Sitwe Uranium Project joins Atomic Eagle portfolio
Atomic Eagle Ltd. is pleased to announce that it has entered into a binding option agreement to acquire 100% of the large-scale Sitwe Uranium Project, located in the Luangwa Valley of north‑eastern Zambia.
The acquisition materially expands Atomic Eagle’s uranium exploration footprint in Zambia and reinforces the Company’s position as one of the leading uranium explorers and developers in the country.
Strategic rationale
The acquisition of the Sitwe Uranium Project is aligned with Atomic Eagle’s strategy to build a district‑scale uranium portfolio in Zambia, a well-established and mining‑friendly jurisdiction with a strong regulatory framework for resource development.
Key strategic considerations include:
- District-Scale Footprint Expansion – Sitwe materially increases Atomic Eagle’s uranium landholding in Zambia, expanding the Company’s presence across highly prospective Karoo Basin geology and strengthening its position as a leading uranium explorer and developer in the country.
- Consolidation of a Leading Zambian Uranium Platform – The addition of Sitwe complements the flagship Muntanga Uranium Project and supports the development of a multi-asset portfolio, providing a foundation for long-term resource growth and potential future production scale.
- Jurisdictional Focus – Zambia offers a stable and established mining jurisdiction with demonstrated uranium endowment, existing infrastructure and a supportive regulatory environment, providing a favourable backdrop for disciplined project advancement.
- Resource Growth Optionality at Low Entry Cost – The option structure provides exposure to a large, underexplored licence with demonstrated uranium mineralisation and exploration upside, allowing the Company to pursue resource growth in a capital-efficient manner.
- Portfolio Diversification Within a Known Operating Environment – Sitwe is located in a separate basin to Muntanga, diversifying geological and project risk while leveraging Atomic Eagle’s established in-country capability and operational experience.
Any future development of Sitwe would be assessed on a standalone basis or in the context of regional infrastructure and processing options.
The Project
The Sitwe Uranium Project is located within the Luangwa Valley Karoo Basin, part of a broader series of Karoo basins in southern Africa that host a number of uranium occurrences and deposits. The basin extends into neighbouring Malawi and is on geological trend with the Kayelekera uranium deposit.
The exploration licence (Licence No. 40954‑HQ‑LEL) covers an area of approximately 429 km² and was granted in August 2025 for an initial four‑year term, with renewal subject to statutory relinquishment requirements. The licence is held by Tumaini Land Surveyor Limited and permits exploration for uranium and a range of other commodities.
Historical work completed by African Energy Resources Limited (AFR) between 2010 and 2012 included airborne radiometric surveys, mapping, trenching and limited drilling, which identified several radiometric anomalies and zones of uranium mineralisation. The most advanced area, Sitwe North, has been drill tested with encouraging results.
The drilling identified moderately dipping uranium mineralization with a true thickness of 2 ‑10m in strongly sheared feldspathic gneisses near the Unconformity between Irumide (ca. 1100 million years old) basement rocks and the younger Karoo sediments. The drilling tested five distinct horizons over a strike length of 450m. The mineralisation is open along strike in both directions and at depth. A large area of the Karoo Basin sedimentary rocks, a well-known host to uranium mineralisation, crops out in the southern half of the licence. These rocks also contain untested airborne radiometric anomalies while other areas remain to be surveyed using radiometrics.
Exploration upside
Mapping and drilling by AFR identified uranium mineralisation hosted in feldspathic bands of the basement gneissic rocks (Irumide Metamorphics) that warrants further testing. The Sitwe licence also contains both Upper Karoo (host of the Company’s Muntanga deposit) and Lower Karoo (host of Lotus Resources’ Kayelekera and Letlhakane deposits) stratigraphy. Uranium mineralisation developed in the Karoo Basin sediments is generally thought to be derived from nearby basement rocks, so this enhances the prospectivity of the Karoo sediment outcropping at Sitwe North.
Large portions of the licence area have not been systematically surveyed and a radiometrics survey over the licence area is warranted. There are already multiple radiometric anomalies identified that warrant follow‑up exploration.
Atomic Eagle CEO Phil Hoskins said:
“The addition of the Sitwe Uranium Project materially expands Atomic Eagle’s uranium footprint in Zambia and further consolidates our position as a leading uranium explorer and developer in the country.
Zambia is a well-established and supportive mining jurisdiction, and we continue to see significant opportunity to build scale through the acquisition and systematic exploration of high-quality uranium assets.
Sitwe complements our flagship Muntanga Project by adding a large, prospective licence position in a highly endowed basin, with encouraging historical results and clear potential for further discovery.
Importantly, the option structure allows us to advance this opportunity in a disciplined manner while maintaining flexibility as we continue to grow our broader uranium portfolio in Zambia.”
Next steps
Atomic Eagle is in the planning phase for its initial Sitwe work program which is expected to include mapping and ground radiometrics to determine the most prospective areas for drill testing.
The Company recently commenced a 30,000m drill program at its Muntanga Uranium Project aimed at increasing the Mineral Resource, with further drill results due in the coming weeks.
