Atomic Eagle (ASX: AEU | OTCQX: AEUXF) showcased its Muntanga uranium project in Zambia at the Precious Metals & Critical Minerals Virtual Investor Conference, hosted by OTC Markets Group from October 13 to 15. The conference brings together companies active in gold, silver, copper, nickel, rare earths, phosphates, uranium, and royalties, featuring open Q&A sessions with the public. Atomic Eagle took the floor in the 9:30 AM ET slot, with CEO Phil Hoskins leading the presentation.
The Muntanga deposit spans a 1,126-square-kilometre licence area in eastern Zambia and currently holds a total resource of 58.8 million pounds of U₃O₈ across seven distinct deposits. This figure represents a 24% increase over the previous estimate, achieved following the site’s first-ever drilling campaign, which identified two new deposits: Chisebuka, with 9.7 million pounds, and Muntanga East, with 1.7 million pounds. The primary deposit, Dibbwi East, alone accounts for 29.6 million pounds. Mineralisation is often found within five metres of the surface — a factor that significantly lowers extraction costs compared to deeper deposits.
A feasibility study published in January 2025 outlines an operation capable of producing 2.2 million pounds of uranium per year over a 12-year mine life, with an initial capital estimate of $281.9 million. The plan was built using only 56% of the already-identified resource: the remaining 44%, technically known but not yet sufficiently detailed for inclusion, represents the expansion potential on which the company’s current drilling campaign is focused. The planned extraction method — heap leach with mild acid solution — recovers over 90% of the uranium present and lends itself to incremental expansion at relatively low cost.
Hoskins stated that the goal is to substantially grow the resource base in order to support a larger-scale mining operation. The ongoing drilling campaign — the most intensive seen at the project in two decades — is targeting between 40 and 100 million additional pounds. Results expected in the coming weeks could materially alter the size of the deposit and, in turn, the economic profile of the entire operation. First production is anticipated around 2030–2031, at a time when World Nuclear Association projections point to global reactor demand rising well above the supply capacity of existing mines.
This comes against the backdrop of a uranium market where long-term contract prices have climbed to their highest levels in nearly two decades, with new reactors under construction across multiple countries and structural demand on the rise. Atomic Eagle’s participation in the OTC Markets Group virtual conference signals a clear intent to broaden its North American investor base, where the stock trades on the OTCQX. With an already substantial resource base and an active exploration pipeline, Muntanga is positioning itself as one of the most advanced undeveloped uranium assets in Africa. Should the current drilling campaign deliver on expectations, a final investment decision could come sooner than the market currently anticipates.
