The Dasa project is a large, high-grade uranium deposit that lies within the Adrar Emoles III licence area, 105km south of the established uranium mining town of Arlit, in the Republic of Niger.
Q4 2023
  • On October 2, 2023, the Company received Letter of Intent for the procurement of uranium from the Company’s Dasa Project, representing the supply of up to 3.5 million pounds U3O8 within a multi-year delivery window beginning in 2026.
  • Off-take agreements now total 1.3 million pounds U3O8 per year for the first five years of mining, providing the Company with the ability to repay project construction loans while maintaining leverage to a firming U3O8 price.
Q3 2023
  • The Niger military initiated a change in government on July 26, 2023.
  • The U.S. Government has subsequently expressed continued support for Dasa’s project financing and both U.S. and Canadian export credit agencies are continuing to proceed.
  • Although the initial reaction to the change in government included the closure of surrounding borders and Niger air space, the air space has re-opened with international flights resuming operations and all land borders have been re-opened except for Benin and Nigeria.
  • The Company has successfully initiated an alternate route to deliver supplies from the port of Lomé in Togo and overland through Burkina Faso.
  • The Company is currently utilizing this logistics route and will restart underground mine development once assurance of mine supplies is deemed reliable.
  • The Company is also exploring the potential logistics route from the Mediterranean through Algeria.
Q2 2023
  • On May 8, 2023, the Company formalized its June 2022 Letter of Intent by signing a definitive agreement with a second major North American utility for their procurement of up to 2.1 million pounds U3O8 from Dasa within a multi-year delivery window beginning in 2025.
  • Long-lead items were selected and ordered.
  • Ramp development completed over 600 metres as of the end of July 2023. Excavation of mining level access had begun as part of the Phase 1 Mine Plan.
  • Additional mining equipment arrived in Niger at the project site.
  • Surface and underground mine infrastructure including mine dry, ventilation infrastructure, electrical and plumbing installations had commenced.
  • To prepare for civil engineering and the pouring of cement related to the Processing Plant, earthworks began in Q2 2023.
Q1 2023
  • The Company revised its Dasa Project, Phase 1, Feasibilty Study which:
    • confirmed a reserve for the Dasa Project of 4.1 million tonnes grading 5,267 ppm for a total of 47.2 million pounds U3O8.
    • outlines an initial, Phase 1, 12-year mine schedule at a production throughput of 1,000 tonnes per day to produce 44.1 million pounds U3O8.
    • estimates cash costs, including royalties and all Niger off-site costs, of US$19.02/lb U3O8 and an all-in sustaining cost of US$22.13/lb U3O8.
    • estimates initial capital expenditures to be US$208 million.
    • Calculated for Phase 1 using a U3O8 price of US$35/lb an after-tax NPV8 of US$147 million and an after-tax IRR of 22.3% and using a U3O8 price of US$50/lb an after-tax IRR of 44.4% and at US$60 the after-tax IRR would be 56.9%.
  • The access ramp to the underground Dasa deposit had progressed 325 meters at the end of April 2023, about 40% complete before reaching the ore level.
Q4 2022
  • A LOI was signed with a second utility to the Company to supply them with yellowcake starting in 2025
  • Underground development of the Dasa Mine began with an Opening Blast Ceremony
  • The final drilling update of probe results highlighted additional excellent intercepts and initial assay results 10% higher the corresponding initial probe results
Q3 2022
  • Based on positive results of Dasa’s 15,000-meter drilling program that began in September 2021, the program was extended and a revised MRE is expected in Q1 2023 with a new mine plan for Phase 1 to follow
  • Incorporated SOMIDA (Société Minière de Dasa S.A.) Global Atomic’s mining subsidiary in Niger, under which Dasa will operate
  • Enernet Global commenced early engineering for a hybrid power plant for the Dasa Project
  • Completed Box-Cut excavation and advanced significant infrastructure to support underground mine development
  • Signed agreements with Development Consultants Private Limited of Kolkata, India, and Lycopodium Minerals Canada Ltd. to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant in the Republic of Niger
Q2 2022
  • Formed a banking syndicate comprised of North American financial institutions including Export Development Canada, to finance the Dasa Uranium Project
  • Entered into a Letter of Intent to supply a major North American utility with a total of 2.1 million pounds U3O8 from 2025 to 2030
Q1 2022
  • Initiated Box-Cut excavation and construction of surface infrastructure
Q4 2021
  • Completed Feasibility Study, incorporating the Flank Zone, with an Initial Phase 1 mine development over 12 years producing 45.4 million pounds and an after-tax NPV8 of USD $157M & an IRR of 22.7% using a uranium price of USD $35/lb
Q3 2021
  • Global Atomic confirms 90% ownership of Dasa Project
  • Canadian firm CMAC-Thyssen engaged to collar the Portal and begin underground development in Q2 2022
  • Began 15,000-meter program of both in-fill and step-out drilling to:
    • Increase Phase 1 resources
    • Upgrade Phase 2 resources
Q2 2021
  • Engaged HCF International Advisers to assist in project debt financing
Q1 2021
  • Granted Environmental Compliance Certificate
  • Extended all 6 Exploration Permits in Niger until the end of 2023
  • Signed Fuel Link agreement to market Yellowcake
  • Pilot Plant results confirm Dasa uranium recovery process
Q4 2020
  • Granted Mining Permit by Government of Niger
Q3 2020
  • Commenced Pilot Plant in Canada
  • Completed Development and Operational Plan
  • Completed Hydrogeology Study
  • Submitted the Mining Permit Application
  • Commenced preliminary discussions towards project financing
Q2 2020
  • Filed new PEA, incorporating the Flank Zone, with an Initial Phase 1 mine development over 12 years producing 44 million pounds and an after-tax NPV8 of USD $211M & an IRR of 26.6% using a uranium price of USD $35/lb
  • Completed Geotechnical Study
  • Shipped ore samples to Canada for testing
2019
  • Announced Flank Zone results and a significant resource upgrade for Dasa
2018
  • Invested over USD $50 million on Niger exploration since field work began in 2007
  • Discovered the high-grade Flank Zone
  • Published initial Preliminary Economic Assessment (“PEA”) to mine Dasa via Open Pit
2017
  • Signed MOU with Orano Mining for Direct Shipping ore to nearby mills
  • Merged GAFC with Silvermet Inc., holder of BST Joint Venture, to become a wholly-owned subsidiary of publicly traded Silvermet
  • Became a Positive Cash Flow company
  • Changed name to Global Atomic Corporation
2011 & 2012
  • Raised significant funding through JP Morgan, Macquarie and Investec to explore and develop the Dasa discovery
  • Focused exploration efforts on Dasa leading to the delineation of a large, high-grade resource
2010
  • Discovered the Dasa deposit on Adrar Emoles 3
2009
  • Work on the Isakanan deposit on the Adrar Emoles 4 permit indicated potential suitability for In Situ leach recovery (ISR target)
2007
  • Signed Mining Agreements on 4 permits known as Tin Negouran 1, 2, 3 & 4 and on two permits known as Adrar Emoles 3 & 4
  • Began exploration on the Tin Negouran permits and a surface deposit was delineated
2005
  • Incorporated Global Uranium Corporation (“GUC) to explore & develop uranium deposits
  • Changed name to Global Atomic Fuels Corporation (“GAFC”)