Niger Formally Executes Madaouela Mining Convention, Clearing Path for Atomic Eagle

Atomic Eagle Limited's 60%-owned Nigerien subsidiary, Madaouela Mining Company SA, and the Republic of Niger have formally executed the Mining Convention for the Madaouela Uranium Project, converting the framework agreed on August 24, 2026 into a binding legal, fiscal, and operational structure that takes effect immediately and triggers the agreed steps to discontinue the historical International Center for Settlement of Investment Disputes arbitration proceedings.

Company Overview

Atomic Eagle Limited (ASX: AEU | OTCQX: AEUXF) is an ASX-listed mineral resource company focused on the exploration and development of uranium assets in Africa. Its core asset is the 100%-owned, district-scale Muntanga Uranium Project in Zambia, spanning 4 mining licenses and 2 exploration licenses over a 146-kilometer strike length, covering 1,136 square kilometers adjacent to Lake Kariba. The project hosts a combined Measured, Indicated & Inferred mineral resource of 86.2 million tonnes at 309 parts per million (ppm) uranium oxide, equivalent to 58.8 million pounds of uranium oxide, with infrastructure advantages including sealed road access to Lusaka and export routes through Namibia's port of Walvis Bay.

Mining Convention Formalizes Commercial Framework

The convention was signed on September 23, 2026, in Niamey by Niger's Minister of Mines, Colonel-Commissioner Abarchi Ousmane, on behalf of the Republic of Niger, and Atomic Eagle Chief Executive Officer Phil Hoskins on behalf of Madaouela Mining Company SA (MAMICO) and Atomic Eagle. It formalizes MAMICO's ownership split (Atomic Eagle at 60% and the Republic of Niger at 40%, comprising a 15% free-carried interest and a 25% contributing interest), while Atomic Eagle retains operational control of mining activities, subject to the agreed governance framework. The convention establishes legal, fiscal, and regulatory stabilization measures, sets the groundwork for future project financing and offtake arrangements, and supports long-term tenure through an initial 10-year term with renewal provisions.

Atomic Eagle and the Republic of Niger have also agreed that the company's initial US$5 million payment will be due within 30 days of execution, and Atomic Eagle and its affiliates will now take the steps required to discontinue the historical International Center for Settlement of Investment Disputes arbitration proceedings.

Hoskins said the signing closes out the commercial resolution reached in August: 

"Formal execution of the Mining Convention completes the commercial resolution announced in August and provides a clear framework under which Atomic Eagle and the Republic of Niger can progress Madaouela. We appreciate the constructive approach taken by the Minister of Mines and his team throughout this process."

Financing Backdrop in Niger's Uranium Sector

Niger has produced uranium for more than 50 years, with commercial output beginning at SOMAIR in the Arlit district in 1971; the World Nuclear Association credits the country with cumulative production of 158,889 tonnes of uranium through 2024. Madaouela sits within the same Tim Mersoi Basin as SOMAIR, the former COMINAK operation, Global Atomic's Dasa Project, and the Imouraren deposit.

On September 16, 2026, the Board of the US International Development Finance Corporation (DFC) conditionally approved a debt facility of up to US$414.2 million for Global Atomic's Dasa uranium project in Niger, subject to conditions including a viable export route and extensions to Dasa's own Mining Convention and Mining Permit. Atomic Eagle characterized the approval as an encouraging signal of institutional financing interest in Niger's uranium sector, while stating plainly that the DFC decision relates solely to Dasa and Global Atomic and carries no implication for Madaouela's own financing prospects.

Next Steps

Atomic Eagle is continuing resource verification and technical review of Madaouela's historical data, targeting a JORC Mineral Resource for the project by the end of 2026. That work will feed into the company's assessment of development, funding, and partnership pathways for Madaouela alongside its ongoing Muntanga program in Zambia.