Atomic Eagle secures US$10.9 million to advance uranium projects in Zambia, Niger

Atomic Eagle’s largest shareholder, Menel Energy and Resources Limited, has committed about US$10.9 million to support the development of the company’s uranium projects in Zambia and Niger.

The funding will come through the early exercise of 35,149,113 options at an exercise price of US$0.31 each by Oct. 28, 2026, about six months before their original expiry date, the company said in an announcement on Monday.

Atomic Eagle said the proceeds would increase its available cash from about US$12.1 million to approximately US$23 million, strengthening its financial capacity to advance its projects through 2028 without the need for near-term equity financing.

The options were originally scheduled to expire on May 5, 2027.

Atomic Eagle Chief Executive Officer, Phil Hoskins, said the funding would allow the company to advance its uranium projects in Zambia and Niger simultaneously.

“The commitment leaves the Company fully funded to accelerate delivery of our objectives across both our exciting uranium projects in Zambia and Niger,” Hoskins said.

He said the additional funding would enable the company to pursue the projects in parallel rather than develop them sequentially.

The company said the transaction involved the conversion of existing options into shares and did not constitute a new discounted securities issue.

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