Atomic Eagle reports 28.0mn lb uranium oxide reserve at Zambia project, bolsters board

Atomic Eagle Ltd (ASX:AEU; FRA:6QZ0) has strengthened its board and advanced its flagship asset in Zambia, reporting a maiden ore reserve of 28.0mn pounds of triuranium octoxide (U₃O₈) – the most commonly traded and quoted form of uranium in the nuclear fuel cycle –alongside key leadership appointments aimed at accelerating development of the Muntanga Uranium Project.

The company said the reserve is based on 39.6mn tonnes grading 320 parts per million U₃O₈, following a feasibility study and independent engineering review, positioning Muntanga as a mid-tier uranium asset within Africa’s emerging project pipeline.

The board overhaul includes the appointment of Grant Davey as non-executive chairman and Muna Hantuba as a non-executive director, adding uranium sector expertise and regional experience to support project execution.

Davey, a founder of Boss Energy (ASX:BOE) and Lotus Resources (ASX:LOT), brings more than three decades of mining experience, while Hantuba’s background in Zambia’s financial and regulatory landscape is expected to strengthen local engagement and permitting strategy.

The leadership changes also include Govind Friedland transitioning from chairman to non-executive director, ensuring continuity, while Eric Krafft has stepped down.

Chief executive Phil Hoskins said the appointments enhance the company’s capability across uranium development and African markets.

The Muntanga project’s scale places it below major African uranium operations such as Namibia’s Husab and Rossing mines but within range of smaller development-stage assets, highlighting its potential as a near- to mid-term contributor to regional supply.

Global uranium prices have risen in recent years, trading broadly in the range of $85–$100 per pound in 2025–2026, driven by supply constraints and renewed demand from nuclear restarts and energy security concerns, according to industry data.

Against this backdrop, Atomic Eagle is positioning Muntanga to benefit from a tightening market, particularly as Western utilities seek to diversify supply away from Russian-linked sources.

The company’s strategy includes expanding its resource base, advancing permitting and leveraging Hantuba’s regional expertise to navigate Zambia’s regulatory environment and support project delivery.