Zambian-focused uranium company Atomic Eagle (ASX:AEU) yesterday (24 November) began trading on the Australian Securities Exchange (ASX) under the ticker AEU.
Its trading follows the merger of Tombador Iron (ASX:TI1) and GoviEx Uranium (TSX-V:GXU), creating an ASX-listed mineral resource company focused on exploration and development of uranium assets in Africa, with the Muntanga Uranium Project in Zambia as its core asset.
The company says it is well funded to advance exploration over the broader Muntanga Project area following completion of a $10 million re-compliance raise (before costs), providing a current cash balance of $20 million.
Atomic Eagle has recently completed its maiden drill program, comprising 100 shallow holes for some 7,700m, into high-priority target areas including Muntanga East and the Chisebuka prospect.
The company is assessing gamma logs with assay results from this program to be released in early 2026.
Atomic Eagle is planning an aggressive exploration program at the broader Muntanga Project area in 2026, aimed at growing the current resource.
Matador Capital played a critical role in the merger, alongside Yelverton Capital, and is helping roll out Atomic Eagle’s renewed strategy through investment and technical expertise.
Matador Capital’s Grant Davey is a strategic advisor to the company.
Chairman Govind Friedland says combining Tombador and GoviEx to create Atomic Eagle provides a new chapter to lead development of the Muntanga Uranium Project in Zambia.
“The project has already secured mining permits and also offers a vast exploration upside over the broader project area which we are keen to pursue,” Friedland says.
“With a strengthened financial position and a new team set to execute a reinvigorated strategy, we are excited to take this step in commencing ASX trading today and look forward to keeping the market up to date on our exploration and development plans over the coming months.”
The Muntanga Uranium Project area is 100% owned by Atomic Eagle and is located in the southeastern region of Zambia in the Siavonga and Chirundu Districts.
Additionally, the company holds two exploration licences for Nabbanda and Chirundu Extension and a recently granted mining licence for Kariba Valley, which expands the total combined area to 1,136km².
Previous work at the project defined a 50.4Mt mineral resource at average grade of 344ppm comprising 40.0Mlb U₃O₈ at 359ppm, in the measured and indicated categories and a further 7.4Mlb U₃O₈ (12.8Mt at 263ppm) in the inferred category, mainly from the Muntanga and Dibbwi East deposits situated in the centre of the licence package
Atomic Eagle is an ASX-listed mineral resource company focused on exploration and development of uranium assets in Africa, with the 100% owned district-scale Muntanga Uranium Project in Zambia as its core asset.
Muntanga spans four mining licenses and two exploration licenses over a 146km strike length covering 1,136km2, adjacent to Lake Kariba. It is near important infrastructure, being located near the town of Chirundu close to the Zimbabwe border, with sealed road access to Chirundu, Siavonga Lusaka (the capital).
The company says this network gives the project easy access to Lusaka’s international airport and to Namibia’s port of Walvis Bay via Livingstone (about 560km west) providing export routes to both western and eastern markets.
Uranium production (including secondary supplies) is projected to rise from 83,500 tonned in 2025 to 87.3 kt in 2027. The increase is expected to be driven by a mix of factors, including mines previously in care and maintenance returning to production, new mines opening, and operating mines raising production.
Uranium mining is expanding rapidly in Africa. The Dasa mine in Niger is scheduled to begin production in 2027 with a nameplate capacity of 2,700 tonnes a year. Production of uranium at Morocco’s Uranext mine – due to begin production in 2026 – will be a byproduct of phosphate mining, with UxC forecasting that uranium production will ramp up to 1,000 tonnes in 2030.
Uranium spot prices fell and then recovered in H1 2025, with prices for the most part staying between US$70 to US$80 per pound in Q3 2025.
According to the Department of Industry, Science and Resources (DISR) September 2025 Resources and Energy Quarterly, contract prices have largely been steady at about US$80 so far this year. DISR notes steady contract prices are a result of higher prices being locked in by producers in previous months.
Write to Adam Orlando at Mining.com.au
Images: Atomic Eagle
