Highlights

  • Atomic Eagle starts ASX trading following Tombador Iron and GoviEx Uranium merger.
  • Company reports ~AUD 20m cash after AUD 10m re-compliance capital raise.
  • Early 2026 announcements expected on exploration targets and maiden drilling results.

Atomic Eagle Limited (ASX:AEU) has commenced trading on the Australian Securities Exchange after completing a merger between Tombador Iron (ASX: TI1) and GoviEx Uranium (TSX-V: GXU). The merged entity operates as an ASX-listed mineral resource company centred on the exploration and development of uranium assets in Africa. Its principal project is the 100%-owned Muntanga Uranium Project located in Zambia.

The company’s entry to the ASX follows the completion of an AUD 10m re-compliance capital raising process, providing a reported cash balance of approximately AUD 20m. These funds are intended for ongoing assessment and exploration activities across the wider Muntanga Project area.

Board Structure and Advisory Roles

Atomic Eagle’s Board comprises directors previously involved with Tombador Iron and GoviEx Uranium. The Board is chaired by Govind Friedland, with Stephen Quantrill, Eric Krafft and former Lotus Resources Managing Director Keith Bowes serving as Non-Executive Directors. Matador Capital and Yelverton Capital contributed to the formation of the merged company, with Matador Capital also advising on strategic and technical matters. Matador Capital’s Grant Davey holds the position of strategic advisor.

Asset Portfolio Across Licenced Uranium Grounds

The Muntanga Uranium Project is located within Zambia’s Siavonga and Chirundu Districts and spans three mining licences — Muntanga, Dibbwi and Chirundu — with a combined area of 719km². Two exploration licences, Nabbanda and Chirundu Extension, and the newly granted Kariba Valley mining licence increase the total licenced area to 1,136km².

Earlier exploration work at Muntanga outlined a JORC-compliant Mineral Resource Estimate of 50.4Mt at an average grade of 344ppm. This includes 40.0Mlb U₃O₈ at 359ppm in the Measured and Indicated categories and 7.4Mlb U₃O₈ at 263ppm in the Inferred category, primarily from deposits within the central project zone such as Muntanga and Dibbwi East.

Upcoming Exploration Milestones and Program Outlook

Atomic Eagle recently completed a maiden drill program involving 100 shallow drill holes totalling approximately 7,700m across selected areas, including Muntanga East and the Chisebuka prospect. Gamma log interpretation is currently underway, and assay results from this program are expected to be released in early 2026.

The company plans an expanded exploration program across the broader Muntanga Project area during 2026. Further information regarding the project’s exploration target and planned resource extension work will be provided in forthcoming market announcements.

Share Price Snapshot

AEU was trading 1614.28% higher at AUD 0.240 per share as of 24 November 2025.