"We're Testing Several High Priority Targets": 30,000m Exploration - Atomic Eagle CEO Phil Hoskins

Key Concepts

• Uranium Exploration & Development: The process of identifying, drilling, and defining uranium resources for future mining.
• Heap Leach Processing: A low-capital-intensity metallurgical process used to extract uranium from ore.
• Inferred Resource Growth: Increasing the estimated quantity of a mineral deposit through drilling.
• Escarpment Grid Formation: A specific geological host rock formation in Zambia favorable for uranium mineralization.
• Radiometric Anomalies: Areas showing higher-than-normal radioactivity, used as indicators for potential uranium deposits.
• Reverse Takeover (RTO): The process by which Atomic Eagle acquired the Mutanga project from GoviEx.
• Permitting/De-risking: Obtaining Environmental and Social Impact Assessments (ESIA) and Resettlement Action Plans (RAP) to reach development readiness.

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1. Mutanga Project Exploration Update

Atomic Eagle is currently executing the largest exploration program at the Mutanga project in nearly 20 years.

• Resource Growth: The company increased its resource by 24% (from 47 million to 58 million pounds) within five months of listing on the ASX.
• Chisibuka Target: Drilling at Chisibuka has been highly successful, with 13 of 14 holes hitting mineralization. The company aims to define this as a 15-million-pound satellite deposit, which would contribute approximately 1 million pounds of uranium per year over a 15-year mine life.
• Methodology: The team uses a multi-layered data approach, combining historical airborne radiometrics with new, high-resolution ground radiometrics (50m x 100m spacing) to target cross-cutting structures that trap uranium.
• Future Targets: Beyond Chisibuka, the company is focusing on Mutanga North and Namakande, where anomalies span 3–5 km. The total exploration target is an additional 40–100 million pounds.

2. Infrastructure and Development Strategy

• Logistics: The project benefits from existing infrastructure, including a camp located 8 km from a sealed road that connects directly to the Namibian port of Walvis Bay, a proven uranium export hub.
• Permitting: The company is finalizing ESIA and RAP approvals. CEO Phil Hoskins noted that once these are secured, the project will be "development ready" from a permitting standpoint, though the current focus remains on resource expansion rather than immediate construction.
• Metallurgy: While new metallurgical testing is planned for 2027, the project relies on historical feasibility studies indicating simple heap leach processing, high recovery rates, and low acid consumption.

3. Strategic Expansion: Sitwe Project

Atomic Eagle entered a binding option agreement to acquire the Sitwe uranium project in northeastern Zambia.

• Rationale: The project offers exposure to different geology (basement rocks similar to the Athabasca Basin) and provides a low-cost entry ($200k exploration spend for the right to buy for $400k USD).
• Potential: The company views this as a portfolio asset that could eventually be a standalone operation or integrated into existing processing infrastructure.

4. Corporate Governance and Leadership

• Board Changes: Grant Davey, founder of Boss Energy and Lotus Resources, has joined the board. His expertise in uranium development and capital markets is a key asset. Additionally, Moono Hamakuba, a Zambia-based director with high-level government connections, was appointed to strengthen local operations.
• Market Presence: The company is upgrading its US listing from OTCQB to OTCQX to reflect increased liquidity and trading volume.

5. The Madawela (Niger) Asset

• Status: The company maintains an interest in the Madawela project in Niger, which was previously expropriated.
• Perspective: Management views this as "option value" rather than the core driver of the company’s current valuation. Negotiations with the Nigerien government are ongoing, with face-to-face meetings planned for June to pursue the potential return of the asset.

6. Notable Quotes

• On the exploration potential: "If one of them [the anomalies] is fully mineralized... you find another Dibwe East style deposit... and this project becomes a home run." — Phil Hoskins
• On the geological approach: "Chisibuka to me felt like low-hanging fruit... bit like shooting fish in a barrel." — Phil Hoskins

Synthesis/Conclusion

Atomic Eagle is aggressively de-risking and expanding its Mutanga project in Zambia, leveraging a "low-hanging fruit" exploration strategy to increase resource scale. By focusing on low-capital-intensity heap leach processing and securing critical environmental permits, the company is positioning itself for future development. With a strengthened board, a new strategic asset in Sitwe, and ongoing negotiations for the high-grade Madawela project, the company is prioritizing resource growth to maximize economic viability at current uranium prices.