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 t 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 has achieved uranium recoveries of between 81% and 86% from metallurgical testwork on diamond drill core from its newly discovered Muntanga East deposit.

The testwork, which included bottle-roll and column-leach tests, has been conducted on core samples considered representative of the Muntanga East resource and part of the Muntanga uranium project.

The company has also highlighted that uranium extraction was substantially completed after about 20 days of leaching, while acid consumption during the extraction period was low, at about 3 kg/t.

The results have also demonstrated that the project’s favourable heap-leach metallurgy extends beyond its historical deposits.

The company has contended that the results strengthen its understanding of the processing characteristics of the newly discovered deposit and support the project’s development potential.

“One of the defining strengths of the Muntanga project is its ability to achieve high uranium recoveries through simple heap-leach processing with low-reagent consumption. This allows [for] lower-grade uranium mineralisation to be mined and recovered economically.

“The combination of Muntanga East’s shallow mineralisation, close proximity to the central resource area and favourable metallurgy provides confidence it will contribute towards enhancing the scale and economics of the Muntanga project,” Atomic Eagle CEO Phil Hoskins has said.

The results of the Muntanga East metallurgical programme will be incorporated into ongoing technical studies supporting the continued advancement of the project.

The outcomes further strengthen Atomic’s understanding of the metallurgical characteristics of mineralisation across the broader Muntanga trend and provide additional confidence in the potential integration of Muntanga East into future mine development planning.

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, tel +61 8 9200 3426 or email info@atomiceagle.com.au.