Global Atomic talks work at Dasa in 2025 summary

Executive Summary

• Global Atomic provided a 2025 summary and 2026 outlook, highlighting significant progress at the Dasa uranium project in Niger and strong performance from its Turkish zinc recycling joint venture.
• The company’s primary objective for 2026 is securing full funding for the Dasa project, with recent positive developments regarding a U.S. development bank's investment committee review.
• The zinc recycling JV in Turkey generated positive cash flow, retired its new plant debt facility, and resumed dividend payments in December 2025, with expectations for continued dividend payouts in 2026.

Key Details

• Dasa Project Development (Niger):
  • Mine development extended both vertically and laterally.
  • Infrastructure improvements completed for ventilation, electrical, water, and safety.
  • The heavily used access ramp has been paved down to the third-level adjacent to the footwall of the orebody.
  • Site preparation for the processing plant advanced significantly; earthworks are complete on the majority of terraces, and civil works are progressing well.
  • Work executed using local contractors under the supervision of the local SOMIDA team.
  • Commissioning date for Dasa is currently estimated as H2 2027.
• Financing Status:
  • Primary challenge in 2025 was financing delays for a minority JV solution or debt facility with the U.S. development bank.
  • The bank concluded the year with positive news that the approval process for Dasa had moved forward to investment committee review.
• Turkish Zinc Joint Venture (BST):
  • 2025 throughput of electric arc furnace dust (EAFD) and sales of zinc concentrate outpaced 2024 performance.
  • Improving zinc prices contributed to positive cash flow sufficient to retire the JV's new plant debt facility.
  • Dividend payments to JV partners (Befesa and Global Atomic) resumed in December 2025.
  • Global Atomic holds a 49% interest; Befesa holds 51% and is the operator.
• Uranium Market Outlook:
  • Industry outlook remains strong with demand expected to outpace supply, driven by new nuclear plant construction, zero-emission base load power needs, and AI applications.
  • IAEA reported global nuclear capacity could double by 2050, potentially reaching 992 gigawatts(e).
  • Currently, 416 reactors are in operation (376 GW(e)), with 63 under construction (adding over 66 GW(e)).
  • Uranium spot price rose in 2025, ending the year above $80 (U.S.) per pound.
  • Dasa project is positioned to supply yellowcake by 2028 to help fill the anticipated supply gap.

Notable Quotes

• Stephen G. Roman, President and CEO: "As we close 2025 in Niger, we look back on a year of significant development at Dasa. We benefitted from strong government support... Our biggest challenge continued to be financing delays for either a minority JV solution or a debt facility with the U.S. development bank. The bank ended the year with positive news that their approval process for Dasa had moved forward to investment committee review."
• Stephen G. Roman, President and CEO: "Our primary objective for 2026 is to obtain full funding for Dasa. With funding in place, we intend to accelerate Dasa's development to meet strengthening demand for uranium. We also expect our zinc recycling JV in Turkey to perform well with dividends payable to the JV partners, Befesa and Global Atomic."