Global Atomic Announces Dasa Uranium Project Financing Update

Global Atomic Corporation (GLO) announced that the U.S. International Development Finance Corporation (DFC) Board of Directors has approved a debt facility of up to US$414,200,000 for the Dasa Uranium Project in Niger. The approval is strictly conditional, requiring the identification of a viable yellowcake export route, the extension of mining permits on satisfactory terms, government assurances for loan repayments, a direct agreement with the Niger government, and definitive loan documentation. The facility will include common share purchase warrants issued to the DFC, with final terms to be determined prior to closing.

Commercial production remains scheduled for H2 2028. CEO Stephen G. Roman characterized the approval as a significant milestone, thanking the DFC for its support.

Global Atomic Corporation (GLO) released a follow-up to its December 2025 update, confirming that the Development Finance Corporation (DFC) has moved the Dasa financing request to its investment committee. The approval of the US$414.2M facility is expected and covers the previously identified US$265M funding gap outlined in the Q1 2026 MD&A. However, the financing is not yet closed, with substantial conditions precedent remaining, particularly the need to secure a reliable export corridor for the landlocked Niger project.

The news aligns with prior market expectations and does not immediately de-risk the project's execution timeline. Production remains scheduled for the second half of 2028, a delay attributed to earlier financing setbacks. Additionally, earnings from the Turkish Zinc Joint Venture are declining, with Q2 2026 EBITDA dropping to $1.0M from $2.6M in Q2 2025. This reduction diminishes the cash buffer that has historically supported corporate operations while awaiting Dasa funding. The market impact is expected to be muted to moderately positive, as the conditional nature of the debt limits immediate valuation changes.

Global Atomic Corporation (GLO) is a critical minerals company focused on uranium development in Niger and zinc recycling in Turkey. Its flagship asset is the Dasa Uranium Project, which is 80% owned by SOMIDA, a Global Atomic subsidiary, with the remaining 20% held by the Government of Niger.

Underground development at Dasa has reached the fourth level adjacent to the ore body. The process plant earthworks are more than 95% complete, with steel erection and equipment installation currently underway. Additionally, a new housing facility for 260 people has been completed. First yellowcake shipments and plant commissioning are targeted for the second half of 2028, contingent on financing closure.

In Turkey, Befesa Silvermet Turkey (BST) is a 49% owned joint venture that processes electric arc furnace dust (EAFD) for zinc recovery. The operation has generated positive cash flow and resumed dividend payments in late 2025.