Global Atomic Approaches Production with $250M Invested, US Utility Contracts, and Improved Niger Mining Terms

• Global Atomic Corporation is developing the Dasa uranium project in Niger, which represents Africa's highest-grade uranium deposit with production capacity that CEO Stephen Roman claims will match every uranium mine combined in the US, addressing America's critical 45-46 million pound annual uranium supply deficit.
• The company has secured term sheets from both the US Development Finance Corporation (DFC) and an Eastern joint venture partner, with management preferring the DFC arrangement that has received backing from the Trump administration, including Secretary of State Marco Rubio who now chairs the DFC.
• Despite construction delays pushing production from Q2 2026 to Q1 2027, operations continue with 700 workers on-site, earthworks nearly complete by November 2025, and civil construction underway, demonstrating sustained project momentum through geopolitical challenges.
• Global Atomic has already invested approximately $250 million in the project, meeting the DFC's 40% capital contribution requirement, while benefiting from Niger's improved mineral code that reduces royalties from 12% to 7% and maintains favourable terms with 97-98% local workforce employment.
• The company has secured 90% of its uranium offtake contracts with US utilities, providing revenue certainty while supporting American energy security objectives as demand surges from both traditional nuclear power and emerging data center requirements driven by AI infrastructure needs.

The uranium sector stands at a critical inflection point, with supply constraints meeting surging demand from both traditional nuclear power and emerging data center requirements. Global Atomic Corporation (TSX: GLO), led by CEO Stephen Roman, is positioning itself as a key beneficiary of this dynamic through its flagship Dasa project in Niger. Recent developments suggest the company is approaching a pivotal financing milestone that could unlock significant value for uranium investors.

Dasa Project Scale

The Dasa project represents one of Africa's most significant uranium developments. Roman emphasizes the project's scale:

"It's the biggest highest grade uranium deposit in Africa. It takes time to get this done. It's not something you can do overnight. It's half a billion buildout here."

The deposit's strategic importance extends beyond its size, with production capacity that Roman claims will produce as much as every uranium mine combined in the US. This production capacity directly addresses America's uranium supply deficit. Roman notes that US utilities are burning 50 million pounds a year while domestic production capacity reaches only four or five million pounds a year when fully ramped. This 45-46 million pound annual deficit underscores the strategic value of new production sources, particularly those with established US utility relationships.

DFC and Government Support

After facing delays due to geopolitical instability in Niger, Global Atomic reports significant progress on financing fronts. Roman confirms having term sheets from both potential partners:

"We've got both. They're the ones that we've been negotiating over a period of time. They've culminated with a finalized term sheet."

The company is pursuing dual financing tracks with a preference for the U.S. International Development Finance Corporation (DFC) arrangement. Roman explains:

"Our preference would be to go ahead and do the deal with the DFC, government approvals... from the Canadian side and from their side."

The alternative involves an Eastern joint venture partner. The Trump administration's support has been particularly significant for the DFC track. Roman reports that since the Trump administration has come in, there's been a complete change of attitude in the United States. Secretary of State Marco Rubio now chairs the DFC, with businessman Benjamin Black as CEO rather than a government bureaucrat.

"The administration right up to Secretary of State Marco Rubio knows about our project. This has been basically blessed by the White House, the State Department and various others in the administration."

President & CEO Stephen G. Roman

Production Timeline and Regulatory Environment

‍Construction delays have pushed production start from Q2 2026 to Q1 2027. Roman explains: "Because of slowdown and the length of time this has all taken, the project's been delayed. We won't be producing until Q1 of 2027 now. So, finish the plant by the end of next year 2026." Despite delays, operations continue with substantial workforce deployment. Roman reports:

"We have 700 people working at site right now. So the mine has developed now down to the third level. We're doing five levels. We're preparing stoopes for mining and the earthworks are just about complete."

The company expects earthworks completion by November, transitioning to civil construction with pouring cement, putting in rebar, all of our equipment is arriving. The workforce composition supports local community relations, with Roman noting: This local employment focus, with 97-98% workforce coming from the local community, combined with community programs including a medical clinic treating 7,500 people annually, helps maintain government support during a period of regional political instability.

Niger's new mineral code, effective 2027, presents improved terms for mining operations. While some VAT adjustments are under discussion, Roman emphasizes that overall terms remain favourable:

"They've dropped the royalties from 12% to 7%. The corporate tax is still the same at 30%. When you take the whole project into account, the Niger people get a fair share."

The regulatory framework benefits from US government engagement in the region to address security concerns while building relationships. This diplomatic engagement supports project stability, with Roman observing: "America just recently sent a delegation to Mali, Burkina, Faso, and Niger. Every one of these little building blocks and friendship sort of overtures helps us."

Financial Position and Market Strategy

‍Global Atomic has invested substantially in the project, with Roman stating:

"We've spent now probably close to $250 million on the project if you include our exploration expenditures and what we've spent so far building. We had a requirement to spend 40% and they (DFC) would cover 60% as a loan facility. So, we're there now."

The financing requirement has been reduced due to prior capital deployment. Current financing needs are in the $250-270 million range, making the project more manageable for potential partners. However, equity dilution has impacted shareholders due to market conditions. Roman acknowledges: "Unfortunately, because of the coup and what's happened in the interim, our share price has gone down from $5 to 50 cents. When you're raising money now, it definitely costs you money, creates a lot of dilution, which nobody likes, including me as a big shareholder."

Global Atomic has secured substantial US utility commitments, with Roman noting: "We are primarily supplying US utilities and they're probably taking 90% of our offtake contracts at the moment." This customer concentration provides stability while supporting US strategic interests in uranium supply security. The company's position as a near-term producer places it in rarified air, as Roman observes about the limited number of uranium producers globally. With development timelines typically 10 years minimum spanning to 20 years by exploration and development, Global Atomic's advanced development stage represents significant value in an undersupplied market.

The Investment Thesis for Global Atomic

• Strategic Asset: Dasa represents Africa's highest-grade uranium deposit with production capacity matching all US uranium mines combined, positioned to address America's 45+ million pound annual supply deficit.‍
• Financing Catalyst: Term sheets from both DFC and Eastern JV partners suggest imminent financing resolution, with company preference for DFC arrangement supported by Trump administration backing.‍
• Operational Progress: 700 on-site workers, earthworks nearly complete, and transition to civil construction demonstrates project momentum despite financing delays.‍
• Government Support: US State Department backing, improved Niger mineral code (7% vs 12% royalties), and 97% local workforce support political stability and operational continuity.‍
• Market Timing: Q1 2027 production start coincides with projected uranium supply shortfalls and growing data center demand from tech companies like Microsoft joining the nuclear sector.‍
• Customer Security: 90% US utility offtake contracts provide revenue certainty while supporting American energy security objectives.‍
• Valuation Opportunity: Share price decline from $5 to $0.50 during geopolitical instability may present oversold conditions for patient investors willing to await financing resolution.

The uranium sector is experiencing a fundamental transformation driven by nuclear power's emergence as essential infrastructure for both clean energy transitions and artificial intelligence demands. Microsoft's recent joining of the World Nuclear Association exemplifies this shift, as Roman observes:

"I think it's a sign of things to come that tech now is getting involved with nuclear because they know that's the only way to power data centers and their development."

This technological demand compounds existing supply-demand imbalances in uranium markets. Traditional nuclear utilities face chronic undersupply, while new applications from data centers and AI infrastructure create additional consumption pressure. The supply response remains constrained by development timelines spanning decades and capital intensity requirements that limit new project development.

Geopolitical considerations further complicate supply chains, particularly regarding Russian and Central Asian sources. Western governments increasingly prioritize domestic and allied uranium production, creating opportunities for projects like Dasa that align with strategic interests. The Trump administration's designation of uranium as a critical mineral reflects this priority shift.

Investment implications center on scarcity value and strategic positioning. As Roman notes about development timelines, the reality suggests sustained supply constraints supporting uranium prices and valuations for producing assets.

"10 years minimum by the time you explore and develop a project, and probably more like 15 or 20 years."

The convergence of technological demand, supply constraints, and geopolitical considerations creates a multi-decade growth framework for uranium investments, with companies possessing advanced projects and strategic relationships positioned to capture disproportionate value.

TL;DR

Global Atomic's Dasa uranium project in Niger represents a strategic investment opportunity addressing America's critical uranium supply deficit. The company has secured financing term sheets from both the US Development Finance Corporation and an Eastern joint venture partner, with Trump administration backing providing political support. Despite delays pushing production to Q1 2027, the project maintains 700 on-site workers and nearly complete earthworks.

With 90% of production pre-sold to US utilities, improved Niger mining terms (7% vs 12% royalties), and $250 million already invested, Global Atomic is positioned to benefit from uranium market fundamentals driven by both traditional nuclear demand and emerging AI data center requirements.

FAQ's (AI-Generated)

Q: Why has Global Atomic's financing taken so long to complete?

‍A: CEO Stephen Roman explains that "military coups and nationalizations and government changes" in Niger have caused delays due to "effective nervousness of people, nervousness of investors." Additionally, complex approvals are required from multiple governments - Canadian, the partner nation's government, and Niger - with Roman noting: "You're dealing with a number of governments. You're not just dealing with me sitting in an office."

Q: What makes the DASA project strategically important for US energy security?

‍A: The project directly addresses America's massive uranium supply deficit. Roman notes that US utilities "are burning 50 million pounds a year" while domestic production reaches only "four or five million pounds a year when fully ramped," creating a 45-46 million pound annual shortage. DASA "will produce as much as every uranium mine combined in the US," with 90% of production already contracted to US utilities.

Q: How significant is the Trump administration's support for the project?

‍A: The support represents a "complete change of attitude" according to Roman. Secretary of State Marco Rubio now chairs the DFC, the project has been "basically blessed by the White House, the State Department and various others in the administration," and uranium has been declared a critical mineral. This political backing provides substantial momentum for DFC financing approval.

Q: What are the investment risks given Niger's political instability?

‍A: While military governments control Niger, Roman reports they've been "very supportive" and have stated nationalization "is not their plan." The 97-98% local workforce employment, community programs, and improved mineral code (7% vs 12% royalties) help maintain government relations. US diplomatic engagement in the region and American utility contracts provide additional stability factors.

Q: When will Global Atomic start generating revenue from uranium sales?

‍A: Production is scheduled for Q1 2027, with plant completion expected by end of 2026. Roman explains the delay: "We were going to be producing in Q1, Q2 of 2026, but because of these delays, it's now going to be later, 6 months to 8 10 months later." Revenue generation will begin upon production start with pre-existing US utility contracts covering 90% of output.