• Atomic Eagle increased Muntanga’s mineral resources to 58.8 million pounds, up 24% from 47.4 million pounds.

• The update added 11.4 million pounds, including new deposits at Chisebuka and Muntanga East.

• A 2025 feasibility study outlined annual production of 2.2 million pounds over 12 years, with initial capital expenditure of $281.9 million.

In Zambia, Atomic Eagle, formerly known as GoviEx Uranium, announced on March 3, that mineral resources at its Muntanga uranium project now total 58.8 million pounds. The company increased the estimate by 24% from the previous 47.4 million pounds. The integration of new deposits into the future mine plan drove this expansion and strengthened the company’s development ambitions.

Last year, Atomic Eagle stated that it aimed to identify between 40 million and 100.5 million additional pounds of uranium resources at Muntanga. The company achieved an initial milestone with this updated estimate, which added 11.4 million pounds to prior figures. The revision incorporated the Chisebuka and Muntanga East zones, two new deposits identified during the latest exploration program.

The company stated that continued resource growth will play a decisive role in supporting plans for a larger-scale operation at Muntanga. In a feasibility study that it published in January 2025, the company outlined a project capable of producing 2.2 million pounds of uranium per year over a 12-year mine life. The study estimated initial capital expenditure at $281.9 million.

To advance this objective, Atomic Eagle will launch a new drilling campaign this month. The company will use the program to expand identified mineral potential and test additional prospects that management considers promising.

Phil Hoskins, Chief Executive Officer of Atomic Eagle, said: “The company aims to significantly increase mineral resources to support a much larger uranium mine in Zambia. This month, we are launching the largest drilling program for this project in nearly 20 years, and we see clear potential for this program to significantly increase the project's resources and generate more value for shareholders.”

However, the company must still convert mineral resources into mineable reserves before it can confirm the project’s economic viability. Although the resource increase represents a strategic lever, it constitutes only a preliminary step in Atomic Eagle’s broader ambitions at Muntanga.

Nevertheless, the announced progress strengthens Zambia’s prospects of joining the ranks of African uranium producers if the project moves into development.

Aurel Sèdjro Houenou