“Re-establishing our interest in Madaouela represents a transformational outcome for Atomic Eagle significantly increasing our resource base and adding a second advanced uranium project to our project portfolio,” Atomic Eagle CEO Phil Hoskins said.
“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.”
Thanking Niger’s Minister of Mines Abarchi Ousmane and his team “for sharing our commitment to finding a mutually beneficial solution to the historical dispute”, Hoskins said the agreement had been achieved through “constructive engagement with the Government of Niger and delivers a strong, commercially balanced outcome following a period of dispute”.
The Government of Niger withdrew Canada-based GoviEx’s mining rights for Madaoulea in 2024, after a 2023 coup d’état and change of government in the African country. GoviEx subsequently launched international arbitration proceedings, but both parties agreed to suspend these in January 2025 as negotiations continued
GoviEx merged with Tombador Iron in November 2025 to create Atomic Eagle. With new management in place at Atomic Eagle, the company said it has now reached a commercial resolution with the Republic of Niger.
Under the structure of the newly agreed mining convention between Atomic Eagle and the government, the Madaouela exploitation permit is granted to MAMICO, a newly incorporated Nigerien subsidiary of the company, with Atomic Eagle holding a 60% interest and the State holding 40%. “The agreed framework provides long-term tenure security, a clear ownership structure, internationally recognised dispute resolution mechanisms, and a commercially pragmatic pathway to re-establish Atomic Eagle’s interest in a large uranium development project,” Atomic Eagle said.
Atomic Eagle will retain operational control of MAMICO and the conduct of mining operations, subject to the agreed governance framework.
The company has agreed payments of USD5 million, payable within 30 days of the issuance of an exploitation permit, and a further USD5 million payable at the commencement of construction. The Government has the right to purchase and market a portion of production up to its shareholding in MAMICO, and under certain circumstances may exercise pre-emption rights or requisition up to 50% of the mine’s output – but Government rights cannot interfere with binding offtake contracts already entered by MAMICO.
The arbitration will be withdrawn within seven days of signing the mining convention.
Madouela has an estimated Measured & Indicated mineral resource of 96.9 million pounds U3O8 (37,272 tU) at a concentration of 1,275 parts per million (ppm) and an Inferred resource of 19.6 million pounds U3O8 at 1,330 ppm. This is a so-called a ‘foreign estimate’ prepared in accordance with Canadian National Instrument 43-101, the Australia-based company notes. The company has already begun resource verification and technical optimisation work, and intends to upgrade the estimate to Australasian standards – known as the JORC Code – later this year.
