Muntanga Project Targets Up to 100.5 Million Pounds of Uranium Oxide

A New Chapter for Muntanga

Atomic Eagle Limited (ASX – AEU) has revealed an ambitious new Exploration Target for its flagship Muntanga Uranium Project in Zambia, underscoring the project's vast potential. The company estimates the target to range between 82 and 150 million tonnes of ore, with uranium grades spanning 150 to 350 parts per million (ppm), translating to a uranium oxide (U3O8) content of 40.0 to 100.5 million pounds. This is in addition to the project's existing JORC-compliant Mineral Resource of 50.4 million tonnes at 359 ppm, containing 40 million pounds of U3O8 in the Measured and Indicated categories, plus a further 12.8 million tonnes at 263 ppm (7.4 million pounds) in the Inferred category.

Underexplored Potential in the Karoo Basin

The Muntanga Project, situated within the Karoo Basin sediments of the mid-Zambezi Rift Valley, remains significantly underexplored despite its scale and promising geology. The uranium mineralisation is hosted primarily within the Escarpment Grit Formation, with mineralisation styles ranging from near-surface secondary deposits to deeper primary tabular and roll-front types. The region's geology is analogous to other major uranium provinces in southern Africa, yet it has not been extensively drilled or developed.

Drilling Progress and Upcoming Campaigns

Atomic Eagle's maiden drilling programs at the Muntanga East and Chisebuka targets are nearing completion, with assay results anticipated in early 2026. These programs are designed to test the continuity and grade of mineralisation, with infill drilling underway at Chisebuka to support a future Mineral Resource estimate. Looking ahead, the company has outlined a comprehensive and aggressive exploration drill program for 2026, expected to be the largest at Muntanga in 17 years. This campaign aims to materially increase the scale of the Mineral Resource, leveraging modern exploration techniques and extensive geological data.

Strong Financial Position and Strategic Location

Following its successful ASX listing and capital raising, Atomic Eagle holds approximately $20 million in cash, fully funding its exploration ambitions. The Muntanga Project benefits from excellent infrastructure, including sealed road access to key towns and proximity to export routes via Lusaka's international airport and Namibia's Walvis Bay port. This logistical advantage positions the project well for potential future development and uranium export to global markets.

Outlook and Market Implications

Chairman Govind Friedland emphasised the company's focus on rapidly expanding the Mineral Resource and articulating the 'size of the prize' at Muntanga. The upcoming assay results and detailed 2026 drill program will be critical milestones, potentially reshaping the project's valuation and enhancing Atomic Eagle's profile in the uranium sector. Given the global interest in uranium for clean energy, the Muntanga Project's growth prospects could attract significant market attention.