Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) shares jumped as much as 17.4% in morning trade after the company struck terms with the Republic of Niger to re-establish its interest in the large-scale Madaouela Uranium Project.
The agreement gives Atomic Eagle a 60% interest and operational control of Madaouela, which hosts a foreign mineral resource estimate of 116.5 million pounds U₃O₈ at 1,282 ppm, while the Republic of Niger will hold the remaining 40%.
The addition of Madaouela alongside Atomic Eagle’s flagship Muntanga Project in Zambia, which hosts a JORC mineral resource of 58.8 million pounds U₃O₈, creates a dual-asset uranium development platform across Africa.
Fresh from the news, AEU surged to an intraday high of A$0.54 during early morning trade, compared with Friday’s closing price of A$0.46
Location of Madaouela within Niger.
Madaouela interest re-established
The new Mining Convention follows a period of dispute after Madaouela was expropriated from previous holder GoviEx Uranium in 2024, prompting international arbitration proceedings.
GoviEx subsequently merged with Tombador Iron in November 2025 to create Atomic Eagle. The company has now reached a commercial resolution with Niger and said the arbitration proceedings will be withdrawn within 7 days of signing the Mining Convention.
Madaouela’s exploitation permit has been granted to newly incorporated Nigerien subsidiary Madaouela Mining Company SA, or MAMICO.
Atomic Eagle will hold 60% and retain operational control, while Niger will own 40%, comprising a 15% free-carried interest and a 25% contributing interest.
Atomic Eagle CEO Phil Hoskins described the agreement as a “transformational outcome” that significantly increases the company’s uranium resource base and adds a second advanced development project to its portfolio.
“Madaouela is a large, high-grade uranium asset supported by an extensive body of historical work, and we see clear opportunities to further define and optimise the Project’s development potential,” Hoskins said.
116.5-million-pound uranium resource
Madaouela hosts a foreign mineral resource estimate of 41.21 million tonnes at 1,282 ppm U₃O₈ for 116.5 million pounds of contained uranium.
This comprises 30.1 million pounds in the Measured category, 66.8 million pounds Indicated and 19.6 million pounds Inferred.
The estimate is supported by around 600,000 metres of historical drilling and feasibility-level technical studies. Historical work indicates the uranium mineralisation is shallow and laterally extensive, with conventional mining methods contemplated.
Madaouela covers around 122.9 square kilometres near Arlit in north-central Niger. Its sandstone-hosted uranium deposits extend across several deposits over about 17 kilometres.
The resource is a foreign estimate prepared under Canada’s NI 43-101 framework and is not currently compliant with the JORC Code. Atomic Eagle reported that sufficient work has not yet been completed to classify the estimate as a JORC mineral resource.
Commercial framework
Atomic Eagle has agreed to pay US$5 million within 30 days of the exploitation permit being issued, followed by another US$5 million when construction begins.
The exploitation permit has an initial 10-year term and can be renewed for successive 5-year periods over the life of the mine.
The Mining Convention also includes legal, fiscal and regulatory stabilisation provisions, access to international arbitration under the ICSID framework and provisions covering future uranium offtake arrangements.
Next steps
Atomic Eagle has begun resource verification and technical optimisation work, with a JORC-compliant mineral resource estimate expected in Q4 2026.
Work will include validation of the historical drilling database, verification of assay and radiometric data, review of geological models and estimation parameters, and assessment of QA/QC procedures.
Technical and financing work will progress in parallel as Atomic Eagle considers updated development pathways, financing structures and potential strategic partnerships for Madaouela.
Muntanga remains the company’s primary development focus, with drilling continuing through 2026 and updated feasibility work targeted from 2027.
About Atomic Eagle
Atomic Eagle is an ASX-listed uranium development company focused on African uranium assets.
Its flagship, 100%-owned Muntanga Project in Zambia hosts a JORC mineral resource of 58.8 million pounds U₃O₈.
The company now also holds a 60% interest in Madaouela in Niger, which hosts the 116.5-million-pound U₃O₈ foreign resource estimate.