Business · Markets · 1 hr ago
Morgans sets 80-cent target for Atomic Eagle shares
Atomic Eagle is an Australian-listed uranium developer with projects in Zambia and Niger.
Its flagship Muntanga project in Zambia has a stated resource of 58.8 million pounds of uranium, and the company is drilling there to look for more.
Atomic Eagle also owns a 60% stake in the Madaouela project in Niger, which has a stated resource of 116 million pounds.
The company has started a technical review of Madaouela to assess ways to expand the project and improve its economics.
Broker Morgans began covering Atomic Eagle with a speculative buy recommendation and an 80-cent share price target, compared with a reported share price of 35 cents.
Morgans said its valuation mainly reflects Muntanga and that the market may not fully value Madaouela or the potential for resource growth.
The company says drilling at Muntanga is continuing, while the Madaouela review is under way.
Morgans initiated coverage of Atomic Eagle with a speculative buy recommendation and an 80-cent-per-share price target.
The target compares with a share price of 35 cents at the time of the Motley Fool AU report.
Atomic Eagle is developing the Muntanga uranium project in Zambia and holds a 60% stake in the Madaouela project in Niger.
Muntanga has a reported resource of 58.8 million pounds of uranium, while Madaouela has 116 million pounds.
Morgans said the market was discounting Madaouela and the potential for resource growth.
- Who
- Atomic Eagle Ltd, a uranium project developer, and broker Morgans.
- What
- Morgans started coverage with a speculative buy recommendation and an 80-cent share price target.
- When
- The report was published on 13 October 2026; the date Morgans initiated coverage is not stated.
- Where
- Atomic Eagle’s projects are in Zambia and Niger, and its shares trade on the ASX.
- Why
- Morgans said it saw value in Muntanga and believed the market was discounting Madaouela and resource growth potential.
This story does not have two clearly opposing sides.
Atomic Eagle was formed through the reverse takeover of GoviEx Uranium by Tombador Iron.
GoviEx undertook an earlier feasibility study for the Madaouela project.
Motley Fool AU reported that Morgans had initiated coverage of Atomic Eagle with a speculative buy recommendation and an 80-cent target.
- Morgans target
- 80 cents per share
- Share price at report
- 35 cents
- Muntanga resource
- 58.8 million pounds of uranium
- Madaouela resource
- 116 million pounds of uranium
- Atomic Eagle stake in Madaouela
- 60%
- Muntanga drilling program
- 30,000 metres
What people are saying
The objective of our 30,000m drilling program is to grow the Muntanga resource base while systematically testing a portfolio of exploration targets across the broader Project area.
We believe the market is discounting Madaouela and resource growth potential, creating an attractive entry point for long-term investors.
Sources
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