Slide 1: Strategically placed for the uranium setup
Strategically placed for the uranium setup MARCH 2026
Slide 2: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by Atomic Eagle Limited (ACN 108 958 274) (the Company). The statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown Presentation has been prepared as at 25 March 2026 and stateme
Slide 3: Uranium Setup: The Strongest Fundamental & Strategic Backdrop In A Generation
Uranium Setup: The Strongest Fundamental & Strategic Backdrop In A Generation Structural deficit + strategic policy + accelerating demand = durable incentives for new supply Structural tightness Strategic re-alignment Demand durability Non-linear pricing Deficits persist through Non-Russian sourcing
Slide 4: Zambia: Geopolitically Neutral
Zambia: Geopolitically Neutral As governments harden supply chains, “credible near-term pounds” in stable jurisdictions re-rate in strategic value, creating a competitive environment for offtake + financing China United States • Apr-25: 10 new reactors • Commitment to triple nuclear announced (37 un
Slide 5: Muntanga Project
Muntanga Project District-scale uranium exploration opportunity • Upgraded JORC Resource of 58.8Mlb U3O8 at 309ppm1 • 2025 Feasibility Study outlined 12-year heap leach operation based only on M&I resources for Muntanga and Dibbwi East • Permitting: – Resources contained on Mining Licences – ESIA an
Slide 6: Upgraded JORC Mineral Resource Estimate
Upgraded JORC Mineral Resource Estimate 24% increase to 58.8Mlbs @ 309ppm TONNES U3O8 GRADE U3O8 METAL CATEGORY DEPOSIT [Mt] [ppm] [Mlb] Gwabi 1.1 254 0.6 Measured Njame 2.5 358 2 Muntanga 8.6 369 7 Dibbwi 3.2 253 1.8 Indicated Dibbwi East 31.3 372 25.7 Gwabi 2.7 374 2.2 Njame 1.0 306 0.7 Total M&I
Slide 7: Previous Feasibility Study Provides Platform For Growth
Previous Feasibility Study Provides Platform For Growth Opportunities for optimisation - increased project scale to significantly improve economics ITEM UNITS VALUE Feasibility Study highlights: PRODUCTION AND MINING • Low-strip ratio, open-pit mining Mine life Years ~12 • Heap leaching and industry
Slide 8: 44% of JORC Resource not considered for previous Feasibility Study
44% of JORC Resource not considered for previous Feasibility Study Ready-made opportunities to feed expanded project scale Muntanga & Dibbwi East Inferred • 6.0 Mlbs excluded due to NI 43-101 regulations Satellite Deposits • 8.7 Mlbs excluded despite demonstrating positive cash flow 2026 MRE Upgrade
Slide 9: Maiden MRE for Chisebuka and Muntanga East
Maiden MRE for Chisebuka and Muntanga East Chisebuka to be drilled out in Q2 Large portion of Chisebuka remains to be infill drilled – further resource growth opportunity ASX: AEU Note: See ASX announcement 10 March 2026 9
Slide 10: Exploration Potential
Exploration Potential Largest drilling program in 18 years commences April • District-scale exploration opportunity in known uranium belt (Karoo Sandstones) • Exploration Target of 40 – 100 Mlbs U3O81 • Targets exhibit similar radiometric and soil geochemical signatures • Cheap shallow percussion dr
Slide 11: Peer Comparison
Peer Comparison M&I Resource Grade (ppm U3O8) 400 350 300 250 Market is looking for long-life, large-scale 200 projects (e.g. Deep Yellow, Bannerman) 150 100 Sizeable Exploration Target and early success 50 (24% resource increase), points to larger scale 0 project potential EV / M&I Resource (lbs) S
Slide 12: Global Undeveloped Uranium Projects
Global Undeveloped Uranium Projects Madaouela Uranium Project is globally significant Note 1: This chart aggregates all Mineral Resource categories. Refer to slides 18-19 for the breakdown into Measured, Indicated and Inferred. NexGen’s Rook I excluded to aid in comparison of ASX: AEU other projects
Slide 13: Why invest?
Why invest? Resource growth into the uranium shortfall Feasibility Study Project optimisations 24% resource growth provides sound focussed on increasing with maiden drill technical baseline scale + economics program Uranium – strongest Fully funded for largest Niger uranium project fundamental and e
Slide 14: Appendices
APPENDICES ¥
Slide 15: Structural Supply Deficit
Structural Supply Deficit Demand Outpacing Supply DEMAND SUPPLY “The demand forecast that • Supply concentration “The global uranium market • AI / Data Centres – 450-500TWh2 in most have out there…we o >70% of production from 10 mines is understating the severity of 2025 (2% of global energy use) be
Slide 16: Registered Office
Registered Office Level 4 66 Kings Park Road WEST PERTH WA 6005 Telephone: + 61 8 6382 1805 Email: info@atomiceagle.com.au Website: www. atomiceagle.com.au
Slide 17: Peer Comparison – Market Data
Peer Comparison – Market Data Total M&I M&I EV/lb M&I Stage of Price Shares M.Cap Cash2 EV Inf Grade Company Ticker Country Resource Resource Grade Resource Development (A$/sh)1 ($M) (A$M)1 (AS$M) (A$M) (Mlb)3 (ppm)3 (Mlb) 3 (Mlb) 3 (ppm)3 (A$) Atomic Eagle ASX: AEU Zambia Development $0.37 391.1 $1
Slide 18: Peer Comparison – Deposit Data (1 of 2)
Peer Comparison – Deposit Data (1 of 2) Total M&I Inferred Overall M&I Inferred Stage of Project Company Ticker Country Resource Resource Resource Grade Grade Grade Source Development (Mlb)1 (Mlb)1 (Mlb)1 (ppm)1 (ppm)1 (ppm)1 Muntanga Atomic Eagle ASX: AEU Zambia Development 58.8 40.0 18.8 309 359 2
Slide 19: Peer Comparison – Deposit Data (2 of 2)
Peer Comparison – Deposit Data (2 of 2) Total M&I Inferred Overall M&I Inferred Stage of Project Company Ticker Country Resource Resource Resource Grade Grade Grade Source Development (Mlb)1 (Mlb)1 (Mlb)1 (ppm)1 (ppm)1 (ppm)1 Tiris Aura Energy ASX: AEE Mauritania Development 77.6 33.9 43.7 225 220 2