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Atomic Eagle Ltd (ASX:AEU)

ALERT: Price-sensitive ASX Announcement for AEU
Current share price for AEU : $0.370 -0.015 (-3.90%)+
Announcement
Release
30 Sep 2026 8:18AM
Price at Release
$0.385
Full Release
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Summary
Atomic Eagle announced it has commenced a value optimisation and technical review program at its 60%-owned Madaouela Uranium Project in Niger to test whether the project can support a materially larger and more valuable development pathway than contemplated in GoviEx’s 2022 feasibility work, which was based on a US$55/lb U3O8 price assumption and excluded approximately 19.6Mlbs of inferred resources from the mine plan; using Madaouela’s foreign estimate resource base of 96.9Mlbs U3O8 measured and indicated at 1,275 ppm plus 19.6Mlbs inferred at 1,330 ppm, the review will examine updated pit and underground optimisation, alternative mining methods and equipment, integrated open-pit and underground scheduling, higher throughput scenarios, metallurgical and process flowsheet improvements, and capital, operating, infrastructure, power and logistics optimisation, with the aim of improving scale, mining inventory and project economics, while noting the resource is not yet JORC-compliant and a converted JORC Mineral Resource Estimate is targeted for Q4 2026 followed by a scoping study in Q1 2027; the announcement also notes the permitting pathway has recently been re-established through a new mining convention and exploitation permit for the Company’s subsidiary.
Key Points
  • Atomic Eagle has started a value optimisation and technical review program at the Madaouela Uranium Project in Niger.
  • The review is intended to assess whether Madaouela can support a larger-scale and more valuable development than previous studies indicated.
  • The earlier 2022 feasibility work by GoviEx used a uranium price assumption of US$55/lb U3O8, which is materially below the current contract price environment referenced in the announcement.
  • Historical mine planning excluded approximately 19.6Mlbs U3O8 of inferred resources, creating potential upside for mining inventory.
  • Madaouela hosts a foreign estimate resource of 96.9Mlbs U3O8 measured and indicated at 1,275 ppm and 19.6Mlbs U3O8 inferred at 1,330 ppm.
  • The resource estimate is a foreign estimate prepared under NI 43-101 and is not yet reported under the JORC Code.
  • Optimisation work will assess updated pit shells and underground stopes using revised uranium price assumptions.
  • The Company will evaluate alternative mining methods, equipment and mine sequencing, including integrated open-pit and underground production.
  • The program will also review processing and metallurgical opportunities to improve recoveries, operability, capital intensity and operating costs.
  • Higher throughput and production scale scenarios will be examined as part of the review.
  • Capital staging, infrastructure, power and logistics strategies are included in the optimisation scope.
  • Atomic Eagle is targeting a converted JORC Mineral Resource Estimate for Madaouela in Q4 2026 and a scoping study in Q1 2027.
  • The Company recently re-established Madaouela’s permitting pathway through a new mining convention and a new exploitation permit for its 60%-owned subsidiary.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.