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Home
About
About
Board of Directors
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Niger Team
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Uranium
Operations
Environmental and Social Impact Assessment
Technical Reports
Exploration
Uranium Marketing
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Zinc
Befesa Silvermet Turkey
Photos and Videos
Investors
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Investment Case
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Events
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OTCQX Best 50
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Environment
Social Initiatives
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Sustainability at Befesa S.A.
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Operations
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.
Q2 2025
On May 6, 2025, the Dasa Mine achieved and celebrated 1,000 days with no Lost Time Injury (“LTI”)
Q1 2025
Waste development tonnes brought to surface include medium grade (3,000 to 5,000 ppm), low grade (1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which can be processed during the commissioning of the plant
Ramping and underground level development will continue to facilitate stope access on five levels in time for commissioning of the processing plant
The Fresh Air Raise and Return Air Raise have been completed and fans installed to provide greater ventilation required as mine development is extended
Procurement of long-lead equipment is complete and many of these components have been manufactured and delivered to the Dasa site
Transport through Nigeria has proven to be an effective alternative route, providing more flexibility in bringing materials and equipment to site
The Company’s Engineering, Procurement and Contract Management (“EPCM”) contractors are completing the final detailed engineering and ordering the remaining components for the Processing Plant
The Company continued earthworks in Q1 2025 to prepare the site for construction of the Processing Plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the civil works contractors to prepare foundations prior to equipment installation
The Company is completing additional housing for employees and construction crews including a new 260-person housing facility that includes recreation facilities
2024
On December 19, 2024, the Company formalized a fourth off-take agreement with a European nuclear power utility representing 260,000 pounds U3O8 each year for three years
At the end of 2024 the Company had contracted 43% of projected uranium production through the first five years of operations. These contracts represent a small percentage (11.5%) of the 68.1 million pounds of U
3
O
8
production in Dasa’s current 23-year mine plan.
Earthworks for the acid plant was completed in Q4 2024 and handed over to the civil works contractors to prepare the foundation
Underground development, underway since November 2022, has now reached the ore zone with development ore now being hauled to surface
Paving of the underground ramp was completed to ensure durability as this ramp will be the primary access by the mining team and the haul route for ore delivery to surface for stockpiling and processing
Underground electrical services and water management infrastructure upgrades are underway
Fabrication of one of the major processing plant components; the Acid Plant, has been completed and shipped to site
2023
The Company released the results of its Dasa Uranium Project 2024 Feasibility Study (“FS”) which confirmed an extension of the Mine Plan from 12 years to 23.75 years (2026-2049), a 50% increase in Mineral Reserves to 73 million pounds U
3
O
8
and an increase in total production by 55% to 68.1 million pounds U
3
O
8
. Using an average uranium price of $75/lb U
3
O
8
the FS shows an NPV
8
of US$917 million, an IRR of 57% and a payback period of 2.2 years
The Company received another LOI for the procurement of uranium from the Company’s Dasa Project, representing the supply of up to 3.5 million pounds U
3
O
8
within a multi-year delivery window beginning in 2026
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 a U.S. development bank is continuing to proceed towards funding the Dasa Project
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
The Company has successfully initiated an alternate route to deliver supplies from the port of Lomé in Togo and overland through Burkina Faso
In May the Company updated its Mineral Resource Estimate (”MRE”) for its Dasa Project in the Republic of Niger, which increase the Indicated Resource by 50% using a cut-off grade of 1,500 ppm eU
3
O
8
In May the Company formalized its June 2022 LOI by signing a definitive agreement with a second major North American utility for their procurement of up to 2.1 million pounds U
3
O
8
from Dasa within a multi-year delivery window beginning in 2025
Long-lead items were selected and ordered
Surface and underground mine infrastructure including mine dry, ventilation infrastructure, electrical and plumbing installations commenced
The Company began extensive earthworks in Q2 2024 to prepare the site for construction of the Dasa processing plant as well as expansion of the Dajy Camp to house employees and construction crews
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 U
3
O
8
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 U
3
O
8
estimates cash costs, including royalties and all Niger off-site costs, of US$19.02/lb U
3
O
8
and an all-in sustaining cost of US$22.13/lb U
3
O
8
estimates initial capital expenditures to be US$208 million
Calculated for Phase 1 using a U
3
O
8
price of US$35/lb an after-tax NPV
8
of US$147 million and an after-tax IRR of 22.3% and using a U
3
O
8
price of US$50/lb an after-tax IRR of 44.4% and at US$60 the after-tax IRR would be 56.9%
2022
An LOI was signed with a second utility for the Company to supply them with yellowcake
Underground development of the Dasa Mine began in November with an Opening Blast Ceremony attended by Niger local, regional and national government representatives
The final drilling update of probe results highlighted additional excellent intercepts and initial assay results 10% higher than the corresponding initial probe results
Based on positive results of Dasa’s drilling program that began in September 2021, the program was extended to 16,000 meters
Global Atomic confirms 80% ownership of SOMIDA with the Niger Government owning the other 20%: 10% on a free-carry basis as specified in Niger’s Mining Code and 10% on fully-paid basis obligated the government to cover 10% of all project costs
Incorporated SOMIDA (Société Minière de Dasa S.A.) Global Atomic’s mining subsidiary in Niger, under which Dasa will operate
Completed Box-Cut excavation and advanced significant infrastructure to support underground mine development
Signed agreements with Development Consultants Private Limited (“DCPL”) of Kolkata, India to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant
Initiated discussions with a U.S. development bank to provide a debt facility to finance the Dasa Uranium Project
Entered into an LOI to supply a major North American utility with a total of 2.1 million pounds U
3
O
8
from 2025 to 2030
Initiated Box-Cut excavation and construction of surface infrastructure
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 NPV
8
of US$157M & an IRR of 22.7% using a uranium price of US$35/lb
Canadian firm CMAC-Thyssen engaged to collar the Portal and begin underground development in 2022
Began 15,000-meter program of both in-fill and step-out drilling to:
Increase Phase 1 resources
Upgrade Phase 2 resources
Engaged HCF International Advisers to assist in project debt financing
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
2020
Granted Mining Permit by the Government of Niger in December
Submitted the Mining Permit Application in September
Commenced Pilot Plant in Canada
Shipped ore samples to Canada for testing
Completed Development and Operational Plan
Completed Hydrogeology and Geotechnical Studie
Commenced preliminary discussions towards project financing
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 NPV
8
of US$211M & an IRR of 26.6% using a uranium price of US$35/lb
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”)