ATOMIC EAGLE LTD — Regulatory Filings 2026

May 27, 2026

ASX Announcement

Atomic Eagle

28 May 2026

Ground Radiometrics Refine Multiple Drill Targets at Muntanga North

Atomic Eagle Limited ('Atomic Eagle' or 'the Company') (ASX: AEU | OTCQX: AEUXF) is pleased to report results from ongoing close-spaced ground radiometric surveys conducted during Q2-2026 at the Muntanga North exploration area within its 100%-owned Muntanga Uranium Project in Zambia.

A total of 53-line kilometres of a planned 80 kilometre survey has been completed across five of eight priority target areas. The program has successfully refined and confirmed previously identified radiometric anomalies across the five target areas surveyed and provided improved resolution for drill targeting. The remainder of the survey over target areas 6 to 8 will be completed across Q2 and Q3-2026.

Highlights

• Large-scale radiometric anomalies (up to ~4km strike length) defined across eight target areas located between 15-25km from the Muntanga and Dibbwi East deposits.
• 53km of ground radiometrics completed to date across five of the eight target areas, with surveys ongoing.
• Close-spaced surveying (100m lines, 50m stations) has enabled identification of peak radiometric zones within broader anomalies to assist with drill targeting the surveyed areas.
• Strong radiometric responses include:
• 424 of 854 readings above background (>300 counts per second or CPS).
• 87 readings exceeding 500 CPS.
• Ground radiometric results confirm and refine airborne anomalies, and align with:
• Soil geochemical anomalies.
• Favourable structural corridors.
• Escarpment Grit Formation host rocks.
• Results have enhanced confidence in prioritisation of near-term drill targets within the surveyed areas, with drilling expected to commence shortly.
• In addition to Muntanga North drilling commencing, the Company's exploration approach is multi-faceted:
• Chisebuka – Drilling is continuing targeting extensions to recently defined higher-grade mineralization.
• Namakande 1 and 2 – Ground radiometrics surveys will commence in June 2026 to refine drill targeting.

Cautionary Statement: Handheld scintillometers measure radioactivity in counts per second ("CPS") and does not accurately determine elemental uranium concentrations and can also be influenced by the presence of thorium and potassium. Scintillometer readings are preliminary in nature and should not be considered a substitute for quantitative laboratory assays.

Atomic Eagle Limited | ASX:AEU OTCQX: AEUXF | ABN: 20 108 958 274

Level 20, 140 St Georges Terrace, PERTH WA 6000

P: +61 8 9200 3426 E: info@atomiceagle.com.au W: atomiceagle.com.au

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Atomic Eagle CEO Phil Hoskins said:

"We are encouraged by the initial results from ground radiometric surveys over the first five targets at Muntanga North. These anomalies occur along strike from the Company's existing resource areas and are hosted within the same favourable Escarpment Grit Formation.

The detailed ground surveys have not only confirmed the historical airborne anomalies in target areas 1 to 5 but, importantly, have helped identify the higher intensity zones within these systems. This provides greater confidence in prioritising drill targets as we prepare to commence drilling in the coming weeks."

A map showing the results from the ground radiometrics survey is shown in Figure 1 below. The results are overlain on a geology map which also shows the historical airborne radiometric anomalies. In 2024, five holes were drilled at the Nabbanda prospect situated at the northern end of target area 5, with one hole intersecting $1.8\mathrm{m}$ at $294\mathrm{ppm}$ $\mathrm{U}_3\mathrm{O}_8$ from $29.3\mathrm{m}$ depth and $2.0\mathrm{m}$ at $187\mathrm{ppm}$ $\mathrm{U}_3\mathrm{O}_8$ from $36.0\mathrm{m}$ depth $^{1}$ . This intercept is also shown in Figure 1.

Figure 1: Muntanga North exploration targets showing geology, airborne radiometric anomalies and recent ground radiometrics survey results

Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au

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Ground radiometrics and CPS explanation

Ground radiometric surveys measure natural gamma radiation emitted from rocks at surface. Readings are recorded in counts per second ("CPS"), which represent the intensity of radioactivity measured in the field.

Higher CPS readings indicate relatively elevated levels of radioactivity and can be associated with uranium-bearing mineralisation. These measurements are commonly used in early-stage exploration to:

• Identify anomalous zones.
• Map the extent of mineralised systems.
• Prioritise areas for follow-up drilling.

Soil cover has the potential to mask radiometric anomalies from underlying uranium mineralisation and so the Company's field crews are carefully recording types of regolith and/or rocks outcropping at each survey station.

Cautionary Statement: Handheld scintillometers measure radioactivity in CPS and does not accurately determine elemental uranium concentrations and can also be influenced by the presence of thorium and potassium. Scintillometer readings are preliminary in nature and should not be considered a substitute for quantitative laboratory assays.

Survey summary to date

• Planned coverage: 80-line km across 8 targets.
• Completed: 53-line km across 5 targets.
• Station spacing: 50m along lines.
• Line spacing: 100m.
• Total readings completed: 854.

The close-spaced survey grid has allowed for improved resolution of radiometric patterns and identification of discrete higher-intensity zones within broader anomalies, which are considered priority drill targets in target areas 1 to 5.

Geology and prospectivity

Uranium mineralisation across the Muntanga Project is hosted within the Escarpment Grit Formation of the Upper Karoo Basin. This same unit extends into the Muntanga North target areas and hosts the Company's existing resources at Muntanga, Dibbwi East and Dibbwi.

The Muntanga North anomalies lie along strike within this fertile geological corridor and exhibit similar geophysical and geochemical signatures, supporting their prospectivity.

Previous exploration, including airborne geophysics (NRG, 2006)² and soil/radon surveys (Denison Mines, 2013-2015)³, provided the foundation for target definition, which has now been further refined through this ground program.

² See Table 1 for more information.
³ See Appendix 4 and Table 1 for more information.

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X

Integrated targeting approach

The Muntanga North targets are the outcome of multiple overlapping datasets, including:

• Airborne radiometric anomalies.
• Ground radiometric responses (this program).
• Soil geochemical anomalies and radon surveys.
• Favourable geology within the Escarpment Grit Formation.
• Structural controls consistent with known mineralisation at Muntanga and Dibbwi East.

The convergence of these independent datasets increases confidence that the identified targets represent prospective zones for uranium mineralisation and provides a strong technical basis for drill testing.

Next steps

The surveys have successfully confirmed the broader historical anomalies and helped define areas to target with drilling. Drilling of targets 1 to 5 will commence in the coming weeks whilst the ground radiometrics surveys over targets 6 to 8 will be undertaken across Q2 and Q3-2026.

Approved for release by the Board of Atomic Eagle Limited.

For further information, please contact:

Phil Hoskins
Chief Executive Officer
Atomic Eagle Limited
E: info@atomiceagle.com.au
P: +61 8 9200 3426

Nathan Ryan
Investor and Media Relations
NWR Communications
E: nathan.ryan@nwrcommunications.com.au
P: +61 420 582 887

Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au

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Atomic Eagle Limited | ASX:AEU | www.atomiceagle.com.au
Page 5 of 38

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 (Table 1). (See ASX release dated 10 March 2026).

Muntanga benefits from excellent infrastructure, being located near the town of Chirundu close to the Zimbabwe border, with sealed road access to Chirundu, Siavonga 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.

The information in this announcement relating to Mineral Resources is extracted from the ASX announcement dated 10 March 2026 and is available on the Company's website. The Company confirms it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates to apply and have not materially changed.

Table 1: Mineral Resource Estimate for the Muntanga Uranium Project

CATEGORY	U₃O₈ CUT-OFF	DEPOSIT	TONNES	U₃O₈ GRADE	U₃O₈ METAL
	[PPM]		[MT]	[PPM]	[MLB]
Measured	110	Gwabi	1.1	254	0.6
	90	Njame	2.5	358	2
Indicated	90	Muntanga	8.6	369	7
	90	Dibbwi	3.2	253	1.8
	90	Dibbwi East	31.3	372	25.7
	110	Gwabi	2.7	374	2.2
	90	Njame	1.0	306	0.7
Total M&I			50.4	359	40.0
Inferred	90	Muntanga	3.4	278	2.1
	90	Dibbwi	1.0	213	0.5
	90	Dibbwi East	7.1	252	3.9
	110	Gwabi	0.2	272	0.1
	90	Njame	1.1	329	0.8
	90	Chisebuka	19.9	220	9.7
	90	Muntanga East	3.1	252	1.7
Total Inferred			35.8	238	18.8
TOTAL			86.2	309	58.8

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Atomic Eagle Limited

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.

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APPENDIX 1: NABBANDA DRILL HOLE LOCATIONS

Collar ID	East (mE)	North (mN)	RL (mASL)	DIP (°)	AZI (°)	DEPTH (m)
NBDTH2021	682025	8211034	464	-90	0	100
NBDTH2028	680001	8210481	440	-90	0	104
NBDTH2029	680000	8210829	463	-90	0	104
NBDTH2030	680997	8210800	445	-90	0	104
NBDTH2032	680987	8212406	450	-90	0	104

APPENDIX 2: NABBANDA PROSPECT DRILL INTERCEPTS

Hole ID	From (m)	To (m)	Interval (m)	Grade (eU3O8ppm)
NBDTH2021	No Significant Result
NBDTH2028	29.35	31.20	1.85	294
NBDTH2028	36.05	38.10	2.05	187
NBDTH2029	No Significant Result
NBDTH2030	No Significant Result
NBDTH2032	No Significant Result

• eU₃O₈ intercepts calculated from down hole gamma survey data using 100ppm cut-off, minimum width 1m with max 0.5m internal dilution

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APPENDIX 3: GROUND RADIOMETRIC SURVEY RESULTS

TARGET	Easting	Northing	CPS	TARGET	Easting	Northing	CPS
Target 1	671369	8209044	194	Target 1	671294	8208094	164
Target 1	671400	8209011	200	Target 1	671357	8208098	276
Target 1	671463	8208982	315	Target 1	671402	8208067	214
Target 1	671527	8208882	332	Target 1	671524	8208201	211
Target 1	671627	8208822	683	Target 1	671499	8208245	230
Target 1	671641	8208809	556	Target 1	671456	8208278	323
Target 1	671814	8209066	692	Target 1	671395	8208310	670
Target 1	671770	8209026	490	Target 1	671334	8208346	247
Target 1	671748	8209122	584	Target 1	671310	8208366	412
Target 1	671676	8209172	558	Target 1	671272	8208411	220
Target 1	671628	8209172	442	Target 1	671202	8208440	175
Target 1	671488	8209225	210	Target 1	671190	8208451	492
Target 1	671572	8209330	439	Target 1	671133	8208497	151
Target 1	671733	8209306	616	Target 1	671075	8208549	195
Target 1	671774	8209285	819	Target 1	671169	8208679	181
Target 1	671875	8209282	1102	Target 1	671208	8208633	218
Target 1	671866	8209454	718	Target 1	671263	8208609	428
Target 1	671964	8209196	229	Target 1	671281	8208609	719
Target 1	672192	8209220	228	Target 1	671304	8208596	324
Target 1	672056	8209297	342	Target 1	671350	8208577	306
Target 1	671982	8209359	402	Target 1	671385	8208561	212
Target 1	671960	8209383	616	Target 1	671400	8208561	394
Target 1	671930	8209391	993	Target 1	671429	8208536	215
Target 1	671888	8209412	834	Target 1	671455	8208498	211
Target 1	671878	8209425	253	Target 1	671491	8208458	225
Target 1	671858	8209439	487	Target 1	671504	8208429	340
Target 1	672155	8209440	354	Target 1	671524	8208408	463
Target 1	672176	8209419	225	Target 1	671557	8208388	221
Target 1	671027	8207794	258	Target 1	671604	8208360	217
Target 1	671084	8207745	261	Target 1	671402	8208837	251
Target 1	671130	8207723	302	Target 1	671451	8208812	375
Target 1	671182	8207719	189	Target 1	671513	8208758	569
Target 1	671247	8207924	192	Target 1	671606	8208708	471
Target 1	671214	8207942	347	Target 1	671740	8208538	254
Target 1	671183	8207979	330	Target 1	671270	8208880	197
Target 1	671132	8208016	288	Target 1	671780	8208750	214
Target 1	671085	8208047	411	Target 1	672020	8209080	185
Target 1	671034	8208105	274	Target 1	671610	8209360	173
Target 1	671102	8208298	193	Target 1	672250	8209410	174
Target 1	671039	8208284	240	Target 1	672060	8209060	217
Target 1	671109	8208253	202	Target 1	671240	8207789	264
Target 1	671126	8208235	305	Target 1	671205	8207797	269
Target 1	671171	8208167	333	Target 1	671140	8207828	297
Target 1	671227	8208133	173	Target 1	671115	8207865	289
Target 1	671830	8208970	230	Target 1	671940	8208900	305

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TARGET	Easting	Northing	CPS	TARGET	Easting	Northing	CPS
Target 1	671069	8207866	299	Target 1	671891	8208801	273
Target 1	671040	8207919	534	Target 1	671821	8208840	271
Target 1	671019	8208190	288	Target 1	671786	8208870	322
Target 1	671116	8208127	352	Target 1	671750	8208888	304
Target 1	671170	8208096	369	Target 1	671717	8208902	610
Target 1	671220	8208065	331	Target 1	671614	8208938	1023
Target 1	671261	8208056	570	Target 1	671592	8208928	486
Target 1	671301	8208049	266	Target 1	671552	8208992	284
Target 1	671341	8208002	316	Target 1	671525	8209035	341
Target 1	671469	8208138	258	Target 1	671480	8209094	234
Target 1	671404	8208146	271	Target 1	671449	8209094	227
Target 1	671345	8208164	1047	Target 1	671432	8209128	225
Target 1	671275	8208205	310	Target 1	671420	8209150	194
Target 1	671202	8208237	309	Target 1	671541	8209299	244
Target 1	671160	8208276	334	Target 1	671576	8209255	277
Target 1	671103	8208327	263	Target 1	671612	8209196	374
Target 1	671067	8208340	497	Target 1	671628	8209177	501
Target 1	671032	8208374	199	Target 1	671670	8209155	415
Target 1	671210	8208589	204	Target 1	671710	8209137	570
Target 1	671248	8208772	238	Target 1	671748	8209126	880
Target 1	671295	8208764	226	Target 1	671791	8209107	454
Target 1	671388	8208700	292	Target 1	671817	8209086	600
Target 1	671428	8208674	656	Target 1	671869	8209064	425
Target 1	671467	8208662	384	Target 1	671884	8209020	356
Target 1	671522	8208646	299	Target 1	671953	8208992	262
Target 1	671560	8208637	311	Target 1	672000	8208983	249
Target 1	671571	8208640	530	Target 1	672109	8209149	278
Target 1	671645	8208613	285	Target 1	672057	8209197	248
Target 1	671678	8208570	205	Target 1	672018	8209225	325
Target 1	671643	8208525	273	Target 1	671946	8209234	482
Target 1	671674	8208492	292	Target 1	671886	8209249	1350
Target 1	671680	8208450	254	Target 1	671844	8209267	446
Target 1	671311	8208978	191	Target 1	671820	8209277	1055
Target 1	671361	8208949	266	Target 1	671791	8209308	447
Target 1	671457	8208913	288	Target 1	671744	8209345	412
Target 1	671510	8208897	390	Target 1	671711	8209407	292
Target 1	671549	8208875	278	Target 1	671674	8209471	281
Target 1	671600	8208840	354	Target 1	672021	8209489	621
Target 1	671628	8208820	1117	Target 1	672043	8209480	1680
Target 1	671652	8208795	569	Target 1	672076	8209468	400
Target 1	671698	8208765	314	Target 1	672121	8209453	393
Target 1	671753	8208728	274	Target 1	672182	8209428	472
Target 1	671791	8208669	267	Target 1	672219	8209376	257
Target 1	671790	8208638	288	Target 1	672250	8209299	261

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APPENDIX 4: MUNTANGA NORTH HISTORICAL GRID SOIL SAMPLE, RADIOMETRIC AND RADON GAS SURVEY RESULTS

Sample	Easting	Northing	CPS	RadonX RnV	Uranium ppm	Sample	Easting	Northing	CPS	RadonX RnV	Uranium ppm
L0171	676735	8209535	222	166	1.3	L0798	671160	8206185	210	284	2.7
L0172	676675	8209616	264	295	1.6	L0799	671100	8206266	176	174	2.9
L0173	676614	8209696	232	231	1.8	L0801	671037	8206347	243	188	1.9
L0174	676552	8209777	166	332	1	L0802	670977	8206427	205	278	0.8
L0175	675544	8209768	169	215	1	L0803	670914	8206511	185	102	1.3
L0176	675603	8209690	173	806	1.6	L0804	670854	8206587	196	340	1.2
L0177	675664	8209610	185	725	1.2	L0805	670822	8205294	167	662	1.7
L0178	675725	8209529	197	346	1.4	L0806	670884	8205216	157	647	1.2
L0179	675786	8209449	207	280	1.5	L0001	681665	8209730	249	798	1.3
L0181	675848	8209368	212	730	2.4	L0002	681726	8209650	210	416	1.1
L0182	675908	8209288	209	713	1.5	L0003	681787	8209569	217	446	1.2
L0183	675970	8209207	181	557	1.4	L0004	681848	8209487	214	465	0.9
L0184	676031	8209127	205	554	0.9	L0005	681909	8209408	325	306	1.1
L0185	676092	8209046	201	268	1.6	L0006	681970	8209327	341	313	1
L0186	676153	8208967	193	553	2.1	L0007	682031	8209247	501	2159	121.7
L0187	676214	8208886	252	356	2	L0008	682092	8209167	237	161	1.8
L0188	676275	8208805	210	549	1.6	L0009	681571	8208517	218	290	1
L0771	672750	8204094	239	457	1.1	L0010	681510	8208598	181	647	0.9
L0772	672689	8204174	240	118	1.4	L0011	681448	8208677	198	1021	1.4
L0773	672628	8204256	248	64	0.7	L0012	681388	8208758	251	3682	6.3
L0774	672567	8204335	245	146	0.7	L0013	681326	8208838	360	1766	5.8
L0775	672506	8204416	278	654	1.9	L0014	681266	8208919	223	1182	1.5
L0776	672444	8204497	240	489	1.2	L0015	681206	8208999	195	455	2.2
L0777	672386	8204573	230	403	1.1	L0016	681144	8209081	207	1054	1
L0778	672321	8204657	172	331	1	L0017	681082	8209160	206	506	1.2
L0779	672260	8204738	246	313	1.1	L0018	681022	8209241	221	757	1.3
L0781	672200	8204825	304	735	1.8	L0019	680960	8209320	245	704	2.3
L0782	672136	8204901	216	454	0.9	L0021	680899	8209402	250	352	1
L0783	672076	8204979	191	470	0.4	L0022	680837	8209482	198	302	0.9
L0784	672015	8205061	211	593	0.8	L0023	680777	8209562	184	459	1.3
L0785	671955	8205139	266	485	1	L0024	680716	8209643	192	843	1.2
L0786	671894	8205221	246	619	0.7	L0025	680653	8209723	180	706	1.9
L0787	671834	8205302	262	368	0.8	L0026	679643	8209717	125	1520	3.1
L0788	671770	8205381	214	776	0.7	L0027	679704	8209637	165	716	1.1
L0789	671711	8205462	186	556	1	L0028	679766	8209556	152	3072	3.2
L0790	671649	8205542	189	419	0.4	L0029	679827	8209474	234	3180	3.6
L0791	671589	8205622	191	267	0.6	L0030	679889	8209394	186	364	0.6
L0792	671527	8205703	242	622	1.7	L0031	679949	8209314	175	501	1.4
L0793	671464	8205784	217	782	1.3	L0032	680011	8209233	237	95	1.1
L0794	671406	8205865	208	499	1.8	L0033	680071	8209154	312	80	1.1
L0795	671336	8205951	212	689	1.4	L0034	680133	8209073	223	321	1.4
L0796	671281	8206027	289	625	2	L0035	680193	8208993	236	250	1.3
L0797	671222	8206105	231	490	1.6	L0036	680257	8208911	250	1145	1.6

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Sample	Easting	Northing	CPS	RadonX RnV	Uranium ppm	Sample	Easting	Northing	CPS	RadonX RnV	Uranium ppm
L0037	680316	8208832	216	1123	1.1	L0084	678572	8209791	192	123	1
L0038	680376	8208753	214	601	1.2	L0085	677624	8209704	214	346	1.8
L0039	680439	8208671	190	533	1.3	L0086	677686	8209623	216	189	1.5
L0041	680499	8208590	196	954	1.3	L0087	677746	8209541	145	483	0.7
L0042	680560	8208510	214	696	2.8	L0088	677806	8209461	147	383	1.2
L0043	680623	8208429	180	717	0.9	L0089	677868	8209381	216	979	1.8
L0044	680683	8208349	173	485	1.4	L0090	677929	8209301	198	417	2.4
L0045	680745	8208270	187	609	1.5	L0091	677990	8209220	199	1032	1.8
L0046	680805	8208188	196	679	1.9	L0092	678051	8209140	219	1627	2.9
L0047	680868	8208108	151	356	0.8	L0093	678114	8209060	199	1921	5.3
L0048	680928	8208027	155	231	1	L0094	678174	8208978	219	2509	4.3
L0049	680989	8207948	201	1298	0.9	L0095	678235	8208899	164	340	0.7
L0050	680530	8207216	182	480	1	L0096	678296	8208818	184	941	2
L0051	680468	8207297	110	261	1.3	L0097	678357	8208738	226	398	1.8
L0052	680406	8207378	140	239	0.9	L0098	678419	8208657	196	407	1.5
L0053	680346	8207457	134	378	0.9	L0099	678479	8208576	230	868	2.2
L0054	680283	8207538	176	279	1	L0101	678541	8208496	221	347	1.7
L0055	680223	8207620	265	670	5.3	L0102	678602	8208416	255	1107	2.6
L0056	680162	8207699	231	921	0.9	L0103	678663	8208335	245	103	1.9
L0057	680101	8207780	218	827	1.3	L0104	678724	8208255	236	380	1.4
L0058	680040	8207860	257	327	1.1	L0105	678785	8208176	270	1142	2.2
L0059	679978	8207941	334	498	2.8	L0106	678846	8208093	273	161	1
L0061	679918	8208021	168	646	1.3	L0107	678907	8208014	288	301	0.9
L0062	679857	8208103	252	745	1.3	L0108	678968	8207934	257	733	1.3
L0063	679795	8208181	292	954	1.2	L0109	679029	8207852	274	42	1.1
L0064	679734	8208261	321	355	1.7	L0110	679091	8207774	215	912	1.2
L0065	679673	8208343	240	769	2.1	L0111	679152	8207693	265	624	1.2
L0066	679612	8208423	270	104	1.5	L0112	679214	8207611	208	1572	1.1
L0067	679551	8208504	267	488	1.2	L0113	679274	8207530	223	2597	1.4
L0068	679491	8208582	248	180	1	L0114	679336	8207451	221	222	1.4
L0069	679429	8208665	250	200	1	L0115	679397	8207371	162	779	1.6
L0070	679368	8208745	255	86	1.7	L0116	679458	8207289	183	406	2.3
L0071	679306	8208825	278	142	1	L0117	679518	8207210	195	114	1.7
L0072	679245	8208906	194	471	0.3	L0118	679580	8207129	210	560	1
L0073	679184	8208986	141	120	0.5	L0119	679640	8207049	173	532	1.2
L0074	679123	8209066	188	1047	2.6	L0121	679702	8206969	164	1180	2.4
L0075	679061	8209147	142	325	1.2	L0122	679763	8206887	211	511	0.9
L0076	679001	8209228	189	171	4.1	L0123	679824	8206808	214	152	1.2
L0077	678939	8209308	224	3151	7.5	L0124	679886	8206728	198	706	2.7
L0078	678878	8209387	176	453	2	L0125	679421	8205994	183	453	0.8
L0079	678816	8209469	243	1439	1.3	L0126	679365	8206077	207	312	0.9
L0081	678755	8209548	210	745	1.9	L0127	679304	8206157	169	271	1
L0082	678695	8209629	156	761	1.2	L0128	679242	8206238	201	237	0.8
L0083	678633	8209710	195	757	1.2	L0129	679181	8206320	193	624	1

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X

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	ASRC 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.	• Scintillometer readings were collected using an RS-125 scintillometer at 50 metre intervals along lines spaced 100 to 200 metres apart.
• Other selective readings were also taken where outcrops were found along the survey lines.
• The RS-125 scintillometer was calibrated by the manufacturer prior to delivery to Goviex in May 2023 and is considered adequate for ensuring accuracy.

Nabbanda Drilling
• Drilling at the Nabbanda Prospect was conducted by Hydrotech Drilling and Exploration in August 2024. Drilling was done using an open hole hammer rig (DTH) and no samples were collected.
• At Nabbanda the primary method of grade determination was through gamma logging for equivalent uranium (eU3O8) using a Mt Sopris natural gamma sonde equipped with a Sodium Iodide crystal.
• Readings are recorded continuously downhole by the gamma tool and results reported at 5cm intervals.
• Gamma readings provide an estimate of uranium grade in a volume extending approximately 40 cm from the hole and thus provide much greater representivity than laboratory assays using core or chip samples.
• No samples were collected for assay due to the early stage of exploration.

Soil Sampling
• Between 2013 and 2015, Dension Mines conducted soil geochemical and radon surveys over the Muntanga project area. Coincident soil and radon sampling stations were 100 m apart on 800 m spaced northwest-southeast survey lines. Orientation surveys were conducted over areas of known mineralisation to establish optimal methodologies and the magnitude of anomalies to be expected. |

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Criteria	JORC Code explanation	Commentary
		• At each sample site, a 300-gram unscreened sample was collected from the A-horizon. Sample site information and coordinates were recorded in field notebooks. Samples were sent to ACME Laboratories in Vancouver, Canada for analysis using Group 1F, aqua regia digestion ultra trace ICP-MS method. Quality control was monitored with field duplicate samples that were collected at a frequency of one duplicate in every 20 samples.
• In 2013 the AlphaTrack method was used. AlphaTrack cups are 1-litre plastic cups with a small piece of special plastic film taped to the inside. The cups are buried in an inverted position so that any radon gas percolating upward will be trapped in the cup. The cups are typically left in place for about 4 weeks. Radon gives off alpha particles which leave microscopic trackways on the film. The trackways can be counted in the lab to give a quantitative measurement of the amount of radon trapped in the cup. This, in turn, indicates the location and grade of subsurface uranium mineralisation.
• In 2014 and 2015 the RadonXTM sampling method was utilised. RadonX is based on the radon-on-activated-charcoal technique initially developed by the SA Atomic Energy Board but refined and enhanced by RES. Unlike other radon emanometry methods that rely on alpha-particle detection, RadonX measures the gamma emission from radon’s daughter products, bismuth (214Bi) and lead (214Pb), following adsorption of the radon onto activated charcoal. This method of detection excludes the detection of thoron (220Rn) arising from thorium that may be contained in the bedrock, representing a significant advantage of the RadonX method. Radon gas is adsorbed onto activated charcoal contained within a cartridge fitted into the base of an inverted cup that is buried in the ground. Gamma radiation from the daughter products of the adsorbed radon is then measured using a field scintillometer. Background effects are reduced and corrected by using a lead castle. During the ten-day cup burial period, weather is to be monitored. Rainfall and temperature are known to affect the ability of charcoal to adsorb radon. RadonX cartridges are subjected to stringent quality control measures from the time of initial loading of activated carbon through field deployment up to the time of taking scintillometer readings.

Criteria	JURC Code explanation	Commentary
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).	• Open hole hammer (DTH) (diameter of 150mm) was the main drilling technique used; no samples were collected for assay as the quality of the samples is not considered representative. All holes were logged using a gamma sonde.
• All holes were surveyed using a Mt Sopris QL40-DEV tool to define the inclination and drift of 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.	• At Nabbanda no core or drill chips were collected for sampling as the uranium grades are determined from down hole gamma log data.
• The lenses of uranium mineralisation at Nabbanda dip approximately 15° - 20° to the southeast and it is assumed that intercepts are close to true width.
• No bias applies.
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.	• Drill chip samples from the DTH drilling were laid out in piles next to the rigs for geological logging. They were logged for lithology, grain size, alteration, and colour. Representative samples were collected in chip trays for future reference.
• Down-hole geophysical logging was conducted to measure the electrical properties of the rock from which lithologic information can be derived and natural gamma radiation, from which an indirect estimate of uranium content can be made. The down-hole geophysical probes measure conductivity, resistivity, self-potential, single point resistance, deviation and natural gamma.
• Down-hole gamma data collected by Goviex were converted into eU3O8 using the ALT Wellcad software. The final data were converted to a .csv format files for input into the master drill hole database.
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	• No subsampling occurred at Nabbanda due to the drilling technique and sampling methods used.

Criteria	JURC Code explanation	Commentary
	being sampled.
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.	• Ground radiometric data was acquired using an RS-125 scintillometer.
• An average of readings was recorded for each location.
• Readings are given in cps (counts per second).

Nabbanda Drilling
• During drilling the gamma probe is run weekly in a test hole to check for consistency, and re-logging of holes is also done on a routine basis.
• The gamma tool used is run to facilitate conversion of down-hole radiometric probe data into equivalent uranium eU3O8. To enable conversion raw probe data must be adjusted to account for gamma signature attenuation associated with the logging environment, such as the size of the drill hole, fluid presence within the drill hole, casing/steel parameters and probe correction factors.
• A project wide Radiometric – Grade conversion factor was developed by GoviEx during their 2021 to 2023 drilling campaigns. The conversion factor was made by comparing geochemical assays with gamma logs over the same drill sample interval.

Soil sampling
• A combination of A horizon soil samples and radon gas detection using AlphaTrack cups and the RadonXTM method are all considered suitable methods for detecting buried uranium mineralisation.
• The A-horizon soil samples were sent to ACME Laboratories in Vancouver, Canada for analysis using Group 1F, aqua regia digestion ultra trace ICP-MS method. Quality control was monitored with field duplicate samples that were collected at a frequency of one duplicate in every 20 samples. |
| 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. | • GPS coordinates and cps readings were recorded in the field and then transferred into an excel database managed by Goviex/Atomic Eagle.
• No adjustment was made to the field scintillometer readings.

Nabbanda Drilling
• Significant intersections are reviewed internally. |

Criteria	JORC Code explanation	Commentary
		• All geological logs and geophysical data are held on MX deposit database.
• The total gamma data is corrected for local conditions by using a project wide radiometric-grade correction factor determined from assay data.
Soil sampling
• For gridded soil sampling, at each sample site, a 300-gram unscreened sample was collected from the A-horizon. Sample site information and coordinates were recorded in field notebooks then transferred to the company’s access database.
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.	• Scintillometer readings were located using a Garmin handheld GPS with an accuracy of +/- 5m.
• The projection used is WGS84 utm Zone 35 South.
• Elevation is captured using a Garmin GPS and is sufficient for the survey requirements.
• The Nabbanda Drilling hole collars were surveyed using a handheld GPS +/- 5m accuracy.
• Soil sampling sites were recorded by handheld GPS. See figure below.
Denison Mines
---	---	---
State	June 7, 2018	Scale
Screen By	Denis Goulet	DALAY
Zambia-Mutanga Project
Soil Sampling and Radon Surveys since 2013, by year
---	---	---
General Data:	• 2013 Survey	• 2014 Survey
Cultural & Reproduction:	• 2015 Survey	• 2015 Survey

Criteria	JURC Code explanation	Commentary
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.	• Nabbanda drill collar positions were located using a handheld GPS.
• The projection used is UTM WGS84 Zone36 South.
• Drill holes were spaced 400m to 1000m apart due to the grass roots nature of the prospect.
• No sample compositing has been applied.
• Dension Mines conducted soil geochemical and radon surveys over the Muntanga project area. Coincident soil and radon sampling stations were 100 m apart on 800 m spaced northwest-southeast survey lines.
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.	• Uranium mineralisation at the Muntanga project is typically tabular and stratabound. Survey lines are oriented perpendicular to the strike of the strata to give the best chance of detecting zones of uranium mineralisation that have been localised along bedding planes.
• Scintillometer readings were collected at 50 metre intervals along the survey lines. Soils derived from the weathering of the sandstone and mudstone units tend to have lower levels of radiation than outcrop.
• At each station the nature of the rock or soil was recorded to help understand the survey results.
• At the Nabbanda Prospect holes were drilled vertical. Intercepts are close to perpendicular to the orientation of the stratigraphy and mineralisation and intercepts are considered close to true width.
• Soil sampling lines were oriented perpendicular to the strike of the strata to give the best chance of detecting zones of uranium mineralisation that have been localised along bedding planes.
Sample security	• The measures taken to ensure sample security.	• The bulk of the assay data is produced on-site using a gamma logging probe in a digital form and stored on secure, company computers.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• For the Nabbanda drilling there has been no independent review of the sampling techniques and data at this early stage of exploration. Calibration of the tool was done by Mt Sopris prior to delivery to site.
• No audits or reviews have been done on the soil sampling programs.

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 Muntanga mining licence (13880-HQ-LML) was granted in 2010 for a period of 25 years and is valid until 25th March 2035, after which it can be renewed. The Nabbanda exploration license (22803-HQ-LEL) was granted on 5th February 2019 for 7 years and is currently under renewal. The licenses are 100% owned by GoviEx Uranium Zambia Limited, a subsidiary company of Atomic Eagle Limited.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• The earliest phase of exploration for uranium in the area covering the Muntanga North area was conducted by AGIP in the late 1970s to the mid-1980s. AGIP carried out systematic exploration, comprising outcrop mapping, ground radiometric surveys, air-borne photographic and geophysical surveys, trenching and pitting.
• In 2006, a detailed heliborne magnetic and radiometric survey was carried out by New Resolution Geophysics (NRG) for OmegaCorp which highlighted the known uranium projects and identified additional targets, based on radiometric signatures.
• The survey was flown at 100m line spacing with 20-30m flight height. NRG used a GR320 Exploranium Spectrometer system with a 1024 cubic inch crystal Sodium Iodide crystal.
• In 2013, Geotech Ltd. carried out a helicopter-borne geophysical survey of the Project area. Principal geophysical sensors included a versatile time domain electromagnetic (“VTEMplus”) system, and horizontal magnetic gradiometer. A total of 1,903-line kilometres of geophysical data were acquired during the survey.
• Geological mapping of the Muntanga property was undertaken in 2014 by Remote Exploration Services of Cape Town, South Africa. A total of 324-line kilometres of mapping traverses were completed. Field mapping data were integrated with airborne geophysical data, satellite imagery, previous geological maps and interpretations to produce a revised geological map for the Muntanga property.
• Between 2013 and 2015, Denison Mines covered the Project area with soil geochemical and radon alpha track surveys. The objective of the surveys was to delineate any significant exploration targets outside of the drill-defined uranium deposits. Previous drilling had largely focused on testing airborne radiometric anomalies and the soil

Criteria	JORC Code explanation	Commentary
		geochemical and radon approach allowed for possible detection of blind or buried mineralisation, particularly in areas of thick or transported regolith. Surveys were carried out in the dry months between May and November. Soil sample and radon cup stations were collected at 100m intervals along lines spaced 800m apart.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Project area is situated within the Karoo Supergroup, which comprises thick, carboniferous to late Triassic age, terrestrial sedimentary strata and is widespread across much of what is now southern Africa.
• The Karoo Supergroup in the Project area consists of three formations within the Lower Karoo; the Siankondobo Sandstone Formation, overlain by the Gwembe Coal Formation, which itself is overlain by the Madumabisa Mudstone Formation. The Madumabisa Formation is unconformably overlain by the Upper Karoo which consists of four formations; the Escarpment Grit is overlain by the Interbedded Sandstone and Mudstone Formation, followed by Red Sandstone which is finally capped by the Jurassic Bakota Basalt Formation.
• The Project is situated in the mid-Zambezi Rift Valley. In the region, known uranium mineralisation typically occurs within the Upper Karoo. At the Project, all the known uranium mineralisation occurs within the Escarpment Grit. The underlying Madumabisa Mudstone appears to have acted as an impermeable barrier controlling movement of mineralised fluids.
• At Muntanga, Dibbwi and Dibbwi East, uranium mineralisation appears to be later than at least some of the normal faults which cut the Escarpment Grit Formation. This is evident from the good correlation of the radiometric logging data between adjacent holes within the Muntanga deposit separated by interpreted faulting.
• The source of the uranium is believed to be the surrounding Proterozoic gneisses and plutonic basement rocks. Having been weathered from these rocks, the uranium was dissolved, transported in solution and precipitated under reducing conditions in siltstones and sandstones. Post-lithification fluctuations in the groundwater table has caused dissolution, mobilisation and redeposition of uranium in reducing, often clay- rich zones and along fractures.

Criteria	JORC Code explanation	Commentary
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.	• During the ground radiometric surveys, CPS readings were averaged at each survey station.
• Results for the Nabbanda drilling were reported as eU3O8
intercepts calculated from down hole gamma survey data using 100ppm cut-off, minimum width 1m with max 0.5m internal dilution.
Relationship between mineralisation and width 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’).	• For the Nabbanda drilling, hole orientations were vertical as the dip angle of mineralisation is generally shallow dipping, between 15 to 20°
• It’s assumed that all downhole intercepts reported are close to 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.	• Handheld scintillometers measure radioactivity (counts per second) and do not represent absolute concentrations of uranium or thorium; instead, they are a qualitative measure of radioactivity that can be used to identify anomalous zones, prioritise mapping, sampling and

Criteria	JORC Code explanation	Commentary
		drilling. CPS can indicate areas of elevated radiometric response however it is not a direct substitute for laboratory assays.
• All intercepts for the Nabbanda drilling were calculated based on minimum width of 1m, internal dilution up to 0.5m waste with a minimum grade of final composite of 100ppm U3O8.
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.	• Caution should be taken when interpreting surface hand-held scintillometer readings as soil cover can often mask radioactive rock units below.
• Handheld scintillometers measure radioactivity in counts per second (cps) and do not accurately determine elemental uranium concentrations. Instruments can also be influenced by the presence of thorium and potassium. Scintillometer readings are preliminary in nature and should not be considered a substitute for quantitative laboratory assays.
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.	• 61-line kilometres of scintillometer surveys over 5 targets have been completed at Muntanga North to date. The ground surveys were designed to cover airborne radiometric anomalies that coincide with anomalous soil samples with favourable structures and host rock. The surveys have successfully confirmed the broader historical anomalies and helped define areas to target with drilling. Drilling of the targets is expected to commence in the coming months.