Atomic Eagle Limited (‘Atomic Eagle’ or ‘the Company’) (ASX: AEU | OTCQX: AEUXF) is pleased to
provide an update regarding ongoing exploration activities at its 100%-owned Muntanga Uranium Project
(“Muntanga” or the “Project”) in Zambia.
Highlights
• Resource extension drilling at Chisebuka continues to extend the boundaries of the
previously defined uranium mineralisation including:
o 5.4m @ 422ppm eU₃O₈ from 47.0m (CHDTH2214).
o 12.8m at 237ppm eU₃O₈ from 40.9m (CHDTH2211).
o 10.3m at 210ppm eU₃O₈ from 81.4m (CHDTH2231).
o 7.3m at 284ppm eU₃O₈ from 47.2m (CHDTH2231).
• The northern higher-grade zone has increased to 900m x 600m and the south-west zone has
increased to 830m x 400m.
• Drilling has also demonstrated continuity of mineralization between the higher-grade
south‑west (SW) zone and the previously defined resource area.
• The Company will soon commence a reverse circulation (RC) drill program at the Chisebuka
higher grade zones.
• Two drill rigs have now been moved to commence the maiden drill program at the Muntanga
North exploration target where ground radiometric surveys have now been completed over
the first 6 target areas.
• Access clearance to Namakande 1 and 2 exploration targets is complete with ground
radiometrics expected to commence ahead of drilling in Q3 2026.
Atomic Eagle CEO Phil Hoskins said:
“The first phase of the 2026 exploration program has been a success, extending the boundaries of the
previously defined resource at Chisebuka and defining an additional higher-grade zone to the south-west.
Subject to further studies, Chisebuka is demonstrating the potential to be a major contributor towards the
Company’s target of a larger scale mine.
In addition to the ongoing drill program, ground radiometric surveys at other exploration targets have been
continuing. This program has been highly promising as it has refined a number of new exploration targets
that have not been drilled historically, including at Muntanga North where drilling will shortly commence.”
16 June 2026
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 2 of 17
Chisebuka Drilling
The 2026 drill program is targeting mineralisation outside the existing resource within the broader
Chisebuka mineralised footprint where the Company announced an Inferred Mineral Resource of 19.9Mt
at 220ppm U3O8 for 9.7 Mlb of U3O8 earlier this year1
.
Following the initial 13 drill holes2
, a further 29 holes are reported in this announcement taking the total
drilling at Chisebuka in this program to 42 holes totalling 4,209 metres.
More recent drilling was primarily aimed at testing the continuity of mineralization between the South-West
higher grade zone and the resource area (Figure 1). Holes were also drilled to test the margins of the
resource area and extensions to the southern zone of mineralisation.
Figure 1: Chisebuka plan view (grade x thickness contour) with select intercepts. A list of all
intercepts can be found in Appendix 2
Recent drilling has increased the size of the northern higher-grade zone with a surface projection now
measuring 900m x 600m. The mineralisation extends from surface in the north-west to more than 100m
depth in the south-east and is up to 80m thick in the core of the deposit.
The south-west zone of higher-grade mineralisation now measures 830m x 400m with mineralisation
starting near surface and extending below 100m depth down plunge to the south-east. Mineralization
1 See ASX announcement dated 10 March 2026.
2 See ASX announcement dated 13 May 2026.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 3 of 17
reaches up to 60m thickness in the core of the zone.
Figure 2 below shows a long section of the mineralisation from the northern zone to the south-west zone,
whilst the cross-sections in Figures 3 and 4 demonstrate how the mineralised zone has been extended.
Figure 2: Chisebuka long section from NE-SW
Figure 3: Chisebuka cross-section Y-Y from Figure 1
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 4 of 17
Figure 4: Chisebuka cross-section X-X from Figure 1
Chisebuka Next Steps
An RC program of 12 holes for approximately 900m is expected to commence later this month. The location
of the proposed RC holes is shown in Figure 5 with the program designed to provide confirmation of grades
estimated using a gamma tool.
Figure 5: Location of proposed Chisebuka RC drill holes
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 5 of 17
The Company expects to undertake a diamond drilling program in Q4 2026 for further grade confirmation
and to collect core for metallurgical testwork.
Technical Note – Grade Determination
Uranium grade can be measured indirectly by measuring the radioactivity emitted by the daughter products
of uranium during decay, using a gamma tool containing a sodium iodide (NaI) crystal, which records counts
per second when hit by gamma rays. These counts are converted to uranium grade (ppm eU3O8) by
applying a K factor, a dead time correction and other correction factors as required such as casing, hole
size, mud density. The K factor and the dead time is unique to each tool and is determined during calibration.
The gamma tool used by Atomic Eagle has been calibrated at the Grand Junction calibration pits by Mt
Sopris prior to arrival on site and the tool was run weekly in a lined test hole to test repeatability.
Furthermore, the results from the Atomic Eagle logging tool were compared with results from logging
contractors Terratec, who logged most of the holes during the last 4 years, and a further calibration factor
was applied to the company’s gamma results to be consistent with older data. RC and diamond drill holes
will be drilled in future drill programs and the gamma tool will be verified against the assay data to confirm the results.
Muntanga North target
Ground radiometric surveys are continuing with 6 of the 8 target areas now completed (Figure 6).
Figure 6: Muntanga North ground radiometric results
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 6 of 17
Two drill rigs are currently being deployed towards wide-spaced exploration drilling of the Muntanga North
targets with results expected in the coming weeks.
Namakande targets
A bulldozer has been utilised to clear access for the commencement of ground radiometric surveys at both
Namakande 1 and Namakande 2. Upon completion of these surveys, the targets will be drill tested in Q3
2026.
Approved for release by the Board of Atomic Eagle Limited.
For further information, please contact:
Phil Hoskins Nathan Ryan
Chief Executive Officer Investor and Media Relations
Atomic Eagle Limited NWR Communications
E: info@atomiceagle.com.au E: nathan.ryan@nwrcommunications.com.au
P: +61 8 9200 3426 P: +61 420 582 887
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 7 of 17
Competent Person’s Statement – Exploration Results and Mineral Resource Estimate
The information in this announcement relating to Exploration Results and the Mineral Resource Estimate, 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 it is not aware of any new information or data that materially affects the information included
in the original report and that all material assumptions and technical parameters underpinning the previously
announced Mineral Resource Estimate for the Muntanga Uranium Project continue to apply and have not materially
changed. 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.
About Atomic Eagle
Atomic 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.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 8 of 17
Table 1: Mineral Resource Estimate for the Muntanga Uranium Project
CATEGORY
U3O8
CUTOFF DEPOSIT
TONNES U3O8
GRADE U3O8 METAL
[PPM] [MT] [PPM] [MLB]
Measured
110 Gwabi 1.1 254 0.6
90 Njame 2.5 358 2
Indicated
90 Muntanga 8.6 369 7
90 Dibbwi 3.2 253 1.8
90 Dibbwi East 31.3 372 25.7
110 Gwabi 2.7 374 2.2
90 Njame 1.0 306 0.7
Total M&I 50.4 359 40.0
Inferred
90 Muntanga 3.4 278 2.1
90 Dibbwi 1.0 213 0.5
90 Dibbwi East 7.1 252 3.9
110 Gwabi 0.2 272 0.1
90 Njame 1.1 329 0.8
90 Chisebuka 19.9 220 9.7
90 Muntanga East 3.1 252 1.7
Total Inferred 35.8 238 18.8
TOTAL 86.2 309 58.8
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 that 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 continue to apply and have not materially changed.
The Company confirms that the form and context in which the Competent Person’s findings are presented have not
been materially modified from the original market announcement.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 9 of 17
APPENDIX 1: DRILL HOLE LOCATIONS
Collar ID East
(mE)
North
(mN)
RL
(mASL)
DIP
(˚)
AZI
(˚) DEPTH (m)
CHDTH2205 606952 8159924 713 0 360 100
CHDTH2206 606904 8160000 721 0 360 100
CHDTH2207 606991 8159826 678 0 360 100
CHDTH2208 606877 8159895 702 0 360 100
CHDTH2209 607465 8160167 687 0 360 100
CHDTH2210 607324 8160192 703 0 360 100
CHDTH2211 607532 8160371 684 0 360 100
CHDTH2212 607609 8160621 693 0 360 100
CHDTH2213 607652 8160747 697 0 360 99
CHDTH2214 607792 8160718 689 0 360 100
CHDTH2215 607700 8160128 682 0 360 100
CHDTH2216 607764 8160042 712 0 360 100
CHDTH2217 607055 8160077 701 0 360 100
CHDTH2218 607270 8160156 697 0 360 100
CHDTH2219 607257 8160092 700 0 360 100
CHDTH2220 607359 8160336 707 0 360 100
CHDTH2221 607091 8159989 691 0 360 100
CHDTH2222 607756 8160790 693 0 360 100
CHDTH2223 607473 8159502 665 0 360 100
CHDTH2224 607330 8159298 655 0 360 100
CHDTH2225 607144 8159142 646 0 360 100
CHDTH2226 607305 8159514 676 0 360 100
CHDTH2227 607232 8159357 676 0 360 95
CHDTH2228 607214 8159064 617 0 360 100
CHDTH2229 607407 8159234 628 0 360 100
CHDTH2230 606771 8159742 696 0 360 100
CHDTH2231 606702 8159662 670 0 360 100
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 10 of 17
APPENDIX 2: SIGNIFICANT DRILL INTERCEPTS
HOLE ID FROM (m) TO (m) INTERVAL (m) eU3O8
CHDTH2205 35.9 42.1 6.20 234.3
CHDTH2206 69.35 72.05 2.70 290.2
CHDTH2206 73.65 77.85 4.20 413.9
CHDTH2207 no sig intercepts
CHDTH2208 no sig intercepts
CHDTH2209 76.6 79.35 2.75 199.4
CHDTH2210 38.05 43.75 5.70 182.4
CHDTH2210 45.6 47.6 2.0 185.3
CHDTH2210 56.85 61.9 5.05 139.3
CHDTH2211 40.9 53.65 12.75 237.0
CHDTH2211 56.25 65 8.75 147.0
CHDTH2211 82 84.5 2.5 191.8
CHDTH2211 85.95 88.75 2.8 180.3
CHDTH2212 no sig intercepts
CHDTH2213 no sig intercepts
CHDTH2214 10.9 13.5 2.6 445.2
CHDTH2214 20 22.95 2.95 148.8
CHDTH2214 29.95 35.35 5.4 176.3
CHDTH2214 39.85 42.9 3.05 234.6
CHDTH2214 46.95 52.3 5.35 421.8
CHDTH2214 53.75 57.2 3.45 206.1
CHDTH2214 70.8 74.9 4.1 470.2
CHDTH2215 no sig intercepts
CHDTH2216 no sig intercepts
CHDTH2217 14.2 17.15 2.95 236.6
CHDTH2217 24.3 26.6 2.3 161.2
CHDTH2217 35.55 37.85 2.3 107.6
CHDTH2217 45.2 48.2 3.0 104.4
CHDTH2217 83.25 87 3.75 119.5
CHDTH2218 30.9 33.95 3.05 109.8
CHDTH2218 45.7 48.35 2.65 145.9
CHDTH2219 no sig intercepts
CHDTH2220 no sig intercepts
CHDTH2221 36.35 39.75 3.4 103.3
CHDTH2222 25.55 31.9 6.35 184.8
CHDTH2223 30.15 33.35 3.2 348.0
* eU3O8 intercepts calculated from down hole gamma survey data using 100ppm cut-off, minimum width 2m with max 1m internal
dilution
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 11 of 17
APPENDIX 2: SIGNIFICANT DRILL INTERCEPTS CONTINUED
HOLE ID FROM (m) TO (m) INTERVAL (m) eU3O8
CHDTH2223 42.95 54.4 11.45 185.1
CHDTH2223 60.9 63.95 3.05 406.7
CHDTH2224 48.9 51.6 2.7 253.0
CHDTH2224 78.5 81.2 2.7 286.7
CHDTH2224 87 89.95 2.95 163.0
CHDTH2224 92.85 95.1 2.25 151.1
CHDTH2225 80.95 83.4 2.45 362.6
CHDTH2225 90.75 95.2 4.45 210.2
CHDTH2226 25.55 27.75 2.20 182.3
CHDTH2227 48.9 52.15 3.25 347.4
CHDTH2228 71.05 79.95 8.90 221.9
CHDTH2229 no sig intercepts
CHDTH2230 25.55 29.7 4.15 176.9
CHDTH2230 37.9 41.4 3.50 117.0
CHDTH2230 53.85 56.2 2.35 178.8
CHDTH2231 21.55 25.6 4.05 222.9
CHDTH2231 30.6 37.6 7.00 203.5
CHDTH2231 47.15 54.4 7.25 283.8
CHDTH2231 65.2 68.5 3.30 111.6
CHDTH2231 81.4 91.7 10.30 209.9
CHDTH2231 96.5 99.7 3.2 150.5
* eU3O8 intercepts calculated from down hole gamma survey data using 100ppm cut-off, minimum width 2m with
max 1m internal dilution
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
JORC Code, 2012 Edition – Table 1 Chisebuka
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
• Nature and quality of sampling (eg cut channels, random chips, or
specific specialised industry standard measurement tools appropriate
to the minerals under investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity
and the appropriate calibration of any measurement tools or systems
used.
• Aspects of the determination of mineralisation that are Material to the
Public Report.
• In cases where ‘industry standard’ work has been done this would be
relatively simple (eg ‘reverse circulation drilling was used to obtain 1
m samples from which 3 kg was pulverised to produce a 30 g charge
for fire assay’). In other cases more explanation may be required,
such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed information.
• At Chisebuka, the primary method of grade determination was
through gamma logging for equivalent uranium (eU3O8) using a Mt
Sopris natural gamma sonde equipped with a Sodium Iodide crystal.
The sonde is new and was only used for the data collection the past
year and was calibrated at the Grand Junction calibration facility
(Colorado) in 2024 by the supplier prior to delivery.
• Readings were obtained at 1cm intervals downhole.
• Gamma readings provide an estimate of uranium grade in a volume
extending approximately 40 cm from the hole and thus provide much
greater representivity than laboratory assays using core or chip
samples.
• Chemical assays will be used to check for correlation with gamma
probe grades.
Drilling
techniques
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
• Open hole hammer (DTH) (diameter of 150mm) was the main drilling
technique used, no samples were collected for assay as the quality of
the samples is not considered representative. All holes were logged
using a gamma sonde.
• All holes were surveyed using a Mt Sopris QL40-DEV tool to define
the inclination and drift of holes.
Drill sample
recovery
• Method of recording and assessing core and chip sample recoveries
and results assessed.
• Measures taken to maximise sample recovery and ensure
representative nature of the samples.
• Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
• No core or drill chips were collected for sampling as the uranium
grades are determined from down hole gamma log data.
• The lenses of uranium mineralisation at Chisebuka dip approximately
15o, it is assumed that intercepts are close to true width.
• No bias applies
Logging • Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
• Drill chip samples from the DTH drilling were laid out in piles next to
the rigs for geological logging. They were logged for lithology, grain
size, alteration, and colour. Representative samples were collected in
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Criteria JORC Code explanation Commentary
Mineral Resource estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.
chip trays for eventual relogging if required and storage at the
Muntanga Camp core yard.
• Down-hole geophysical logging was conducted to measure the
electrical properties of the rock from which lithologic information can
be derived and natural gamma radiation, from wh were obtained at 1cm intervals downhole.
• Gamma readings provide an estimate of uranium grade in a volume
extending approximately 40 cm from the hole and thus provide much
greater representivity than laboratory assays using core or chip
samples.
• Chemical assays will be used to check for correlation with gamma
probe grades.
Drilling
techniques
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
or standard tube, depth of diamond tails, face-sampling bit or other
type, whether core is oriented and if so, by what method, etc).
• Open hole hammer (DTH) (diameter of 150mm) was the main drilling
technique used, no samples were collected for assay as the quality of
the samples is not considered representative. All holes were logged
using a gamma sonde.
• All holes were surveyed using a Mt Sopris QL40-DEV tool to define
the inclination and drift of holes.
Drill sample
recovery
• Method of recording and assessing core and chip sample recoveries
and results assessed.
• Measures taken to maximise sample recovery and ensure
representative nature of the samples.
• Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential
loss/gain of fine/coarse material.
• No core or drill chips were collected for sampling as the uranium
grades are determined from down hole gamma log data.
• The lenses of uranium mineralisation at Chisebuka dip approximately
15o, it is assumed that intercepts are close to true width.
• No bias applies
Logging • Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
• Drill chip samples from the DTH drilling were laid out in piles next to
the rigs for geological logging. They were logged for lithology, grain
size, alteration, and colour. Representative samples were collected in
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Criteria JORC Code explanation Commentary
Mineral Resource estimation, mining studies and metallurgical
studies.
• Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
• The total length and percentage of the relevant intersections logged.
chip trays for eventual relogging if required and storage at the
Muntanga Camp core yard.
• Down-hole geophysical logging was conducted to measure the
electrical properties of the rock from which lithologic information can
be derived and natural gamma radiation, from which an indirect
estimate of uranium content can be made. The down-hole
geophysical probes measure the following parameters: conductivity,
resistivity, self-potential, single point resistance, deviation and natural
gamma.
• Down-hole gamma data collected by Atomic Eagle were converted
into eU3O8 using the ALT Wellcad software. The final data were
converted to a .csv format files for input into the master drill hole
database.
Subsampling
techniques
and sample
preparation
• If core, whether cut or sawn and whether quarter, half or all core
taken.
• If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the
sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in
situ material collected, including for instance results for field
duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material
being sampled.
• No subsampling occurred at Chisebuka due to the drilling technique
and sampling methods used.
Quality of
assay data
and
laboratory
tests
• The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is considered
partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument
make and model, reading times, calibrations factors applied and their
derivation, etc.
• Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels
of accuracy (ie lack of bias) and precision have been established.
• The gamma probe is run weekly in a test hole to check for
consistency, and re-logging of holes is also done on a routine basis.
• The gamma tool used is run to facilitate conversion of down-hole
radiometric probe data into equivalent uranium eU3O8.P To enable
conversion raw probe data must be adjusted to account for gamma
signature attenuation associated with the logging environment, such
as the size of the drill hole, fluid presence within the drill hole,
casing/steel parameters and probe correction factors.
• A project wide Radiometric – Grade conversion factor was developed
by GoviEx during their 2021 to 2023 drilling campaigns. The
conversion factor was made by comparing geochemical sample
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Criteria JORC Code explanation Commentary
assays from 254 mineralised intervals to corresponding probe data.
Chemical assays will also be used to check for correlation with
gamma probe grades at Chisebuka.
Verification
of sampling
and
assaying
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• Significant intersections are reviewed internally.
• All geological logs and geophysical data is held on MX deposit
database.
• The total gamma data is corrected for local conditions by comparing
them with assay data and establish a radiometric-grade correlation
which is made to use for mineral resource estimation purposes.
Location of
data points
• Accuracy and quality of surveys used to locate drill holes (collar and
down-hole surveys), trenches, mine workings and other locations
used in Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• Collar positions were initially located using a handheld GPS and will
be surveyed by a licensed surveyor at the end of the program using a
real-time differential GPS
• The projection used is UTM WGS84 Zone35South
Data spacing
and
distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and
classifications applied.
• Whether sample compositing has been applied.
• The drill hole spacing is along lines spaced 100m apart with holes
drilled at 100m intervals along the lines
• No sample compositing has been applied.
Orientation
of data in
relation to
geological
structure
• Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to which this is known, considering
the deposit type.
• If the relationship between the drilling orientation and the orientation
of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
• All holes are drilled vertically, with the mineralisation slightly dipping
to the SE by 15 to 25 degrees at Chisebuka
• All drill intercepts are close to perpendicular to the orientation of the
mineralisation and are considered to be true width.
Sample
security
• The measures taken to ensure sample security. • The bulk of the assay data is produced on-site using a gamma
logging probe in a digital form and stored on secure, company
computers.
Audits or
reviews
• The results of any audits or reviews of sampling techniques and data. • There has been no independent review of the sampling techniques
and data at this stage. Calibration of the tool was done by Mt Sopris
prior to delivery to site.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
• Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint
ventures, partnerships, overriding royalties, native title interests,
historical sites, wilderness or national park and environmental
settings.
• The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the
area.
• The Kariba Valley licence (38555-HQ-LML) was granted in 2025 for a
period of 25 years and is valid until 8th January 2050, after which it
can be renewed. It is 100% owned by Muchinga Energy Resources
Limited, a subsidiary company of Atomic Eagle Limited.
Exploration
done by other
parties
• Acknowledgment and appraisal of exploration by other parties. • The main period of exploration at Chisebuka took place between the
late 1970s and mid 1980s initially by the Geological Survey of Zambia
(“GSZ”), followed by AGIP SpA (“AGIP”), an Italian petroleum
company. The AGIP exploration campaign included a regional ground
radiometric surveying program which highlighted numerous
radiometric anomalies along the northern shores of Lake Kariba
including Dibbwi and Chisebuka. Several of the anomalies were
investigated via more detailed ground radiometric surveying and
subsequent drilling. Their campaign predominantly focused on the
Muntanga and Dibbwi deposits.
• African Energy Resources carried out radiometric surveys, mapping
and drilling in 2006 to 2012, based on the previous work carried out
by AGIP in the 1980’s.
Geology • Deposit type, geological setting and style of mineralisation. • The Project area is situated within the Karoo Supergroup, which
comprises thick, carboniferous to late Triassic age, terrestrial
sedimentary strata and is widespread across much of what is now
southern Africa.
• The Karoo Supergroup in the Project area consists of three
formations within the Lower Karoo; the Siankondobo Sandstone
Formation, overlain by the Gwembe Coal Formation, which itself is
overlain by the Madumabisa Mudstone Formation. The Madumabisa
Formation is unconformably overlain by the Upper Karoo which
consists of four formations; the Escarpment Grit is overlain by the
Interbedded Sandstone and Mudstone Formation, followed by Red
Sandstone which is finally capped by the Jurassic Bakota Basalt
Formation.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Criteria JORC Code explanation Commentary
• The Project is situated in the mid-Zambezi Rift Valley. In the region,
known uranium mineralisation typically occurs within the Upper
Karoo. At the Project, all the known uranium mineralisation occurs
within the Escarpment Grit. The underlying Madumabisa Mudstone
appears to have acted as an impermeable barrier, focussing uranium
mineralisation to the overlying Escarpment Grit.
• At Muntanga, Dibbwi and Dibbwi East, uranium mineralisation
appears to be later than at least some of the normal faults which cut
the Escarpment Grit Formation. This is evident from the good
correlation of the radiometric logging data between adjacent holes
within the Muntanga deposit separated by interpreted faulting.
• The source of the uranium is believed to be the surrounding
Proterozoic gneisses and plutonic basement rocks. Having been
weathered from these rocks, the uranium was dissolved, transported
in solution and precipitated under reducing conditions in siltstones
and sandstones. Post-lithification fluctuations in the groundwater
table caused dissolution, mobilisation and redeposition of uranium in
reducing, often clay- rich zones and along fractures.
• The Chisebuka deposit is hosted within the Braided Facies unit of the
Escarpment Grit Formation of the Upper Karoo supergroup, within the
mid Zambezi valley. These are Cretaceous aged sandstones, that dip
shallowly to the southeast. Normal faulting appears to have had a
significant effect on the location of mineralisation.
Drill hole
Information
• A summary of all information material to the understanding of the
exploration results including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should
clearly explain why this is the case.
• Drill collar information is provided in Appendix 1
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Criteria JORC Code explanation Commentary
Data
aggregation
methods
• In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually Material and should be
stated.
• Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used
for such aggregation should be stated and some typical examples
of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
• See Appendix 2 for a list of significant intercepts. Intercepts were
calculated using the following parameters: U3O8 at minimum width of
2m, internal dilution up to 1m with a minimum grade of final
composite of 100ppm U3O8.
Relationship
between
mineralisation
widths and
intercept
lengths
• These relationships are particularly important in the reporting of
Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg ‘down hole length,
true width not known’).
• Drill hole orientations were mostly vertical as the dip angle of
mineralisation is generally shallow dipping, between 15 to 20o
• Its assumed that all downhole intercepts reported are close to true
width.
Diagrams • Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.
• Appropriate diagrams and sections have been provided in the
attached press release.
Balanced
reporting
• Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
Exploration Results.
• All intercepts are calculated based on minimum width of 2m, internal
dilution up to 01m waste with a minimum grade of final composite of
100ppm U3O8.
Other
substantive
exploration
data
• Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological observations;
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
• None has been done at this stage of the program.
Further work • The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.
• Results from the drilling will be used to determine follow up drilling
locations to close up the drill spacing and eventually prepare a
mineral resource estimate.