Name of the Project
Madaouela uranium project.

Location
Agadez region, northern Niger.

Project Owner/s
GoviEx.

Project Description
The project hosts one of the biggest uranium resources in the world, with 100-million pounds of uranium in measured and indicated mineral resources, and inferred resources of 20-million pounds of uranium.

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

The project is based on a self-sustaining operation, including process plant and renewable power supply, without any reliance on third-party facilities.

Mining operations are 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.

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

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

Life-of-mine uranium production is estimated at 50.8-million pounds of uranium, averaging 2.67-million pound of uranium a year over 19 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $140-million and an internal rate of return of 13.3%.

Capital Expenditure
$343-million.

Planned Start/End Date
Not stated.

Latest Developments
GoviEx Uranium reported in January 2024 that the unexpected military coup in Niger had created some challenges.

The company continues to work closely with the current government and is renewing its environmental- and social-impact assessment, which it expects to be finalised in due course.

While funding for Madaouela may have been delayed, GoviEx is optimistic that this may change in future and continues to engage with lenders and potential offtakers.

Key Contracts, Suppliers and Consultants
SRK Consulting and SGS Bateman (feasibility); and Endeavour Financial (financial adviser).

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