Madaouela resource in Q4 2026, followed, subject to that estimate, by a scoping study targeted for Q1 2027.

For the half-year ended 30 June 2026, Atomic Eagle recorded a net loss of AUD$5.66 million, and cash at banks was AUD$13.82 million at that date, down from AUD$19.34 million at 31 December 2025. The half-year balance sheet shows no borrowings.

On 14 September 2026, the company announced that Menel, its largest shareholder, had committed to exercise 35.1 million options at AUD$0.31 each on or before 28 October 2026, ahead of their May 2027 expiry. The company said the proceeds of approximately AUD$10.9 million would lift available cash to approximately AUD$23.0 million and provide sufficient funding capacity to execute its current growth strategy through 2028.

At 30 June 2026, the company had 393.3 million shares on issue and 96.4 million options and performance rights outstanding, representing about 24.5% of the shares on issue. On the presentation's enterprise value of AUD$202 million, the market valued the company at about AUD$3.44 per pound of Muntanga's JORC resource, before any value for Madaouela.

Madaouela carries staged payments: US$5 million upfront, payable within 30 days of the mining convention's execution, and a further US$5 million at the start of construction. Niger holds 40% of the project company, comprising a 15% free-carried interest and a 25% contributing interest.

• Commodity Price Volatility: Mine optimization for the 2022 Madaouela study used a uranium price of US$55 per pound. The company cites a contract price of US$96.50 per pound as of 31 August 2026 and has undertaken no optimization or estimation work at current prices to date; there is no certainty that any such work would increase the mining inventory.
• Regulatory & Permitting Risks: Madaouela is in Niger, where the project had been the subject of ICSID arbitration. The executed mining convention provides legal, fiscal, and regulatory stabilization; a mining permit has been granted; and Muntanga is fully permitted, with its ESIA and RAP approvals in place.
• Technical & Operational Risks: Madaouela's resource is a foreign estimate that may not convert to a JORC resource, and the new Muntanga North and Namakande zones are early-stage, with Namakande intercepts to date generally relatively thin. The company describes Muntanga's previous feasibility study as a sound technical baseline, and test work at Muntanga East achieved recoveries of about 81% to 86%.
• Environmental & Social Risks: The Republic of Niger holds a 40% stake in the Madaouela project company. Muntanga holds ESIA and RAP approvals, and the company lists stakeholder engagement as one of its next steps at Madaouela.
• Financing Risk: Muntanga's 2025 study estimated pre-production capital of US$282 million, and Madaouela carries a US$5 million payment at construction. The company said the Menel option exercise would provide sufficient funding capacity to execute its current growth strategy through 2028, and the mining convention establishes the framework for future project financing.
• Execution Risk: The company is advancing two projects in parallel, with a Madaouela JORC resource targeted for Q4 2026, a scoping study for Q1 2027, and a 30,000 m drill program at Muntanga. The board includes the founder of Boss Energy and Lotus Resources, as well as a former Managing Director of Lotus.

Atomic Eagle offers exposure to two uranium projects: a fully permitted Muntanga project in Zambia with a 58.8 million-pound JORC resource and a completed feasibility study, and a 60% interest in the high-grade Madaouela project in Niger, which hosts a 116.5 million-pound foreign estimate and is now covered by an executed mining convention. It aims to grow Muntanga toward a larger-scale project while testing whether Madaouela can support a larger development than earlier studies contemplated.

The main uncertainties are whether Madaouela's foreign estimate converts to a JORC resource, whether drilling adds enough to Muntanga to support a larger project, and how construction would be funded. The milestones to watch are completion of the Menel option exercise by 28 October 2026, the Madaouela JORC resource targeted for Q4 2026, further Muntanga drill results, and the Madaouela scoping study targeted for Q1 2027.