Atomic Eagle announced on September 30, 2026 a technical optimisation review of Niger's Madaouela uranium project to assess a larger-scale mine design, Agence Ecofin reported, following Niger's increase of its state stake to 40% (from 20% previously) under a convention signed September 23 in Niamey. The company has cautioned that the revised assumptions do not guarantee higher exploitable volumes, and no new production target has been set.
The review's rationale centers on pricing: the 2022 feasibility study used a $55/lb benchmark, while Atomic Eagle now cites a long-term contract price indicator near $96.50/lb as of end-August 2026 — a nearly 75% increase. The assessment will examine a larger processing plant, alternative extraction methods, simultaneous open-pit and underground mining, and roughly 19.6 million pounds of previously excluded inferred resources.
No new investor, lender or offtake agreement beyond the existing financing terms from the September convention has been disclosed. Under that convention, Atomic Eagle holds 60% of the project's operating company, Madaouela Mining Company (MAMICO), with Niger's 40% split between a 15% free-carried interest and a 25% stake the state must help finance, backed by a $40 million credit facility from Atomic Eagle. A JORC-compliant resource estimate is targeted for the fourth quarter of 2026, with a scoping study to follow, expected around early 2027.