Atomic Eagle Muntanga Uranium Drilling Confirms High-Grade SW Zone

Atomic Eagle Drills Into High-Grade Territory: Chisebuka SW Zone Emerges as a Significant Resource Expansion Opportunity

Atomic Eagle Limited (ASX: AEU | OTCQB: AEUXF) has released the first batch of results from its ambitious 30,000-metre, 2026 drilling campaign at the 100%-owned Muntanga Uranium Project in Zambia — and early indications are compelling. With 13 of the first 15 holes intersecting uranium mineralisation outside the existing resource boundary, the Company is making rapid early progress on its stated goal of growing Muntanga's already substantial uranium endowment. The Atomic Eagle Muntanga uranium drilling results at Chisebuka SW zone represent a pivotal early milestone in that effort.

Key highlights from the initial results include:

• 12.7m at 673ppm eU₃O₈ from 18.0m (CHDTH2193) — the highest-grade intercept reported to date from this zone
• 24.0m at 448ppm eU₃O₈ from 32.2m (CHDTH2192)
• 15.9m at 361ppm eU₃O₈ from 4.7m (CHDTH2192) — near-surface, high-grade mineralisation
• 21.0m at 283ppm eU₃O₈ from 26.2m (CHDTH2194)
• 22.1m at 242ppm eU₃O₈ from 92.6m (CHDTH2200)
• 13.2m at 237ppm eU₃O₈ from 115.7m (CHDTH2200)

Critically, drilling has now confirmed a new higher-grade south-west (SW) zone measuring 600m x 300m — already drilled to a density sufficient for Mineral Resource estimation — sitting outside the boundaries of the existing Chisebuka Inferred Mineral Resource. This is not a marginal extension; it represents a distinct, drill-defined zone that adds meaningfully to Muntanga's resource growth story.

What Does the CEO Say?

"Our 2026 goal of increasing Muntanga's Mineral Resource is off to a great start. These initial results from Chisebuka build directly on the Company's early success, which saw a 9.7Mlb uranium resource defined at Chisebuka in a matter of months. Chisebuka's SW zone is now emerging as the next key addition with near-surface higher-grade results outside of the previous resource area and we've only scratched the surface of the planned holes into Chisebuka this year."

— Phil Hoskins, CEO, Atomic Eagle Limited

Understanding the Existing Resource — and Why This Expansion Matters

To appreciate the significance of the Atomic Eagle Muntanga uranium drilling results at Chisebuka SW zone, it helps to understand where Muntanga already stands. The Muntanga Uranium Project is a district-scale asset spanning four mining licences and two exploration licences over a 146km strike length covering 1,136km² in Zambia's mid-Zambezi Rift Valley.

The Project's current total Mineral Resource stands as follows:

Within this broader resource, the Chisebuka target contributes an Inferred Mineral Resource of 19.9Mt at 220ppm U₃O₈ for 9.7Mlbs of contained U₃O₈ — defined just months ago from a 69-hole, 7,235-metre programme completed in 2025.

Why Does Grade and Depth Matter?

What makes the current SW zone results stand out is both their grade and their proximity to surface. Several of the best intercepts begin within the first 5–20 metres of surface, which carries practical significance for potential future development economics.

The previously defined Chisebuka resource was anchored in a north-eastern zone measuring 800m x 600m. The newly defined SW zone — measuring 600m x 300m — now sits alongside it as a second drill-defined area of mineralisation with resource-estimation-ready drill spacing.

What is eU₃O₈? A Beginner's Guide to Radiometric Grade Measurement

One of the more technical aspects of uranium exploration is how grade is measured. Unlike gold or copper, where rock samples are physically sent to a laboratory for chemical analysis, uranium grade in exploration drilling can be measured indirectly — and in real time — using a technique called downhole gamma logging.

Here is how it works:

1. Uranium naturally decays over time, producing radioactive "daughter products" that emit gamma rays.
2. A specialised probe is lowered into a completed drill hole, recording gamma radiation intensity at intervals of just 1 centimetre.
3. These gamma counts are converted into a uranium grade estimate — expressed as eU₃O₈ (equivalent U₃O₈) — using a calibration factor unique to each tool.

Why Does This Matter to Investors?

Furthermore, the practical advantages of this approach are considerable:

• It allows for rapid, near-real-time grade data — results can be processed far faster than waiting for laboratory assays.
• The gamma probe measures grade across a volume extending approximately 40cm from the drill hole wall, providing broader coverage than a physical chip or core sample.
• Atomic Eagle's tool was calibrated at the internationally recognised Grand Junction calibration facility in Colorado, and is tested weekly on site for consistency.
• Chemical assays will be run in future programmes to cross-check and validate the gamma probe results — a standard quality-control step in uranium exploration.

In short, eU₃O₈ is a well-established proxy for uranium grade that enables rapid resource characterisation. The figures being reported from Chisebuka are directly comparable to those underpinning the existing Mineral Resource.

The 2026 Drill Programme: Scale, Scope, and What's Next

Atomic Eagle's 2026 campaign is its most ambitious to date, with a 30,000-metre programme targeting three distinct areas across Muntanga:

At Chisebuka specifically, the 2026 programme of approximately 120 vertical holes is designed to expand the high-grade and near-surface mineralisation zones. With only 15 holes reported to date, this programme is still in its early stages. Two drill rigs are currently operating simultaneously.

Upcoming Catalysts Investors Should Watch For

1. Further Chisebuka drill results — expected in coming weeks, from the remaining holes of the ~120-hole programme
2. Refined targeting at Namakande and Muntanga North — ground radiometric surveys currently underway to sharpen drill targets at these exploration-stage areas
3. Commencement of drilling at Namakande and Muntanga North — expected later this quarter, following completion of radiometric surveys
4. Updated Mineral Resource Estimate at Chisebuka — the SW zone is now drilled to resource-estimation-ready density, making an MRE update a logical near-term milestone

Both Namakande and Muntanga North exhibit similar geophysical and geochemical signatures to areas of confirmed uranium mineralisation elsewhere on the licence, suggesting they represent genuine exploration upside beyond the already-defined Chisebuka resource.

The Investment Thesis: Resource Growth at an Asset With Existing Scale

Atomic Eagle's investment case rests on a clear and demonstrable foundation: a large, established uranium resource at Muntanga that the Company is systematically expanding through targeted, well-designed drilling programmes.

Five Factors Underpinning the Thesis

1. Rapid resource definition track record

The maiden Chisebuka Inferred Resource of 9.7Mlbs was defined in a matter of months from a 69-hole, 7,235-metre programme in 2025. The 2026 programme — at four times the scale — targets multiple areas simultaneously, with a clear framework for converting exploration success into resource tonnes.

2. High-grade near-surface mineralisation

Multiple intercepts from the SW zone begin within 5–20 metres of surface and carry grades well above the existing resource average of 220ppm. The best intercept reported — 12.7m at 673ppm eU₃O₈ — is more than three times the current Chisebuka resource grade.

3. A large licence package with multiple targets

The Muntanga Project covers 1,136km² across six licences with a 146km strike length. Chisebuka has been defined over a 4km strike length and up to 1km wide — of which only the north-eastern zone has been converted to a resource to date. The SW zone, Namakande, and Muntanga North all represent incremental opportunities.

4. Strong existing infrastructure credentials

Muntanga is located near the town of Chirundu, with sealed road access connecting the project to Lusaka, Siavonga, and via Livingstone to the port of Walvis Bay in Namibia. This infrastructure profile is a meaningful differentiator for a project at this stage, providing access to both western and eastern export markets.

5. 100% ownership

Atomic Eagle holds a 100% interest in Muntanga, with no joint venture partners diluting the upside from resource expansion success.

Chisebuka Intercept Summary: Standout Results at a Glance

Selected highlights. Full intercept table available in Appendix 2 of the ASX announcement.

Why Investors Should Keep Atomic Eagle on Their Radar

Atomic Eagle enters the second half of its 2026 drilling campaign with early results that validate the direction of the resource expansion thesis. The Atomic Eagle Muntanga uranium drilling results at Chisebuka SW zone have transitioned from an exploration target to a defined, resource-ready area in the space of just 15 holes — with the majority of the planned programme still to come.

The combination of a significant existing resource base (58.8Mlbs U₃O₈ across the Muntanga Project), demonstrable capacity to expand that resource rapidly, near-surface higher-grade mineralisation at the SW zone, and multiple undrilled targets still to be tested across a district-scale licence package makes Muntanga a project with genuine depth of opportunity.

With further results imminent and drilling at Namakande and Muntanga North expected to commence before the end of this quarter, the newsflow from Atomic Eagle is set to remain active and consequential throughout 2026.

Atomic Eagle has demonstrated, in its first 15 holes of 2026, that Chisebuka's resource footprint is growing — and the newly defined SW zone, measuring 600m x 300m at above-average grades, is now drill-ready for a resource update. With two rigs turning and two additional targets about to enter drilling, the Company's 2026 resource growth ambitions appear well-supported by early results. Investors tracking uranium exploration stories with near-term resource catalysts should be watching Atomic Eagle closely.

Glossary of Key Terms

• eU₃O₈: Equivalent uranium trioxide — a measure of uranium grade derived from gamma radiation readings rather than direct chemical analysis
• Inferred Mineral Resource: The lowest confidence category of Mineral Resource under the JORC Code; defined with enough evidence to imply geological and grade continuity but requiring further drilling to upgrade
• ppm: Parts per million — a unit of grade measurement; 220ppm U₃O₈ equates to 220 grams of uranium oxide per tonne of rock
• Strike length: The horizontal distance along which mineralisation has been traced at surface or in drilling
• DTH (Down-the-Hole) drilling: A rotary percussion drilling method where the hammer mechanism sits directly behind the drill bit, commonly used in uranium exploration
• K factor: A calibration constant unique to each gamma logging tool, used to convert raw gamma counts into equivalent uranium grade
• JORC Code: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the industry standard for ASX-listed resource companies

Want to Catch the Next Major Uranium Discovery the Moment It Hits the ASX?

Discovery Alert's proprietary Discovery IQ model scans ASX announcements in real time, instantly identifying significant mineral discoveries — including uranium exploration breakthroughs like those emerging at Muntanga — and delivering actionable alerts directly to subscribers. Explore how historic discoveries have generated substantial returns on Discovery Alert's dedicated discoveries page, and begin your 14-day free trial today to position yourself ahead of the broader market.