Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has increased total mineral resources at its 100%-owned Muntanga Uranium Project in Zambia by 24% following completion of its maiden drilling campaign, lifting the global resource to 58.8 million pounds (Mlbs) of triuranium octoxide (U₃O₈).
The upgrade adds 11.4Mlbs at an average grade of 309 parts per million (ppm) U₃O₈, with new maiden pit-constrained Mineral Resource Estimates (MREs) defined at the Chisebuka and Muntanga East deposits.
Location of Chisebuka and Muntanga East Resources within the Muntanga Project Licence Area.
To discuss the updated resource and broader exploration strategy, Atomic Eagle will host an investor webinar on Wednesday, March 4, 2026, at 11:00 am AEDT (8:00 am AWST), where chief executive officer Phil Hoskins will present and take questions from investors. A replay will be made available on the company’s website.
Maiden resources deliver low-cost growth
The company said the resource growth was delivered at a discovery cost of just US$0.05 per pound, compared with a uranium spot price of around US$89 per pound.
Measured and Indicated resources across the broader project remain at 50.4 million tonnes at 359ppm for 40.0Mlbs U₃O₈, while Inferred resources have increased to 35.8Mt at 238ppm for 18.8Mlbs U₃O₈, taking the total to 86.2Mt at 309ppm for 58.8Mlbs.
Mineral Resource Estimate for the Muntanga Uranium Project, including Chisebuka and Muntanga East highlighted.
“To deliver a 24% increase in total resources from our maiden drill program — and to do so at a cost of just US$0.05 per pound — is a strong endorsement of our exploration approach and the potential scale of the uranium resources across our Muntanga Project area,” Hoskins said.
“This resource upgrade is a great start to achieving the Exploration Target we announced for the project late last year. The company aims to materially increase the mineral resource to underpin a significantly larger uranium mine in Zambia.”
Chisebuka emerges as second-largest deposit
A maiden Inferred resource has been defined at Chisebuka of 19.9Mt at 220ppm U₃O₈ for 9.7Mlbs, using a 90ppm cut-off.
Chisebuka, located within the Kariba Valley licence, was initially identified through historical work but had not been fully followed up. Atomic Eagle completed 69 infill drill holes totalling 7,235 metres as part of the recent program, tightening drill spacing to 100 by 100 metres over higher-grade zones.
The deposit is shallow, with mineralisation extending from surface to around 150 metres’ depth in two main lenses. Management believes Chisebuka could ultimately support a separate heap leach operation, with product transported to a central processing facility.
Further drilling in 2026 will target expansion of the current resource envelope, particularly across areas of shallower higher-grade mineralisation.
Chisebuka MRE outline within Grade x Thickness contour.
Muntanga East confirms near-surface potential
At Muntanga East, the company has delivered a maiden Inferred resource of 3.1Mt at 252ppm U₃O₈ for 1.7Mlbs, also at a 90ppm cut-off.
Drilling confirmed and expanded historical intercepts, defining a near-surface (<50 metres), flat-lying zone of uranium mineralisation approximately 1,000 metres long, 600 metres wide and up to 20 metres thick.
Given its proximity to the existing Muntanga and Dibbwi East deposits, Muntanga East is expected to represent a low strip-ratio addition to the broader mining inventory, Atomic Eagle said.
The MREs were prepared by independent specialist Snowden Optiro and constrained within optimised pit shells based on a US$100/lb uranium price assumption, 90% metallurgical recovery and open pit mining parameters consistent with previous work at the project.
Muntanga MRE outline within Grade x Thickness contour.
Largest drill program in nearly 20 years
Atomic Eagle is now preparing to launch what it describes as the largest drill program at Muntanga in almost two decades, with drilling set to begin later this month.
Upcoming work will focus on:
- Expanding newly defined resources at Chisebuka; and
- Testing additional priority targets across the project area, including Namakande and Muntanga North.
The company has outlined an Exploration Target of 40–100.5Mlbs U₃O₈ at grades between 150–350ppm across the broader project area and believes Muntanga remains materially under-drilled relative to its scale.
Atomic Eagle finished the December 2025 quarter with $19.2 million in cash, positioning it to fund an aggressive resource expansion campaign through 2026.
Investors seeking further detail on the updated resource and next steps can register for the March 4 webinar via the following link: https://us02web.zoom.us/webinar/register/WN_xjIhPl69QAStPPBv3k53HA#/registration