Atomic Eagle Launches 30,000-Metre Drill Campaign at Muntanga to Drive Resource Growth Beyond Feasibility Study Scale

• Atomic Eagle (ASX: AEU | OTCQX:GVXXF) has commenced a 30,000-metre drill programme at the Muntanga Uranium Project in Zambia, targeting resource growth and new discoveries across three priority areas.
• The programme covers infill drilling at Chisebuka to convert known mineralisation into a JORC Mineral Resource, plus maiden drilling at Namakande 1 and 2 and Muntanga North.
• The current total Mineral Resource stands at 58.8 million pounds uranium oxide at 309 parts per million, comprising a Measured and Indicated Resource of 40.0 million pounds and an Inferred Resource of 18.8 million pounds.
• Ground radiometric surveys using scintillometers are running concurrently with drilling at Chisebuka to refine targets at Namakande and Muntanga North ahead of maiden drill programmes.
• The Company states it is fully funded to execute both its 2026 and 2027 exploration programmes.

Atomic Eagle (ASX: AEU | OTCQX:GVXXF) has commenced its 2026 drill programme at the 100%-owned Muntanga Uranium Project in Zambia, deploying multiple rigs and geophysical crews across three priority target areas. The programme comprises approximately 30,000 metres of drilling and is designed to grow the resource base beyond the scale contemplated in a prior feasibility study.

The announcement follows a resource upgrade disclosed on 10 March 2026 in which Atomic Eagle increased total Mineral Resources by 24% to 58.8 million pounds uranium oxide at 309 parts per million. That total comprises a Measured and Indicated Resource of 50.4 million tonnes (Mt) at 359 parts per million for 40.0 million pounds uranium oxide, and an Inferred Resource of 35.8Mt at 238 parts per million for 18.8 million pounds uranium oxide.

Three-Area Drill Strategy

The 2026 programme targets three discrete areas within the broader Muntanga project tenure. At Chisebuka, infill drilling is aimed at converting the remainder of known mineralisation into a JORC Mineral Resource. The Chisebuka target has had 131 holes drilled for a cumulative 12,395 metres, of which 69 holes for 7,235 metres were completed by the Company in late 2025. That work underpinned the maiden Inferred Mineral Resource for Chisebuka of 19.9Mt at 220 parts per million for 9.7 million pounds uranium oxide, which the Company states was added at a discovery cost of US$0.05 per pound. The current infill programme will drill additional holes to extend the resource-classified area beyond the existing 100-metre by 100-metre spaced coverage.

At Namakande 1 and 2, the Company is conducting a maiden drill programme. Both targets are located within the Kariba Valley mining licence, the southernmost licence in the project area, where the geology represents the southern extension of the same formation hosting the Muntanga and Dibbwi East deposits. The targets have been identified at the intersection of radiometric anomalies, outcrops of the Escarpment Grit Formation - the preferred host rock - a series of faults, and changes in bedding direction, all of which are considered potential structural and lithological controls on uranium mineralisation. Ground radiometric surveys using hand-held scintillometers are running concurrently with drilling at Chisebuka, with survey completion targeted for the end of May 2026. Once complete, Namakande 1 and 2 will be drilled on a first-pass spacing of 400 metres by 400 metres.

Muntanga North covers approximately 80 square kilometres in the north of the Muntanga Mining Lease, between the known Njame resource to the north and the Dibbwi East and Muntanga deposits to the south. Aside from a small area within the Nabanda exploration licence drilled in 2022 - which returned an intercept of 1.95 metres at 295 parts per million uranium oxide - the zone is effectively undrilled. Geological mapping has identified north-east to south-west striking, faulted repetitions of the Escarpment Grit Formation overlain by the ISM Formation, with numerous large radiometric anomalies corroborated by soil sampling and radon surveys. The Company has identified eight discrete exploration targets within Muntanga North, each to be drilled on a first-pass spacing of 400 metres by 400 metres following scintillometer survey refinement.

CEO Commentary

Phil Hoskins, Chief Executive Officer of Atomic Eagle, said:

"Having already demonstrated the success of our initial exploration program that saw the resource increase by 24% to 58.8Mlbs U3O8 within 3 months of owning the Project, we are excited to commence a 30,000 metre program where we will be testing several high priority exploration targets. Our strategy is to grow the resource to underpin a significantly larger mining operation than that contemplated in the previous feasibility study. With two rigs drilling and numerous walk-up drill targets, we believe there is great potential to expand upon the existing resource."

Next Steps

Ground radiometric surveys at Namakande 1 and 2 are targeting completion by the end of May 2026, after which maiden drilling at that target area will commence on a 400-metre by 400-metre spacing. A scintillometer crew will conduct equivalent ground surveys across all eight discrete Muntanga North target areas before the drill rig follows. Across both programmes, survey results will refine anomaly boundaries to direct first-pass holes. The Company has stated it is fully funded to execute its 2026 and 2027 exploration programmes, with the overarching objective of growing the Muntanga resource base to support a mining operation of materially greater scale than outlined in the previous feasibility study.

About Atomic Eagle Limited

Atomic Eagle (ASX: AEU | OTCQX:GVXXF) is an ASX-listed mineral resource company focused on the exploration and development of uranium assets in Africa. Its core asset is the 100%-owned Muntanga Uranium Project in Zambia, a district-scale project spanning four mining licences and two exploration licences across a 146-kilometre strike length covering 1,136 square kilometres, adjacent to Lake Kariba. The project contains a combined Mineral Resource of 58.8 million pounds uranium oxide at 309 parts per million. Muntanga is located near the town of Chirundu, with sealed road access to Lusaka and onward connectivity to Namibia's port of Walvis Bay via Livingstone, providing export routes to both western and eastern markets.

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