Name of the Project
Muntanga uranium project.

Location
Siavonga and Chirundu districts, in the south-eastern region of Zambia, about 200 km south of Lusaka and north of Lake Kariba.

Project Owner/s
ASX-listed Atomic Eagle Limited, which owns 100% of the project.

Project Description
Muntanga is a district-scale uranium project comprising four mining licences – Muntanga, Dibbwi, Chirundu and Kariba Valley – and two exploration licences – Nabbanda and Chirundu Extension. The licence package extends over a 146 km strike length and covers about 1 136 km².

The project hosts the Muntanga, Dibbwi, Dibbwi East, Njame, Gwabi, Chisebuka and Muntanga East deposits. The March 2026 mineral resource estimate comprises 86.2-million tonnes at an average grade of 309 parts per million (ppm) of triuranium octoxide (U₃O₈), containing 58.8-million pounds of U₃O₈. This includes measured and indicated resources of 50.4-million tonnes at 359 ppm for 40-million pounds and inferred resources of 35.8-million tonnes at 238 ppm for 18.8-million pounds.

The current feasibility study and ore reserve are based on the Muntanga and Dibbwi East deposits. The project has a probable ore reserve of 39.6-million tonnes at 320 ppm U₃O₈, containing 28-million pounds of U₃O₈.

The feasibility study envisages conventional truck-and-shovel openpit mining and heap-leach processing at a steady-state plant throughput of 3.5-million tonnes a year. About 39.6-million tonnes of ore and 144.1-million tonnes of waste are planned to be mined over a mine life of about 12 years.

Ore will be crushed to a P80 of 25 mm, agglomerated and heap leached, followed by uranium recovery and precipitation to produce saleable yellowcake. Life-of-mine recovery is expected to exceed 90%. The project is expected to produce 25.3-million pounds of U₃O₈ over its life, averaging about 2.2-million pounds a year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a uranium price of $90/lb, the project has a post-tax net present value, at an 8% discount rate, of $243-million and a post-tax internal rate of return of 20.8%, with a payback period of 3.5 years.

Life-of-mine free cash flow is estimated at $672-million and C1 operating costs at $32.20/lb.

Capital Expenditure
Preproduction capital expenditure is estimated at about $282-million.

Planned Start/End Date
No firm construction or production date has been set. Atomic Eagle has said that advancing to construction is not the current priority and that development timing will depend on resource growth, project optimisation, market conditions and the completion of further technical work.

Latest Developments
Atomic Eagle announced in June 2026 that the Zambia Environmental Management Agency had approved the project’s environmental- and social-impact assessment on June 4, 2026, while the Office of the VP’s Resettlement Division had issued a “no objection” approval for the resettlement action plan.

The approvals are the key environmental and social permits required before eventual construction. The environmental approval is valid for three years and covers the development, operation and rehabilitation of the Muntanga and Dibbwi East openpits, and the associated central heap-leach processing operation. The resettlement plan covers 175 project-affected households comprising 771 people, and is valid for 18 months before implementation must start.

Further radiation, water, forestry, local-government and other approvals will be required. Atomic Eagle remains focused on expanding the resource base and re-optimising the project before making a development decision.

The company is undertaking a 30 000 m exploration programme. June 2026 drilling extended uranium mineralisation at Chisebuka, increasing the northern higher-grade zone to about 900 m by 600 m and the south-west zone to about 830 m by 400 m. Reverse-circulation drilling is planned at the higher-grade Chisebuka zones, with diamond drilling expected in the fourth quarter of 2026. Two rigs have also moved to Muntanga North, while the Namakande targets are scheduled for drilling in the third quarter of 2026.

Key Contracts, Suppliers and Consultants
Ukwazi Transaction Advisory; SRK Consulting (UK); SGS Bateman (feasibility study); PRODEO Consulting (independent engineering review); and Snowden Optiro (mineral resource estimates).

Contact Details for Project Information
Atomic Eagle Limited, tel +61 8 9200 3426 or email info@atomiceagle.com.au.