Niger Signs Mining Convention with MAMICO for the Madaouela Uranium Project

en.Wedoany.com Reported - The Republic of Niger and Madaouela Mining Company SA (MAMICO), a Nigerien subsidiary 60% owned by Atomic Eagle, held a signing ceremony in Niamey to formally sign the Mining Convention. Atomic Eagle stated that the convention takes effect on the date of signing and provides a stable framework for the subsequent advancement of the Madaouela uranium project.

The convention incorporates legal, fiscal and regulatory stability measures, under which the framework for the project's future financing and offtake arrangements will be established; its initial term is ten years, with subsequent renewal provisions to support long-term mineral tenure. In terms of equity, the Republic of Niger holds a 40% interest in MAMICO, and the mining permit is held by MAMICO.

GoviEx Uranium Inc is headquartered in Vancouver, Canada. Since 2007, the company has operated in Niger through a wholly owned Nigerien subsidiary, advancing the Madaouela project from early exploration to the publication of a feasibility study at the end of 2022, with cumulative investment of approximately US$160 million over the years. Following the 2023 coup and change of government, the Nigerien government revoked GoviEx's mining rights to the project in 2024.

In December 2024, GoviEx and its Nigerien subsidiary initiated international arbitration under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention), alleging that the State of Niger had breached its obligations, on the grounds that GoviEx had signed a Mining Convention with the State of Niger in 2007. As negotiations progressed, the parties agreed in January 2025 to suspend the arbitration proceedings.

In November 2025, GoviEx completed its merger with Tombador Iron, resulting in the formation of Australia-listed Atomic Eagle.

With the signing of the new agreement, Atomic Eagle will take the necessary steps to terminate the arbitration; at the same time, the company has agreed with the State of Niger to pay a first installment of US$5 million within 30 days after the signing of the Mining Convention.

Atomic Eagle Chief Executive Officer Phil Hoskins said that the commercial resolution announced in August has been completed with the formal signing of the Mining Convention, which provides a clear framework for Atomic Eagle and the Republic of Niger to advance Madaouela; he thanked the Minister of Mines and his team for their constructive approach throughout.

Madaouela is located near Arlit in northern Niger and is estimated to hold 116.5 million pounds of U3O8 uranium resources. Of this, 96.9 million pounds fall under the Measured and Indicated category, and 19.6 million pounds under the Inferred category. The above figures were reported by GoviEx in accordance with Canadian NI 43-101 reporting standards, and are regarded by the Australian Securities Exchange as "foreign estimates"; on the ASX, companies are required to apply the Australasian JORC Code.

Atomic Eagle plans to publish a JORC mineral resource estimate for Madaouela by the end of 2026, while assessing potential development and strategic options. The company stated that this work will proceed in parallel with the continued advancement of the Muntanga project in Zambia, to support the evaluation of potential development, financing and partnership pathways for Madaouela.