Atomic Eagle Targets 2027 Madaouela JORC Resource Using Revised Mining Assumptions

• Atomic Eagle is now targeting to release the converted Madaouela resource, reported in accordance with the JORC Code, in the first quarter of 2027.
• That timing allows revised mining assumptions to be applied to the test material, which must be met before it can be reported as a resource.
• A scoping study with updated economic outcomes is targeted for the same quarter.
• Menel Energy and Resources Limited exercised 35,149,113 options early, providing approximately A$10.9 million.
• Atomic Eagle held A$11.5 million in cash on September 30, 2026, a balance that excludes the Menel proceeds.

Company Overview

Atomic Eagle (ASX: AEU | OTCQX: AEUXF) is a uranium development company with projects in Zambia and Niger. Its flagship is the 100%-owned Muntanga Uranium Project in Zambia, which hosts a JORC resource of 58.8 million pounds (lb) of uranium oxide. The company also holds a 60% interest in the Madaouela Uranium Project, located near Arlit in north-central Niger and covering approximately 122.9 square kilometers.

Madaouela Resource Now Due in the First Quarter of 2027

Atomic Eagle is now targeting to release the converted Madaouela resource, reported in accordance with the JORC Code, in the first quarter of 2027. That timing allows revised mining assumptions to be used in the reasonable prospects of economic extraction test, the condition material must meet before it can be reported as a resource under the JORC Code.

Madaouela's current figure is a foreign estimate of 116.5 million lb of uranium oxide at 1,282 parts per million, effective as of July 1, 2022. It is based on work by GoviEx and SRK Consulting and was reported in accordance with NI 43-101. SRK constrained the open-pit resources within an optimized pit shell assuming US$70 per pound for uranium oxide. A competent person has not yet done sufficient work to classify the foreign estimate under the JORC Code, and it is uncertain whether it can be reported under that code after further evaluation or exploration. Madaouela is supported by approximately 600,000 meters (m) of historical drilling and approximately US$160 million of historical project expenditure.

The resource work is part of a value optimization and technical review program that began after the Mining Convention with the Republic of Niger was formally executed in late September 2026. It will evaluate alternative mining methods and equipment; mineralization not included in the historical mine plan; open-pit and underground optimization under updated uranium price assumptions; underground production alongside open-pit mining; and bringing higher-value material forward in the schedule. A separate review covers historical metallurgical test work and the existing process flowsheet, the sequence of plant steps that recovers uranium from ore. It will evaluate modern processing solutions that may improve recoveries and reduce capital intensity and operating costs. The program's first output is a scoping study targeted for the first quarter of 2027, which will include updated economic outcomes and plans for future feasibility work. 

Mining Convention Payment & Ownership

Atomic Eagle made the initial US$5 million payment to the Republic of Niger under the Mining Convention in October 2026. The company has also agreed that a US$40 million credit will be applied against the government's future equity contributions to project development. That credit is not an additional upfront cash payment. 

The Madaouela exploitation permit has been granted to MAMICO, Atomic Eagle's newly incorporated Nigerien subsidiary. Atomic Eagle owns 60%, and the state owns 40%, comprising a 15% free-carried interest and a 25% contributing interest. The convention resolves a dispute that followed the project's expropriation from its previous holder, GoviEx Uranium I, Inc., in 2024, and the arbitration has been withdrawn, as ICSID has since confirmed.

Option Exercise Adds Funding

Menel Energy and Resources Limited, Atomic Eagle's largest shareholder, has exercised 35,149,113 options early at an exercise price of A$0.31 per option. The exercise provides approximately A$10.9 million in funding, with the shares to be issued in the week after the report date of October 30, 2026.

About 16.8 million options in the same category remain unexercised, each with an exercise price of A$0.31 and an expiry date of May 5, 2027. The full exercise of those options would provide approximately A$5.2 million in additional funding.

Atomic Eagle held A$11.5 million in cash on September 30, 2026, a balance that does not include the Menel proceeds or reflect the October payment to Niger. The company spent approximately A$2.0 million on exploration in the quarter. It is on track to meet the business objectives set out in the prospectus for its re-admission to the ASX on November 24, 2025.

Muntanga Drilling Moves to Follow-Up Targets

At Muntanga North Target 5, wide-spaced drilling has identified a zone of uranium mineralization approximately 600 m by 200 m that remains open along strike and down-dip to the east. The target is at an early stage, and further drilling and geological interpretation are required to determine the zone's geometry, scale, continuity, and significance. Drilling at Targets 1 to 3 intersected no anomalous uranium mineralization.

At Namakande Target 2, initial drilling intersected a broad zone of shallow-dipping uranium mineralization of approximately 1,000 m by 400 m. Some intercepts returned grades above 500 parts per million, while intercepts in the zone have generally been relatively thin, at less than 2 m. Atomic Eagle has completed 60 wide-spaced holes for 6,832 m at Namakande and 64 wide-spaced holes for 5,995 m across Muntanga North Targets 1 to 5.

Next Steps

Follow-up drilling at Muntanga North Target 5 will test the zone's extensions along-strike and down-dip to the east. Ground radiometric surveying and first-pass drilling will also continue across Muntanga North Targets 6, 7, and 8, which are large, early-stage targets where drilling will first seek the geological source of the anomalies.

Atomic Eagle is targeting completion of drilling at the current Muntanga North targets in the fourth quarter of 2026. Data from Muntanga North and Namakande will be integrated with the geological, radiometric, and geochemical datasets to refine the company's targeting model and set priorities for further exploration.

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