Name of the Project
Madaouela uranium project.

Location
Agadez region, northern Niger.

Project Owner/s
ASX-listed uranium developer Atomic Eagle.

Atomic Eagle holds 60% and operational control of Madaouela Mining Company SA (MAMICO), the Nigerien company holding the project’s new exploitation permit. Niger holds 40% comprising a 15% free-carried interest and a 25% contributing interest. This replaces the previous 80:20 ownership structure.

GoviEx and Tombador Iron merged in November 2025 to create Atomic Eagle. Following the withdrawal of GoviEx’s mining rights in July 2024, the new mining convention re-established the group’s interest in Madaouela under revised terms.

Project Description
The project hosts a foreign mineral resource estimate of 96.9-million pounds of uranium (U₃O₈) in measured and indicated resources at 1 275 parts per million (ppm), and inferred resources of 19.6-million pounds at 1 330 ppm. The estimate was prepared under Canadian National Instrument 43-101 and is not reported under the Joint Ore Reserves Committee (Jorc) Code. A competent person has not completed sufficient work to classify it under Jorc, and conversion is uncertain.

The mineral resources comprise the Miriam, M&M, MSNE, MYVE, MSEE and MSCE sandstone-hosted uranium deposits.

GoviEx’s historical 2022 feasibility study was based on a self-sustaining operation, including a process plant and renewable power supply, without reliance on third-party facilities. Atomic Eagle is reviewing the development plan and has not adopted or endorsed the historical feasibility estimates.

The historical study-planned mining operations are 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.

The M&M and MSNE-Maryvonne deposits were planned to be mined as two separate underground room-and-pillar operations. M&M was to be mined first, after the completion of the Miriam openpit operation, with MSNE-Maryvonne to be mined after M&M.

At both underground operations, the mine development and ore-production operations were planned to be mined using conventional drill-and-blast methods. The process plant was designed around two-stage acid leaching to maximise uranium and molybdenum recovery while reducing overall acid consumption. Plant feed was designed at one-million tonnes a year, with ore initially crushed before milling.

The historical study estimated life-of-mine production at 50.8-million pounds of U₃O₈, averaging 2.67-million pounds a year over 19 years. These figures are subject to the current review.

Potential Job Creation
GoviEx previously forecast up to 800 skilled and semiskilled jobs, as well as royalty payments and taxes to the Nigerien government. An updated employment estimate for Atomic Eagle’s revised development plan has not been stated.

Net Present Value/Internal Rate of Return
GoviEx’s historical study, as cited in February 2025 at a uranium price of $80/lb U₃O₈, forecast an after-tax net present value, at an 8% discount rate, of $376-million and an internal rate of return of 21%, on a 100% project basis. Atomic Eagle has not adopted or endorsed these estimates. Updated economics are expected in the planned scoping study.

Capital Expenditure
The historical 2022 feasibility study estimated initial capital expenditure at about $343-million. Updated capital costs have not been stated.

Planned Start/End Date
Construction and production dates have not been stated. Atomic Eagle is targeting a Jorc mineral resource estimate in the fourth quarter of 2026 and, subject to its completion, a scoping study in the first quarter of 2027 to set out updated economics and a roadmap for further feasibility work.

Latest Developments
Atomic Eagle announced a value optimisation and technical review programme on September 30, 2026, to test whether Madaouela can support a larger mining inventory and higher production rates than GoviEx’s historical 2022 feasibility study. The company has not yet established the outcomes or any increase in mineable inventory.

The review will assess updated uranium price assumptions, alternative mining methods and equipment, combined openpit and underground scheduling, higher throughput, processing options, capital staging, power and logistics. Historical mine optimisation used a $55/lb U₃O₈ price assumption; this differs from the price used in the historical economic scenario quoted above.

The programme follows the signing of the mining convention by MAMICO and Niger on September 23, 2026. The agreement formalises the project’s legal, fiscal and operational framework and triggers steps to discontinue the historical International Centre for Settlement of Investment Disputes arbitration.

The new exploitation permit has an initial ten-year term, renewable for successive five-year periods, subject to applicable requirements. Atomic Eagle will pay an initial $5-million within 30 days of signing the convention and another $5-million when construction starts. A $40-million credit against Niger’s future equity contributions is not an additional upfront cash payment. The agreement allows for two years during which to update feasibility and environmental and social studies, and secure financing.

Muntanga, in Zambia, remains Atomic Eagle’s flagship development asset and primary focus. Madaouela adds a second advanced development project while the company has an option to acquire the Sitwe uranium exploration project. Madaouela’s development, financing and partnership options remain under assessment.

Key Contracts, Suppliers and Consultants
SRK Consulting and SGS Bateman (historical feasibility study); Endeavour Financial (GoviEx’s historical financial adviser); and Boies Schiller Flexner (legal adviser for the mining convention negotiations).

Contact Details for Project Information
Atomic Eagle, +61 8 9200 3426 or email info@atomiceagle.com.au. [9]