Announcement • Jun 16
Atomic Eagle Limited Provides Update On Ongoing Exploration Activities At Muntanga Uranium Project Atomic Eagle Limited provided an update regarding ongoing exploration activities at its 100%-owned Muntanga Uranium Project in Zambia. Resource extension drilling at Chisebuka continues to extend the boundaries of the previously defined uranium mineralisation including: 5.4m @ 422ppm eU3O8 from 47.0m (CHDTH2214), 12.8m at 237ppm eU3O8 from 40.9m (CHDTH2211), 10.3m at 210ppm eU3O8 from 81.4m (CHDTH2231), 7.3m at 284ppm eU3O8 from 47.2m (CHDTH2231). The northern higher-grade zone has increased to 900m x 600m and the south-west zone has increased to 830m x 400m. Drilling has also demonstrated continuity of mineralization between the higher-grade south-west zone and the previously defined resource area. The company will soon commence a reverse circulation drill program at the Chisebuka higher grade zones. Two drill rigs have now been moved to commence the maiden drill program at the Muntanga North exploration target where ground radiometric surveys have now been completed over the first 6 target areas. Access clearance to Namakande 1 and 2 exploration targets is complete with ground radiometrics expected to commence ahead of drilling in Third Quarter 2026. The 2026 drill program is targeting mineralisation outside the existing resource within the broader Chisebuka mineralised footprint where the company announced an Inferred Mineral Resource of 19.9Mt at 220ppm U3O8 for 9.7 Mlb of U3O8 earlier this year. Following the initial 13 drill holes, a further 29 holes are reported in this announcement taking the total drilling at Chisebuka in this program to 42 holes totalling 4,209 metres. More recent drilling was primarily aimed at testing the continuity of mineralization between the South-West higher grade zone and the resource area. Holes were also drilled to test the margins of the resource area and extensions to the southern zone of mineralisation. Recent drilling has increased the size of the northern higher-grade zone with a surface projection now measuring 900m x 600m. The mineralisation extends from surface in the north-west to more than 100m depth in the south-east and is up to 80m thick in the core of the deposit. The south-west zone of higher-grade mineralisation now measures 830m x 400m with mineralisation starting near surface and extending below 100m depth down plunge to the south-east. Mineralization reaches up to 60m thickness in the core of the zone. An RC program of 12 holes for approximately 900m is expected to commence later this month. The program is designed to provide confirmation of grades estimated using a gamma tool. The company expects to undertake a diamond drilling program in Fourth Quarter 2026 for further grade confirmation and to collect core for metallurgical testwork. Uranium grade can be measured indirectly by measuring the radioactivity emitted by the daughter products of uranium during decay, using a gamma tool containing a sodium iodide crystal, which records counts per second when hit by gamma rays. These counts are converted to uranium grade (ppm eU3O8) by applying a K factor, a dead time correction and other correction factors as required such as casing, hole size, mud density. The gamma tool used by Atomic Eagle has been calibrated at the Grand Junction calibration pits by Mt Sopris prior to arrival on site and the tool was run weekly in a lined test hole to test repeatability. Furthermore, the results from the Atomic Eagle logging tool were compared with results from logging contractors Terratec, who logged most of the holes during the last 4 years, and a further calibration factor was applied to the company’s gamma results to be consistent with older data. RC and diamond drill holes will be drilled in future drill programs and the gamma tool will be verified against the assay data to confirm the results. Ground radiometric surveys are continuing with 6 of the 8 target areas now completed. Two drill rigs are currently being deployed towards wide-spaced exploration drilling of the Muntanga North targets with results expected in the coming weeks. A bulldozer has been utilised to clear access for the commencement of ground radiometric surveys at both Namakande 1 and Namakande 2. Upon completion of these surveys, the targets will be drill tested in Third Quarter 2026. New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$139.1m (US$97.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$64k revenue, or US$45k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$17m net loss in 3 years). Market cap is less than US$100m (AU$139.1m market cap, or US$97.5m). Recent Insider Transactions • May 25
Non-Executive Chairman recently bought AU$73k worth of stock On the 19th of May, Grant Burnaford Davey bought around 187k shares on-market at roughly AU$0.39 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$126k. Grant has been a buyer over the last 12 months, purchasing a net total of AU$298k worth in shares. 
