Global Atomic awaits bank updates for Dasa financing

Executive Summary

• Global Atomic provided an update on the financing status of its Dasa uranium project in Niger, noting that U.S. development bank financing has moved to the investment committee stage with expected approval timelines over the next two months.
• Management recently visited Niger, holding high-level meetings with the Prime Minister and Mines Minister, resulting in government commitments to streamline regulatory approvals and logistics for the project.
• CEO Stephen Roman indicated that due to financing and logistics delays, first uranium shipments may be delayed to 2028, pushing back from the previously estimated commissioning date of the second half of 2027.

Key Details

• U.S. Financing Status: The U.S. development bank reviewed the Dasa project financing at its credit committee and forwarded it to the investment committee. Next steps in the approval process are expected over the next two months, with further updates anticipated in the new year.
• U.S. Government Policy Context: Recent U.S. government announcements regarding increased financing allowances, higher risk tolerance, and potential equity investments are viewed by Global Atomic as positive indicators for eventual loan approval.
• Canadian Financing: The company is securing Canadian government input on an alternative financing solution involving the purchase of a minority joint venture ownership in its Niger subsidiary, Somida.
• Government Engagement: Management held meetings with Niger’s Mines Minister Abarchi and Prime Minister Zeine. The Prime Minister mandated senior government attendees to streamline regulatory approvals and facilitate more efficient logistics and transportation times for goods entering Niger.
• Production Timeline Update: CEO Stephen Roman stated that first uranium shipments could be delayed to 2028 due to challenges with financing and logistics. This contrasts with the "About" section which lists the commissioning date as the second half of 2027.
• Local Content & Strategy: The company emphasized its "win-win" philosophy, highlighting significant progress in employing Nigeriens and engaging local contractors. The Niger government praised Global Atomic’s business practices as the best experienced to date.
• Presidential Visit: Niger’s President Tiani toured the Agadez region, visited the Dasa area, and reviewed progress photos, expressing satisfaction with the project's development.
• Personnel: The company announced the passing of long-time director Derek Rance, PEng, MBA, on Dec. 3, 2025.

Notable Quotes

• Stephen G. Roman, President and CEO: "Mr. Roman noted the win-win philosophy that is driving the company's partnership with the government of Niger in Somida. Citing the company's challenges due to financing and logistics delays, Mr. Roman suggested that first uranium shipments could be delayed to 2028."
• Stephen G. Roman, President and CEO: "Mr. Roman highlighted the company's strong commitment and success employing Nigeriens and engaging local contractors from Niger, concluding that Dasa was essentially a project of Niger for the people of Niger."
• Niger Prime Minister Zeine: "The Prime Minister acknowledged the way Global Atomic goes about its mining business is the best it has experienced to date and praised the company's commitment to local hiring and procurement."