Atomic Eagle Appoints Uranium Industry Veteran Grant Davey as Non-Executive Chairman

• Grant Davey, founder of Boss Energy Limited and Lotus Resources Limited - two ASX-listed uranium producers - has been appointed Non-Executive Chairman of Atomic Eagle Limited effective 20 April 2026, bringing more than 30 years of operational experience in mining and energy project development.
• Muna Hantuba joins as Non-Executive Director, adding a 40-year career in Zambian finance, mining, and corporate governance, including a prior term as Chairman of Zambia's Securities and Exchange Commission - directly relevant to the Environmental and Social Impact Assessment and Resettlement Action Plan approvals Atomic Eagle is targeting in 2026.
• Atomic Eagle holds a JORC-compliant Mineral Resource Estimate of 58.8 million pounds of uranium oxide at 309 parts per million across the Muntanga project in Zambia, with 40.0 million pounds in the Measured and Indicated categories at 359 parts per million underpinning a March 2026 feasibility study.
• The March 2026 feasibility study returned a post-tax net present value of US$243 million at an 8% discount rate, a post-tax internal rate of return of 20.8%, and pre-production capital costs of US$282 million for a 12-year open-pit, heap leach operation.
• Atomic Eagle is targeting commencement of its largest drilling program in 18 years in April 2026, testing a conceptual exploration target of 40 to 100 million pounds uranium oxide across its 1,126 square kilometre Zambian licence package.

Atomic Eagle (ASX: AEU | OTCQB: AEUXF) has appointed Grant Davey as Non-Executive Chairman effective 20 April 2026, adding the founder of two listed uranium producers to its board as the company prepares to commence its largest drilling program at the Muntanga uranium project in Zambia in 18 years. Concurrently, Muna Hantuba - a former Chairman of Zambia's Securities and Exchange Commission - joins as Non-Executive Director, providing direct regulatory familiarity at a point when the company is targeting Environmental and Social Impact Assessment (ESIA) and Resettlement Action Plan (RAP) approvals in Zambia in 2026.

Board Restructure

Davey founded Boss Energy Limited (ASX: BOE) and Lotus Resources Limited (ASX: LOT), per the Atomic Eagle ASX announcement dated 20 April 2026. Boss Energy reported A$75.6 million in revenue for the 12 months to 30 June 2025, its first full year of production from the Honeymoon uranium mine in South Australia and the Alta Mesa project in the United States. Lotus Resources achieved first yellowcake production at its 85%-owned Kayelekera uranium mine in Malawi in Q3 2025, on schedule and within budget, with commercial shipments targeting late 2025 and steady-state output of 2.4 million pounds of uranium oxide annually from the first quarter of 2026. Davey brings more than 30 years of operational experience across the development, construction, and operation of global mining and energy projects.

Davey currently serves as a Non-Executive Director of Frontier Energy Limited (ASX: FHE) - a role he transitioned into following a March 2026 board reshuffle at that company - and as Executive Chairman of Earths Energy Limited (ASX: EE1). Govind Friedland transitions from Chairman to Non-Executive Director concurrent with Davey's appointment, retaining board representation. Eric Krafft resigned from the board effective 20 April 2026.

New Non-Executive Director: In-Country Regulatory Depth

Hantuba served as Chairman of Zambia's Securities and Exchange Commission and as President of the Economics Association of Zambia across a 40-year career in finance, mining, insurance, real estate, and corporate governance. He is currently board chairman of Chilanga Cement Zambia Plc, Zambia's largest cement producer, and holds directorships across subsidiaries of the Aflife Holdings Group. He is a member of the Zambia Association of Chambers of Commerce & Industry.

Hantuba's prior chairmanship of Zambia's Securities and Exchange Commission is directly relevant to Atomic Eagle's 2026 permitting schedule: the ESIA and RAP approvals the company is targeting require engagement with Zambian government counterparts, and board-level familiarity with that regulatory apparatus reduces the risk of process delays that could defer the project's development timeline.

Management Commentary

With the board restructure now complete, Chief Executive Officer of Atomic Eagle, Phil Hoskins, addressed the strategic rationale for both appointments in the 20 April 2026 ASX announcement:

"We are delighted to have attracted individuals of the calibre of both Grant and Muna to the board of Atomic Eagle, as their experience in dealing in Africa over the duration of their careers is vitally important. In addition, Grant's expertise in the uranium sector of more than 20 years will no doubt prove invaluable, having been the founder of both Boss Energy and Lotus Resources."

Project Context

Atomic Eagle holds a JORC-compliant Mineral Resource Estimate (MRE) of 58.8 million pounds of uranium oxide at an average grade of 309 parts per million (ppm) across the Muntanga project in Zambia, per the 10 March 2026 ASX announcement. Of that total, 40.0 million pounds sits in the Measured and Indicated categories at 359ppm - the resource base underpinning the March 2026 feasibility study, which modelled a 12-year open-pit, heap leach operation and returned a post-tax net present value of US$243 million at an 8% discount rate, a post-tax internal rate of return of 20.8%, and pre-production capital costs of US$282 million, using Measured and Indicated resources at the Muntanga and Dibbwi East deposits only.

The company is targeting commencement of a drilling program in April 2026 - the largest undertaken at the project in 18 years - against a conceptual exploration target of 40 to 100 million pounds uranium oxide across untested areas within its 1,126 square kilometre Zambian licence package. That target is conceptual in nature, reported 3 December 2025 in accordance with the JORC Code (2012), with insufficient exploration completed to support a mineral resource estimate from those areas at this time.

Conclusion

The board restructure positions Atomic Eagle at a specific inflection point: the April 2026 drill program commencement is the first operational test of whether the Muntanga resource base can support a production profile materially larger than the 2.2 million pounds of uranium oxide per year modelled in the March 2026 feasibility study. A resource base that does not grow beyond its current 58.8 million pounds constrains the project to its existing feasibility baseline - a 12-year mine life with pre-production capital of US$282 million and a post-tax net present value of US$243 million at an 8% discount rate. A resource base that grows toward the upper end of the 40 to 100 million pound exploration target, reported 3 December 2025, materially changes both the mine life and the capital efficiency case for an expanded heap leach operation.

Davey's appointment is operative now because the drill program that will determine that outcome begins this month. His experience taking two uranium companies from development to listed producer status is most relevant at the point where a company must convert exploration results into bankable project economics - the precise stage Atomic Eagle enters in April 2026. Hantuba's appointment addresses the parallel regulatory timeline: ESIA and RAP approvals targeted in 2026 are not dependent on drill results, but their absence would block any construction decision regardless of what the drill program returns. Both appointments are therefore timed to the company's two most proximate de-risking milestones, rather than to a future development stage.

FAQs (AI-Generated)