• Dasa project faces financing delays; production targeted for 2026
• Uranium demand seen doubling by 2040, says WNA
  

Global Atomic has launched a C$20 million (US $14.2 million) public share offering to help finance development of its Dasa uranium mine in Niger, the Canadian company said in a statement on Wednesday, October 15. The move forms part of a broader series of fundraising efforts undertaken by the firm this year.

A definitive feasibility study (DFS) released in 2024 estimated initial construction costs for Dasa at US $424.6 million. To meet that requirement, Global Atomic has been negotiating a US $295 million debt facility with a U.S. development bank for several months. The process, however, has been slowed by what the company described as delays in review and approval timelines.

In June 2025, Global Atomic disclosed that it was in advanced talks with a potential joint-venture partner expected to provide equity financing for the project. While those negotiations continue, the company has been relying more heavily on the capital markets to maintain momentum.

 It raised about C$24 million through a private placement in June, following a C$35 million share sale in January.

Meanwhile, pre-construction activities have already begun at the Dasa site, where production is targeted for 2026. In its second-quarter operational report published in August, the company said it is carrying out earthworks to prepare the processing-plant site and building housing facilities for employees.

Global Atomic emphasized that commissioning of the processing plant will depend on the project’s financing schedule, and the current status of those funding efforts, and their impact on Dasa’s timeline, remains uncertain.

 The company aims to close the public offering by Thursday, October 23, subject to regulatory approval.

Once fully developed, Dasa is expected to produce 68.1 million lb of uranium over an estimated 23-year mine life. The project is 80 %-owned by Global Atomic, with the State of Niger holding the remaining 20 %.

The mine’s advancement comes amid a global revival of interest in nuclear energy. According to the World Nuclear Association (WNA), uranium demand could double by 2040 as governments expand civil nuclear programs to meet energy-security and decarbonization goals.

Aurel Sèdjro Houenou