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ATOMIC EAGLE LTD M&A Activity 2026
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M&A Activity
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ASX Announcement
Atomic Eagle
19 May 2026
Atomic Eagle significantly expands Zambian uranium footprint with Sitwe option
Atomic Eagle Limited ('Atomic Eagle' or 'the Company') (ASX: AEU | OTCQB: AEUXF) is pleased to announce that it has entered into a binding option agreement (the Option Agreement) to acquire 100% of the large-scale Sitwe Uranium Project ("Sitwe" or the "Project"), located in the Luangwa Valley of north-eastern Zambia.
The acquisition materially expands Atomic Eagle's uranium exploration footprint in Zambia and reinforces the Company's position as one of the leading uranium explorers and developers in the country.
Highlights
- Expansion of uranium footprint in Zambia, with the addition of the 429 km² Sitwe Project within the prospective Luangwa Valley Karoo Basin, a 38% increase in the Company's tenement holdings.
- Strengthens Atomic Eagle's position as a leading uranium explorer and developer in Zambia, complementing the flagship Muntanga Uranium Project.
- Located on a regional geological trend with the Kayelekera uranium deposit in Malawi, supporting prospectivity of the broader portfolio.
- Encouraging historical drilling at Sitwe North with high-grade, shallow uranium intercepts including:
- 1m at 1,620ppm from 35m (STN001).
- 1m at 1,080ppm from 42m (STN002).
- 2m at 639ppm from 37m (STN002).
- 5m at 566ppm from 7m (STN003).
- 2m at 636ppm from 32m (STN003).
- 6m at 735ppm from 61m (STN003).
- 6m at 365ppm from 11m (STN005).
- 10m at 247ppm from 29m (STN005).
- Significant exploration upside across a large, underexplored licence area with multiple untested radiometric anomalies.
- Low-risk entry via capital-disciplined option structure, requiring US$200k in exploration and statutory expenditure, with the right to acquire 100% of the licence for US$400k.
Atomic Eagle Limited | ASX:AEU OTCQB: AEUXF | ABN: 20 108 958 274
Suite 4.01, 66 Kings Park Road, West Perth WA 6005
P: +61 8 6382 1805 E: [email protected] W: atomiceagle.com.au
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Atomic Eagle CEO Phil Hoskins said:
"The addition of the Sitwe Uranium Project materially expands Atomic Eagle's uranium footprint in Zambia and further consolidates our position as a leading uranium explorer and developer in the country.
Zambia is a well-established and supportive mining jurisdiction, and we continue to see significant opportunity to build scale through the acquisition and systematic exploration of high-quality uranium assets.
Sitwe complements our flagship Muntanga Project by adding a large, prospective licence position in a highly endowed basin, with encouraging historical results and clear potential for further discovery.
Importantly, the option structure allows us to advance this opportunity in a disciplined manner while maintaining flexibility as we continue to grow our broader uranium portfolio in Zambia."
STRATEGIC RATIONALE
The acquisition of the Sitwe Uranium Project is aligned with Atomic Eagle's strategy to build a district-scale uranium portfolio in Zambia, a well-established and mining-friendly jurisdiction with a strong regulatory framework for resource development.
Key strategic considerations include:
- District-Scale Footprint Expansion – Sitwe materially increases Atomic Eagle's uranium landholding in Zambia, expanding the Company's presence across highly prospective Karoo Basin geology and strengthening its position as a leading uranium explorer and developer in the country.
- Consolidation of a Leading Zambian Uranium Platform – The addition of Sitwe complements the flagship Muntanga Uranium Project and supports the development of a multi-asset portfolio, providing a foundation for long-term resource growth and potential future production scale.
- Jurisdictional Focus – Zambia offers a stable and established mining jurisdiction with demonstrated uranium endowment, existing infrastructure and a supportive regulatory environment, providing a favourable backdrop for disciplined project advancement.
- Resource Growth Optionality at Low Entry Cost – The option structure provides exposure to a large, underexplored licence with demonstrated uranium mineralisation and exploration upside, allowing the Company to pursue resource growth in a capital-efficient manner.
- Portfolio Diversification Within a Known Operating Environment – Sitwe is located in a separate basin to Muntanga, diversifying geological and project risk while leveraging Atomic Eagle's established in-country capability and operational experience.
Any future development of Sitwe would be assessed on a standalone basis or in the context of regional infrastructure and processing options.
Page 2 of 19
SITWE PROJECT OVERVIEW
The Sitwe Uranium Project is located within the Luangwa Valley Karoo Basin, part of a broader series of Karoo basins in southern Africa that host a number of uranium occurrences and deposits. The basin extends into neighbouring Malawi and is on geological trend with the Kayelekera uranium deposit.
Figure 1: Location of Sitwe Uranium Project
The exploration licence (Licence No. 40954-HQ-LEL) covers an area of approximately $429~\mathrm{km}^2$ and was granted in August 2025 for an initial four-year term, with renewal subject to statutory relinquishment requirements. The licence is held by Tumaini Land Surveyor Limited and permits exploration for uranium and a range of other commodities.
Historical work completed by African Energy Resources Limited (AFR) between 2010 and 2012 included airborne radiometric surveys, mapping, trenching and limited drilling, which identified several radiometric anomalies and zones of uranium mineralisation. The most advanced area, Sitwe North, has been drill tested with encouraging results. All of the seven holes drilled encountered uranium mineralisation with the key intercepts shown in Table 1 below.
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Table 1: Significant drill hole intercepts from Sitwe North
| Hole_ID | From (m) | To (m) | Interval (m) | Grade (ppm U_{2}O_{5}) |
|---|---|---|---|---|
| STN001 | 35 | 36 | 1 | 1620 |
| STN002 | 37 | 39 | 2 | 639 |
| STN002 | 42 | 43 | 1 | 1080 |
| STN003 | 2 | 5 | 3 | 257 |
| STN003 | 7 | 13 | 5 | 566 |
| STN003 | 32 | 34 | 2 | 636 |
| STN003 | 61 | 67 | 6 | 735 |
| STN004 | 58 | 61 | 3 | 322 |
| STN005 | 11 | 17 | 6 | 365 |
| STN005 | 29 | 39 | 10 | 247 |
| STN006 | 23 | 25 | 2 | 138 |
| STN006 | 33 | 35 | 2 | 167 |
| STN006 | 51 | 52 | 1 | 606 |
| STN007 | 9 | 10 | 1 | 425 |
| STN007 | 25 | 27 | 2 | 194 |
- see AFR ASX announcement dated 29th April 2011.
The drilling identified moderately dipping uranium mineralization with a true thickness of 2 - 10m in strongly sheared feldspathic gneisses near the Unconformity between Irumide (ca. 1100 million years old) basement rocks and the younger Karoo sediments (Figure 2). The drilling tested five distinct horizons over a strike length of 450m. The mineralisation is open along strike in both directions and at depth. A large area of the Karoo Basin sedimentary rocks, a well-known host to uranium mineralisation, crops out in the southern half of the licence. These rocks also contain untested airborne radiometric anomalies while other areas remain to be surveyed using radiometrics.
Figure 2: Sitwe licence area geology, showing location of drilling and other untested radiometric anomalies
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
X
OPTION AGREEMENT – KEY TERMS
Under the Option Agreement, Atomic Eagle, through its Zambian subsidiary, has secured the right to acquire 100% ownership of the Sitwe Uranium Project on the following key terms:
- Option Period Expenditure – Atomic Eagle must incur a minimum of US$200,000 in exploration and licence-related expenditure prior to 30 June 2027.
- Exercise of Option – Upon completion of the required expenditure, Atomic Eagle may exercise the option to acquire the licence for cash consideration of US$400,000.
SITWE EXPLORATION UPSIDE
Mapping and drilling by AFR identified uranium mineralisation hosted in feldspathic bands of the basement gneissic rocks (Irumide Metamorphics) that warrants further testing. The Sitwe licence also contains both Upper Karoo (host of the Company's Muntanga deposit) and Lower Karoo (host of Lotus Resources' Kayelekera and Letlhakane deposits) stratigraphy. Uranium mineralisation developed in the Karoo Basin sediments is generally thought to be derived from nearby basement rocks, so this enhances the prospectivity of the Karoo sediment outcropping at Sitwe North.
Large portions of the licence area have not been systematically surveyed and a radiometrics survey over the licence area is warranted. There are already multiple radiometric anomalies identified that warrant follow-up exploration.
NEXT STEPS
Atomic Eagle is in the planning phase for its initial Sitwe work program which is expected to include mapping and ground radiometrics to determine the most prospective areas for drill testing.
The Company recently commenced a 30,000m drill program at its Muntanga Uranium Project aimed at increasing the Mineral Resource, with further drill results due in the coming weeks.
Approved for release by the Board of Atomic Eagle Limited.
For further information, please contact:
Phil Hoskins
Chief Executive Officer
Atomic Eagle Limited
E: [email protected]
P: +61 8 6382 1805
Nathan Ryan
Investor and Media Relations
NWR Communications
E: [email protected]
P: +61 420 582 887
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
About Atomic Eagle
Atomic Eagle Limited (ASX: AEU) is an ASX-listed mineral resource company focused on exploration and development of uranium assets in Africa, with the 100%-owned district-scale Muntanga Uranium Project in Zambia as its core asset. The Muntanga Project area spans four mining licences and two exploration licences over a 146km strike length covering 1,136km², adjacent to Lake Kariba. The Muntanga Uranium Project contains a Measured and Indicated Resource of 50.4Mt @ 359ppm U₃O₈ for a total of 40.0 Mlbs U₃O₈ and an Inferred Resource of 35.8Mt @ 238ppm U₃O₈ for a total of 18.8 Mlbs U₃O₈ to deliver a combined total of 58.8Mlb U₃O₈ at 309ppm.
Muntanga benefits from excellent infrastructure, being located near the town of Chirundu close to the Zimbabwe border, with sealed road access to Chirundu, Siavonga and Lusaka (the capital). This network gives the project easy access to Lusaka's international airport and to Namibia's port of Walvis Bay via Livingstone (about 560km west) providing export routes to both western and eastern markets.
Competent Person's Statement – Exploration Results
The information in this announcement relating to Exploration Results, is based on information compiled and supervised by Mr Harry Mustard, who is a Member of the Australian Institute of Geoscientists. Mr Mustard is a geologist with over 40 years of experience in mineral exploration and mining, including 8 years working on sediment-hosted and granite-related uranium deposits in Asia and Africa. He is a consultant to Atomic Eagle. Mr Mustard 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 JORC Code (2012 Edition). Mr Mustard consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
Atomic Eagle confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original report and that the Competent Person's consent remains in place for subsequent releases by Atomic Eagle of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report or accompanying consent.
Page 6 of 19
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 7 of 19
APPENDIX 1: DRILL HOLE LOCATIONS
| Collar ID | East (mE) | North (mN) | RL (mASL) | DIP (°) | AZI (°) | DEPTH (m) |
|---|---|---|---|---|---|---|
| STN001 | 520817 | 8830604 | 1093 | -60 | 305 | 70 |
| STN002 | 520940 | 8830806 | 1084 | -60 | 305 | 60 |
| STN003 | 520867 | 8830630 | 1113 | -65 | 320 | 70 |
| STN004 | 520712 | 8830698 | 1097 | -60 | 320 | 70 |
| STN005 | 520610 | 8830556 | 1067 | -60 | 320 | 70 |
| STN006 | 520635 | 8830790 | 1079 | -60 | 320 | 58 |
| STN007 | 520872 | 8830880 | 1076 | -60 | 290 | 60 |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
APPENDIX 2: ALL DRILL HOLE ASSAYS
| Hole ID | From (m) | To (m) | Interval (m) | Grade (U3O8ppm) |
|---|---|---|---|---|
| STN001 | 0 | 16 | 16 | Not assayed |
| STN001 | 16 | 17 | 1 | 7 |
| STN001 | 17 | 18 | 1 | 5 |
| STN001 | 18 | 19 | 1 | 7 |
| STN001 | 19 | 20 | 1 | 6 |
| STN001 | 20 | 21 | 1 | 5 |
| STN001 | 21 | 22 | 1 | 6 |
| STN001 | 22 | 23 | 1 | 307 |
| STN001 | 23 | 24 | 1 | 81 |
| STN001 | 24 | 25 | 1 | 224 |
| STN001 | 25 | 26 | 1 | 11 |
| STN001 | 26 | 27 | 1 | 9 |
| STN001 | 27 | 28 | 1 | 11 |
| STN001 | 28 | 29 | 1 | 7 |
| STN001 | 29 | 30 | 1 | 7 |
| STN001 | 30 | 31 | 1 | 313 |
| STN001 | 31 | 32 | 1 | 11 |
| STN001 | 32 | 33 | 1 | 185 |
| STN001 | 33 | 34 | 1 | 45 |
| STN001 | 34 | 35 | 1 | 33 |
| STN001 | 35 | 36 | 1 | 1620 |
| STN001 | 36 | 37 | 1 | 20 |
| STN001 | 37 | 38 | 1 | 15 |
| STN001 | 38 | 39 | 1 | 9 |
| STN001 | 39 | 40 | 1 | 92 |
| STN001 | 40 | 41 | 1 | 6 |
| STN001 | 41 | 42 | 1 | 7 |
| STN001 | 42 | 43 | 1 | 287 |
| STN001 | 43 | 44 | 1 | 5 |
| STN001 | 44 | 45 | 1 | 6 |
| STN001 | 45 | 46 | 1 | 7 |
| STN001 | 46 | 70 | 24 | Not Assayed |
Page 8 of 19
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 9 of 19
| Hole ID | From (m) | To (m) | Interval (m) | Grade (U3O8ppm) |
|---|---|---|---|---|
| STN002 | 0 | 6 | 6 | Not Assayed |
| STN002 | 6 | 7 | 1 | 7 |
| STN002 | 7 | 8 | 1 | 6 |
| STN002 | 8 | 9 | 1 | 5 |
| STN002 | 9 | 10 | 1 | 58 |
| STN002 | 10 | 11 | 1 | 8 |
| STN002 | 11 | 12 | 1 | 9 |
| STN002 | 12 | 13 | 1 | 8 |
| STN002 | 13 | 14 | 1 | 8 |
| STN002 | 33 | 34 | 1 | 14 |
| STN002 | 34 | 35 | 1 | 8 |
| STN002 | 35 | 36 | 1 | 6 |
| STN002 | 36 | 37 | 1 | 8 |
| STN002 | 37 | 38 | 1 | 449 |
| STN002 | 38 | 39 | 1 | 828 |
| STN002 | 39 | 40 | 1 | 9 |
| STN002 | 40 | 41 | 1 | 5 |
| STN002 | 41 | 42 | 1 | 6 |
| STN002 | 42 | 43 | 1 | 1080 |
| STN002 | 43 | 44 | 1 | 47 |
| STN002 | 44 | 45 | 1 | 11 |
| STN002 | 45 | 46 | 1 | 9 |
| STN002 | 46 | 47 | 1 | 9 |
| STN002 | 47 | 48 | 1 | 7 |
| STN002 | 48 | 60 | 12 | Not Assayed |
Page 10 of 19
| Hole ID | From (m) | To (m) | Interval (m) | Grade (U3O8ppm) |
|---|---|---|---|---|
| STN003 | 0 | 1 | 1 | 244 |
| STN003 | 1 | 2 | 1 | 25 |
| STN003 | 2 | 3 | 1 | 283 |
| STN003 | 3 | 4 | 1 | 604 |
| STN003 | 4 | 5 | 1 | 483 |
| STN003 | 5 | 6 | 1 | 59 |
| STN003 | 6 | 7 | 1 | 44 |
| STN003 | 7 | 8 | 1 | 316 |
| STN003 | 8 | 9 | 1 | 1010 |
| STN003 | 9 | 10 | 1 | 662 |
| STN003 | 10 | 11 | 1 | 800 |
| STN003 | 11 | 12 | 1 | 469 |
| STN003 | 12 | 13 | 1 | 137 |
| STN003 | 13 | 14 | 1 | 34 |
| STN003 | 14 | 15 | 1 | 26 |
| STN003 | 15 | 16 | 1 | 21 |
| STN003 | 16 | 17 | 1 | 17 |
| STN003 | 17 | 18 | 1 | 88 |
| STN003 | 18 | 19 | 1 | 15 |
| STN003 | 19 | 20 | 1 | 8 |
| STN003 | 20 | 21 | 1 | 275 |
| STN003 | 21 | 22 | 1 | 8 |
| STN003 | 22 | 23 | 1 | 7 |
| STN003 | 23 | 24 | 1 | 7 |
| STN003 | 24 | 25 | 1 | 6 |
| STN003 | 25 | 26 | 1 | 6 |
| STN003 | 26 | 27 | 1 | 6 |
| STN003 | 27 | 28 | 1 | 6 |
| STN003 | 28 | 29 | 1 | 7 |
| STN003 | 29 | 30 | 1 | 7 |
| STN003 | 30 | 31 | 1 | 6 |
| STN003 | 31 | 32 | 1 | 11 |
| STN003 | 32 | 33 | 1 | 809 |
| STN003 | 33 | 34 | 1 | 463 |
| STN003 | 34 | 35 | 1 | 11 |
| STN003 | 35 | 36 | 1 | 8 |
| STN003 | 36 | 37 | 1 | 12 |
| STN003 | 37 | 60 | 23 | Not Assayed |
| STN003 | 60 | 61 | 1 | 25 |
| STN003 | 61 | 62 | 1 | 283 |
| STN003 | 62 | 63 | 1 | 640 |
| STN003 | 63 | 64 | 1 | 1660 |
| STN003 | 64 | 65 | 1 | 588 |
| STN003 | 65 | 66 | 1 | 573 |
| STN003 | 66 | 67 | 1 | 666 |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 11 of 19
| STN003 | 67 | 68 | 1 | 65 |
|---|---|---|---|---|
| STN003 | 68 | 70 | 2 | Not Assayed |
| STN004 | 0 | 56 | 56 | Not Assayed |
| STN004 | 56 | 57 | 1 | 3 |
| STN004 | 57 | 58 | 1 | 5 |
| STN004 | 58 | 59 | 1 | 347 |
| STN004 | 59 | 60 | 1 | 64 |
| STN004 | 60 | 61 | 1 | 555 |
| STN004 | 61 | 62 | 1 | 17 |
| STN004 | 62 | 63 | 1 | 3 |
| STN004 | 63 | 64 | 1 | 3 |
| STN004 | 64 | 65 | 1 | 3 |
| STN004 | 65 | 70 | 5 | Not Assayed |
| STN005 | 3 | 4 | 1 | 7 |
| STN005 | 4 | 5 | 1 | 7 |
| STN005 | 5 | 6 | 1 | 37 |
| STN005 | 6 | 7 | 1 | 142 |
| STN005 | 7 | 8 | 1 | 51 |
| STN005 | 8 | 9 | 1 | 8 |
| STN005 | 9 | 10 | 1 | 7 |
| STN005 | 10 | 11 | 1 | 20 |
| STN005 | 11 | 12 | 1 | 596 |
| STN005 | 12 | 13 | 1 | 357 |
| STN005 | 13 | 14 | 1 | 81 |
| STN005 | 14 | 15 | 1 | 250 |
| STN005 | 15 | 16 | 1 | 801 |
| STN005 | 16 | 17 | 1 | 104 |
| STN005 | 17 | 18 | 1 | 6 |
| STN005 | 18 | 19 | 1 | 25 |
| STN005 | 19 | 27 | 8 | Not Assayed |
| STN005 | 27 | 28 | 1 | 3 |
| STN005 | 28 | 29 | 1 | 3 |
| STN005 | 29 | 30 | 1 | 210 |
| STN005 | 30 | 31 | 1 | 416 |
| STN005 | 31 | 32 | 1 | 333 |
| STN005 | 32 | 33 | 1 | 328 |
| STN005 | 33 | 34 | 1 | 72 |
| STN005 | 34 | 35 | 1 | 387 |
| STN005 | 35 | 36 | 1 | 165 |
| STN005 | 36 | 37 | 1 | 195 |
| STN005 | 37 | 38 | 1 | 179 |
| STN005 | 38 | 39 | 1 | 288 |
| STN005 | 39 | 40 | 1 | 145 |
| STN005 | 40 | 41 | 1 | 6 |
| STN005 | 41 | 42 | 1 | 3 |
| STN005 | 42 | 43 | 1 | 3 |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 12 of 19
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
| STN005 | 43 | 70 | 27 | Not Assayed |
|---|---|---|---|---|
| STN006 | 0 | 8 | 8 | Not Assayed |
| STN006 | 8 | 9 | 1 | 7 |
| STN006 | 9 | 10 | 1 | 7 |
| STN006 | 10 | 11 | 1 | 46 |
| STN006 | 11 | 12 | 1 | 7 |
| STN006 | 12 | 13 | 1 | 5 |
| STN006 | 13 | 14 | 1 | 7 |
| STN006 | 14 | 15 | 1 | 134 |
| STN006 | 15 | 16 | 1 | 70 |
| STN006 | 16 | 17 | 1 | 37 |
| STN006 | 17 | 18 | 1 | 7 |
| STN006 | 18 | 19 | 1 | 7 |
| STN006 | 19 | 20 | 1 | 12 |
| STN006 | 20 | 21 | 1 | 22 |
| STN006 | 21 | 22 | 1 | 14 |
| STN006 | 22 | 23 | 1 | 99 |
| STN006 | 23 | 24 | 1 | 162 |
| STN006 | 24 | 25 | 1 | 114 |
| STN006 | 25 | 26 | 1 | 20 |
| STN006 | 26 | 27 | 1 | 83 |
| STN006 | 27 | 28 | 1 | 99 |
| STN006 | 28 | 29 | 1 | 85 |
| STN006 | 29 | 30 | 1 | 24 |
| STN006 | 30 | 31 | 1 | 32 |
| STN006 | 31 | 32 | 1 | 19 |
| STN006 | 32 | 33 | 1 | 58 |
| STN006 | 33 | 34 | 1 | 150 |
| STN006 | 34 | 35 | 1 | 184 |
| STN006 | 35 | 36 | 1 | 20 |
| STN006 | 36 | 37 | 1 | 17 |
| STN006 | 37 | 38 | 1 | 15 |
| STN006 | 38 | 48 | 10 | Not Assayed |
| STN006 | 48 | 49 | 1 | 15 |
| STN006 | 49 | 50 | 1 | 14 |
| STN006 | 50 | 51 | 1 | 17 |
| STN006 | 51 | 52 | 1 | 606 |
| STN006 | 52 | 53 | 1 | 19 |
| STN006 | 53 | 54 | 1 | 17 |
| STN006 | 54 | 55 | 1 | 19 |
| STN006 | 55 | 56 | 1 | 53 |
| STN006 | 56 | 57 | 1 | 259 |
| STN006 | 57 | 58 | 1 | 27 |
| STN007 | 0 | 6 | 6 | Not Assayed |
| STN007 | 6 | 7 | 1 | 14 |
| STN007 | 7 | 8 | 1 | 21 |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 13 of 19
| STN007 | 8 | 9 | 1 | 13 |
|---|---|---|---|---|
| STN007 | 9 | 10 | 1 | 425 |
| STN007 | 10 | 11 | 1 | 41 |
| STN007 | 11 | 12 | 1 | 15 |
| STN007 | 12 | 13 | 1 | 13 |
| STN007 | 13 | 22 | 9 | Not Assayed |
| STN007 | 22 | 23 | 1 | 18 |
| STN007 | 23 | 24 | 1 | 29 |
| STN007 | 24 | 25 | 1 | 18 |
| STN007 | 25 | 26 | 1 | 203 |
| STN007 | 26 | 27 | 1 | 184 |
| STN007 | 27 | 28 | 1 | 60 |
| STN007 | 28 | 29 | 1 | 28 |
| STN007 | 29 | 30 | 1 | 19 |
| STN007 | 30 | 31 | 1 | 20 |
| STN007 | 31 | 32 | 1 | 29 |
| STN007 | 32 | 33 | 1 | 24 |
| STN007 | 33 | 34 | 1 | 20 |
| STN007 | 34 | 35 | 1 | 32 |
| STN007 | 35 | 36 | 1 | 35 |
| STN007 | 36 | 37 | 1 | 38 |
| STN007 | 37 | 38 | 1 | 55 |
| STN007 | 38 | 39 | 1 | 20 |
| STN007 | 39 | 40 | 1 | 15 |
| STN007 | 40 | 41 | 1 | 22 |
| STN007 | 41 | 42 | 1 | 18 |
| STN007 | 42 | 43 | 1 | 15 |
| STN007 | 43 | 44 | 1 | 29 |
| STN007 | 44 | 45 | 1 | 24 |
| STN007 | 45 | 46 | 1 | 25 |
| STN007 | 46 | 47 | 1 | 22 |
| STN007 | 47 | 48 | 1 | 19 |
| STN007 | 48 | 49 | 1 | 18 |
| STN007 | 49 | 50 | 1 | 24 |
| STN007 | 50 | 51 | 1 | 19 |
| STN007 | 51 | 52 | 1 | 14 |
| STN007 | 52 | 53 | 1 | 18 |
| STN007 | 53 | 54 | 1 | 33 |
| STN007 | 54 | 55 | 1 | 19 |
| STN007 | 55 | 56 | 1 | 21 |
| STN007 | 56 | 57 | 1 | 17 |
| STN007 | 57 | 58 | 1 | 18 |
| STN007 | 58 | 59 | 1 | 18 |
| STN007 | 59 | 60 | 1 | 19 |
X
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques | • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | |
| • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | ||
| • Aspects of the determination of mineralisation that are Material to the Public Report. | ||
| • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | • At Sitwe North, the reverse circulation drilling was conducted by African Energy Resources Ltd in 2010. The primary method of grade determination was through assaying. RC chips were collected at the base of a cyclone in large plastic bags. The 1m samples were screened using a handheld scintillometer and for any anomalous samples a 1.5 – 2.5 kg split was taken from the main 1m sample using a 3- tier riffle splitter. | |
| • The 1m split sample was sent to an accredited lab (ALS Johannesburg) for pulverising and assay by XRF. | ||
| Drilling techniques | • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | • Reverse circulation hammer (diameter of 125mm) with a face sampling bit was the drilling technique used. |
| • After completion, holes were not surveyed for dip and azimuth deviation due to the early nature of the exploration holes. | ||
| Drill sample recovery | • Method of recording and assessing core and chip sample recoveries and results assessed. | |
| • Measures taken to maximise sample recovery and ensure representative nature of the samples. | ||
| • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | • Most samples were dry and recoveries considered high (>90%). Any wet samples were dried prior to splitting and sending for assay. | |
| • The lenses of uranium mineralisation at Sitwe North dip approximately 40° to 50° to the southeast. Drill holes were angled between -60° and -65° to the northwest, perpendicular to the strike of the mineralised horizons to maximise the representative nature of the samples. Due to the intercept angle it is assumed that intercepts are approximately 20° longer than true width. | ||
| • No bias was identified in the drilling, sample recovery and sampling. |
Atomic Eagle Limited | ASX:AEU OTCQB: AEUXF | ABN: 20 108 958 274
Suite 4.01, 66 Kings Park Road, West Perth WA 6005
P: +61 8 6382 1805 E: [email protected] W: atomiceagle.com.au
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | |
| • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | ||
| • The total length and percentage of the relevant intersections logged. | • All drill holes were logged in detail by geologists on site during the drill program. Data was recorded for each 1m sample interval and included colour, hardness, lithology, texture, weathering and alteration minerals, level of dryness i.e. dry, moist, wet. | |
| • Logging is both qualitative and quantitative depending on the criteria being logged. All holes were logged in their entirety. | ||
| • Representative samples were collected in chip trays for future reference if required. | ||
| Sub-sampling techniques and sample preparation | • If core, whether cut or sawn and whether quarter, half or all core taken. | |
| • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. | ||
| • For all sample types, the nature, quality and appropriateness of the sample preparation technique. | ||
| • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. | ||
| • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. | ||
| • Whether sample sizes are appropriate to the grain size of the material being sampled. | • 1 metre samples were collected in a large 1000m x 600mm plastic bag set underneath a cyclone. | |
| • Anomalous samples were split from the 1m bags using a riffle splitter. Samples were split down to between 1.5 and 2.5kg. | ||
| • The sample sizes collected and use of a rig mounted cyclone is considered appropriate for the style of the mineralisation and early stage of exploration. | ||
| • In this drill programme duplicates, blanks and standards were inserted in the sample stream. Every 20th sample was a duplicate collected at the riffle splitting stage. Every 50th sample was a blank and 1 in 50 samples was a standard. | ||
| • 16 duplicate samples were sent for analysis. Assays for 65% (10) of the duplicate sample uranium analyses were within 5%, the remainder (6 samples) ranged from 5-45% | ||
| • Sample sizes are considered appropriate for the grain size of the material being sampled and the nature of mineralisation. | ||
| Quality of assay data and laboratory tests | • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | |
| • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. | ||
| • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. | • All samples were analysed by ALS in Johannesburg, South Africa. Samples were pulverised to 85% passing 75 microns. A split from the pulverised sample was analysed by XRF. | |
| • ALS also ran their own laboratory internal checks via repeat analyses, standards and blanks. | ||
| • No data from geophysical tools or hand-held assay devices have been reported. | ||
| • Internal laboratory standards and repeats are not available. | ||
| • In this drill programme duplicates, blanks and standards were inserted in the sample stream. Every 20th sample was a duplicate collected at the riffle splitting stage. Every 50th sample was a blank and 1 in 50 samples was a standard. | ||
| • 16 duplicate samples were sent for analysis. Assays for 65% (10) of the duplicate sample uranium analyses were within 5%, the |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| remainder (6 samples) ranged from 5-45%. | ||
| Verification of sampling and assaying | • The verification of significant intersections by either independent or alternative company personnel. | |
| • The use of twinned holes. | ||
| • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. | ||
| • Discuss any adjustment to assay data. | • Significant intersections were reviewed internally. | |
| • All geological logs were recorded and stored in an access database. | ||
| Validation measures for the field data are built into the access database. | ||
| • No holes were twinned at this early stage of exploration. | ||
| • No adjustment was made to the lab assay data. | ||
| Location of data points | • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | |
| • Specification of the grid system used. | ||
| • Quality and adequacy of topographic control. | • Collar positions were located using a handheld GPS. | |
| • The projection used is UTM WGS84 Zone36South | ||
| Data spacing and distribution | • Data spacing for reporting of Exploration Results. | |
| • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | ||
| • Whether sample compositing has been applied. | • The drill hole spacing is along lines spaced 200m apart with holes drilled at 150m intervals along the lines | |
| • No sample compositing has been applied. | ||
| Orientation of data in relation to geological structure | • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | |
| • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | • All holes were drilled at -60° perpendicular to the strike of the mineralisation. The Sitwe North mineralisation dips approximately -40° to 50° to the SE. | |
| • All drill intercepts are close to perpendicular to the orientation of the mineralisation, however the intercepts are considered to be approximately 20% greater than true width. | ||
| Sample security | • The measures taken to ensure sample security. | • Once a drill hole was completed all selected 1m samples were bagged and sealed for shipment. Samples were always under the care and supervision of AFR geologists until samples were loaded onto trucks for shipment to ALS Johannesburg by AFR personnel. |
| Audits or reviews | • The results of any audits or reviews of sampling techniques and data. | • There has been no independent review of the sampling techniques and data. |
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status | • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | |
| • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | • The Sitwe North licence (40954-HQ-LEL) was granted on 22/8/2025 for a period of 4 years and is valid until 21st August 2029, after which it can be renewed. The license is 100% owned by Tumaini Land Surveyors Ltd. | |
| • The western portion of the licence comprising approximately 30% of the overall licence area sits within a Game Management Area subject to approvals for exploration and mining. | ||
| Exploration done by other parties | • Acknowledgment and appraisal of exploration by other parties. | • Limited exploration for uranium was undertaken in this area by the Power Reactor and Nuclear Fuel Development Corporation ("PNC") in the mid 1970s. This exploration evaluated a series of regional uranium anomalies identified in a reconnaissance airborne radiometric survey flown for the Government of Zambia over 30 years ago. |
| • African Energy evaluated the region through a series of detailed airborne radiometric surveys completed in December 2006 and October 2007. These surveys identified several uranium anomalies. Reconnaissance evaluation in April 2008 confirmed the presence of Karoo sediments at a number of these anomalies. Regional areas were identified for systematic follow-up field exploration including the Sitwe North area where several elongate uranium anomalies identified. Programmes of geological evaluation and ground radiometric surveying was conducted at the Sitwe Prospect in 2008. In late 2010, seven RC holes for a total of 458m were drilled at Sitwe North testing outcropping mineralisation hosted in feldspathic gneiss beds. |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Geology | • Deposit type, geological setting and style of mineralisation. | • Geology in the Sitwe North license is dominated by Proterozoic age gneisses and granitoids of the Irumide Belt and Carboniferous to late Triassic age, terrestrial sediments of the Karoo Basin. The Karoo Basin sediments unconformably overly the metamorphic rocks of the Irumide Belt. |
| • In the region, sandstone hosted style uranium mineralisation has been found in the Upper Karoo sediments (Muntanga, Kayelekera) and Lower Karoo sediments (Letlhakane). | ||
| • The source of the uranium in the Karoo basin rocks is believed to be from the surrounding Proterozoic gneisses and plutonic basement rocks. Having been weathered from these rocks, the uranium has been dissolved, transported in solution and precipitated under reducing conditions in siltstone and sandstone. | ||
| • At Sitwe North uranium mineralization has been found outcropping in feldspathic units of basement gneiss. The units range from 2 to 10m in thickness, strike NNE and dip moderately to steeply SE. | ||
| Drill hole Information | • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: | |
| • easting and northing of the drill hole collar | ||
| • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar | ||
| • dip and azimuth of the hole | ||
| • down hole length and interception depth | ||
| • hole length. | ||
| • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | • Drill collar information is provided in Appendix 1 | |
| Data aggregation methods | • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. | |
| • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. | ||
| • The assumptions used for any reporting of metal equivalent values should be clearly stated. | • See Appendix 2 for all assay results. No changes to the original lab assays has been made. |
Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Relationship between mineralisation widths and intercept lengths | • These relationships are particularly important in the reporting of Exploration Results. | |
| • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. | ||
| • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). | • Drill hole orientations were between -60° and -65° as the dip angle of mineralisation generally dipped, between -40 and -50 degrees from horizontal. Holes were orientated perpendicular to the strike of the mineralised units. | |
| • All downhole intercepts reported are close to true width, but are considered to be approximately 20% greater than true width. | ||
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | • Appropriate maps have been provided in the attached press release. |
| Balanced reporting | • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | • All assays have been listed in Appendix 2 |
| Other substantive exploration data | • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. | • Based on the drilling results from uranium mineralisation identified in basement rocks. The nearby overlying Karoo sediments are considered an attractive target for sandstone hosted style uranium mineralisation. |
| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). | |
| • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | • To determine the extent of the uranium drilled in the gneissic units a program of surface mapping and lines of scintillometer surveys are planned. | |
| • The large areas of Karoo basin sedimentary rocks that lie within the license area will be explored using radiometric surveys. |