Atomic Eagle Limited has revealed a significant uplift in uranium resources at its Muntanga Uranium Project in Zambia, reporting a 24% increase in total Mineral Resources after completing its maiden drilling campaign at the high-potential asset.
The updated Mineral Resource Estimate (MRE), compiled by independent specialists and constrained within an optimized pit shell, shows a rise to 58.8 million pounds (Mlbs) of U₃O₈ at an average grade of 309 parts per million (ppm).
This represents an 11.4 Mlbs addition to the total resource base, underscoring the impact of the company’s first large-scale drill program on the project’s resource inventory.
New resource areas drive growth
Two new areas — Chisebuka and Muntanga East — have been independently estimated and incorporated into the total Muntanga resource for the first time. The maiden MRE for these targets contributed materially to the overall increase:
- Chisebuka generated an Inferred Mineral Resource of 19.9 Mt @ 220 ppm U₃O₈ for 9.7 Mlbs.
- Muntanga East delivered an Inferred Mineral Resource of 3.1 Mt @ 252 ppm U₃O₈ for 1.7 Mlbs.
“These resource additions form a robust foundation for future exploration and provide strong evidence of the broader potential across the Muntanga Project area,” Atomic Eagle CEO Phil Hoskins said in the announcement. He highlighted that the growth was achieved at a very low discovery cost, estimated at approximately US$0.05 per pound, compared with spot uranium prices near US$89 per pound.
Strategic implications
Atomic Eagle’s strategic push to unlock value from Muntanga comes as global nuclear energy demand shows resilience amid clean-energy transitions. Uranium prices have gained support over recent quarters, making expansion of uranium inventories a priority for junior explorers and producers alike.
While the company did not disclose current spot pricing in its release, broader industry fundamentals suggest persistent demand for new uranium supply.
Notably, the company said it is poised to commence the largest drilling campaign at the Muntanga Project in nearly 20 years. The upcoming program, set to begin later this month, will focus on resource expansion in line with an existing Exploration Target of 40 – 100.5 Mlbs U₃O₈ at grades between 150 – 350 ppm. T
his exploration target had been previously announced, reflecting substantial upside potential beyond the current resource base.
Atomic Eagle has reported a strong cash position heading into this next phase of exploration, with approximately US$19.2 million in available funds as of 31 December 2025. According to the company, this will enable sustained and aggressive drilling activities across the broader Muntanga licence area throughout 2026.
Insight into Muntanga’s resource structure
The updated resource model maintains the Measured and Indicated component at 50.4 Mt @ 359 ppm U₃O₈ for 40 Mlbs, with the Inferred category increasing to 35.8 Mt @ 238 ppm U₃O₈ for 18.8 Mlbs.
The fact that the increase occurred predominantly in the Inferred category suggests there is still substantial work ahead to potentially upgrade these resources into higher confidence classifications.
The inclusion of Chisebuka and Muntanga East — both areas that historically lacked formal resource estimates — signifies a notable expansion of Atomic Eagle’s asset base. Chisebuka, in particular, is now one of the largest deposits within the project area and could support standalone processing operations, while Muntanga East provides a low-strip, near-surface addition to the project’s inventory.
Atomic Eagle’s announcement coincides with broader momentum in uranium markets, where global explorers and developers are capitalizing on tightening supply dynamics and heightened interest from utilities and governments seeking to secure long-term nuclear fuel supplies.
Although not mentioned in the release, other uranium companies have reported positive drilling results and resource growth as demand forecasts continue to favor new production.
Looking ahead
With the maiden resource update now complete, all eyes will be on Atomic Eagle’s forthcoming drill program. The company’s ability to convert further exploration success into resource growth — and ultimately into economic ore reserves — will be key to its progression toward potential development pathways in Zambia. Investors and industry watchers will likely monitor news flow closely as results from the 2026 campaign begin to emerge.
