Global Atomic Corporation (TSX: GLO; OTCQX: GLATF) has raised the direct project cost estimate for its Dasa uranium project in Niger to US$653 million, an increase of 74% from the US$375.6 million outlined in its 2024 feasibility study.
The company’s detailed cost table shows US$227.5 million spent through June 30, 2026, with another US$550.1 million expected to be required.
Including working capital, corporate expenses and financing costs, the table places total project spending at completion at US$777.6 million.
Construction and Site Costs Increase
Equipment and infrastructure costs are now estimated at US$224.9 million, up 60% from the feasibility study. Construction costs increased 352% to US$119.6 million, while site and Niamey costs rose 136% to US$92.3 million.
Global Atomic attributed the increases partly to project delays following the change in Niger’s government. The company said the delays extended its exposure to inflation and pre-production expenses while causing some sustaining costs to be reclassified as upfront capital.
The 2024 feasibility study assumed construction would be completed by the end of 2025 if financing was available. Global Atomic now expects to complete construction during the first half of 2028 and commission the project during the second half.
The announcement contains two small unexplained discrepancies. Its summary cites US$228.5 million already invested and total costs of US$777.2 million, while the detailed table reports US$227.5 million spent and US$777.6 million in total costs.
DFC Loan Remains Conditional
The U.S. International Development Finance Corporation’s board recently approved a proposed Dasa financing package of up to US$414.2 million. That amount comprises a US$397.4 million term loan and a US$16.8 million cost-overrun facility.
Global Atomic said the term loan would become available for drawdown after it spends the remaining US$152.7 million of required equity. Combined, that equity contribution and the proposed term loan equal the US$550.1 million currently estimated to remain.
However, the facility has not closed, and no funds have been disbursed. Conditions include identifying a viable route for exporting uranium, extending the project’s mining convention and permit, obtaining assurances concerning government approval of loan repayments, negotiating an agreement with Niger’s government and completing definitive loan documentation.
The final financing terms will also include warrants issued to the DFC.
Higher Uranium Price Supports Company Outlook
Global Atomic said the uranium term price has risen to US$97 per pound from the US$75 assumption used in its 2024 feasibility study. Management maintains that Dasa remains financially robust despite the higher capital requirement.
The announcement did not include an updated feasibility study or revised measures such as net present value or internal rate of return incorporating the new costs and schedule.
The company has uranium offtake agreements covering approximately 11% of its current mine plan. Additional financing, successful completion of the DFC facility and a workable export route remain necessary before the project can reach commercial production.
Sources
- Global Atomic Updates Dasa Uranium Project Cost Estimates — Sept. 18, 2026
- Global Atomic Announces Dasa Uranium Project Financing Update — Sept. 16, 2026
- Reuters — U.S. Backs Dasa Uranium Project in Niger
Editorial Disclosure
This article was prepared from publicly available company disclosures and news reports. Mining Markets Report received no compensation from Global Atomic Corporation for its preparation or publication and has no disclosed business relationship with the company.
The author and publisher do not hold securities in Global Atomic Corporation. Project-cost estimates, financing plans, uranium prices, construction schedules and management forecasts were supplied by the company and have not been independently verified by Mining Markets Report.
The DFC facility remains subject to definitive documentation and several material conditions. Completion of the financing, additional equity funding, construction, commissioning, uranium exports and commercial production are not assured. Political, security, regulatory and logistical risks in Niger could affect the project.
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Mining investments can be highly speculative. Readers should conduct their own due diligence and consult a qualified financial professional. Read the full Mining Markets Report disclaimer.
