About

The Company aims to start uranium production at the Tier 1 Dasa deposit, in the Republic of Niger by the end of 2025 for sale of yellowcake to utilities starting in early 2026. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Turkey that produces zinc concentrate and provides financial leverage to minimize equity dilution.

Global Atomic owns 80% of the Dasa project, a sandstone-hosted uranium deposit first discovered by Company geologists in 2010. Dasa is the largest highest-grade uranium deposit discovered in Africa since the 1970s and is currently under development.

In December 2020, Dasa received its mining permit from the Government of Niger. In January 2021, Dasa received its Environmental Compliance Certificate and is now fully permitted.

In 2021 and 2022 Global Atomic completed 16,000 meters of additional drilling. The primary objective was to convent Inferred Resources to the Indicated category through infill drilling as well as to create a contiguous ore body of Indicated Resources and improve project economics. Based on the results of this drilling program, a revised Mineral Resource Estimate (“MRE”) was completed in early 2023, in which Dasa’s Indicated Resources increased by 50% using a cut-off grade of 1,500 ppm.

The revised Dasa Feasibility Study announced in March 2024 incorporated the 2023 MRE and updated costs from detailed engineering. The 2024 mine plan uses a base uranium price of $US75 per pound targeting profitable production of over 68 million pounds U₃O₈ over a 23-year mine life. After tax, using that base uranium price the Study projected the NPV₈ to be $US917 million and the IRR to be 57.0%. Using a uranium price of US$90 per pound the after NPV is projected to be over US$1.2 billion and the after-tax IRR to be 74.8%.

The excavation of a Box Cut for ramp access to the Dasa Project was completed in 2022 and underground development has been underway since the beginning of 2023. As of October 2024 mining activities, operating under the SOMIDA company banner, have exceeded 1,200 metres of mine development and 10,000 tonnes of development ore have already been brought to surface. The mineralized material is being segregated into low, medium and high-grade stockpiles, which will be used for plant commissioning at the end of 2025. The ramp to the ore body has been fully paved and the next phase of underground development is now underway.

Surface infrastructure and a mining work force are in place to support mine development, approximately 450 employees and contractors currently at the site. Detailed engineering is nearing completion and project financing for the construction of the processing plant is well advanced.

Global Atomic also holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, which operates a modern zinc production plant located in Iskenderun, Turkey. The plant recovers zinc from Electric Arc Furnace Dust (“EAFD”) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner is Befesa S.A. (“Befesa”), the market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe, Asia and the United States. Befesa holds a 51% interest in and is the operator of the BST Joint Venture.