• Global Atomic raised CAD 37 million on Toronto Stock Exchange to fund the Dasa uranium project.
• The company still seeks bank financing covering 60% of the USD 424.6 million project cost.
• Global Atomic expects commissioning in H2 2026, dependent on securing full financing.

Global Atomic has sought a loan since 2022 to develop its Dasa uranium mine in Niger, which it plans to start up in 2026. Political and economic uncertainty slowed progress. However, the company continues to attract equity financing.

Global Atomic completed a fundraising on Toronto Stock Exchange on October 23 for the Dasa project. The company launched the placement on October 15 with an initial target of CAD 20 million. Strong investor demand pushed the final amount to CAD 37 million ($26.4 million).

This vote of confidence comes as the company still struggles to secure most of the funds required to build the mine. Global Atomic remains in talks with a U.S. bank to obtain a credit facility covering 60% of development costs.

The 2024 definitive feasibility study estimated total project cost at $424.6 million. In August, Global Atomic said Niger’s political and economic situation slowed the debt process. The 2023 coup and recent mining asset nationalisations complicated lender engagement.

The company continues to seek a minority project investor. It did not disclose the status of negotiations or the profile of potential partners. Global Atomic currently owns 80% of Dasa versus 20% for the Nigerien state.

Equity markets have provided liquidity despite delays on external financing. Before the October raise, Global Atomic raised CAD 24.8 million in June and CAD 35.6 million in January 2025. The company said these funds support development activities. Its Q2 2025 report stated that underground mine development and plant construction continue.

Global Atomic has maintained its project timeline. The company expects to commission the processing plant in the second half of 2026. It warned that the schedule depends on finalising bank financing or securing a joint-venture partner.

The company must also monitor uranium prices, which remain insufficient to trigger widespread new mine construction according to industry participants. Global Atomic said a uranium price of USD 75 per pound would generate a post-tax net present value of USD 1.1 billion for Dasa. At $60 per pound, NPV drops to $656 million. Cameco data show uranium traded at $82.63 per pound at the end of September 2025.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange Jason Quenum