Atomic Eagle's Drilling Opens 2 New Uranium Targets at Muntanga

• Wide-spaced drilling at Muntanga North Target 5 identified a zone of uranium mineralization interpreted over approximately 600 meters by 200 meters, which remains open along strike and down-dip to the east.
• Initial drilling at Namakande Target 2 intersected a broad, shallow-dipping zone of uranium mineralization measuring approximately 1,000 meters by 400 meters, with individual intercepts to date generally less than 2 meters thick.
• Atomic Eagle has completed 64 wide-spaced holes for 5,995 meters across Muntanga North Targets 1 to 5 and 60 wide-spaced holes for 6,832 meters across the Namakande targets.
• Best intercepts include 7.07 meters at 132.39 parts per million (ppm) uranium oxide at Muntanga North Target 5 and 1.50 meters at 1,342 ppm uranium oxide at Namakande Target 2.
• Large-scale Muntanga North Targets 6, 7, and 8 remain untested, with drilling at the current Muntanga North targets expected to complete in the fourth quarter of 2026.

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, equivalent to 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.

Muntanga North: Wide-Spaced Drilling Opens a New Target

Atomic Eagle's 2026 exploration program is testing a portfolio of early-stage targets at Muntanga North and Namakande, alongside infill drilling at Chisebuka to support future mineral resource estimation. Ground radiometric surveys using handheld scintillometers have been completed across Muntanga North Targets 1 to 5, broadly replicating the anomalies identified by earlier airborne surveys and refining drill targeting ahead of the 64 wide-spaced holes drilled to date.

At Target 5, drilling identified uranium mineralization over an interpreted area of approximately 600 meters by 200 meters. The mineralization strikes broadly parallel to bedding, and its lenticular geometry may point to a structural influence, with the zone remaining open along strike and down-dip to the east. The widest intercept recorded to date at Target 5 measured 7.07 meters at 132.39 ppm uranium oxide. No anomalous mineralization was intersected at Targets 1 to 3, where the radiometric response is currently interpreted as near-surface uranium enrichment tied to weathering, while Target 4 returned a single discrete intercept that has not warranted immediate follow-up. Grades are estimated from down-hole gamma logging rather than laboratory assays, consistent with the program's early exploration stage.

Namakande: Broad Zone Confirmed at Target 2

Across the Namakande targets, ground radiometric surveying and first-pass drilling are now complete, with 60 wide-spaced holes totaling 6,832 meters drilled. At Target 1, several holes intersected anomalous mineralization, though it is generally less than 3 meters thick and discontinuous. At Target 2, initial drilling intersected a broad, shallow-dipping, bedding-conformable zone measuring approximately 1,000 meters by 400 meters. Some intercepts within that zone returned grades above 500 ppm uranium oxide, including the target's strongest result of 1.50 meters at 1,342 ppm, along with 1.55 meters at 916 ppm and 1.15 meters at 767 ppm, though the mineralized intercepts identified so far are generally thin, at less than 2 meters. The company will now incorporate Namakande results into the geological model alongside the radiometric and geochemical datasets.

Chief Executive Officer of Atomic Eagle, Phil Hoskins, characterized the program's progress at the halfway point: 

"The objective of our 30,000-meter drilling program is to grow the Muntanga resource base while systematically testing a portfolio of exploration targets across the broader project area. Earlier drilling at Chisebuka delivered encouraging results and is expected to support future resource growth. We are further encouraged by the results at Muntanga North, where wide-spaced drilling has identified a zone of uranium mineralization that remains open along strike and down dip to the east. The company continues to grow the geological and radiometric database, which is being used to refine the assessment of future targets. We are over half-way through an active exploration program, with the large-scale Muntanga North Targets 6 to 8 still to be tested."

Next Steps

Follow-up drilling at Muntanga North Target 5 will test the interpreted extensions of the mineralized zone along strike and down-dip to the east. Ground radiometric surveying and first-pass drilling will continue across Muntanga North Targets 6, 7, and 8, which remain large, early-stage targets where initial work will focus on establishing the geological source of the anomalies. Data from the completed Muntanga North and Namakande drilling will be integrated with the existing geological, radiometric, and geochemical datasets to refine the company's targeting model, with drilling at the current Muntanga North targets expected to be completed in the fourth quarter of 2026.

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