Zambian-focused uranium company Atomic Eagle Limited is pleased to announce it has commenced trading on the Australian Securities Exchange (ASX).
AEU’s commencement of trading follows the merger of Tombador Iron (ASX: TI1) and GoviEx Uranium (TSX-V: GXU), creating an ASX-listed mineral resource company focused on exploration and development of uranium assets in Africa, with the Muntanga Uranium Project in Zambia as its core asset.
The Company is well funded to advance exploration over the broader Muntanga Project area following completion of a US$10 million re-compliance raise (before costs), providing a current cash balance of ~US$20 million.
Atomic Eagle’s Board is led by seasoned industry professionals from the previous Tombador and GoviEx boards including Govind Friedland as Chair, while Stephen Quantrill, Eric Krafft and former Lotus Resources Managing Director Keith Bowes are Non-Executive Directors.
Matador Capital played a critical role in the merger, alongside Yelverton Capital, and is helping to roll out Atomic Eagle’s renewed strategy through investment and technical expertise. Matador Capital’s Grant Davey is a strategic advisor to the Company.
Chairman Govind Friedland said:
“Combining Tombador and GoviEx to create Atomic Eagle provides a new chapter to lead development of the Muntanga Uranium Project in Zambia. The project has already secured mining permits and also offers a vast exploration upside over the broader project area which we are keen to pursue. “With a strengthened financial position and a new team set to execute a reinvigorated strategy, we are excited to take this step in commencing ASX trading today and look forward to keeping the market up to date on our exploration and development plans over the coming months.”
Key asset
The Muntanga Uranium Project area, 100% owned by Atomic Eagle, is in the southeastern region of Zambia in the Siavonga and Chirundu Districts. The Project area encompasses three mining licences – Muntanga (Licence no. 13880-HQ-LML), Dibbwi (Licence no. 13881-HQ-LML), and Chirundu (Licence no. 12634-HQ-LML), covering 719km2, that are located approximately 200km south of Lusaka, north of Lake Kariba.
Additionally, the Company holds two exploration licences for Nabbanda (Licence no. 22803-HQ-LEL) and Chirundu Extension (Licence no. 22075-HQ-LEL), and a recently granted mining licence for Kariba Valley (Licence no. 38555- HQ-LML), which expands the total combined area to 1,136km².
Previous work at the project defined a 50.4Mt mineral resource at average grade of 344ppm comprising 40.0Mlb U₃O₈ at 359ppm, in the Measured and Indicated categories and a further 7.4Mlb U₃O₈ (12.8Mt at 263ppm) in the Inferred category, mainly from the Muntanga and Dibbwi East deposits situated in the centre of the licence package1.
Next steps
Atomic Eagle has recently completed its maiden drill program, comprising 100 shallow holes for approximately 7,700m, into high-priority target areas including Muntanga East and the Chisebuka prospect. The Company is assessing gamma logs with assay results from this program to be released in early 2026.
Atomic Eagle is planning an aggressive exploration program at the broader Muntanga Project area in 2026, aimed at growing the current resource. Further details of the Company’s exploration target and resource expansion program will be provided in upcoming market announcements.
The Company remains funded to undertake an aggressive campaign of resource expansion following the successful ASX listing and re-compliance capital raising.
