Atomic Eagle Limited has secured a binding funding commitment from its largest shareholder, Menel Energy and Resources Limited, to exercise 35,149,113 options early, providing approximately $10.9 million in cash proceeds to the company on or before 28 October 2026.

The arrangement involves the conversion of existing on-issue options at $0.31 each, bypassing a discounted fresh capital raise. Based on an unaudited cash position of approximately $12.1 million, receipt of the proceeds will lift available cash to approximately $23.0 million, compared with roughly $20 million at the time of the company's ASX listing.

The funding capacity is expected to cover Atomic Eagle's current growth strategy through 2028 without requiring near-term equity financing. The company plans to convert the Madaouela Uranium Project's foreign mineral resource estimate to a JORC 2012 compliant Mineral Resource Estimate in 2026.

Atomic Eagle holds a 60% interest in the Madaouela Uranium Project in Niger, which hosts a foreign Mineral Resource estimate of 116.5Mlbs U₃O₈ at 1,282ppm. Its flagship asset remains the 100%-owned Muntanga Uranium Project in Zambia, containing a JORC Mineral Resource of 58.8Mlbs at 309ppm U₃O₈.

"This decision is a powerful vote of confidence from a shareholder with a long history alongside our projects and allows us to pursue both Zambia and Niger in parallel, rather than sequentially." — Phil Hoskins, Chief Executive Officer

Following the transaction, approximately 17.9 million options in the same category remain unexercised at $0.31 each ahead of their 5 May 2027 expiry date, with full exercise of those remaining securities capable of generating another $5.5 million.

Read the full announcement: $10.9M Funding Commitment from Options