Atomic Eagle Formalizes Niger Mining Convention for Madaouela Uranium Project
Key Takeaways
- The Madaouela Mining Convention was formally signed in Niamey on 23 September 2026, completing the legal framework first announced on 24 August 2026 and providing binding stabilisation of fiscal and regulatory conditions for the project.
- Atomic Eagle holds 60% of MAMICO with the Republic of Niger holding 40%, comprising a 15% free-carried interest and a 25% contributing interest — ownership terms now locked in under the executed Convention.
- Execution triggers a US$5 million payment by Atomic Eagle within 30 days and initiates steps to discontinue the historical ICSID arbitration proceedings, removing a legacy legal overhang.
- The current Madaouela resource of 116.5Mlbs at 1,282ppm U₃O₈ is a foreign estimate under Canadian NI 43-101 — conversion to a JORC Mineral Resource is targeted by end of calendar year 2026 and is a critical technical milestone.
- The DFC's conditional approval of a US$414.2 million debt facility for Global Atomic's neighbouring Dasa project signals institutional financing appetite for Niger uranium, though it carries no direct implication for Madaouela's own funding prospects.
Madaouela Mining Convention formally executed with Republic of Niger
Atomic Eagle (ASX: AEU) has announced that its 60%-owned Nigerien subsidiary, Madaouela Mining Company SA (MAMICO), and the Republic of Niger formally executed the Mining Convention for the Madaouela Uranium Project at a signing ceremony in Niamey on 23 September 2026. The execution formalises the agreed commercial framework previously announced on 24 August 2026, completing the legal step rather than introducing a new deal. Madaouela hosts a foreign estimate Mineral Resource of 116.5Mlbs at 1,282ppm U₃O₈ (reported under Canadian NI 43-101, not yet under the JORC Code).
The Convention was signed by Minister of Mines Colonel-Commissioner Abarchi Ousmane on behalf of the Republic of Niger, and Chief Executive Officer Phil Hoskins on behalf of MAMICO and Atomic Eagle.
Phil Hoskins, CEO, Atomic Eagle
“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…”
When big ASX news breaks, our subscribers know first
What the Mining Convention delivers for Madaouela
A Mining Convention is a legally binding agreement between a mining company and a sovereign government that locks in the legal, fiscal and regulatory rules governing a project’s development. Once executed, the framework provides certainty for investors, lenders and future partners that the operating conditions cannot be unilaterally changed by the host government, materially reducing sovereign risk.
The key provisions of the Madaouela Mining Convention include:
- Legal, fiscal and regulatory stabilisation measures, effective from signing
- A framework for future project financing and offtake arrangements
- An initial ten-year term with subsequent renewal provisions
The ownership structure of MAMICO is formalised as follows:
- Atomic Eagle: 60% (operational control and responsibility for managing mining operations)
- Republic of Niger: 40%, comprising:
- A 15% free-carried interest
- A 25% contributing interest
Two further consequential steps flow from execution. First, execution triggers the agreed steps to discontinue the historical ICSID arbitration proceedings, removing a legacy legal overhang from the project. Second, Atomic Eagle is required to make an initial payment of US$5 million within 30 days of the Mining Convention being executed.
Niger’s uranium credentials and growing institutional interest
Five decades of production history
Niger has supported commercial uranium mining for more than five decades, with production commencing at SOMAIR in the Arlit district in 1971. According to the World Nuclear Association, the country produced a cumulative 158,889 tonnes of uranium through to 2024. That long production history has contributed to an established uranium mining workforce and substantial regional experience.
Madaouela sits within the Tim Mersoi Basin in northern Niger alongside SOMAIR, the former COMINAK operation, Global Atomic’s Dasa Project, and the Imouraren deposit, placing it within a well-established, district-scale uranium province.
DFC conditional approval signals institutional appetite
On 16 September 2026, Global Atomic Corporation (TSX: GLO) announced that the Board of the U.S. International Development Finance Corporation (DFC) had conditionally approved a proposed debt facility of up to US$414.2 million for its Dasa uranium project in Niger.
Global Atomic noted that entry into the facility and disbursement remain subject to material conditions specific to Dasa, including:
- A viable uranium export route
- Satisfactory extensions to the Mining Convention and Mining Permit
- Assurances concerning approvals for loan repayments
- A direct agreement with Niger
- Definitive financing documentation
This approval relates solely to Dasa and to Global Atomic. It does not constitute any financing commitment to Atomic Eagle or Madaouela, and carries no implication as to whether financing will be available for Madaouela, on any terms or at all. Atomic Eagle regards the DFC development as an encouraging indication of continuing institutional financing interest in Niger’s uranium sector broadly.
The next major ASX story will hit our subscribers first
Next steps and the path ahead for Madaouela
Atomic Eagle’s immediate focus at Madaouela is resource verification, technical review, and assessment of potential development pathways. The Company’s stated objective is reporting a JORC Mineral Resource at Madaouela by the end of the 2026 calendar year.
This is a material derisking milestone for investors to understand. The current Madaouela resource of 116.5Mlbs at 1,282ppm U₃O₈ is a foreign estimate prepared under Canadian NI 43-101. A competent person has not yet done sufficient work to classify it as a Mineral Resource under the JORC Code, and it is uncertain that, following evaluation and further exploration work, the foreign estimate will be able to be reported as a JORC Mineral Resource. The JORC conversion process is therefore a key step in the project’s technical progression.
Alongside Madaouela, Atomic Eagle continues work at its 100%-owned Muntanga Uranium Project in Zambia, which holds a JORC Mineral Resource of 58.8Mlbs at 309ppm U₃O₈.
Alongside Madaouela, recent drilling at the Muntanga Uranium Project confirmed high-grade mineralisation in the Chisebuka SW Zone, adding to the resource confidence underpinning that 100%-owned Zambian asset.
With the Mining Convention now formally executed, the legal and fiscal foundation is in place from which development, funding and partnership pathways for Madaouela can be formally assessed.
| Project | Location | Ownership | Resource | Status |
|---|---|---|---|---|
| Madaouela | Niger | 60% Atomic Eagle / 40% Republic of Niger | 116.5Mlbs at 1,282ppm U₃O₈ (foreign estimate, NI 43-101) | Mining Convention executed; JORC resource conversion targeted by end 2026 |
| Muntanga | Zambia | 100% Atomic Eagle | 58.8Mlbs at 309ppm U₃O₈ (JORC) | Ongoing resource growth and optimisation programmes |
Don’t Miss the Next Uranium Breakout on the ASX
Get FREE breaking ASX uranium news delivered to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ subscribers already ahead of the market by clicking the “Free Alerts” button at Discovery Alert and receive the moment market-moving uranium news breaks, with the analysis already done.