• The Canadian miner plans a private placement of up to $36 million

• Funds are expected to support progress at the Dasa uranium project in Niger

• Dasa is targeting first production in 2027

Canadian mining company Global Atomic said on January 12 it plans to launch a private placement of up to 50 million Canadian dollars, equivalent to about $36 million. The goal is to support the advancement of its Dasa uranium project, which is positioned to become Niger’s next operating mine. The transaction is expected to close by January 22.

The operation involves the issuance of more than 56 million Global Atomic shares, priced at 0.88 Canadian dollars per share. The placement remains subject to the required regulatory approvals, including clearance from the Toronto Stock Exchange, where the company is listed. If completed, the fundraising would allow Global Atomic to enter 2026 with additional financial capacity, in line with efforts pursued over the past year.

In recent years, the company has been working to secure financing for the construction phase of the Dasa project, whose total cost is estimated at $424.6 million. Options under consideration include debt financing from a U.S. development bank and the entry of a new partner at the project level, though no concrete progress has been announced so far. In the meantime, Global Atomic has relied on capital market transactions, completing three equity placements totaling several tens of millions of dollars in 2025.

While the company has not detailed how the new funds would be allocated, it has already announced the launch of initial preparatory works at Dasa, including earthworks and the construction of housing for mine staff. Now expected to enter production in 2027, the project could help strengthen Niger’s uranium output, which currently relies on a single operating mine, Somaïr.

Under the current mine plan, Global Atomic expects Dasa to produce a total of 68.1 million pounds of uranium over a 23-year mine life. The company holds an 80% stake in the project, with the remaining 20% owned by the Nigerien state. Niger also hosts the Madaouéla uranium project, another major asset whose development remains on hold due to a dispute between the authorities and its operator, GoviEx.

Aurel Sèdjro Houenou