Atomic Eagle Reacquires Madaouela, Confirms 116.5 Million Pound Uranium Resource

• Atomic Eagle has reacquired the Madaouela Uranium Project in Niger and reported a historical mineral resource of 116.5 million pounds of uranium oxide at 1,282 parts per million (ppm), reported as a foreign estimate under ASX Listing Rules.
• The estimate comprises 96.9 million pounds Measured & Indicated at 1,275 ppm and 19.6 million pounds Inferred at 1,330 ppm, with an effective date of July 1, 2022.
• The resource is underpinned by approximately 600,000 meters of historical drilling across more than 5,700 holes and feasibility-level technical studies completed by GoviEx Uranium Inc and SRK Consulting.
• Atomic Eagle holds a 60% interest in Madaouela and is targeting conversion of the foreign estimate to a JORC 2012-compliant Mineral Resource Estimate in the fourth quarter of 2026.
• The acquisition adds a second African uranium development jurisdiction alongside the 100%-owned Muntanga Uranium Project in Zambia, which holds a JORC resource of 58.8 million pounds of uranium oxide.

Company Overview

Atomic Eagle Limited (ASX: AEU | OTCQX: AEUXF) 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, district-scale Muntanga Uranium Project in Zambia, spanning 4 mining licenses and 2 exploration licenses over a 146-kilometer strike length, covering 1,136 square kilometers adjacent to Lake Kariba. The project hosts a combined Measured, Indicated & Inferred mineral resource of 86.2 million tonnes at 309 parts per million (ppm) uranium oxide for 58.8 million pounds of uranium oxide, with infrastructure advantages including sealed road access to Lusaka and export routes through Namibia's port of Walvis Bay. Atomic Eagle also holds a 60% interest in the Madaouela Uranium Project in Niger, which hosts a 116.5 million-pound uranium oxide resource reported as a foreign estimate.

Foreign Mineral Resource Estimate

Following its reacquisition of Madaouela, Atomic Eagle has reported a historical mineral resource estimate of 116.5 million pounds of uranium oxide at a grade of 1,282 ppm, comprising 13.70 million tonnes at 1,000 ppm for 30.1 million pounds Measured, 20.78 million tonnes at 1,460 ppm for 66.8 million pounds Indicated, and 6.73 million tonnes at 1,330 ppm for 19.6 million pounds Inferred. The estimate has an effective date of July 1, 2022, and was previously reported by GoviEx in accordance with Canada's National Instrument 43-101 (NI 43-101) on November 1, 2022.

The estimate is reported as a foreign estimate under Chapter 19 of the ASX Listing Rules and is not compliant with the 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 whether the foreign estimate will ultimately be reportable as a JORC-compliant Mineral Resource following further evaluation or exploration work.

Based on historical studies, mineralization at Madaouela is shallow, laterally extensive, and amenable to conventional mining methods. SRK considered there to be reasonable prospects for economic extraction based on an optimized pit shell constructed using a uranium price of US$70 per pound of uranium oxide, with resources reported above a 220 ppm equivalent uranium (eU) cut-off; for the underground resource, reasonable prospects were assessed using a minimum diluted thickness of 1.8 meters above 400 ppm at the same uranium price assumption.

Chief Executive Officer of Atomic Eagle, Phil Hoskins, commented on the significance of the resource: 

"The Madaouela Project represents a uranium resource of significant scale, defined through an extensive body of historical drilling and technical work. What is particularly compelling is the combination of size, grade and the breadth of prior studies completed, which together provide a strong technical foundation for future work. Our immediate priority is to upgrade the estimate to JORC standards, while advancing our understanding of the project's development potential."

Path to JORC Compliance

Atomic Eagle's immediate priority is to convert the foreign estimate into a JORC 2012-compliant Mineral Resource Estimate, targeting the fourth quarter of 2026. The program includes review and validation of the drilling database; verification of assay and radiometric data; review of geological models and estimation parameters to define reasonable prospects for eventual economic extraction; and assessment of quality assurance and quality control procedures for radiometric probe calibration and chemical assay verification. Density values used in the historical estimate will also require independent verification across different mineralization domains.

Competent Person Jerome Randabel, a Member of the Australasian Institute of Geoscientists and a consultant to Atomic Eagle, confirmed the foreign estimate has been accurately represented from source material. Randabel served as Chief Geologist at GoviEx Uranium Inc for 12 years, overseeing the work that generated the Madaouela mineral resource estimate.

Next Steps

Atomic Eagle will progress its JORC 2012 conversion program at Madaouela, including drilling database validation and verification of assay and radiometric data, with the aim of publishing a JORC-compliant Mineral Resource Estimate targeted for the fourth quarter of 2026. In parallel, the company will continue its resource growth and optimization programs at the Muntanga Uranium Project in Zambia.