Atomic Eagle (ASX:AEU) now has agreed terms for a mining convention with the Republic of Niger to reestablish its 60% interest in and operational control over the Madaouela Uranium Project.
The agreement follows the expropriation of Madaouela from previous holder GoviEx Uranium (TSX-V:GXU) in 2024 and subsequent international arbitration, which will be withdrawn within seven days of signing. GoviEx and Tombador Iron merged in November 2025 to form Atomic Eagle.
The mining convention provides legal and tax stabilisation, access to ICSID arbitration, and a 10-year exploitation permit issued to subsidiary Madaouela Mining.
Under the terms of the agreement, Atomic Eagle will pay US$5 million ($6.97 million) within 30 days of permit issuance, another US$5 million at the start of construction, and a US$40 million credit against government equity contributions. Combined government production offtake rights are capped at 50%.
Madaouela holds a foreign mineral resource estimate (MRE) of 116.5 million pounds (Mlbs) of uranium oxide (U3O8) at 1,282 parts per million (ppm), including measured and indicated resources of 96.9 Mlbs at 1,275 ppm and inferred resources of 19.6 Mlbs at 1,330 ppm across 41.21 million tonnes.
Located near Arlit, the resource spans 122.9km² and is supported by 600,000m of historical drilling.
CEO Phil Hoskins describes the agreement as a ‘transformational’ outcome for Atomic Eagle.
“Re-establishing our interest in Madaouela … significantly [increases] our resource base and [adds] a second advanced uranium project to our project portfolio,” Hoskins says.
“Madaouela is a large, high-grade uranium asset supported by an extensive body of historical work, and we see clear opportunities to further define and optimise the project’s development potential.
“What is particularly compelling is the combination of size, grade, and the breadth of prior studies completed, which together provide a strong technical foundation for future work.”
Atomic Eagle intends to convert the foreign estimate to a JORC-compliant MRE towards the end of this year (2026). The company will also advance its primary focus, the Muntanga Uranium Project in Zambia, which contains a JORC MRE of 58.8 Mlbs U3O8.
Atomic Eagle is a uranium developer focused on advancing its assets in Africa.
Write to Paula Fabe at Mining.com.au
Images: Atomic Eagle
