X Atomic EagleLimited |ASX:AEUOTCQX: AEUXF|ABN: 20 108 958 274Level 20, 140 St Georges Terrace, PERTH WA 6000 P: +61 8 9200 3426 E: info@atomiceagle.com.au W: atomiceagle.com.au Page 1 of 38Ground Radiometrics Refine Multiple Drill Targets at Muntanga North Atomic Eagle Limited (‘Atomic Eagle’ or ‘the Company’) (ASX: AEU | OTCQX: AEUXF) is pleased to report results from ongoing close-spaced ground radiometric surveys conducted during Q2-2026 at the Muntanga North exploration area within its 100%-owned Muntanga Uranium Project in Zambia.A total of 53-line kilometres of a planned 80 kilometre survey has been completed across five of eight priority target areas. The program has successfully refined and confirmed previously identified radiometric anomalies across the five target areas surveyed and provided improved resolution for drill targeting. The remainder of the survey over targetareas 6 to 8 will be completed across Q2 and Q3-2026.Highlights•Large-scale radiometric anomalies (up to ~4km strike length) defined across eight target areas located between 15-25km from the Muntanga and Dibbwi East deposits. •53km of ground radiometrics completed to date across five of the eight target areas, with surveys ongoing. •Close-spaced surveying (100m lines, 50m stations) has enabled identification of peak radiometric zones within broader anomalies to assist with drill targeting the surveyed areas.•Strong radiometric responses include:o424 of 854 readings above background (>300 counts per second or CPS). o87 readings exceeding 500 CPS. •Ground radiometric results confirm and refine airborne anomalies, and align with: oSoil geochemical anomalism.oFavourable structural corridors. oEscarpment Grit Formation host rocks. •Results have enhanced confidence in prioritisation of near-term drill targets within the surveyed areas, with drilling expected to commence shortly. •In addition to Muntanga North drilling commencing, the Company’s exploration approach is multi-faceted:oChisebuka – Drilling is continuing targeting extensions to recently defined higher-grade mineralization.oNamakande 1 and 2 – Ground radiometrics surveys will commence in June 2026 to refine drill targeting.Cautionary Statement: Handheld scintillometers measure radioactivity in counts per second (“CPS”) and does not accurately determine elemental uranium concentrations and can also be influenced by the presence of thorium and potassium. Scintillometer readings are preliminary in nature and should not be considered a substitute for quantitative laboratory assays.
Atomic Eagle CEO Phil Hoskins said:“We are encouraged by the initial results from ground radiometric surveys over the first five targets at Muntanga North. These anomalies occur along strike from the Company’s existing resource areas and are hosted within the same favourable Escarpment Grit Formation.The detailed ground surveys have not only confirmed the historical airborne anomalies in target areas 1 to 5 but, importantly, have helped identify the higher intensity zones within these systems. This provides greater confidence in prioritising drill targets as we prepare to commence drilling in the coming weeks.”A map showing the results from the ground radiometrics survey is shown in Figure 1 below. The results are overlain on a geology map which also shows the historical airborne radiometric anomalies. In 2024, five holes were drilled at the Nabbanda prospect situated at the northern end of target area 5, with one hole intersecting 1.8m at 294ppm U3O8from 29.3m depth and 2.0m at 187ppm U3O8 from 36.0m depth1. This intercept is also shown in Figure 1.Figure 1: Muntanga North exploration targets showing geology, airborne radiometric anomalies and recent ground radiometrics survey results1 See Appendix 1 and 2 and Table 1 for further information on the Nabbanda drill holes.
Atomic EagleLimited|ASX:AEU|www.atomiceagle.com.auPage 3 of 38Ground radiometrics and CPS explanation Ground radiometric surveys measure natural gamma radiation emitted from rocks at surface. Readings are recorded in counts per second (“CPS”), which represent the intensity of radioactivity measured in the field.Higher CPS readings indicate relatively elevated levels of radioactivity and can be associated with uranium-bearing mineralisation. These measurements are commonly used in early-stage exploration to:•Identify anomalous zones. •Map the extent of mineralised systems. •Prioritise areas for follow-up drilling. Soil cover has the potential to mask radiometric anomalies from underlying uranium mineralisation and so the Company’s field crews are carefully recording types of regolith and/or rocks outcropping at each survey station. Cautionary Statement: Handheld scintillometers measure radioactivity in CPS and does not accurately determine elemental uranium concentrations and can also be influenced by the presence of thorium and potassium. Scintillometer readings are preliminary in nature and should not be considered a substitute for quantitative laboratoryassays.Survey summary to date•Planned coverage: 80-line km across 8 targets. •Completed: 53-line km across 5 targets. •Station spacing: 50m along lines. •Line spacing: 100m.•Total readings completed: 854.The close-spaced survey grid has allowed for improved resolution of radiometric patterns and identification of discrete higher-intensity zones within broader anomalies, which are considered priority drill targets in target areas 1 to 5.Geology and prospectivityUranium mineralisation across the Muntanga Project is hosted within the Escarpment Grit Formation of the Upper Karoo Basin. This same unit extends into the Muntanga North target areas and hosts the Company’s existing resources at Muntanga, Dibbwi East and Dibbwi.The Muntanga North anomalies lie along strike within this fertile geological corridor and exhibit similar geophysical and geochemical signatures, supporting their prospectivity.Previous exploration, including airborne geophysics (NRG, 2006)2 and soil/radon surveys (Denison Mines, 2013-2015)3, provided the foundation for target definition, which has now been further refined through this ground program.2 See Table 1 for more information.3 See Appendix 4 and Table 1 for more information.
Atomic EagleLimited|ASX:AEU|www.atomiceagle.com.auPage 4 of 38Integrated targeting approach The Muntanga North targets are the outcome of multiple overlapping datasets, including:•Airborne radiometric anomalies. •Ground radiometric responses (this program). •Soil geochemical anomalies and radon surveys. •Favourable geology within the Escarpment Grit Formation.•Structural controls consistent with known mineralisation at Muntanga and Dibbwi East. The convergence of these independent datasets increases confidence that the identified targets represent prospective zones for uranium mineralisation and provides a strong technical basis for drill testing.Next stepsThe surveys have successfully confirmed the broader historical anomalies and helped define areas to target with drilling. Drilling of targets 1 to 5 will commence in the coming weeks whilst the ground radiometrics surveys over targets 6 to 8 will be undertaken across Q2 and Q3-2026.Approved for release by the Board of Atomic Eagle Limited. For further information, please contact:Phil HoskinsNathan RyanChief Executive OfficerInvestor and Media RelationsAtomic Eagle LimitedNWR CommunicationsE: info@atomiceagle.com.au E: nathan.ryan@nwrcommunications.com.au P: +61 8 9200 3426 P: +61 420 582 887
Atomic EagleLimited|ASX:AEU|www.atomiceagle.com.auPage 5 of 38About Atomic EagleAtomic Eagle Limited (ASX: AEU)is an ASX-listed mineral resource company focused on exploration and development of uranium assets in Africa, with the 100%-owned district-scale Muntanga Uranium Project in Zambia as its core asset. The Muntanga Project area spans four mining licences and two exploration licences over a 146km strike length covering 1,136km2, adjacent to Lake Kariba. The Muntanga Uranium Project contains a Measured and Indicated Resource of 50.4Mt @ 359ppm U3O8 for a total of 40.0 Mlbs U3O8 and an Inferred Resource of 35.8Mt @ 238ppm U3O8 for a total of 18.8 Mlbs U3O8 to deliver a combined total of 58.8Mlb U₃O₈ at 309ppm(Table 1). (See ASX release dated 10 March 2026). Muntanga benefits from excellent infrastructure, being located near the town of Chirundu close to the Zimbabwe border, with sealed road access to Chirundu, Siavonga Lusaka (the capital). This network gives the project easy access to Lusaka’s international airport and to Namibia’s port of Walvis Bay via Livingstone (about 560km west) providing export routes to both western and eastern markets.The information in this announcement relating to Mineral Resources is extracted from the ASX announcement dated 10 March 2026 and is available on the Company’s website. The Company confirms it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates to apply and have not materially changed.Table 1: Mineral Resource Estimate for the Muntanga Uranium ProjectCATEGORYU3O8CUT-OFFDEPOSITTONNESU3O8 GRADEU3O8 METAL[PPM][MT][PPM][MLB]Measured110Gwabi1.12540.690Njame2.53582Indicated90Muntanga8.6369790Dibbwi3.22531.890Dibbwi East31.337225.7110Gwabi2.73742.290Njame1.03060.7Total M&I50.435940.0Inferred90Muntanga3.42782.190Dibbwi1.02130.590Dibbwi East7.12523.9110Gwabi0.22720.190Njame1.13290.890Chisebuka19.92209.790Muntanga East3.12521.7Total Inferred35.823818.8TOTAL86.230958.8
Atomic EagleLimited|ASX:AEU|www.atomiceagle.com.auPage 6 of 38Competent Person’s Statement – Exploration ResultsThe information in this announcement relating to Exploration Results, is based on information compiled and supervised by Mr Harry Mustard, who is a Member of the Australian Institute of Geoscientists. Mr Mustard is a geologist with over 40 years of experience in mineral exploration and mining, including 8 years working on sediment-hosted and granite-related uranium deposits in Asia and Africa. He is a consultant to Atomic Eagle. Mr Mustard has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the exploration activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012 Edition). Mr Mustard consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.Atomic Eagle confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report and that the Competent Person’s consent remains in place for subsequent releases by Atomic Eagle of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report or accompanying consent.
Source: List Corp.
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