Atomic Eagle's June 2026 Quarterly Report Advances Muntanga Drilling & Secures Sitwe Option

• Drilling at the Chisebuka target within the Muntanga Uranium Project in Zambia continued to expand uranium mineralisation outside the existing Mineral Resource area, with the south-west higher-grade zone extending to approximately 830 metres by 400 metres and the northern higher-grade zone extending to approximately 900 metres by 600 metres.
• Atomic Eagle received Environmental and Social Impact Assessment (ESIA) approval from the Zambia Environmental Management Agency (ZEMA) and "No Objection" approval of the Resettlement Action Plan (RAP) from the Office of the Vice President (OVP), Resettlement Division, both described as key permits required ahead of any eventual construction decision at Muntanga.
• The company signed a binding option agreement to acquire 100% of the Sitwe Uranium Project in north-eastern Zambia, a 429 square kilometre asset representing a 38% increase in Atomic Eagle's Zambian tenement holdings.
• Ground radiometric surveys refined multiple drill targets across 6 priority areas at Muntanga North, supporting commencement of a maiden drill program there.
• Grant Davey was appointed Non-Executive Chairman and Muna Hantuba was appointed as a Non-Executive Director; Atomic Eagle commenced trading on the OTCQX Best Market in the US under the ticker AEUXF, and the company held $13.8 million in cash as at June 30, 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 licences and 2 exploration licences over a 146-kilometre strike length, covering 1,136 square kilometres adjacent to Lake Kariba. The project hosts a Measured and Indicated Resource of 50.4 million tonnes (Mt) at 359 parts per million (ppm) uranium oxide and an Inferred Resource of 35.8 Mt at 238 ppm uranium oxide, for a combined total of 58.8 million pounds (Mlb) uranium oxide at 309 ppm.

Muntanga Drilling Continues to Expand Chisebuka

During the June 2026 quarter, Atomic Eagle continued its 2026 exploration program at the Chisebuka target, focused on testing mineralisation outside the existing Mineral Resource area and expanding known higher-grade zones. Chisebuka currently hosts an Inferred Mineral Resource of 19.9 Mt at 220 ppm uranium oxide for 9.7 Mlb of contained uranium oxide. Across the first 15 holes of the 2026 drill program, results reported in May showed that 13 intersected uranium mineralisation outside the defined resource area, confirming expansion of the south-west higher-grade zone. A subsequent update in June covered a total of 42 holes drilled for 4,209 metres and demonstrated continuity between the south-west higher-grade zone and the existing resource area.

Key intercepts announced during the quarter included 12.7 metres at 673 ppm equivalent uranium oxide from 18.0 metres depth, 24.0 metres at 448ppm equivalent uranium oxide from 32.2 metres, and 21.0 metres at 283ppm equivalent uranium oxide from 26.2 metres, among others. Drilling completed during the quarter increased the interpreted size of the northern higher-grade zone to approximately 900 metres by 600 metres, with mineralisation extending from surface in the north-west to depths of more than 100 metres in the south-east. The south-west higher-grade zone increased to approximately 830 metres by 400 metres, with mineralisation beginning near surface and extending below 100 metres depth down-plunge to the south-east.

The company stated that it considers Chisebuka an important potential contributor to future project scale at Muntanga, subject to further drilling, grade confirmation, metallurgical work and economic assessment.

Ground Radiometrics Refine Muntanga North Targets

A total of 53 line kilometres of a planned 80 line kilometre ground radiometric survey was completed across 5 of 8 priority target areas by late May 2026, with the program advancing to 6 target areas by mid-June 2026. The survey refined previously identified airborne radiometric anomalies and improved drill-targeting resolution, with 424 of 854 readings recorded above background, defined as greater than 300 counts per second (CPS), and 87 readings exceeding 500 CPS. The anomalies occur within the Escarpment Grit Formation, the same geological unit that hosts the company's existing uranium resources at Muntanga, Dibbwi East and Dibbwi. Atomic Eagle stated that interpretation of the Muntanga North targets is supported by multiple datasets, including airborne and ground radiometric responses, soil geochemical anomalies and radon surveys, favourable geology, and structural controls consistent with known mineralisation elsewhere at Muntanga.

Environmental & Resettlement Approvals De-Risk Muntanga

During the quarter, Atomic Eagle received Environmental and Social Impact Assessment (ESIA) approval from the Zambia Environmental Management Agency (ZEMA) and "No Objection" approval of the RAP from the OVP's Resettlement Division. Together, these approvals represent the key environmental and social permits required prior to the eventual commencement of construction at Muntanga, as envisaged in the project's previous Feasibility Study. The company stated that the approvals confirm the project's environmental and social impacts have been assessed and accepted by regulators, that a compliant resettlement and livelihood restoration framework is in place consistent with International Finance Corporation (IFC) Performance Standards, and that the project can progress toward development, subject to standard implementation steps.

The company described receipt of the ESIA and RAP approvals as a major de-risking milestone for Muntanga, noting that this has been achieved without altering its core strategy, which remains focused on growing the resource base and defining a larger-scale mining operation before any development decision is considered.

Sitwe Uranium Project Option Expands Zambian Footprint

Atomic Eagle entered into a binding option agreement to acquire 100% of the Sitwe Uranium Project, located in the Luangwa Valley of north-eastern Zambia. The acquisition materially expands the company's uranium exploration footprint in Zambia. Sitwe covers approximately 429 square kilometres, representing a 38% increase in Atomic Eagle's Zambian tenement holdings, and lies within the prospective Luangwa Valley Karoo Basin. Historical drilling at Sitwe North intersected shallow uranium mineralisation, including 1 metre at 1,620 ppm uranium oxide from 35 metres depth and 6 metres at 735 ppm uranium oxide from 61 metres depth.

Under the option agreement, Atomic Eagle, through its Zambian subsidiary, secured the right to acquire 100% of the Sitwe licence subject to a minimum of US$200,000 in exploration and licence-related expenditure prior to June 30, 2027. Upon satisfaction of that expenditure condition, the company may exercise the option to acquire the licence for US$400,000 in cash. Atomic Eagle stated that this acquisition is aligned with its strategy of building a district-scale uranium portfolio in Zambia, a jurisdiction it describes as well-established and mining-friendly with a strong regulatory framework for resource development.

Madaouela Discussions Continue in Niger

The company's Chairman and Chief Executive Officer visited Niger between June 7, 2026 and June 15, 2026 for technical and legal discussions with the Ministry of Mines aimed at drafting a new mining convention to frame the resumption of the Madaouela Uranium Project. During the quarter, Niger's Ministry of Mines released a media statement on the matter, stating: 

"As part of the mining sovereignty policy led by the Government of the Republic of Niger, the Minister of Mines, Colonel-Commissioner Abarchi Ousmane, granted an audience this Monday, June 15, 2026, to a delegation from the company GOVIEX SA. This delegation, which had been staying in Niamey for a week, held technical and legal discussions with the teams from the Ministry of Mines aimed at drafting a new mining convention to frame the resumption of the Madaouela project. This project, one of the most important uranium deposits in the sub-region, illustrates Niger's determination to develop its natural resources under fairer and more equitable conditions, for the benefit of the Nigerien people."

Atomic Eagle noted that, following the withdrawal of the Madaouela mining permit from GoviEx Uranium Inc. in 2024, GoviEx commenced international arbitration proceedings under the International Centre for Settlement of Investment Disputes (ICSID) Convention. Since February 2025, GoviEx, now wholly owned by Atomic Eagle, has been in negotiations with Niger's Ministry of Mines regarding a resolution. The company stated that these negotiations remain non-binding and incomplete until any agreements are executed, and that there is no certainty a transaction will be concluded, nor certainty on its terms if concluded.

Corporate Update

Grant Davey was appointed Non-Executive Chairman during the quarter, bringing more than 30 years of senior management and operational experience in the development, construction and operation of global mining and energy projects. Davey founded Lotus Resources Limited and Boss Energy Limited, both listed uranium producers, and currently serves as a non-executive director of Frontier Energy Limited and Earth's Energy Ltd. Following Davey's appointment, Govind Friedland transitioned from Chairman to Non-Executive Director. Muna Hantuba was also appointed as a Non-Executive Director, bringing an extensive 40-year career spanning finance, mining, insurance, real estate and corporate governance in Zambia, including as past Chairman of Zambia's Securities and Exchange Commission and board chairman of Chilanga Cement Zambia Plc. Eric Krafft resigned from the board, effective April 20, 2026.

During the quarter, Atomic Eagle upgraded its US trading platform from the OTCQB Venture Market to the OTCQX Best Market and commenced trading on OTCQX under the ticker AEUXF. The company stated that the OTCQX quotation is intended to improve access to US institutional and specialist uranium investors, visibility in North American capital markets, and liquidity and trading efficiency for US-based shareholders. Atomic Eagle continues to trade on the Australian Securities Exchange under the code AEU.

As at June 30, 2026, Atomic Eagle held $13.8 million in cash, following exploration expenditure of $1.9 million during the quarter. The company reported that it is on track to meet the business objectives set out in its prospectus, based on a comparison of actual expenditure since its re-admission to the ASX on November 24, 2025 against the estimated expenditure in its Use of Funds statement.

Next Steps

Atomic Eagle outlined several near-term catalysts across its portfolio. At Chisebuka, a reverse circulation (RC) drilling program of 12 holes for approximately 900 metres has commenced, with diamond drilling and metallurgical testwork planned for a later stage. Having secured ESIA and RAP approvals, the company reiterated that Muntanga can progress toward development subject to standard implementation steps, while its core strategy remains focused on growing the resource base ahead of any development decision.

At Sitwe, initial work is expected to include mapping and ground radiometrics to identify the most prospective areas for drill testing, ahead of the minimum US$200,000 option-period expenditure commitment due before June 30, 2027 and a possible US$400,000 exercise payment thereafter. In Niger, the company continues to pursue a new mining convention to frame the resumption of Madaouela, and its broader negotiations with the Ministry of Mines remain non-binding and incomplete until any agreement is executed.

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