Heap leach amenability is a key test for uranium projects. Atomic Eagle Limited (ASX:AEU) reported metallurgical results for the Muntanga East deposit at its Muntanga Uranium Project in Zambia on 6 October 2026.

Company overview

Atomic Eagle Limited (ASX:AEU; OTCQX:AEUXF) is a Perth-based company that owns 100% of the Muntanga Uranium Project in Zambia. Muntanga East is a recently discovered deposit close to the central resource area.

Testwork results

Mintek in South Africa tested two composites from diamond core, with an average head grade of about 167 ppm U3O8, crushed to 25 millimetres. Leach tests achieved uranium recoveries of about 81% to 86%, with extraction substantially complete after about 20 days. Bottle rolls gave about 86% and 82% after 25 days, with acid consumption of about 3 kilograms per tonne, significantly below the project average.

Column leach and heap leach geotechnical assessments were also completed.

Significance described

The company said the results show favourable heap leach metallurgy extends beyond the historical deposits, including on lower-grade mineralisation than tested elsewhere in the project.

Why acid consumption matters

Acid is typically among the largest operating costs in a uranium heap leach, so low consumption can influence project economics. Atomic Eagle noted the figure of about 3 kilograms per tonne was significantly below the average achieved across the broader Muntanga Project. The company also said the shallow mineralisation and proximity to the central resource area at Muntanga East are favourable factors for the project’s scale, though it has not provided a revised resource, production target or economic study in this announcement.

The project is held 100% by Atomic Eagle, and the company is also quoted on the OTCQX market in the United States.

Bottle roll and column results

Bottle roll leach testing achieved uranium recoveries of about 86% and 82% after 25 days, with uranium dissolution effectively complete after about seven days, indicating rapid leaching and a high proportion of readily leachable uranium. Column leach tests supported the overall recovery range of about 81% to 86% and showed extraction substantially complete after about 20 days.

Acid consumption remained at about 3 kilograms per tonne throughout the extraction period.

Sample selection and program design

Testwork was done on two representative composites prepared from diamond core collected specifically for metallurgical evaluation after the Muntanga East resource was defined. The program included diagnostic leach testing, bottle rolls, column leach and heap leach geotechnical assessments to assess physical suitability, and was run on material crushed to a nominal 25 millimetre top size.

Sector backdrop

Heap leaching allows lower-grade uranium mineralisation to be processed with low capital, but results from small tests must be confirmed at scale.

Heap leaching is widely used for low-grade ores because it avoids the cost of grinding and large processing plants. The key variables are uranium recovery, the time needed to leach, and reagent consumption, particularly acid, which is a major operating cost.

Zambia has been developing its Mining sector, and uranium projects there are at earlier stages than those in established uranium countries. Results from laboratory columns need to be demonstrated at larger scale to support design.

Risks shareholders should weigh

Test samples were two composites and may not represent the whole deposit. Recoveries at heap scale can differ.

Zambian permitting, uranium prices and funding affect project progress.

No development decision or study result is reported.

Average head grade of about 167 ppm U3O8 is low, so Economics depend on large tonnages, low costs and uranium price levels, none of which are addressed in the release.

Uranium markets and Zambian regulation are factors outside the project’s control.

What’s next

Atomic Eagle will use the results in its project studies. Shareholders may wish to watch for study updates and resource work.

The results will feed into studies on the broader Muntanga Project, and further testwork and resource work are the next steps to watch.