ATOMIC EAGLE LTD — Investor Presentation 2026

Mar 25, 2026

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Strategically placed for
the uranium setup
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MARCH 2026

Disclaimer

This presentation ( Presentation ) has been prepared by Atomic Eagle Limited (ACN 108 958 274) (the Company ). The Presentation has been prepared as at 25 March 2026 and statements are current only as at that date.

The Company and its subsidiaries and each of their respective directors, agents, officers, employees and advisers expressly disclaim, to the maximum extent permitted by law, all liabilities (however caused, including negligence) in respect of, and make no representations or warranties regarding this Presentation or any part thereof. In particular, this Presentation does not constitute, and shall not be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of any member of the Company group.

statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Given these uncertainties, recipients are cautioned to not place undue reliance on any forward looking statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward looking statements in this document to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which any such statement is based.

NOT AN OFFER

The information contained in the Presentation is for information purposes only. The Presentation does not comprise a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. The Presentation also does not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities nor shall they or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, the Presentation does not constitute an offer to sell or a solicitation to buy, securities in the United States of America.

NOT INVESTMENT ADVICE

The information contained in the Presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing the Presentation, the Company has not considered the objectives, financial position or needs of any particular recipient. The information contained in the Presentation is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or its activities.

SUMMARY INFORMATION

The Presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation contains summary information about the Company and its activities which is current as at the date of the Presentation. The information in the Presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America.

FORWARD LOOKING STATEMENTS

The Presentation includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking

JORC

Exploration Results and Mineral Resource

The information in the Presentation relating to Exploration Results and Mineral Resources is based on information previously disclosed by the Company in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’ ( JORC Code ) in the Company’s announcements titled ‘ Tombador to Acquire GoviEx Uranium Inc ’ and ‘ Tombador to Acquire GoviEx Uranium Inc – Appendices ’ released on 19 August 2025 and ‘ Uranium Resources increase by 24% following maiden drill program ’ (revised) released on 10 March 2026, available from the ASX website (www.asx.com.au). The Company confirms that it is not aware of any new information as at the date of the Presentation that materially affects the information included in the Presentation and that all material assumptions and technical parameters underpinning the estimates and results continue to apply and have not materially changed.

Ore Reserve, Production Target and Forecast Financial Information

The information in the Presentation relating to Ore Reserves and the production target and forecast financial information for the Company is based on information previously disclosed by the Company in accordance with the JORC Code in the Company’s announcement titled ‘ Declaration of an Ore Reserve in accordance with the guidelines of the JORC Code and ASX Release of 2025 Feasibility Study ’ released on 4 March 2026. The Company confirms it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates of Ore Reserves for the Company and all the material assumptions underpinning the production target and forecast financial information derived from it continue to apply and have not materially changed.

Exploration Target

The information in this announcement relating to the Exploration Target and the exploration results used to estimate the target, is based on information compiled by Mr Jerome Randabel, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Randabel is a geologist with 30 years of experience in mineral exploration and mining, with the last 24 years having worked in sediment-hosted uranium deposits in Australia and Africa. He is a consultant of Atomic Eagle. Mr Randabel has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the exploration activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (JORC Code (2012 Edition)). Mr Randabel consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.

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ASX: AEU

Uranium Setup: The Strongest Fundamental & Strategic Backdrop In A Generation

Structural deficit + strategic policy + accelerating demand = durable incentives for new supply

Structural tightness

Demand durability AI/data centres + electrification + China buildout underpin long-cycle demand

Strategic re-alignment Non-Russian sourcing and fuel-cycle build-out

Deficits persist through late-2020s; supply response slow and concentrated

• underway – US, China, India

How Atomic Eagle is positioned (Zambia | Scalable| Production pathway)

• Strategic Location - Zambia: mining history + stable fiscal regime + “friendly jurisdiction” to sovereign governments

• Pathway to production - Mining Licences and heap leach flowsheet with high recoveries (>90%) and low acid consumption – scale expansions expected to be low capital intensity

• Growth: 58.8Mlb resource, limited exploration in past decade, large drill program to commence shortly

Non-linear pricing

Thin spot volumes vs large term requirements can amplify price moves (US$136/lb in June 2007[2] )

Corporate

391M $144M[1] Shares on Issue Market Cap

$19M $125M[1] Cash Enterprise (Dec 25) Value

1. Ux Consulting (via WISE Uranium Project); IMF/NUEXCO.

2. Based on AEU share price 25 March 2026 of $0.37.

ASX: AEU

Zambia: Geopolitically Neutral

As governments harden supply chains, “credible near-term pounds” in stable jurisdictions re-rate in strategic value, creating a competitive environment for offtake + financing

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China
United States
• Commitment to triple nuclear • Apr-25: 10 new reactors
announced (37 under
capacity by 2050
construction) [2]
• 95% of uranium used by US nuclear • CNNC “won” the
reactors is imported [1]
Bannerman strategic
• Restriction on Russian-origin process
products
ZAMBIA
India
•
Strong mining history – 7 [th]
• Pursuing rapid nuclear expansion (~100GW by 2047)
largest global copper
producer • Large, long-term supply deal with Kazatomprom
• 3 [rd] in Africa for Fraser • 22Mlb supply deal over 9 years with Cameco
Institute rankings
•
Favourable tax regime
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1. World Nuclear Association, USA – Nuclear Fuel Cycle https://www.world-nuclear.org/information-library/country-profiles/countries-t-z/usa-nuclear-fuel-cycle 2. World Nuclear Association, September 2025

ASX: AEU

Muntanga Project District-scale uranium exploration opportunity

• Upgraded JORC Resource of 58.8Mlb U3O8 at 309ppm[1]

• 2025 Feasibility Study outlined 12-year heap leach operation based only on M&I resources for Muntanga and Dibbwi East

• Permitting:

• Resources contained on Mining Licences

• ESIA and RAP approvals expected in 2026

• Change in project strategy to focus on resource growth to underpin increased production profile

• District-scale exploration opportunity over 1,126km[2] licence package

• See ASX announcement 10 March 2026

ASX: AEU

5

Upgraded JORC Mineral Resource Estimate 24% increase to 58.8Mlbs @ 309ppm

	CATEGORY	DEPOSIT	TONNES [Mt]	U3O8 GRADE [ppm]	U3O8 METAL [Mlb]
		Gwabi	1.1	254	0.6
	Measured
		Njame	2.5	358	2
		Muntanga	8.6	369	7
		Dibbwi	3.2	253	1.8
	Indicated	Dibbwi East	31.3	372	25.7
		Gwabi	2.7	374	2.2
		Njame	1.0	306	0.7
	Total M&I		50.4	359	40.0
		Muntanga	3.4	278	2.1
		Dibbwi	1.0	213	0.5
		Dibbwi East	7.1	252	3.9
	Inferred	Gwabi	0.2	272	0.1
		Njame Chisebuka Muntanga East	1.1 19.9 3.1	329 220 252	0.8 9.7 1.7
	Total Inferred		35.8	238	18.8
	TOTAL		86.2	309	58.8

Note: See ASX announcement 10 March 2026

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ASX: AEU

Previous Feasibility Study Provides Platform For Growth Opportunities for optimisation - increased project scale to significantly improve economics

Feasibility Study highlights:

• Low-strip ratio, open-pit mining

• Heap leaching and industry-standard, conventional processing

• High recoveries >90% over LOM

• Low acid consumption: averaging 20kg H2SO4 per tonne treated

• Good infrastructure: Sealed road to site, power nearby, water within ML

• Export through known uranium port, ability to service western and eastern markets

Heap leach project expansion expected to be low capital intensity – resource growth to define scale

	ITEM	UNITS	VALUE
	PRODUCTION AND MINING
	Mine life Ore Mined	Years Mt	~12 39.6
	Ore Grade Plant throughput	ppm U3O8 Mtpa	320 3.5
	LOM Production	Mlb U3O8	25.3
	Average annual production FINANCIAL PARAMETERS	Mlb pa	2.2
	Pre-production capital cost Operating costs (C1)	US$ million US$/lb	282 32.20
	Post-tax NPV8	US$ million	243
	Post-tax IRR Payback period LOM Free Cash Flow	% Years US$ million	20.8 3.5 672

Note: See ASX announcement 4 March 2026

ASX: AEU

7

44% of JORC Resource not considered for previous Feasibility Study Ready-made opportunities to feed expanded project scale

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Muntanga & Dibbwi East Inferred

• 6.0 Mlbs excluded due to NI 43-101 regulations

Satellite Deposits

• 8.7 Mlbs excluded despite demonstrating positive cash flow

2026 MRE Upgrade

• 11.4 Mlbs from recently estimated Inferred Resources

Infill drilling and technical studies will seek to convert the above resources into ore feed

Note: See ASX announcements 4 March 2026 and 10 March 2026.

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ASX: AEU

Maiden MRE for Chisebuka and Muntanga East Chisebuka to be drilled out in Q2

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Large portion of Chisebuka remains to be infill drilled – further resource growth opportunity

Note: See ASX announcement 10 March 2026

9

ASX: AEU

Exploration Potential Largest drilling program in 18 years commences April

• District-scale exploration opportunity in known uranium belt (Karoo Sandstones)

• 1

• Exploration Target of 40 – 100 Mlbs U3O8

• Targets exhibit similar radiometric and soil geochemical signatures

• Cheap shallow percussion drilling

Muntanga North

• 8 discrete targets within 80km[2]

Namakande 1 and 2

• Two large targets nearby Chisebuka resource

• The potential quantities and grades of the Exploration Target are conceptual in nature and as such, there has been insufficient exploration conducted to estimate a Mineral Resource. At this stage, it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target which was reported on 3 December 2025 has been estimated using a combination of historical drilling information (including broad-spaced drilling at Muntanga East completed during 2008–2013 and prior drilling at Chisebuka) together with geological interpretation and supporting datasets including radiometric, radon and soil geochemical anomalies and mapped structural/favourable stratigraphic criteria used to define the target areas. The Exploration Target has been prepared in accordance with the JORC Code (2012).

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ASX: AEU

Peer Comparison

Market is looking for long-life, large-scale projects (e.g. Deep Yellow, Bannerman)

Sizeable Exploration Target and early success (24% resource increase), points to larger scale project potential

Studies and permitting de-risk the project

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M&I Resource Grade (ppm U3O8)
400
350
300
250
200
150
100
50
0
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EV / M&I Resource (lbs)
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$-
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Note: Please refer to slide 17 for further peer comparison data

ASX: AEU

Global Undeveloped Uranium Projects Madaouela Uranium Project is globally significant

Note 1: This chart aggregates all Mineral Resource categories. Refer to slides 18-19 for the breakdown into Measured, Indicated and Inferred. NexGen’s Rook I excluded to aid in comparison of other projects. Bannerman’s Etango has been excluded on the basis of being funded and having commenced early works. * Madaouela Prospectus language included in slides 18-19. Note 2: Mulga Rock and Westmoreland are highlighted because they are in jurisdictions that don’t currently permit uranium mining. Salamanca is subject to arbitration proceedings.

ASX: AEU

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Why invest?
Resource growth into the uranium shortfall
Feasibility Study Project optimisations
24% resource growth
provides sound focussed on increasing with maiden drill
technical baseline scale + economics
program
Fully funded for largest Niger uranium project
Uranium – strongest
fundamental and exploration program in provides substantial
18 years option value [1]
strategic setup in a
generation
1. The Madaouela Project previously included a mining permit for Madaouela I and exploration permits which were withdrawn by the Niger Ministry of Mines in July 2024. As a result of the withdrawal, the
Company no longer holds any rights to project, which has reverted to the State and is now part of the public domain. The Company group has since commenced arbitration proceedings against the State
under the International Centre for Settlement of Investment Disputes Convention, asserting that the withdrawal breached obligations under applicable mining law in Niger and that the conduct was a
breach by the State of its obligations to execute its undertakings in good faith. In February 2025, the Company group signed a letter of intent with the State outlining a structured roadmap to negotiate a
resolution to the dispute. As part of this process, the Company group agreed to a temporary suspension to the arbitration proceedings while negotiations continue. This process is ongoing.
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ASX: AEU

APPENDICES

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Structural Supply Deficit Demand Outpacing Supply

DEMAND

SUPPLY

• AI / Data Centres – 450-500TWh[2] in 2025 (2% of global energy use)

• De-globalization – supply chain independence and manufacturing competitiveness requires energy

• “The demand forecast that most have out there…we believe they’re actually understating demand”

• Grant Isaac, President and COO, Cameco – 7 January 2026

• Supply concentration

• 70% of production from 10 mines

• o Kazatomprom production declining

• Capital discipline of incumbents

• Shrinking secondary supply

“The global uranium market is understating the severity of looming supply shortages with optimism about production growth not supported by fundamentals” Grant Isaac, President and COO, Cameco – 16 October 2025

Annual Market Balance

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Forward Projections for Uranium Supply and Demand

Source: World Nuclear Authority

In a market defined by structural deficits and long lead times, late-stage developers with credible schedules become strategically valuable

1 PRIS – Home 2. IEA estimate for 2025

ASX: AEU

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Registered Office

Level 4 66 Kings Park Road WEST PERTH WA 6005 Telephone: + 61 8 6382 1805 Email: info@atomiceagle.com.au Website: www. atomiceagle.com.au

Peer Comparison – Market Data

	Company Ticker Country Stage of Development Price (A$/sh)1 Shares ($M) M.Cap (A$M)1 Cash2 (AS$M) EV (A$M) Total Resource (Mlb) 3 M&I Resource (Mlb) 3 Inf (Mlb)3 Grade (ppm)3 M&I Grade (ppm)3 EV/lb M&I Resource (A$)
	Atomic Eagle ASX: AEU Zambia Development $0.37 391.1 $144 $19 $125 58.8 40.0 18.8 309 359 $3.12
	Deep Yellow Limited ASX: DYL Namibia, Australia Development $1.795 975.1 $1,750 $187 $1,563 406.8 238.2 168.6 298 285 $6.56 Bannerman Energy ASX: BMN Namibia Development $3.72 207.7 $772 $89 $683 196.5 142.2 54.2 225 223 $4.80

1. Close of trading price 25 March 2026.

2. Cash information from last Quarterly report. Resource from last publishing of Resources and Reserves on company websites.

3. Attributable based on percentage ownership of the project. Prior to completion of strategic investment, Bannerman owns 95% of Etango (5% loan-carried shareholding held by Namibian social welfare organisation) per ASX announcement dated 12 February 2026. Assumed Deep Yellow 95% ownership of Tumas subject to local Nambian partner’s right to acquire 5% post FID- see https://deepyellow.com.au/projects/namibia/tumas-project/).

4. All companies are at development (post DFS) stage.

5. Cautionary Statement: The companies included in the above tables and graphs have a varying composition of Measured, Indicated and Inferred Resources as well as Proven and Probable Reserves and are at various stages of development, they are not intended to be identical in nature to Atomic Eagle.

ASX: AEU

Peer Comparison – Deposit Data (1 of 2)

	Project Company Ticker Country Stage of Development Total Resource (Mlb)1 M&I Resource (Mlb)1 Inferred Resource (Mlb)1 Overall Grade (ppm)1 M&I Grade (ppm)1 Inferred Grade (ppm)1 Source
	Muntanga Atomic Eagle ASX: AEU Zambia Development 58.8 40.0 18.8 309 359 238 ASX Announcement - 10 March 2026
	Madaouela Atomic Eagle ASX: AEU Niger Development 99.0 82.4 16.7 1319 1317 1330 See Note 4
	Tumas Deep Yellow ASX: DYL Namibia Development 112.3 97.0 15.3 255 278 198 ASX Announcement - 24 July 2025 Omahola Deep Yellow ASX: DYL Namibia Advanced Expl 125.4 75.7 49.7 190 195 194 ASX Announcement - 24 July 2025 Mulga Rock Deep Yellow ASX: DYL Australia Advanced Expl 104.8 64.3 40.5 415 417 441 ASX Announcement - 24 July 2025 Alligator River Deep Yellow ASX: DYL Australia Advanced Expl 32.9 0 32.9 10900 0 10900 ASX Announcement - 24 July 2025 Koppies Elevate Uranium ASX: EL8 Namibia Advanced Expl 66.1 43.6 22.5 192 200 178 Corporate Presentation - 9 February 2026 Marenica Elevate Uranium ASX: EL8 Namibia Advanced Expl 40.2 6.8 33.5 183 202 179 Corporate Presentation - 9 February 2026 Angela Elevate Uranium ASX: EL8 Australia Advanced Expl 30.8 0.0 30.8 1310 0 1310 Corporate Presentation - 9 February 2026 Nappeby Elevate Uranium ASX: EL8 Australia Advanced Expl 8.0 0.0 8.0 382 0 382 Corporate Presentation - 9 February 2026 Thatcher Soak Elevate Uranium ASX: EL8 Australia Advanced Expl 10.9 0.0 10.9 425 0 425 Corporate Presentation - 9 February 2026 JVs Australia Elevate Uranium ASX: EL8 Australia Advanced Expl 7.3 3.4 3.9 980 1378 940 Corporate Presentation - 9 February 2026

1. Attributable based on percentage ownership of the project. For Madaouela, a free-carried interest of 15% has been assumed per the Niger Mining Code.

2. All Companies are at an advanced exploration/development stage.

3. Cautionary Statement: The companies included in the above tables and graphs have a varying composition of Measured, Indicated and Inferred Resources as well as Proven and Probable Reserves and are at various stages of development, they are not intended to be identical in nature to Atomic Eagle.

4. The Madaouela Project previously included a mining permit for Madaouela I and exploration permits which were withdrawn by the Niger Ministry of Mines in July 2024. As a result of the withdrawal, the Company no longer holds any rights to project, which has reverted to the State and is now part of the public domain. The Company group has since commenced arbitration proceedings against the State under the International Centre for Settlement of Investment Disputes Convention, asserting that the withdrawal breached obligations under applicable mining law in Niger and that the conduct was a breach by the State of its obligations to execute its undertakings in good faith. In February 2025, the Company group signed a letter of intent with the State outlining a structured roadmap to negotiate a resolution to the dispute. As part of this process, the Company group agreed to a temporary suspension to the arbitration proceedings while negotiations continue. This process is ongoing.

ASX: AEU

Peer Comparison – Deposit Data (2 of 2)

Project	Company	Ticker	Country	Stage of Development	Total Resource (Mlb)1	M&I Resource (Mlb)1	Inferred Resource (Mlb)1	Overall Grade (ppm)1	M&I Grade (ppm)1	Inferred Grade (ppm)1	Source
Tiris	Aura Energy	ASX: AEE	Mauritania	Development	77.6	33.9	43.7	225	220	229	ASX Announcement - 16 December 2024
Salamanca	Berkeley Energia	ASX: BKY	Spain	Development	89.3	59.8	29.6	514	533	395	ASX Announcement - 27 August 2025
Westmoreland	Laramide Resources	ASX: LAM	Australia	Advanced Expl	65.8	48.1	17.7	773	800	700	Corporate Presentation - January 2026
Churchrock	Laramide Resources	ASX: LAM	USA	Advanced Expl	50.8	0.0	50.8	750	0	750	Corporate Presentation - January 2026
Crownpoint	Laramide Resources	ASX: LAM	USA	Advanced Expl	5.1	0.0	5.1	1020	0	1020	Corporate Presentation - January 2026
La Jara Mesa	Laramide Resources	ASX: LAM	USA	Development	10.5	7.3	3.2	2348	2500	2000	Corporate Presentation - January 2026
Bigrlyi	Energy Metals	ASX: EME	Australia	Advanced Expl	17.3	12.0	5.4	1370	1378	1340	ASX Announcement - 25 February 2025
Lo Herma	American Uranium	ASX: AMU	USA	Advanced Expl	8.6	2.8	5.8	630	660	610	ASX Announcement - 26 February 2026
Norasa	Forsys Metals	TSX: FSY	Namibia	Development	88.0	45.4	42.6	112	136	86	Corporate Presentation - February 2026
Agadez	Barys Resources	ASX: BRY	Niger	Advanced Expl	21.5	0.0	21.5	315	0	315	ASX Announcement - 29 January 2026

1. Attributable based on percentage ownership of the project.

2. All Companies are at an advanced exploration/development stage.

3. Cautionary Statement: The companies included in the above tables and graphs have a varying composition of Measured, Indicated and Inferred Resources as well as Proven and Probable Reserves and are at various stages of development, they are not intended to be identical in nature to Atomic Eagle.

ASX: AEU