Name of the Project
Madaouela uranium project.

Location
Agadez region, in the north of Niger.

Project Owner/s
Africa-focused uranium company GoviEx Uranium (80%) and the Niger government (20%), of which 10% represents a free carry.

Project Description
The updated prefeasibility study (PFS) has succeeded in delivering a project that is technically robust and significantly simplified, reducing development and operational risk.

The project has probable reserves of 24.9-million tonnes run-of-mine (RoM) grading 0.85 kg of total uranium.

Mining operations for the project are initially planned to be based on standard truck-and-shovel openpit mining for the Miriam deposit at one-million tonnes a year of ore feed to the process plant, which results in an initial six years of mining operations at Miriam. This production rate ensures that the life of the Miriam deposit will exceed the expected potential debt tenor.

The Marianne-Marylin and MNSE-Maryvonne deposits are planned to be mined using room-and-pillar methods. Ore mining is designed to be undertaken at 1.4-million tonnes a year. Mined ore is to be fed onto a conveyor through feed breakers at each panel. RoM ore is then planned to be sorted using X-ray fluorescence to remove waste dilution. Thereafter, the ore is designed to be trucked to the process plant at one-million tonnes a year.

The life-of-mine (LoM) operations for the project is estimated at 20 years, producing estimated total uranium sales of 49.6-million pounds of uranium and averaging 2.48-million pounds uranium a year over the LoM.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on a uranium price of $55/lb of uranium, the project has an estimated net present value, at an 8% discount rate, of $117-million and an internal rate of return of 13.7%, with a payback of five years.

Capital Expenditure
Initial capital is estimated at $347.26-million.

Planned Start/End Date
Not stated.

Latest Developments
GoviEx Uranium will enjoy a 50% tax deferral on its Madaouela project’s surface area taxes due later in July.

The government of Niger, which owns 20% of the project, has agreed to GoviEx’s paying $2.8-million in taxes in July and the other $2.8-million in December 2022.

The company has welcomed the deferment and has said that it is glad to have a good partner in the government of Niger.

A feasibility study on the project is expected to be completed in the third quarter and represents another step towards the project’s becoming a uranium-producing asset.

Key Contracts, Suppliers and Consultants
l’Entreprise Sidi Abdoul Aziz de Forage and Foraco (drilling contracts).

Contact Details for Project Information
GoviEx Uranium, tel +1 604 681 5529 or email info@goviex.com.