Muntanga Uranium Project
The Muntanga Uranium Project is a flagship asset.
It is an advanced-stage development project located in the Siavonga and Chirundu Districts in the southeastern region of Zambia, within the highly prospective Karoo Supergroup.
The Project is 100% owned by Atomic Eagle, and it encompasses three mining licences – Muntanga, Dibbwi and Chirundu, covering 691 km2, that are located approximately 200 km south of Lusaka, north of Lake Kariba. 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 1,100 km².
The project offers a rare combination of scale, resource definition, infrastructure access, and exploration upside.
Zambia: A Premier Destination for mineral resource development
Zambia stands out as one of Africa’s most stable, transparent, and resource-rich jurisdictions — an ideal home for the Muntanga Uranium Project. Since gaining independence in 1964, the country has maintained continuous democratic governance, underpinned by a strong legal framework based on English common law. This long-standing political stability and pro-mining government have fostered a secure and welcoming environment for international investment. Already the world’s 7th-largest copper producer, Zambia is rapidly expanding its mining horizons. The government has announced an ambitious plan to triple copper output to three million tonnes by 2031 while actively promoting the diversification of its minerals sector, including the development of uranium and other critical minerals vital to the global clean-energy transition.
Against this backdrop, the Project is well-positioned to benefit from the government’s diversification strategy and its commitment to the sector. The Project already holds the necessary mining licences and has filed the required studies to apply for Environmental Permits, which once secured will enable development to commence, subject to financing.
Finally, Zambia offers excellent access to both eastern and western markets through well-established export routes such as Walvis Bay in Namibia, enabling reliable supply to major nuclear markets in China, India, the United States, and Europe.
Project Highlights
- Shallow open pit mine and heap leaching with industry-standard, conventional downstream processing methods;
- Excellent local infrastructure with road access, water and grid power;
- Well-established export routes through Namibia, presenting the ability to supply Western and non-Western markets;
- No tailings dam required, reducing the environmental impact;
- Soft rock reduces powder factor and lowers mining costs;
Optimized ore processing:
- High liberation of minerals (only requires crushing to 25mm prior to agglomeration);
- LOM average recovery rates of at least 90% with rapid uranium recoveries within 21 days from start of heap irrigation;
- Low acid consumption, averaging less than 16.5 kg H₂SO₄ per tonne of ore treated, with Zambia’s position as a net surplus acid producer ensuring reliable local supply; and
- Quick start up: first uranium production expected within 4 months of mining.
Mineral Resource Estimate
SRK Consulting (Canada) (SRK Canada) prepared a mineral resource estimate (MRE) for the Muntanga Uranium Project in November 2017, in accordance with the Canadian Securities Administrators’ National Instrument 43-101 (NI 43-101). Following additional drilling at the Muntanga Uranium Project, SRK Canada updated the MRE as of 31 January 2024, with the revised estimate completed and reported in March 2025 in accordance with NI 43-101.
The updated MRE is reported in accordance with the JORC Code and is summarised below.
| CATEGORY | U3O8 CUT-OFF (PPM) | DEPOSIT | TONNES (PPM) | U3O8 GRADE (PPM) | U3O8 METAL (MLB) |
|---|---|---|---|---|---|
| Measured | 110 | Gwabi | 1.1 | 254 | 0.6 |
| 90 | Njame | 2.5 | 358 | 2.0 | |
| Indicated | 90 | Muntanga | 8.6 | 369 | 7.0 |
| 90 | Dibbwi | 3.2 | 253 | 1.8 | |
| 110 | Gwabi | 2.7 | 374 | 2.2 | |
| 90 | Njame | 1.0 | 306 | 0.7 | |
| Total M&I | 50.4 | 359 | 40.0 | ||
| Inferred | 90 | Muntanga | 3.4 | 278 | 2.1 |
| 90 | Dibbwi | 1.0 | 213 | 0.5 | |
| 90 | Dibbwi East | 7.1 | 252 | 3.9 | |
| 110 | Gwabi | 0.2 | 272 | 0.1 | |
| 90 | Njame | 1.1 | 329 | 0.8 | |
| Total inferred | 12.8 | 263 | 7.4 |
Notes:
1. Mineral resources are constrained within an optimised pit shell using a uranium price of US$100/lb, mining costs of US$3.30/t, processing costs of US$9.00/t, additional mining costs of US$0.55/t, G&A costs of US$1.50/t, transport costs of US$1.50 and a royalty of 5%.
2. Mineral Resources are reported at a U3O8 ppm cut-off grade within the optimised pit shell and are inclusive of Mineral Reserves.
3. Mineral Resources are inclusive of mineralisation in the low-grade U3O8 80 ppm halo but reported above the relevant cut-off and classed as Inferred Resources. This mineralisation represents approximately 5 % of the total Mineral Resources metal (Mlb).
4. All figures have been rounded to reflect the relative accuracy of the estimate.
Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. There is no direct link from an Inferred Mineral Resource to any category of Ore Reserves.