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2026-11-06
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Atomic Eagle Limited

DFS Unfunded Developer · Uranium · Zambia · Niger Rating locked: sign in to view v8.1 · aeu-20261030t224418-full
Last 2026-11-06
A$0.38
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$149.5M
EV
A$138M
Cash
A$11.5M
Debt
—
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Muntanga Uranium Project

Zambia

DFS Unfunded Developer100% ownedUranium

100%-owned Zambian uranium project with a JORC reserve and 2025 feasibility economics. 2026 drill work is improving target definition but does not yet change the 58.8 Mlb JORC resource; a larger-scale feasibility restudy and construction financing remain ahead.

Developer · DFS unfunded developer
Study
feasibilitys
Post-tax NPV (study prices, attributable)
US$242.6md
NPV restated at our deck (attributable)
Locked
IRR
20.8%s
Initial capex (100%)
US$281.9ms
Capital intensity
US$134/(lb/yr)d
LoM AISC
—
Mine life
12.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$242.6M8% discount
IRR20.8%Published return
Initial capexUS$281.9MPublished capital estimate
Operating cost32.2USD/lb U3O8 C1

After-tax feasibility case at US$90/lb uranium; 12-year mine life and 5% government royalty.

Resources & reserves15
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured1.1 Mt254 ppm U3O8; 0.6 Mlb containedUranium2026-03-10
Mineral ResourceMeasured2.5 Mt358 ppm U3O8; 2 Mlb containedUranium2026-03-10
Mineral ResourceIndicated8.6 Mt369 ppm U3O8; 7 Mlb containedUranium2026-03-10
Mineral ResourceIndicated3.2 Mt253 ppm U3O8; 1.8 Mlb containedUranium2026-03-10
Mineral ResourceIndicated31.3 Mt372 ppm U3O8; 25.7 Mlb containedUranium2026-03-10
Mineral ResourceIndicated2.7 Mt374 ppm U3O8; 2.2 Mlb containedUranium2026-03-10
Mineral ResourceIndicated1 Mt306 ppm U3O8; 0.7 Mlb containedUranium2026-03-10
Mineral ResourceInferred3.4 Mt278 ppm U3O8; 2.1 Mlb containedUranium2026-03-10
Mineral ResourceInferred1 Mt213 ppm U3O8; 0.5 Mlb containedUranium2026-03-10
Mineral ResourceInferred7.1 Mt252 ppm U3O8; 3.9 Mlb containedUranium2026-03-10
Mineral ResourceInferred0.2 Mt272 ppm U3O8; 0.1 Mlb containedUranium2026-03-10
Mineral ResourceInferred1.1 Mt329 ppm U3O8; 0.8 Mlb containedUranium2026-03-10
Mineral ResourceInferred19.9 Mt220 ppm U3O8; 9.7 Mlb containedUranium2026-03-10
Mineral ResourceInferred3.1 Mt252 ppm U3O8; 1.7 Mlb containedUranium2026-03-10
Ore ReserveProbable39.6 Mt320 ppm U3O8; 28.0 Mlb contained U3O8Uranium2025-01-01
Tenements6
tenement-muntangaGranted— None · No expiry supplied
tenement-dibbwiGranted— None · No expiry supplied
tenement-chirunduGranted— None · No expiry supplied
tenement-chirundu-extGranted— None · No expiry supplied
tenement-nabbandaGranted— None · No expiry supplied
tenement-karibaGranted— None · No expiry supplied
Milestones4
  1. ESIA and RAP approvals

    Achieved · High materiality

  2. Complete 2026 resource-growth drilling and update resource

    Pending · High materiality

  3. Secure development funding and make final investment decision

    Pending · High materiality

  4. Complete first-pass Muntanga North drilling

    Pending · Medium materiality

Permits & approvals5
PermitJurisdictionStatusExpiryCritical path
Muntanga, Dibbwi and Chirundu mining licencesZambiaGranted—Yes
Environmental and Social Impact Assessment approvalZambiaGranted—Yes
Resettlement Action Plan no-objectionZambiaGranted—Yes
Uranium product export permitZambiaRequired—Yes
Radiation Protection Authority licenceZambiaRequired—Yes
Economic studies1
StudyStageStatusDateSummary
March 2025 Muntanga Feasibility Study, independently reviewed and JORC-restated in 2026Updated FeasibilityCurrent2026-03-0412-year, 3.5 Mtpa heap-leach plan producing 25.3 Mlb at US$32.20/lb C1 with US$281.9m initial capital and US$242.6m after-tax NPV8 at US$90/lb uranium.

Other

Sitwe Uranium Project

Zambia

Early ExplorerUranium

Binding option to acquire 100% if minimum US$200,000 exploration and licence spend is met by 30 June 2027 and US$400,000 exercise price paid; no present equity ownership or resource.

Exploration · Early explorer
Ownership
0%d
Commodity
U3O8r
Country
ZMr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Tenements1
sitwe-licenceGranted429 km2 · No expiry supplied
Milestones1
  1. Complete minimum spend and decide whether to exercise Sitwe option

    Pending · Medium materiality

Other

Madaouela Uranium Project

Niger

DFS Unfunded Developer60% ownedUraniumOthers

AEU owns 60% of permit holder MAMICO and operates the Niger asset under the convention executed 23 September 2026; Niger owns 15% free-carried and 25% contributing. Historical NI 43-101 foreign estimate and 2022 feasibility economics require JORC verification and a new study before financing.

Resource / scoping · Resource stage
Contained metal (attributable)
69.9m lbd
Resource grade
1,282 ppm
% Measured + Indicated
83.2%d
Resource tonnes
41.21 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVUS$120M8% discount
IRR12.7%Published return
Initial capexUS$342.7MPublished capital estimate
Operating cost36.41USD/lb U3O8 including royalty

Historical reserve-only case at US$65/lb; not a current 60%-interest development plan.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceForeign NI 43-101 Measured, not JORC13.7 Mt1,000 ppm U3O8; 30.1 Mlb containedUranium2022-07-01
Mineral ResourceForeign NI 43-101 Indicated, not JORC20.8 Mt1,460 ppm U3O8; 66.8 Mlb containedUranium2022-07-01
Mineral ResourceForeign NI 43-101 Inferred, not JORC6.7 Mt1,330 ppm U3O8; 19.6 Mlb containedUranium2022-07-01
Milestones2
  1. Execute Madaouela Mining Convention

    Achieved · High materiality

  2. Convert Madaouela foreign estimate to JORC resource

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Madaouela exploitation permit held by MAMICONigerGranted—Yes
Updated environmental and social study under convention work windowNigerRequired—Yes
Economic studies1
StudyStageStatusDateSummary
November 2022 GoviEx feasibility study under superseded ownership and permit frameworkDFSSuperseded2022-09-20Historical 19-year plan and US$342.7m initial capital. Reserve-only NPV8 US$120m at US$65/lb U3O8; US$140m case adds uncertain molybdenum resource credits. No 2026 restatement.

Other

Lundazi Uranium Exploration Option

Zambia

Early ExplorerUranium

GoviEx subsidiary holds a September 2024 option over a 51% interest after US$1.5m minimum exploration spend within three years; a later incorporated JV and possible 100% earn-in depend on further conditions. No recent progress or resource evidenced.

Exploration · Early explorer
Ownership
0%d
Commodity
U3O8r
Country
ZMr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—
Tenements1
lundazi-licenceGranted— None · No expiry supplied
Milestones1
  1. Lundazi exploration earn-in option deadline

    Pending · Medium materiality

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
PJI iron royalty · Royalty / stream · Producing
Royalty type
net revenue
Rate
4.2%
Underlying asset and operator
Tombador Iron
Operator's stage
—
Attrib. royalty units per year
—
Royalty receipts (12M)
A$1.3md
Our attributable value
Locked