Atomic Eagle Secures Option Over Large Zambian Uranium Project, Expanding Its African Footprint

• Atomic Eagle has entered a binding option agreement to acquire 100% of the Sitwe Uranium Project in Zambia, expanding the company's total land holdings in the country by 38%.
• Historical drilling at the most advanced part of the project hit uranium in every single hole completed, including several strong, shallow results that point to real discovery potential.
• The project sits on the same regional geological trend as a known uranium deposit in neighbouring Malawi, with large portions of the licence area still untested.
• To secure the project, Atomic Eagle must first spend a minimum of US$200,000 on exploration, after which it can buy 100% of the project outright for US$400,000.
• The deal adds a second project to sit alongside the flagship Muntanga Uranium Project and gives Atomic Eagle a foothold in a second geological basin in Zambia.

Atomic Eagle (ASX: AEU | OTCQX:GVXXF) has entered a binding agreement giving it the right to buy 100% of the Sitwe Uranium Project, a large exploration licence in north-eastern Zambia. The deal expands the company's total Zambian land holdings by 38% and adds a second uranium project alongside its existing flagship, the Muntanga Uranium Project.

Chief Executive Officer Phil Hoskins described the transaction as a meaningful expansion of the company's Zambian platform:

"The addition of the Sitwe Uranium Project materially expands Atomic Eagle's uranium footprint in Zambia and further consolidates our position as a leading uranium explorer and developer in the country."

What Is the Sitwe Project & Where Is It?

The Sitwe Uranium Project covers 429 square kilometres in the Luangwa Valley of north-eastern Zambia. The area forms part of a broader chain of basins across southern Africa that are known to host uranium deposits - think of these basins as large natural containers that, over millions of years, have concentrated uranium minerals into zones that can be explored and potentially mined. The project's exploration licence was granted in August 2025 for a four-year period, with Atomic Eagle pursuing the deal through its Zambian subsidiary.

The project sits on the same regional geological trend as the Kayelekera uranium deposit in neighbouring Malawi, operated by Lotus Resources. This connection to a known deposit in the same geological neighbourhood supports the case that the broader area is capable of hosting meaningful uranium mineralisation.

Hoskins pointed to Zambia's established mining environment as a key reason the company continues to invest there:

"Zambia is a well-established and supportive mining jurisdiction, and we continue to see significant opportunity to build scale through the acquisition and systematic exploration of high-quality uranium assets

It is worth noting that roughly 30% of the western part of the licence falls within a Game Management Area. Any exploration or mining activity in that portion would require specific government approvals before it could proceed.

What Has Already Been Found There?

Between 2010 and 2012, a company called African Energy Resources carried out early exploration at the most promising part of the project, an area called Sitwe North. This included aerial surveys and a small drilling programme of seven holes - and every single one of those holes struck uranium. That kind of consistency across all holes at an early stage is an encouraging sign for a project's potential.

Some of the stronger results from that historical drilling include 1 metre of rock grading 1,620 parts per million uranium oxide from just 35 metres below surface, and 6 metres grading 735 parts per million from 61 metres depth. Parts per million is simply a measure of how much uranium is present in the rock - the higher the number, the more concentrated the uranium. Shallow results like these are generally viewed positively at the early exploration stage because they suggest uranium is present close to the surface at meaningful concentrations.

Importantly, the uranium found at Sitwe North has not yet been fully mapped out. It remains open - meaning it could extend further along the surface and deeper underground - across a tested length of 450 metres.

Hoskins noted that this open-ended potential is central to why Sitwe was added to the portfolio:

"Sitwe complements our flagship Muntanga Project by adding a large, prospective licence position in a highly endowed basin, with encouraging historical results and clear potential for further discovery."

How the Deal Is Structured

Rather than buying the project outright today, Atomic Eagle has secured an option - essentially a reservation on the right to buy the project, conditional on doing a set amount of work first. This kind of deal structure is common in junior mining because it allows a company to test a project's potential before committing to a full purchase, limiting financial risk in the early stages.

Under the agreement, Atomic Eagle must spend at least US$200,000 on exploration and licence-related costs before 30 June 2027. Once that work is done, the company can choose to buy 100% of the Sitwe licence outright for US$400,000, bringing the total maximum cost to own the project to US$600,000 - a relatively contained outlay for a licence of this size.

Hoskins emphasised that the structure was a deliberate financial decision:

"The option structure allows us to advance this opportunity in a disciplined manner while maintaining flexibility as we continue to grow our broader uranium portfolio in Zambia."

Exploration Upside & Next Steps

Large portions of the Sitwe licence have never been properly explored. An aerial survey flown in 2006 picked up multiple areas of elevated natural radioactivity across the licence that have never been followed up with ground work or drilling. These untested targets, particularly across the southern half of the licence where the right rock types for uranium mineralisation are exposed at the surface, represent the bulk of the project's remaining discovery potential.

Atomic Eagle's first work programme at Sitwe is expected to focus on geological mapping and ground-level surveys to identify the best areas for future drilling. Separately, the company recently started a large drilling programme at its Muntanga Uranium Project aimed at growing that project's defined uranium resource, with results expected in the coming weeks.

About Atomic Eagle Limited

Atomic Eagle is an ASX-listed mineral resource company focused on exploring and developing uranium assets in Africa. Its core asset is the 100%-owned Muntanga Uranium Project in Zambia, covering 1,136 square kilometres adjacent to Lake Kariba across four mining licences and two exploration licences over a 146 kilometre strike length. Muntanga holds a total Mineral Resource of 86.2 million tonnes at 309 parts per million uranium oxide for 58.8 million pounds of uranium oxide, comprising a Measured and Indicated Resource of 50.4 million tonnes at 359 parts per million for 40.0 million pounds and an Inferred Resource of 35.8 million tonnes at 238 parts per million for 18.8 million pounds (source: company announcement, 10 March 2026). The project has sealed road access to Lusaka and export routes to international markets via Namibia's port of Walvis Bay.

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