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Atomic Eagle Limited (ASX:AEU) reports substantial progress at its Muntanga Uranium Project in Zambia, with ongoing exploration drilling at Chisebuka expanding uranium mineralisation beyond current resource limits. The company has obtained essential environmental and resettlement approvals from Zambian authorities and broadened its uranium portfolio through a binding option agreement for the Sitwe Uranium Project. These milestones significantly reduce development risks for its flagship asset.
Key Highlights
- Atomic Eagle Limited (ASX:AEU) is engaged in uranium exploration and development, operating the Muntanga Uranium Project in Zambia and holding interests in Niger.
- During the June 2026 quarter, the company completed 42 diamond drill holes totaling 4,209 metres at Chisebuka, with 13 of the first 15 holes intersecting uranium mineralisation outside the defined resource boundary.
- Significant drill intercepts include 12.7m at 673ppm eU3O8, 24.0m at 448ppm eU3O8, and 15.9m at 361ppm eU3O8, confirming mineralisation continuity and expansion of higher-grade zones to approximately 830m x 400m (south-west) and 900m x 600m (northern zone).
- Environmental and Social Impact Assessment (ESIA) approval was granted by Zambia's environmental regulator, alongside "No Objection" approval of the Resettlement Action Plan (RAP) from the Office of the Vice President, marking key pre-construction permits.
- The company entered a binding option agreement to acquire 100% of the Sitwe Uranium Project in north-eastern Zambia, significantly expanding its uranium exploration footprint.
- Grant Davey was appointed Non-Executive Chairman, bringing over 30 years of senior management experience in global mining and energy projects; Muna Hantuba joined as Non-Executive Director.
- Atomic Eagle began trading on OTCQX under ticker AEUXF, extending its market presence beyond the ASX.
Chisebuka Drilling Expands Uranium Mineralisation Beyond Existing Resources
In its 2026 exploration campaign at Chisebuka, Atomic Eagle focused on extending mineralisation beyond the current Mineral Resource area and enlarging higher-grade zones. The June 2026 quarter saw completion of 42 diamond drill holes totaling 4,209 metres, with initial results released in May and further updates in June. The Chisebuka deposit presently holds an Inferred Mineral Resource of 19.9 million tonnes at 220ppm U3O8, equating to 9.7 million pounds of contained U3O8.
Results revealed that 13 of the first 15 holes intersected uranium mineralisation outside the defined resource, indicating substantial expansion potential. Additional drilling extended mineralisation boundaries and confirmed continuity between the south-west higher-grade zone and the existing resource. Key intercepts reported include 12.7 metres at 673ppm eU3O8 from 18.0 metres depth, 24.0 metres at 448ppm eU3O8 from 32.2 metres, and 15.9 metres at 361ppm eU3O8 from 4.7 metres. Other notable intercepts were 21.0 metres at 283ppm eU3O8, 22.1 metres at 242ppm eU3O8, 13.2 metres at 237ppm eU3O8, 5.4 metres at 422ppm eU3O8, 12.8 metres at 237ppm eU3O8, 10.3 metres at 210ppm eU3O8, and 7.3 metres at 284ppm eU3O8.
Significant Growth in Higher-Grade Zones at Chisebuka
Quarterly drilling substantially increased the interpreted size of Chisebuka's higher-grade mineralisation zones. The northern zone expanded to roughly 900 metres by 600 metres, with mineralisation extending from surface in the northwest to depths beyond 100 metres in the southeast. The south-west zone grew to about 830 metres by 400 metres, with mineralisation starting near surface and extending below 100 metres depth plunging southeast.
Atomic Eagle views Chisebuka as a key contributor to future project scale at Muntanga, pending further drilling, grade validation, metallurgical testing, and economic evaluation. A reverse circulation drilling program of 12 holes (approximately 900 metres) has commenced, with diamond drilling and metallurgical testwork planned subsequently. This phased approach enables expanded deposit understanding alongside advancing technical studies essential for development decisions.
Ground Radiometric Survey Highlights Multiple Drill Targets at Muntanga North
By late May 2026, Atomic Eagle completed 53 of 80 planned line kilometres of ground radiometric survey across five priority areas at Muntanga North, increasing to six target areas by mid-June. The survey refined airborne radiometric anomalies and enhanced drill targeting precision. Results included 424 of 854 readings above background levels (exceeding 300 counts per second, CPS) and 87 readings above 500 CPS.
These anomalies are situated within the favourable Escarpment Grit Formation, which hosts existing uranium resources at Muntanga, Dibbwi East, and Dibbwi. The company notes that Muntanga North target interpretations are supported by multiple data sets: airborne and ground radiometric anomalies, soil geochemical anomalies, radon surveys, favourable geology, and structural controls consistent with known mineralisation in the Muntanga Project area. Surveys confirmed historical anomalies and helped define priority drilling zones, supporting initiation of a maiden drill program at Muntanga North.
Environmental and Resettlement Approvals Mitigate Development Risks for Muntanga
In the June 2026 quarter, Atomic Eagle secured Environmental and Social Impact Assessment (ESIA) approval from the Zambia Environmental Management Agency (ZEMA) and "No Objection" approval of the Resettlement Action Plan (RAP) from the Office of the Vice President Resettlement Division. These approvals constitute critical environmental and social permits required before construction commencement, as outlined in the March 2026 Feasibility Study.
These approvals confirm regulatory acceptance of the Project's environmental and social impacts, establish a compliant resettlement and livelihood restoration framework aligned with International Finance Corporation Performance Standards, and enable progression toward development subject to standard implementation steps. The company regards these approvals as a major de-risking milestone for Muntanga, maintaining its core strategy focused on resource growth and defining a larger-scale mining operation.
Binding Option Agreement Secures Sitwe Uranium Project in North-Eastern Zambia
Atomic Eagle executed a binding option agreement to acquire 100% ownership of the Sitwe Uranium Project in north-eastern Zambia, significantly expanding its uranium exploration footprint within the country. Sitwe adds a strategic uranium asset in one of Africa's prolific uranium provinces, enhancing the company's exploration portfolio and exposure to uranium mineralisation in a jurisdiction where it has demonstrated operational and regulatory expertise through Muntanga.
The binding agreement provides certainty regarding acquisition subject to conditions precedent. Financial terms and option exercise timelines were not disclosed in the quarterly report. This expansion reflects management's confidence in regional uranium potential and offers growth optionality beyond the Muntanga flagship project.
Governance Strengthened with Appointments of Grant Davey and Muna Hantuba
Grant Davey was appointed Non-Executive Chairman during the quarter, bringing over 30 years of senior management and operational experience in global mining and energy projects. His expertise supports Atomic Eagle's transition from exploration to potential development and construction of Muntanga, enhancing governance and operational capabilities.
Muna Hantuba joined as Non-Executive Director, bringing extensive Zambian business leadership experience across finance, mining, insurance, real estate, and corporate governance. Her local knowledge and networks provide valuable insights and connections with regulators, community stakeholders, and development partners. Together, their expertise strengthens the board's oversight of strategic and operational advancement.
Atomic Eagle Expands Market Reach with OTCQX Listing
During the June 2026 quarter, Atomic Eagle commenced trading on the OTCQX market under ticker AEUXF, broadening its market access beyond the Australian Securities Exchange (ASX). OTCQX is a U.S. over-the-counter securities market offering liquidity and visibility for international companies to U.S. investors. This listing complements the ASX listing (ticker AEU) and aligns with management's strategy to diversify the investor base and improve accessibility for North American shareholders interested in uranium exploration and development.
The OTCQX listing enhances liquidity options for shareholders and may boost the company's profile among U.S. institutional and retail investors, a key market for uranium and nuclear energy exposure. Trading volumes, price performance, and other metrics were not disclosed. The dual listing strategy provides investors in different regions flexibility to access Atomic Eagle shares via preferred market platforms.
Chairman and CEO Engage Niger Authorities on Madaouela Uranium Project
During the quarter, Atomic Eagle's Chairman and CEO visited Niger to discuss a new mining convention with the Ministry of Mines aimed at facilitating resumption of the Madaouela Uranium Project. These discussions reflect ongoing strategic engagement with Niger's regulatory bodies concerning the company's uranium assets there. Specific outcomes, timing for project resumption, and mining convention details were not disclosed.
Niger remains a key African jurisdiction for uranium exploration and development. Atomic Eagle's dialogue with the Ministry of Mines underscores management's commitment to advancing its Niger assets alongside the flagship Muntanga Project in Zambia. Outcomes of these discussions will be important for investors monitoring the company's Niger operations and their future potential.
Reverse Circulation Drilling and Metallurgical Testwork Advancing at Muntanga
Atomic Eagle has initiated a reverse circulation (RC) drilling program comprising 12 holes totaling approximately 900 metres at Chisebuka, with diamond drilling and metallurgical testwork planned subsequently. This phased drilling strategy facilitates rapid expansion of geological understanding of lateral and vertical deposit extents while preparing for metallurgical studies.
Metallurgical testwork is essential to evaluate uranium recovery characteristics, processing requirements, and project economics at Chisebuka. Combined with drilling results, these studies will inform assessments of Chisebuka's potential contribution to Muntanga's project scale. The company did not disclose RC program duration or timing for subsequent drilling and testwork. Investors should monitor these technical developments as indicators of progress toward updated resource estimates or pre-feasibility assessments.
