Global Atomic Announces Proposed Public Offering of Units

Global Atomic Corporation announced a proposed public offering of units to fund the remaining capital requirements for its Dasa uranium project in Niger. The offering is structured as a marketed public offering with Red Cloud Securities Inc. as the sole underwriter. Each unit consists of one common share and one-half of one common share purchase warrant. Final pricing, warrant terms, and gross proceeds will be determined at closing based on market conditions.

Net proceeds are designated for the advancement of the Dasa Project and general working capital. The underwriter holds an over-allotment option for up to 15% of the units. Closing is expected on or about October 1, 2026, subject to TSX and regulatory approvals. This announcement directly follows the September 18, 2026 update that lifted total Dasa capital costs to $777.2 million and the September 16, 2026 approval of a $414.2 million debt facility from the U.S. International Development Finance Corp. (DFC).

Global Atomic Corporation (GLO) has announced a new public offering to address a significant equity funding gap required for its project’s construction. The company’s historical news progression reveals a pattern of escalating capital needs and timeline extensions. Starting in late 2025, the company raised multiple equity tranches, including $37 million in October 2025 at $0.62 and $72.5 million in February 2026 at $0.88, to fund construction. However, by September 2026, cost estimates surged by 242% to $777.2 million, pushing first production to the second half of 2028.

The U.S. Development Finance Corporation (DFC) debt facility of $414.2 million is contingent on the company spending $152.7 million in equity first. This new public offering serves as the mechanism to close that equity gap. The offering is dilutive, as the stock has traded down from the February 2026 offering price of $0.88 to $0.53. Given the current market environment and the company's need to raise capital, the new units will likely price at a discount to the current share price, increasing the fully diluted share count.

While the financing is necessary to keep the project alive, it confirms the reality of the cost overruns and delays. The news is expected market intelligence following the cost update and represents a routine follow-up to secure the equity bridge required for the DFC drawdown.

Global Atomic Corporation operates two primary assets: the Dasa Uranium Project in Niger and a 49% interest in the Befesa Silvermet Turkey (BST) zinc recycling joint venture. Dasa is a high-grade underground uranium mine located in the Tim Mersoi Basin. The project is 80% owned by SOMIDA, a Global Atomic subsidiary, and 20% by the Government of Niger.

Underground development has reached the 4th level, and process plant earthworks are over 95% complete. However, commissioning has been delayed to H2 2028 due to financing delays and inflationary pressures. The Turkish JV processes Electric Arc Furnace Dust (EAFD) to recover zinc. It has resumed dividend payments and operates debt-free following recent cash flow improvements.