Atomic Eagle Refines Uranium Drill Targets at Muntanga North with Ground Radiometric Survey

• Atomic Eagle has completed more than half of a planned ground radiation survey at its Muntanga North exploration area in Zambia, confirming multiple zones of elevated radioactivity that align with historical survey data.
• The close-spaced survey has allowed the company to identify the most radioactively intense zones within broader anomalies, giving the exploration team clearer targets before committing to drilling.
• Just under half of all readings taken across the five surveyed areas exceeded background radiation levels, with a smaller proportion recording notably stronger responses.
• The anomalies sit along the same geological corridor that hosts the company's existing uranium deposits at Muntanga and Dibbwi East, strengthening the case that the new targets share similar mineralisation potential.
• Drilling of the first five target areas is expected to begin within weeks, while surveys over the remaining three target areas will continue through the middle of 2026.
• Separate drilling at the Chisebuka prospect is ongoing, and ground surveys at two additional prospect areas - Namakande 1 and Namakande 2 - are scheduled to begin in June 2026.

Atomic Eagle (ASX: AEU; OTCQX: GVXXF) is an ASX-listed uranium exploration and development company focused on Africa. Its flagship asset is the 100%-owned Muntanga Uranium Project in Zambia, a large-scale project spanning four mining licences and two exploration licences over a 146 kilometre stretch of ground adjacent to Lake Kariba. The project currently holds a total uranium resource of 58.8 million pounds of uranium oxide, split between a higher-confidence Measured and Indicated Resource of 40.0 million pounds and a lower-confidence Inferred Resource of 18.8 million pounds.

What Is the Company Doing & Why Does It Matter?

Atomic Eagle is conducting ground-level radiation surveys across a northern extension of its Muntanga project, an area known as Muntanga North. The surveys measure natural radiation coming off rocks at surface using a handheld instrument called a scintillometer, which records readings in counts per second, or CPS. Higher CPS readings suggest that more radioactive material - potentially uranium - may be present in the rocks below.

It is important to note that scintillometer readings are not a direct measure of uranium grade. They can also pick up signals from other naturally occurring elements such as thorium and potassium. These readings are a starting point for exploration rather than a confirmed result, and they are not a substitute for laboratory testing.

The purpose of this particular survey is practical: rather than drilling across a broad area and hoping for the best, Atomic Eagle is using these surface measurements to home in on the most promising spots within each target area before putting a drill bit in the ground. Drilling is expensive, so this kind of preparation helps the company spend its money more efficiently.

What the Survey Has Found So Far

Of the eight priority target areas identified at Muntanga North, five have now been surveyed. Across those five areas, the survey has recorded 854 individual readings. Of those, 424 came in above the background radiation threshold - the level at which a reading is considered meaningfully elevated rather than simply normal background noise. A smaller number of readings - 87 in total - were notably stronger still, suggesting the presence of particularly active zones within the broader anomaly areas.

Individual target areas carry anomalies stretching up to approximately 4 kilometres in length. All eight target areas sit between 15 and 25 kilometres along strike from the company's existing Muntanga and Dibbwi East deposits, which are the known uranium accumulations that underpin the company's current resource estimate.

CEO Phil Hoskins described the initial results as encouraging, noting the geological significance of where the anomalies are sitting:

"We are encouraged by the initial results from ground radiometric surveys over the first five targets at Muntanga North. These anomalies occur along strike from the Company's existing resource areas and are hosted within the same favourable Escarpment Grit Formation."

Why the Geology Matters

All known uranium mineralisation at the Muntanga project sits within a specific rock unit called the Escarpment Grit Formation, part of what geologists refer to as the Upper Karoo Basin. In simple terms, this is a layer of ancient sedimentary rock that, at Muntanga, has proven to be a particularly good host for uranium deposits. The Muntanga North target areas sit within this same rock unit, along the same geological corridor as the existing deposits. That continuity is an important part of why the company considers these targets worth drilling.

The survey results do not exist in isolation. They are part of a broader body of evidence that includes historical airborne surveys flown by New Resolution Geophysics in 2006, as well as soil and radon gas surveys carried out by Denison Mines between 2013 and 2015. The fact that the new ground survey results align with and reinforce that earlier work adds to management's confidence that these are genuine targets rather than random signals.

Hoskins elaborated on this point, explaining what the detailed surveys have added beyond simply confirming what was already known:

"The detailed ground surveys have not only confirmed the historical airborne anomalies in target areas 1 to 5 but, importantly, have helped identify the higher intensity zones within these systems. This provides greater confidence in prioritising drill targets as we prepare to commence drilling in the coming weeks."

A Prior Drill Result Points the Way

Within target area 5 lies a prospect called Nabbanda, where Atomic Eagle drilled five holes in 2024. One of those holes returned two separate uranium intercepts - results that, while modest in width, demonstrated that the geological system at Muntanga North is capable of carrying uranium mineralisation at grades worth following up. The remaining four holes at Nabbanda returned no significant results, which is a normal outcome at this early stage of exploration and a reminder that not every target will yield a positive result.

The Nabbanda result is relevant context for investors because it provides the only direct evidence to date that uranium mineralisation exists within the Muntanga North target areas - the current ground survey programme is building on that starting point.

Next Steps

Drilling at Muntanga North targets 1 to 5 is expected to begin within the coming weeks. The company will continue ground radiometric surveys over the remaining three target areas - targets 6 to 8 - during the second and third quarters of 2026, with those results expected to inform a further round of drill targeting.

At the Chisebuka prospect, which already carries an Inferred Resource of 9.7 million pounds uranium oxide within the broader Muntanga project, drilling is continuing with the aim of extending recently defined higher-grade mineralisation.

Ground radiometric surveys at the Namakande 1 and Namakande 2 prospect areas are scheduled to begin in June 2026 to help identify where future drilling at those locations should be directed.

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