Madouela Uranium Project Rights in Niger Re-Secured

Atomic Eagle Limited has reached a new mining agreement with the Republic of Niger to re-secure the rights to the Madouela uranium project. The project is located in Niger, and its mining rights were revoked in 2024 from the previous holder, GoviEx Uranium Inc.

Phil Hoskins, CEO of Atomic Eagle Limited, stated that re-acquiring the Madouela mining rights will significantly expand the company's resource base and add a more advanced-stage uranium project to its portfolio. He noted that Madouela is a large-scale, high-grade uranium project with substantial historical research results, leaving room for further definition and optimization of development plans.

Following a change in government in Niger, the mining rights for the Madouela project held by GoviEx Uranium Inc. were revoked in 2024. Subsequently, GoviEx Uranium Inc. initiated international arbitration proceedings. In January 2025, both parties agreed to suspend arbitration to allow for continued negotiations. In November 2025, GoviEx Uranium Inc. merged with Tombador Iron to form Atomic Eagle Limited. After the new management team took over, the company reached a commercial settlement with the Republic of Niger.

Under the new agreement, the mining license for the Madouela site will be granted to MAMICO, a newly established Nigerien subsidiary of Atomic Eagle Limited. Atomic Eagle Limited will hold a 60% stake, while the Nigerien government will hold 40%. The company stated that the agreement framework provides long-term mining rights security, a clear ownership structure, internationally recognized dispute resolution mechanisms, and a commercial pathway to re-engage in a large-scale uranium development project.

Atomic Eagle Limited will retain operational control of MAMICO and be responsible for implementing mining operations, subject to the governance framework agreed upon by both parties. Under the agreement, the company will pay US$5 million within 30 days of the issuance of the mining license, and an additional US$5 million upon commencement of project construction. The Nigerien government has the right to purchase and sell a portion of production in proportion to its shareholding in MAMICO; under specific circumstances, the government may also exercise pre-emptive rights or expropriation rights, up to 50% of mine production. However, such rights shall not affect binding offtake contracts already signed by MAMICO.

The parties also agreed to withdraw the arbitration proceedings within 7 days of signing the mining agreement.

Based on current estimates, the Madouela project has measured and indicated uranium resources of 96.9 million pounds U3O8, equivalent to approximately 37,272 tonnes of uranium, with an average grade of 1,275 ppm; inferred uranium resources are 19.6 million pounds U3O8, with an average grade of 1,330 ppm. Atomic Eagle Limited stated that the resource estimate was prepared in accordance with Canadian National Instrument NI 43-101 and qualifies as a "foreign resource estimate." The company has initiated resource verification and technical optimization work, and plans to upgrade the estimate to the Australian JORC Code later this year.