Atomic Eagle Secures Environmental & Resettlement Approvals for Muntanga Uranium Project

• Atomic Eagle has received Environmental and Social Impact Assessment (ESIA) approval from the Zambia Environmental Management Agency (ZEMA) and a "No Objection" approval of the Resettlement Action Plan (RAP) from the Office of the Vice President (OVP) Resettlement Division, representing the key environmental and social permits required prior to eventual construction.
• The approvals materially de-risk Muntanga's development pathway and provide a clear regulatory route forward without altering the Company's near-term focus on resource growth.
• The RAP, which addresses the relocation and compensation of 175 Project Affected Households comprising 771 individuals, was assessed as technically sound, human-rights compliant, and benchmarked against the International Finance Corporation (IFC) Performance Standard 5.
• Zambia ranks 3rd within Africa for investment attractiveness and policy perception in the Fraser Institute Survey, reinforcing the jurisdiction's credibility as a mining destination.
• The Company's stated value pathway is resource growth, then larger scale, then improved economics, with development timing aligned with optimisation outcomes and market conditions.

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 licences and 2 exploration licences over a 146-kilometre strike length, covering 1,136 square kilometres 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.

Cornerstone Approvals Secured Ahead of Resource Growth Phase

Atomic Eagle has announced that the Muntanga Uranium Project in Zambia has received both Environmental and Social Impact Assessment (ESIA) approval from the Zambia Environmental Management Agency (ZEMA) and a formal "No Objection" approval of the Resettlement Action Plan (RAP) from the Office of the Vice President (OVP) Resettlement Division. The Company describes these two approvals as the key environmental and social permits required prior to the eventual commencement of construction, as envisaged in the previous Feasibility Study (FS) announced on March 3, 2026.

Importantly, the approvals were secured without altering the Company's core strategy, which remains focused on growing the resource base and defining a larger-scale mining operation before any development decision is considered. Zambia ranks 3rd within Africa for investment attractiveness and policy perception in the Fraser Institute Survey, a standing the Company views as a competitive consideration for Muntanga in the context of global uranium supply. Atomic Eagle notes that permitting risk has been addressed early in the project lifecycle, ahead of resource expansion and future FS updates. 

Chief Executive Officer of Atomic Eagle, Phil Hoskins, described the significance of the milestone:

"Securing both the ESIA and RAP approvals marks a major step forward for the Muntanga Project, significantly de-risking the pathway towards eventual development. It is also a strong endorsement by key Government agencies reflecting strong regulatory alignment and stakeholder engagement, further reinforcing Zambia's support for responsible uranium development and its attractiveness as a mining jurisdiction. With key permits in place, Muntanga is now positioned as a development-ready asset, an increasingly rare and strategically valuable profile in a uranium market where few projects can deliver new supply into the expected structural deficit.

He added:

Whilst we are pleased to have cleared these permitting milestones, our focus remains on growing the resource base to support a larger, more valuable operation at Muntanga."

ESIA: Scope, Conditions & Validity

The ESIA 1 was submitted to ZEMA on September 22, 2025, and formally approved on June 4, 2026, following technical review, stakeholder consultation, and site verification inspections. The approval was issued under Approval Certificate Number ZEMA/EA/ESIS/CRU/EAC5/108 and is valid for 3 years from the date of approval, within which the project must commence implementation. 

The scope covers the development, operation, and rehabilitation of the Project, consistent with the FS, specifically open-pit mining and heap-leach processing of the Muntanga and Dibbwi East deposits at a centralised processing location proximal to both deposits. Additional deposits within the broader project area, including Dibbwi, Njame, and Gwabi, were considered at a conceptual level but remain subject to further studies and approvals, as does the newly defined Chisebuka deposit. Atomic Eagle notes that the incorporation and sequencing of feed from these additional deposits will be important to the Project's ability to increase production throughput beyond the FS configuration.

Key conditions attached to the approval include implementation of a comprehensive Environmental and Social Management Plan (ESMP), ongoing environmental monitoring and reporting to ZEMA, radiation safety and water management measures, biodiversity protection and land rehabilitation, and compliance with Zambia's Radiation Protection Authority requirements.

RAP: International Standards Compliance & Affected Households

The RAP was submitted in conjunction with the ESIA and has received formal "No Objection" approval from the OVP Resettlement Division following technical review. The plan defines the framework for managing all displacement, compensation, and livelihood restoration associated with initial project development areas, specifically the Muntanga and Dibbwi East deposits covered by the FS. In total, the RAP addresses the relocation and compensation of 175 Project Affected Households, comprising 771 individuals.

The framework incorporates a full replacement cost compensation model, a detailed household census and asset register, structured resettlement planning and housing replacement, a comprehensive livelihood restoration programme with multi-year support, and a formal grievance redress mechanism. The OVP Resettlement Division assessed the RAP as technically sound and human-rights compliant, benchmarked against the International Finance Corporation (IFC) Performance Standard 5.

Key implementation conditions include the requirement that compensation be completed prior to any displacement, that the grievance mechanism be operational from commencement, that quarterly reporting be submitted during implementation, and that reassessment be triggered if project scope changes. The RAP approval carries an 18-month validity period, after which a new approval would be required if RAP implementation has not commenced.

Scale as the Core Value Driver

The Company is explicit that, notwithstanding the significance of the permitting milestones, Muntanga remains in a resource growth and optimisation phase. The strategy is to expand the mineral resource base through the ongoing drilling programme, incorporate additional existing resources not currently included in the FS, re-optimise project scale and configuration, and position the Project for a materially larger and more robust development scenario.

Atomic Eagle states that project economics at Muntanga have the potential to improve substantially at scale, and that scale maximisation is its primary driver of long-term shareholder value. Development timing will be aligned with project optimisation outcomes, market conditions, and the completion of future technical work.

Next Steps

Following receipt of the ESIA approval, Atomic Eagle's near-term obligations include notifying ZEMA prior to commencement of project activities, progressing detailed engineering and environmental management plans, undertaking baseline monitoring, and securing additional approvals from relevant authorities, including radiation, water, forestry, and local government. On the RAP side, the Company expects that, subject to the satisfaction of various procedural matters, including allocation of funding, it will receive an Implementation Clearance Letter from the OVP Resettlement Division.

At the project level, the Company's primary operational focus remains the ongoing 30,000-metre drilling programme targeting resource growth across Muntanga's district-scale licence area.

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