Atomic EagleASX:AEU

The company reports a current resource of 58.8 million pounds at 309 ppm (multiple months), which grew from 47 million pounds at the time of acquisition (Mar 2026). In addition, management points to significant exploration upside, estimating between 40 and 100 million pounds of potential beyond the current resource, putting total possible size between 100 and 150 million pounds (May 2026). They note that the Chisabuka satellite deposit, where a 9.7 million pound resource sits over an 800 by 600 m zone, has a lot of further upside, and that the company has probably only touched 25–30% of the Chisibuka region so far (Apr 2026).

In southern Zambia, the company reports it holds mining licenses and has lodged environmental approvals and a relocation action plan (March 2026); by April 2026 it added that it is operating under ASX and JORC compliance requirements. As of May 2026, management expects environmental and social impact assessment approvals and the relocation action plan approval in Zambia over the next month or so, while in Niger environmental approvals and the resettlement action plan are also expected around mid-2026.

The company reports recovery rates of greater than 90% (May 2026, Feb 2026) and plus 90% on average (Mar 2026). Key assumptions include low acid consumption around 20 kg per ton (May 2026), averaging around 20 kg per ton (Feb 2026), and 21-day average leach kinetics (Mar 2026). Regarding technical risk, the company stated in March 2026 that while grades vary from 220 to 400 ppm, recovery and acid consumption are mostly similar across that range.

In April 2026, the company cited a capex of US$350 million for an 8-million-ton-per-annum plant, with an operating cost of 3.5 million tons per annum producing roughly 2.2 million pounds per annum; they added that economics require optimization at today's uranium price. Earlier, in March and February 2026, management assumed a uranium price of US$90 per pound, and mentioned a potential scenario of 3.9 million pounds per annum over 12 years. The company also noted that Bannerman's capex is 20% higher for a plant with more than twice the throughput. These figures span different dates and assumptions, and not all metrics are directly comparable.

The company reports having $19 million Australian in the bank at end of December (stated in both March and April 2026), then "just shy of 18 million Australian dollars" at end of March 2026. Looking ahead, management says cash position will be $9 million in the bank by end of year (May 2026). On capital needs, management said in February 2026 that $20 million Australian was needed in Q4 2024, and noted in March 2026 that the company loaned $700,000 to GobX to drill low hanging fruit while a transaction concludes. Regarding burn rate, management stated in April 2026 that $700,000 of drilling delivered a 24% resource increase, and separately mentioned in February 2026 that burn rate was "just short of half by end of calendar year."

The company, listed in November 2025, had a 30,000 m exploration program underway by May 2026—described as the largest the project has seen in almost 20 years—with drilling expected to total upwards of 50,000 meters by year-end and the 30,000 m phase to conclude by August. On the study front, management said a feasibility study update would come in 2027, with 2027 focused on metallurgical test work and updating studies, while a mineral resource update was targeted by end of 2026. First production was guided for towards the end of this decade.

The company states it was founded by Grant Davyy and Keith Ba, who were the founders of Boss Energy and Lotus Resources, both now uranium producers (May 2026, Mar 2026). Additionally, management notes that COO Warren King was the executive who restarted KA, and consulting geologist Harry Mustard was involved at Lethane uranium and Lotus (Mar 2026). The names appear with slightly different spellings depending on the date of the statement (Davyy vs Davey, Ba vs Bowes).

The company also reports a production target of 4 to 5 million pounds.