(Local News Sources)
- GoviEx, Tombador merge to form uranium-focused Atomic Eagle
• Deal brings ASX listing, up to $15.8M in funding
• New leadership to advance Zambia’s Muntanga uranium project
GoviEx Uranium is bolstering its leadership team and project funding through a reverse takeover of Tombador Iron, an Australian Securities Exchange-listed company, to create a new entity named Atomic Eagle. The deal, announced Monday, aims to advance GoviEx’s flagship Muntanga uranium project in Zambia.
The transaction provides GoviEx with an ASX listing and access to an estimated A$19.4 million to A$24.4 million (up to $15.8 million) in working capital. It also brings new, experienced leaders into the company’s ranks, including Keith Bowes, the former managing director of Lotus Resources. Bowes, who left his executive role at Lotus in late 2024, will join the board of the newly formed company alongside GoviEx’s Eric Krafft and Tombador’s Stephen Quantrill.
The new board will be chaired by GoviEx Executive Chairman Govind Friedland. It will also benefit from the strategic support of Grant Davey, founder of Matador Capital, who has previously been involved in project development with Lotus Resources and Boss Energy.
“This transaction brings together the proven track record and pedigree of the GoviEx team with the leadership and operational experience of Matador,” said Stephen Quantrill. “We see enormous potential in Muntanaga and look forward to continuing its development.”
The strengthened team and new funding are intended to provide momentum for the Muntanga project, which GoviEx considers a cornerstone of its southern Africa strategy. According to a feasibility study released in January, Muntanga could produce 2.2 million pounds of uranium per year for 12 years. The project has an initial investment cost of $281.9 million, an after tax net present value of $243 million, and an internal rate of return of 20.8%. Production could begin in 2028, two years after the necessary funding is secured.
The deal still requires approval from GoviEx shareholders, with a vote scheduled for October, as well as regulatory approvals. However, the backing of key shareholders who already hold a combined 27.6% stake suggests the deal is likely to be passed