Phil Hoskins

Atomic Eagle Secures High-Grade 116Mlbs Madaouela Uranium Project (60% interest) | CEO Phil Hoskins

• Top takeaway Hoskins argues that negotiating Madaouela's return was better than pursuing international arbitration, which he saw as a distracting, slow and expensive path, because it delivers nearer-term value for shareholders.
• He calls the reacquisition a transformative event that roughly triples the resource base, turns Atomic Eagle into a dual-asset uranium developer, and sets up an expected share-price re-rate.
• He argues political risk can now be set aside: the agreement retains dispute resolution through international arbitration, and he describes the Niger relationship as a partnership, leaving study execution, financing and strategic risk as the real challenges.
• He remains firmly committed to Muntanga in Zambia as the flagship, laying out a 2026 drilling campaign, a larger feasibility study through 2027, financing in the first half of 2028 and potential production by the end of 2030.
• On capital discipline, he points to A$14 million at end-June, a revised A$3.5-4 million year-end forecast, and efforts to get early exercise of 53 million options at 31 cents so Atomic Eagle avoids another equity raise.

Atomic Eagle regained its 60% stake in Niger's high-grade Madaouela uranium project (116.5Mlbs), a deal the CEO calls a tripling of its resource base. Niger keeps a 15% free-carried interest plus up to 25% contributing equity; Atomic Eagle pays US$5 million upfront and US$5 million at construction. Hoskins cites a 2022 GoviEx study implying a $600 million-plus NPV, with ASX peers near A$3 a pound suggesting about A$210 million of value. JORC (Australia's reporting code) conversion mainly needs Table 1 disclosure; a $95 per pound uranium price could lift the resource toward 130 million pounds. Muntanga in Zambia remains the fully permitted flagship, targeting 2028 financing and possible production by end-2030; year-end cash is forecast at A$3.5-4 million.

“A Great Stepping Stone”: 24% Resource Increase at Muntanga Project - Atomic Eagle CEO Phil Hoskins

• Top takeaway Hoskins argues the 24% uplift from 47.4 million to 58.8 million pounds, delivered with about US$700,000 of drilling at roughly US$0.05 per pound, validates the exploration approach at Muntanga, while cautioning that the unit cost may not reflect future exploration.
• He explains that exploratory drilling uses a calibrated gamma probe rather than RC or diamond, at about US$40 per metre all-in versus roughly US$200 per metre for diamond, giving fast vertical coverage to about 100 m depth, with diamond and RC work deferred to the end of the 2026 field season to verify grades.
• He says he is confident uranium mineralization will be found in the new targets but that the open question is how much and at what grade, and notes only about 25% to 30% of the Chisabuka area has been touched so far.
• He argues the project only becomes financeable at a larger scale than the re-released study's 3.5 million tonne per annum and roughly 2.2 million pounds a year, that 2026 is about the resource growth needed to size it, and that a final investment decision is still some way off.
• He treats the 116 million pound Mataweela resource in Niger as option value not reflected in the share price, and says recent North American investor feedback was that Atomic Eagle looks undervalued against other African peers.

Atomic Eagle grew Muntanga's uranium resource 24% to 58.8 million pounds at a drilling cost of about US$0.05 per pound. Early-stage uranium drilling uses a calibrated gamma probe for grade, running about US$40 per metre against US$200 for diamond core. The largest Muntanga drill program in almost 20 years starts this month, testing eight new targets plus two near Chisabuka. A re-released feasibility study puts the project's economics on scale: growing past a 3.5 million tonne-per-year plant is what makes it financeable. In Niger, management is negotiating the return of the 116 million-pound Mataweela resource, expropriated from Govex in 2024 and unpriced in the shares.