Highlights
CORPORATE
• Following quarter end, Atomic Eagle’s largest shareholder, Menel Energy and Resources Limited,
exercised 35,149,113 options early, providing approximately $10.9 million in funding proceeds to the
Company.
• Cash balance of $11.5 million as at 30 September 2026, which did not include the proceeds from the
abovementioned option exercise. The initial US$5 million payment to the Republic of Niger under the
Mining Convention was also made in October 2026.
ZAMBIA
• 2026 drilling program continued across the Muntanga Project, targeting resource growth at Chisebuka
and wide-spaced (400m by 400m) testing of greenfields exploration targets at Muntanga North and
Namakande.
• Wide-spaced drilling at Muntanga North identified a zone of uranium mineralisation over ~600m by
200m, which remains open along strike and down dip to the east.
• Initial drilling at Namakande intersected a large continuous zone of mineralisation measuring ~1,000m
by 400m.
• Further expansion and infill drilling is required to test the scale, continuity and significance of
mineralisation at both Muntanga North and Namakande.
• Large-scale Muntanga North Targets 6, 7 and 8 remain to be tested as part of AEU’s ongoing program.
• Metallurgical test work completed on diamond core collected from the Muntanga East uranium
deposit, with leach tests achieving uranium recoveries between ~81% and ~86%.
• Low acid consumption of ~3 kg/t during the uranium extraction period, which is significantly below
the average acid consumption achieved across the broader Muntanga Project.
• Results demonstrate the Project’s favourable heap leach metallurgy extends beyond the historical
deposits, providing further confidence of the metallurgical performance of uranium deposits in this
region.
NIGER
• Terms agreed with the Republic of Niger to re-establish AEU’s interest in high-grade Madaouela
Uranium Project, providing Atomic Eagle with a 60% interest and operational control of the project.
• Mining Convention, formally executed with the Republic of Niger in late September, provides an
established framework for Madaouela’s financing and development
• Madaouela hosts a 116.5Mlbs U₃O₈ at 1,282ppm mineral resource (foreign estimate) based on
extensive historical drilling and feasibility studies.
• Madaouela is supported by ~600,000 metres of historical drilling with ~US$160 million previously
invested, providing a substantial technical foundation.
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• Madaouela resource verification and technical optimisation commenced, with a converted JORC
Mineral Resource now expected in Q1 2027.
• Value optimisation and technical review program commenced, designed to evaluate opportunities to
increase Madaouela’s scale, expand the mining inventory and improve project economics relative to
the earlier 2022 Feasibility Study undertaken by GoviEx.
• Optimisation program is expected to generate a Scoping Study, targeted for release in Q1 2027.
Atomic Eagle Limited (the Company) (ASX:AEU | OTCQX: AEUXF) is pleased to report on its activities for the
September 2026 Quarter, including at its Muntanga Uranium Project (Muntanga or the Muntanga Project) in Zambia
and Madaouela Uranium Project (Madaouela or the Madaouela Project) in Niger.
Muntanga Uranium Project, Zambia
2026 DRILLING CONTINUES
In September, AEU provided an update on an ongoing drill program at its flagship Muntanga Project in Zambia,
designed to support resource growth through drilling at Chisebuka and test a portfolio of early-stage exploration targets
at Muntanga North and Namakande. Drilling continued through the end of the quarter.
Wide-spaced drilling completed to date has identified a zone of uranium mineralisation (approximately 600m x 200m)
at Muntanga North, which remains open along-strike and down-dip to the east. The target remains at an early stage,
and further drilling and geological interpretation will be required to determine the scale, continuity and significance of
the mineralisation. At Namakande, initial drilling intersected a broad zone (approximately 1,000m x 400m) of shallowdipping, bedding conformable uranium mineralisation.
Drilling and target evaluation remain ongoing, with the large-scale Muntanga North Targets 6, 7 and 8 yet to be tested.
The 2026 drill program comprises three separate target areas including:
1) infilling previous broad-spaced drilling at Chisebuka sufficient to enable Mineral Resource estimation;
2) broad-spaced drilling at the Muntanga North exploration targets; and
3) broad-spaced drilling at the Namakande 1 and 2 exploration targets.
For the Namakande 1 and 2 and Muntanga North exploration targets, the Company is also utilising two scintillometers
to conduct ground radiometric surveys to further refine the radiometric anomalies (as previously defined by airborne
surveys) prior to drilling.
Chisebuka
The first phase of the Company’s 2026 exploration program included 42 holes at Chisebuka for 4,209 metres. As
previously reported,1 the key outcomes of the drilling were:
• expansion of the northern higher-grade zone to a surface expression of 900m x 600m, with mineralisation
extending from surface in the north-west to more than 100m depth in the south-east and up to 80m thick in
the core of the deposit; and
• delineation of a higher-grade zone in the south-west measuring 830m x 400m starting near surface and
extending below 100m depth down plunge to the south-east. Mineralisation reaches up to 60m thickness in
the core of the zone.
Muntanga North Drilling
Ground radiometric surveys were completed over Muntanga North Targets 1 to 5, with surveying continuing across
Targets 6, 7 and 8. The completed surveys broadly replicated the anomalies identified by earlier airborne radiometric
data and were used to refine drill targeting.
1 AEU ASX announcement dated 16 June 2026.
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To date, AEU has completed 64 wide-spaced exploration holes for 5,995m across Targets 1 to 5 (Figure 1). The
drilling represents first-pass testing of early-stage exploration targets and is intended to provide geological
information, test the source of the radiometric anomalies and assess whether further drilling is warranted.
Figure 1: Muntanga North proposed drilling
At Target 5, drilling has identified a zone of uranium mineralisation interpreted over an area of approximately 600m
by 200m. The mineralisation strikes broadly parallel to bedding and its lenticular geometry may indicate a structural
influence on mineralisation. The zone remains open along-strike and down-dip to the east.
Target 5 remains at an early stage of evaluation. Further drilling and geological interpretation will be required to
determine the geometry, scale, continuity and significance of the mineralisation identified to date. Follow-up drilling is
planned to test the open portions of the interpreted zone.
No anomalous uranium mineralisation was intersected at Targets 1 to 3, while drilling at Target 4 returned a discrete
anomalous intercept, but not identified as a zone warranting immediate follow-up.
Significant intercepts from drilling at Muntanga North are set out in Table 1. Drill hole information is summarised in
Appendix 1 and 2 of ASX announcement dated 16 September 2026 (amended).
Table 1: Significant drill intercepts from Muntanga North
Target ID Hole ID from to intercept U3O8ppm
4 MNDTH2253 78.25 79.55 1.25 147.0
5 MNDTH2283 27.65 30.75 3.1 343.78
5 MNDTH2284 5.3 8.1 2.8 126.3
5 MNDTH2285 36.65 39.2 2.55 101.23
5 MNDTH2286 32.9 38.45 5.55 124.28
5 MNDTH2295 31.62 34.36 2.74 132.52
5 MNDTH2295 36.65 41.18 4.53 123.36
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Target ID Hole ID from to intercept U3O8ppm
5 MNDTH2295 73.95 78.29 4.33 101.06
5 MNDTH2295 79.53 86.6 7.07 132.39
5 MNDTH2297 66.13 71.66 5.55 135.41
5 MNDTH2297 72.76 76.49 3.75 135.33
* eU3O8 intercepts calculated from down hole gamma survey data using 100ppm cut-off,
minimum width 1m with max 0.5m internal dilution
Namakande drilling
Ground radiometric surveying and first-pass exploration drilling is complete across the Namakande targets, with 60
wide-spaced exploration holes for 6,832m completed at the reporting cut-off.
At Namakande Target 1, drilling intersected anomalous uranium mineralisation in several holes; however, the
mineralisation is generally less than 3m thick and discontinuous.
At Target 2, initial drilling intersected a broad zone (~1,000m x 400m) of shallow-dipping, bedding conformable
uranium mineralisation. Although some intercepts returned significant grades >500ppm, the intercepts in this zone to
date have generally been relatively thin (<2m). Significant intercepts from drilling at Namakande are set out in Table
2, with drill hole information in ASX announcement dated 16 September 2026.
Table 2: Significant drill intercepts from Namakande
Target ID Hole ID from to intercept U3O8ppm
1 NADTH2306 22.85 24.9 2.05 341
1 NADTH2323 20.25 21.45 1.20 377
1 NADTH2323 23.7 25.9 2.20 126
1 NADTH2323 128.95 130.65 1.70 168
1 NADTH2330 78.4 80.3 1.90 175
2 NADTH2347 34.85 36.85 2.00 170
2 NADTH2348 1.79 4.08 2.30 170
2 NADTH2350 57.27 58.32 1.05 356
2 NADTH2351 6.47 8.76 2.29 385
2 NADTH2355 11.2 12.9 1.70 355
2 NADTH2356 1.75 4.25 2.50 165
2 NADTH2357 14.25 17.9 3.65 248
2 NADTH2357 22.1 23.6 1.50 1342
2 NADTH2357 26.1 27.65 1.55 916
2 NADTH2357 37.5 38.65 1.15 767
2 NADTH2357 39.8 41.25 1.45 256
2 NADTH2358 45.97 47.61 1.64 306
2 NADTH2358 51.8 53.3 1.50 630
2 NADTH2358 63.05 64.05 1.00 585
* eU3O8 intercepts calculated from down hole gamma survey data using 100ppm cut-off,
minimum width 1m with max 0.5m internal dilution
The Namakande results will now be incorporated into the geological model and reviewed together with the
radiometric and geochemical datasets.
Next Steps
Follow-up drilling at Muntanga North Target 5 will test the interpreted extensions of the mineralised zone along strike
and down dip to the east.
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Ground radiometric surveying and first-pass drilling will continue across Muntanga North Targets 6, 7 and 8. These
are large, early-stage exploration targets and drilling will initially seek to establish the geological source of the
anomalies and determine whether further work is warranted.
Data from the completed Muntanga North and Namakande drilling will be integrated with the geological, radiometric
and geochemical datasets to refine the Company’s targeting model and prioritise subsequent exploration.
The Company expects drilling at the current Muntanga North targets to be completed in Q4 2026.
METALLURGICAL TEST WORK PROGRAM
In October, AEU announced results of a metallurgical test work program conducted on drill core collected from the
Muntanga East uranium deposit.
Metallurgical test work was conducted on two representative composite samples prepared from diamond drill core
obtained specifically for metallurgical evaluation following the delineation of the Muntanga East Mineral Resource
(Figure 2).
The program, undertaken by Mintek in South Africa, was designed to evaluate uranium extraction performance, acid
consumption characteristics and the physical suitability of the material for heap leach processing.
The material was crushed to a nominal top size of 25mm and subjected to a comprehensive program including
diagnostic leach testing, bottle roll leach testing, column leach testing and heap leach geotechnical assessments
designed to evaluate the suitability of the mineralisation for heap leach processing. The average uranium head
grade of the composites was approximately 167ppm U3O8.
Results confirmed Muntanga East mineralisation is highly amenable to heap leaching, delivering uranium recoveries
consistent with those achieved elsewhere across the Muntanga Project while exhibiting exceptionally low acid
consumption. Importantly, the test work was undertaken on lower-grade mineralisation than has historically been
tested from several of the Muntanga Project’s other deposits, yet achieved uranium recoveries in line with previous
programs.
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Figure 2: Muntanga East resource outline showing locations of diamond drill holes used to
generate the composite samples
Bottle Roll Leach Results
Bottle roll leach testing achieved uranium recoveries of ~86% and ~82% after 25 days of leaching (Table 3). Acid
consumption remained low throughout the test period at approximately 3 kg/t. Uranium dissolution was effectively
complete after approximately seven days, indicating rapid leaching kinetics and a high proportion of readily
leachable uranium minerals (Figure 3).
Results indicated approximately 80% of the uranium contained in the ore occurs in minerals that dissolve readily
under conventional acid heap leach conditions.
Table 3: Bottle roll leach results
Composite Uranium Recovery (%) Acid Consumption (kg/t)
ME1 85.9 ~3
ME2 81.9 ~3
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Figure 3: Bottle Roll leach uranium dissolution over time
Column Leach Results
Column leach testing was undertaken using 1-metre-high columns operating under conditions representative of heap
leach processing. Both composites achieved uranium recoveries of ~81%, confirming strong extraction performance
under dynamic leaching conditions (Table 4).
Table 4: Column leach results
Composite Uranium Recovery (%) Acid Consumption (kg/t)
ME1 81.0 7.0
ME2 80.8 7.6
Recovery profiles showed rapid uranium extraction during the early stages of leaching, with dissolution curves
flattening after approximately 15 to 20 days. By this point, uranium recoveries had approached final extraction levels
while acid consumption remained approximately 3 kg/t (Figure 4).
Although leaching continued for 62 days, only modest additional uranium recovery was achieved while total acid
consumption increased to between 7.0 kg/t and 7.6 kg/t, demonstrating that the majority of uranium can be
recovered with very low acid consumption.
Figure 4: Column leach uranium dissolution and total acid consumption over time
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Heap Leach Characteristics
The material exhibited excellent physical characteristics for heap leaching. Particle size analysis confirmed low fines
content and minimal fines generation during leaching, reducing the risk of permeability loss.
Stacking assessments simulating a heap height of 6 metres demonstrated favourable bulk density and porosity
characteristics while maintaining hydraulic conductivity of approximately 4,537 L/m2/h to 4,396 L/m2/h, more than
four times the design threshold typically required for heap leaching operations.
The results confirm that Muntanga East mineralisation is amenable to conventional heap leach processing and
displays physical characteristics consistent with efficient solution percolation and uranium extraction.
Next Steps
AEU will incorporate results of the Muntanga East metallurgical program into ongoing technical studies supporting
the continued advancement of the Muntanga Project. The outcomes further strengthen the Company’s
understanding of the metallurgical characteristics of mineralisation across the broader Muntanga trend and provide
additional confidence in the potential integration of Muntanga East into future mine development planning.
Madaouela Project, Niger
The Madaouela Project is located near Arlit, in north central Niger, in one of the most significant areas of producing
sandstone-hosted uranium deposits in the world. The Madaouela Project extends over approximately 122.9km2.
The Project is located in the Agadez region, southeast from the town of Arlit and west of the Aïr Mountain. Arlit is
located approximately 800km north-east by air from the capital city, Niamey.
NEW MINING CONVENTION AGREED
In August, Atomic Eagle announced it had agreed terms of a mining convention (Mining Convention) with the
Republic of Niger to re-establish its interest in the Madaouela Project, which hosts a Mineral Resource of 116.5Mlbs
U₃O₈ (foreign estimate). This agreement was formally executed in late September,2 formalising the legal, fiscal and
operational framework governing development of the Madaouela Project, which is effective from signing.
Cautionary Statement: The Mineral Resource Estimate at Madaouela is a foreign estimate prepared in accordance
with Canadian National Instrument 43-101 (NI 43-101) and is not reported in accordance with the 2012 Joint Ore
Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). A
competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource in accordance
with the JORC Code, and it is uncertain that following evaluation and/or further exploration work that the foreign
estimate will be able to be reported as a Mineral Resource in accordance with the JORC Code. The Mineral Resource
Estimate is not, and does not purport to be, compliant with the JORC Code and is therefore classified as “foreign
estimates” under the ASX Listing Rules. Please refer to the Company’s ASX announcement ‘Madaouela Uranium
Project: Foreign Mineral Resource Estimate of 116Mlbs U3O8 @ 1282ppm’ dated 24 August 2026 for further foreign
estimate disclosure as required under ASX Listing Rule 5.12.
The addition of the Madaouela Project, alongside a 58.8Mlbs U₃O₈ JORC Mineral Resource at AEU’s flagship
Muntanga Project in Zambia,3 establishes a dual-asset uranium development platform with materially increased scale
and portfolio depth. Supported by extensive historical drilling and prior technical studies, Madaouela provides a
substantial foundation for further evaluation and optimisation, while increasing the Company’s flexibility to pursue a
range of development, funding and strategic pathways.
2 AEU ASX announcement dated 24 September 2026
3 AEU ASX announcement dated 10 March 2026
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Figure 5: Location of Madaouela Project in Niger
AEU’s newly agreed Mining Convention with the Republic of Niger over Madaouela reflects the successful resolution
by the Company of a period of dispute after the project was expropriated from previous holder GoviEx Uranium Inc
(GoviEx) in 2024 and subsequent international arbitration proceedings, which were paused in January 2025. GoviEx
and Tombador Iron merged in November 2025 to create Atomic Eagle.
With renewed leadership and management engagement following the formation of Atomic Eagle, in September 2026
the Company reached a successful commercial resolution with the Republic of Niger, and arbitration has been
withdrawn, which ICSID has since confirmed.
Under the newly agreed Mining Convention structure, the Madaouela exploitation permit has been granted to the
Company’s newly incorporated Nigerien subsidiary, MAMICO, with Atomic Eagle holding a 60% interest and the State
holding a 40% interest (made up of a 15% free-carried interest and a 25% contributing interest). The agreed framework
provides long-term tenure security, a clear ownership structure, internationally recognised dispute resolution
mechanisms, and a commercially pragmatic pathway to re-establish Atomic Eagle’s interest in a large uranium
development project.
The initial US$5M payment to the Republic of Niger as agreed under the Mining Convention has been made during
October 2026. Under the Mining Convention, Atomic Eagle has also agreed that a US$40M credit will be applied
against the Government’s future equity contributions to project development. This credit is not an additional upfront
cash payment by Atomic Eagle.
The addition of Madaouela materially increases the scale of Atomic Eagle’s uranium asset base, when considered
alongside the Company’s existing JORC Mineral Resource at Muntanga, and establishes a broader platform for future
growth. This represents a step change in the Company’s asset base and development optionality.
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Figure 6: Madaouela Project deposits
In parallel with announcing the agreed Mining Convention, Atomic Eagle provided an update on the Project’s Mineral
Resource. The Mineral Resource Estimate for the Madaouela Project (Table 5) is reported as a foreign estimate in
accordance with ASX Listing Rules and is based on prior work completed by GoviEx and independent mining
consultant SRK Consulting. It was previously reported by GoviEx in accordance with NI 43-101 on 1 November 2022.
Table 5: Madaouela Foreign Mineral Resource Estimate, effective date 1 July 2022
Classification Tonnes (Mt) Grade (ppm U3O8) Contained U3O8 (Mlb)
Measured 13.70 1,000 30.1
Indicated 20.78 1,460 66.8
Inferred 6.73 1,330 19.6
Total 41.21 1,282 116.5
In reporting the previous Mineral Resource Estimate, SRK noted the following:
• The Mineral Resource has an effective date of 1 July 2022.
• Mineral Resources were classified according to the CIM Definition Standards for Mineral Resources and Mineral
Reserves (29 November 2019).
• Mineral Resources reported were inclusive of Mineral Reserves and were reported as undiluted, with no mining
recovery applied in the estimate.
• Technical and economic assumptions were agreed between SRK and GoviEx for mining factors (mining and
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processing costs) and processing factors (metal recovery, processing costs), which were used for optimisation,
and which were developed to a feasibility study level of detail and accuracy.
• At the time, SRK considered there to be reasonable prospects for economic extraction by constraining the
resources within an optimised pit shell shape constructed assuming a Uranium price of US$70/lb U3O8.
• Mineral Resources are reported within volumes defined by the optimised pit shell above a eU cut-off of 220 ppm.
• For the underground resource, SRK considered there to be reasonable prospects for economic extraction by
constraining the resources within contiguous volumes where grade diluted to a minimum thickness of 1.8m is
above 400ppm assuming a Uranium price of US$70/lb U3O8.
• Tonnages are reported in metric units, grades in parts-per-million (ppm), and the contained metal in million pounds
(Mlbs). Tonnages, grades, and contained metal totals are rounded appropriately.
The Mineral Resource Estimate is not, and does not purport to be, compliant with the JORC Code and is therefore
classified as a “foreign estimate” under Chapter 19 of the ASX Listing Rules. Additional information can be found in
AEU’s ASX Announcement dated 24 August 2026.
Cautionary Statement: The Mineral Resource Estimate at Madaouela is a foreign estimate prepared in accordance
with Canadian NI 43-101 and is not reported in accordance with the 2012 JORC Code. A competent person has not
done sufficient work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code, and it
is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported
as a Mineral Resource in accordance with the JORC Code.
Following formal execution of the Mining Convention in late September, AEU commenced a value optimisation and
technical review program, designed to build upon the substantial technical foundation already established at
Madaouela through approximately US$160 million of historical project expenditure, including extensive drilling,
engineering and feasibility studies.
The optimisation program will assess a range of opportunities, which may enhance project value and support increased
production scale. Work will include evaluation of:
• opportunities to increase mining inventory through alternative mining methods and equipment;
• inclusion of additional mineralisation not incorporated in the historical mine plan;
• revised open pit and underground optimisation at updated uranium price assumptions;
• alternative mine sequencing, including investigating opportunities to integrate underground production
alongside open pit mining; and
• opportunities to bring higher-value material forward in the production schedule.
The Company will undertake a comprehensive review of historical metallurgical testwork and the existing process
flowsheet to ensure the Madaouela Project is assessed against contemporary uranium processing technologies,
design practices and operating experience. The review will evaluate opportunities to incorporate modern processing
solutions, which may enhance uranium recoveries, improve plant operability, reduce capital intensity and operating
costs, and simplify overall process design. The work will develop updated process engineering inputs and
recommendations to support an optimised development strategy for Madaouela.
To allow for the utilization of revised mining assumptions in the reasonable prospects of economic extraction required
to estimate a resource under JORC, the Company is now aiming to release the converted Madaouela Mineral
Resource Estimate (reported in accordance with the JORC Code) in Q1 2027.
The first output of the Company’s optimisation program is expected to be a Scoping Study targeted for release in Q1
2027, which will include updated economic outcomes and plans for future feasibility work.
CORPORATE
EARLY EXERCISE OF OPTIONS
During the quarter, AEU announced its largest shareholder, Menel Energy and Resources Limited (Menel), had signed
a binding commitment to exercise an aggregate of 35,149,113 options at an exercise price of $0.31 per option. As at
the date of this report, Menel has exercised the 35,149,113 options and is paying the exercise price of approximately
$10.9 million today, with the shares to be issued next week.
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Following this exercise, approximately 16.8 million options in the same option category remain unexercised with an
exercise price of $0.31 per option and an expiry date of 5 May 2027. Full exercise of these remaining options would
provide a further approximately $5.2 million in funding proceeds to the Company.
CASH POSITION
As at 30 September 2026, Atomic Eagle held $11.5 million in cash. Since the end of the quarter, the Company has
paid US$5 million to the Niger Government associated with the re-acquisition of the Madaouela Project, and Menel
has exercised 35,149,113 options, providing approximately $10.9 million in funding to the Company.
EXPLORATION EXPENDITURE
Atomic Eagle spent approximately $2.0 million on exploration activities during the quarter. Details of the exploration
activities undertaken are set out in this Quarterly report.
MINING PRODUCTION AND DEVELOPMENT ACTIVITIES
There were no substantive mining production and development activities during the quarter.
PAYMENTS TO RELATED PARTIES
During the quarter, payments to related parties for directors’ fees totalled $89,006.
Mr Grant Davey, who is a director of the Company, is a director and shareholder of Matador Capital Pty Ltd (Matador
Capital). The Company makes payments to Matador Capital under Shared Services and Office Use Agreements,
under which Matador Capital provides office space, general office administration services, corporate and project
personnel, accounting services and IT hardware and infrastructure to the Company. The services provided by Matador
Capital are recovered from the Company on a cost-plus basis and totalled $271,879.
PROSPECTUS USE OF FUNDS
Atomic Eagle was re-admitted to the official list of the ASX on 24 November 2025, following the completion of a capital
raising of $10 million. The September 2026 quarter is included in a period covered by a Use of Funds statement in the
Prospectus lodged with ASX under Listing Rule 1.1 condition 3.
A comparison of the Company’s actual expenditure since re-admission to 30 September 2026 against the estimated
expenditure in the Use of Funds statement is set out below in accordance with ASX Listing Rule 5.3.4. The Company
is on track to meet the planned business objectives detailed in the prospectus.
Use of Funds Prospectus Use
of Funds
Actual Use of Funds
to 30/09/2026
Estimated
Remaining Spend
$ $ $
Muntanga – Project development costs 3,880,000 – 3,880,000
Muntanga – Exploration activities 12,886,600 5,221,800 7,664,800
Madaouela legal costs 920,245 1,159,770 –
Corporate and general administration4 3,382,000 3,405,207 –
Working Capital 2,212,246 (319,007) 2,531,253
Transaction costs 1,369,940 663,023 706,917
Broker fees 600,000 600,000 –
Change of control/termination payments – 1,676,379 –
Total 25,251,031 12,407,172 14,782,970
4 Includes legal, adviser, consultant and travel costs associated with progressing discussions with the Ministry of Mines regarding
a new mining convention for the resumption of the Madaouela Project.
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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
TENEMENT SCHEDULE
LICENCE
NUMBER LICENCE NAME PROJECT LOCATION
INTEREST AT
BEGINNING OF
QUARTER
INTEREST
AT
END OF
QUARTER
13880-HQ-LML Muntanga
Mining Licence Muntanga Zambia 100% 100%
13881-HQ-LML Dibbwi
Mining Licence Dibbwi Zambia 100% 100%
12634-HQ-LML Chirundu
Mining Licence Chirundu Zambia 100% 100%
22075-HQ-LEL Chirundu_Ext
Exploration Licence Chirundu Zambia 100% 100%
22803-HQ-LEL Nabbanda
Exploration Licence Nabbanda Zambia 100% 100%
38555-HQ-LML Kariba Valley
Mining Licence Kariba Zambia 100% 100%
PEX-9
Permis
d’Exploitation
Madaouela I
Madaouela Niger 0% 60%
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About Atomic Eagle
Atomic Eagle Limited (ASX: AEU) is an ASX-listed uranium development company focused on advancing a portfolio
of uranium assets in Africa.
The Company’s flagship asset is the 100%-owned Muntanga Uranium Project in Zambia, which contains a JORC
Mineral Resource of 58.8Mlbs at 309ppm U₃O₈ and is the subject of ongoing resource growth and optimisation
programs aimed at supporting a larger-scale development opportunity.
Atomic Eagle also holds a 60% interest in the Madaouela Uranium Project in Niger, a large uranium development
project supported by extensive historical drilling, feasibility-level studies and an established Mining Convention with
the Republic of Niger. Madaouela hosts a Mineral Resource of 116.5Mlbs at 1,282ppm U₃O₈ reported as a foreign
estimate in accordance with ASX Listing Rules.
Cautionary Statement: The Mineral Resource Estimate at Madaouela is a foreign estimate prepared in accordance
with Canadian NI 43-101 and is not reported in accordance with the 2012 JORC Code. A competent person has not
done sufficient work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code, and it
is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported
as a Mineral Resource in accordance with the JORC Code.
With advanced uranium projects in two of Africa’s most prospective uranium jurisdictions, Atomic Eagle is focused on
expanding and optimising its resource base, advancing development studies and pursuing opportunities to maximise
shareholder value as global demand for nuclear fuel continues to grow.
The information in this announcement relating to:
a) the Mineral Resource Estimates for the Muntanga Uranium Project is extracted from the ASX announcement
titled ‘Tombador to Acquire GoviEx Uranium Inc.’ released to the ASX 19 August 2025, the report titled
‘Prospectus’ released to the ASX on 6 October 2025 and 20 November 2025 and the announcement titled
‘Uranium Resources increase by 24% (revised)’ dated 10 March 2026;
b) The foreign Mineral Resource Estimate for the Madaouela Uranium Project is extracted from the ASX
announcement titled ‘Madaouela Uranium Project: Foreign Mineral Resource Estimate of 116Mlbs U3O8 @
1282ppm’ dated 24 August 2026;
c) the Exploration Results for the Muntanga Uranium Project are extracted from the ASX announcements titled
‘Drilling continues to expand known uranium mineralisation at the Muntanga Project’ dated 16 June 2026 and
‘Drilling expands uranium mineralisation at Muntanga – Amendment’ dated 16 September 2026; and
d) the metallurgical test work results for Muntanga East are extracted from the ASX announcement titled
‘Muntanga delivers strong heap leach recoveries and exceptionally low acid consumption’ dated 6 October
2026,
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 announcements and that all material assumptions and
technical parameters underpinning the estimates continue to apply and have not materially changed.
Competent Person’s Statement – Mineral Resource Estimate
The information in this announcement relating to 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
Page 15 of 15
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
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.
Forward-Looking Statements
This announcement includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions.
Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”,
“forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions.
Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking
statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors, many of which are beyond the control of the Company and its officers, employees,
agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement.
Actual results, performance or achievements may vary materially from any projections and forward looking statements and
the assumptions on which those statements are based. Given these uncertainties, recipients are cautioned to not place
undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law the Company
disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this
document to reflect any change in expectations in relation to any forward looking statements or any change in events,
conditions or circumstances on which any such statement is based.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Atomic Eagle Limited
ABN Quarter ended (“current quarter”)
20 108 958 274 30 September 2026
Consolidated statement of cash flows Current quarter
$A’000
Year to date
$A’000
1. Cash flows from operating activities
1.1 Receipts from customers – –
1.2 Payments for
(1,859) (4,207) (a) exploration & evaluation
(b) development – –
(c) production – –
(d) staff costs (256) (726)
(e) administration and corporate costs (715) (2,415)
(f) Goviex termination payments – (794)
1.3 Dividends received (see note 3) – –
1.4 Interest received 127 346
1.5 Interest and other costs of finance paid – –
1.6 Income taxes paid – (269)
1.7 Government grants and tax incentives – –
1.8 Other (royalty received) 164 245
1.9 Net cash from / (used in) operating
activities
(2,539) (7,820)
2. Cash flows from investing activities
– –
2.1 Payments to acquire or for:
(a) entities
(b) tenements – –
(c) property, plant and equipment – (462)
(d) exploration & evaluation – –
(e) investments – –
(f) other non-current assets – security
deposit on office lease
– (120)
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 2
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$A’000
Year to date
$A’000
2.2 Proceeds from the disposal of:
(a) entities – –
(b) tenements – –
(c) property, plant and equipment – –
(d) investments – –
(e) other non-current assets (refund of
security deposit)
72 72
2.3 Cash flows from loans to other entities – –
2.4 Dividends received (see note 3) – –
2.5 Other (provide details if material) – –
2.6 Net cash from / (used in) investing
activities
72 (510)
3. Cash flows from financing activities
– –
3.1 Proceeds from issues of equity securities
(excluding convertible debt securities)
3.2 Proceeds from issue of convertible debt
securities
– –
3.3 Proceeds from exercise of options 36 631
3.4 Transaction costs related to issues of equity
securities or convertible debt securities
– –
3.5 Proceeds from borrowings – –
3.6 Repayment of borrowings – –
3.7 Transaction costs related to loans and
borrowings
– –
3.8 Dividends paid – –
3.9 Other (provide details if material) – –
3.10 Net cash from / (used in) financing
activities
36 631
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period
13,824 19,339
4.2 Net cash from / (used in) operating
activities (item 1.9 above)
(2,539) (7,820)
4.3 Net cash from / (used in) investing activities
(item 2.6 above)
72 (510)
4.4 Net cash from / (used in) financing activities
(item 3.10 above)
36 631
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 3
+ See chapter 19 of the ASX Listing Rules for defined terms.
Consolidated statement of cash flows Current quarter
$A’000
Year to date
$A’000
4.5 Effect of movement in exchange rates on
cash held
102 (145)
4.6 Cash and cash equivalents at end of
period
11,495 11,495
5. Reconciliation of cash and cash
equivalents
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
Current quarter
$A’000
Previous quarter
$A’000
5.1 Bank balances 11,495 13,824
5.2 Call deposits – –
5.3 Bank overdrafts – –
5.4 Other (provide details) – –
5.5 Cash and cash equivalents at end of
quarter (should equal item 4.6 above)
11,495 13,824
6. Payments to related parties of the entity and their
associates
Current quarter
$A’000
6.1 Aggregate amount of payments to related parties and their
associates included in item 1
361
6.2 Aggregate amount of payments to related parties and their
associates included in item 2
–
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an
explanation for, such payments.
7. Financing facilities
Note: the term “facility’ includes all forms of financing
arrangements available to the entity.
Add notes as necessary for an understanding of the
sources of finance available to the entity.
Total facility
amount at quarter
end
$A’000
Amount drawn at
quarter end
$A’000
7.1 Loan facilities – –
7.2 Credit standby arrangements – –
7.3 Other (please specify) – –
7.4 Total financing facilities – –
7.5 Unused financing facilities available at quarter end –
7.6 Include in the box below a description of each facility above, including the lender, interest
rate, maturity date and whether it is secured or unsecured. If any additional financing
facilities have been entered into or are proposed to be entered into after quarter end,
include a note providing details of those facilities as well.
N/A
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
ASX Listing Rules Appendix 5B (17/07/20) Page 4
+ See chapter 19 of the ASX Listing Rules for defined terms.
8. Estimated cash available for future operating activities $A’000
8.1 Net cash from / (used in) operating activities (item 1.9) (2,539)
8.2 (Payments for exploration & evaluation classified as investing
activities) (item 2.1(d))
–
8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,539)
8.4 Cash and cash equivalents at quarter end (item 4.6) 11,495
8.5 Unused finance facilities available at quarter end (item 7.5) –
8.6 Total available funding (item 8.4 + item 8.5) 11,495
8.7 Estimated quarters of funding available (item 8.6 divided by
item 8.3)
4.5
Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”.
Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating
cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further
cash to fund its operations and, if so, what are those steps and how likely does it
believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and to meet its business
objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement
1 This statement has been prepared in accordance with accounting standards and policies which
comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Date: 30 October 2026
Authorised by: Board of Atomic Eagle Limited
(Name of body or officer authorising release – see note 4)
Notes
1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the
entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An
entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is
encouraged to do so.
2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions
in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting
standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”.
If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the
[name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a
disclosure committee, you can insert here: “By the Disclosure Committee”.
5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and
Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial
records of the entity have been properly maintained, that this report complies with the appropriate accounting standards
and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively
Source: Atomic Eagle