Madaouela Uranium Project
Establishing a dual-asset uranium development platform with materially increased scale and portfolio depth
In August 2026, Atomic Eagle announced it had agreed terms of a mining convention with the Republic of Niger to re-establish its interest in the Madaouela Uranium Project in Niger.
Madaouela, near Arlit in northern Niger, has a Mineral Resource of 116.5Mlbs U₃O₈ comprised of:
- Measured & Indicated Resource of 96.9Mlbs U3O8 at 1,275 ppm; and
- Inferred Resource of 19.6Mlbs U3O8 at 1,330 ppm.
This is a foreign estimate (see table and note below), defined by its previous holder GoviEx Uranium.
Under the mining convention, Atomic Eagle holds a 60% interest and operational control of Madaouela. The Republic of Niger holds 40% via a 15% free-carried interest and 25% contributing interest.
Madaouela is supported by ~600,000 metres of historical drilling with GoviEx investing ~US$160 million, providing a substantial technical foundation.
| Classification | Tonnes (mt) | Grade (ppm U₃O₈) | Contained U₃O₈ (Mlb) |
|---|---|---|---|
| Measured | 13.70 | 1,000 | 30.1 |
| Indicated | 20.78 | 1,460 | 66.8 |
| Inferred | 6.73 | 1,330 | 19.6 |
| TOTAL | 41.21 | 1.282 | 116.5 |
Atomic Eagle is commencing technical and commercial work programs including conversion of the Madaouela foreign estimate to a JORC-compliant Mineral Resource, expected towards the end of 2026.
Technical and financing work streams will continue in parallel while the Company considers the optimal development strategy for Madaouela.
Note: The Mineral Resource Estimate at Madaouela is a foreign estimate prepared in accordance with Canadian National Instrument 43-101 and is not reported in accordance with the 2012 Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC Code”).