Global Atomic's C$37 Million Raise Strengthens the Dasa Project's Path to H2 2026 Commissioning

• Global Atomic Corporation (TSX: GLO) raised C$37.07 million through a bought deal led by Red Cloud Securities to advance its Dasa Uranium Project in Niger.
• The financing underpins a fully funded development path toward the project's targeted H2 2026 commissioning, supporting one of the world's highest-grade undeveloped uranium deposits.
• Dasa's 2024 Feasibility Study outlines an after-tax NPV8% of US$917 million and 57% IRR at US$75/lb U₃O₈, with upside to US$1.62 billion NPV at US$105/lb.
• Global Atomic's zinc recycling joint venture in Türkiye generated C$6.3 million EBITDA in 2024, providing non-uranium cash flow and balance sheet resilience.
• With uranium prices trading above US$80/lb and supply constraints intensifying, GLO's dual-commodity model offers institutional investors both development leverage and operational stability.

Financing Momentum Signals Investor Confidence in Global Atomic's Execution

The successful closing of Global Atomic's C$37.07 million bought deal represents significant validation of the company's execution strategy and project fundamentals. Led by Red Cloud Securities, the financing attracted participation from both institutional and retail investors. Units were priced at C$0.62, with each unit comprising one common share and one-half warrant exercisable at C$0.80 until 2028.

Bought Deal Underscores Institutional Backing

Proceeds are allocated directly to mine construction, plant development, and working capital requirements rather than speculative drilling programs. This precision in capital deployment reflects management's commitment to maintaining project momentum through critical development milestones.

The financing addresses both operational continuity and strategic financial requirements. Stephen Roman, President and Chief Executive Officer of Global Atomic explained the rationale:

"There is a requirement as the banks come in that we spend 40% of the equity component, and I would say with this last raise, we're getting pretty close to that amount."

The Strategic Significance of Timing: Funding Ahead of the Uranium Cycle

Global Atomic's decision to secure financing at this stage positions the company advantageously as the uranium sector navigates a structural supply deficit phase. Multiple forecasts indicate global mine supply will lag reactor demand through 2030, creating sustained pressure on available inventories.

Entering a Market Defined by Supply Deficits

Utilities have accelerated long-term contracting activity following supply chain disruptions and geopolitical uncertainties. The restart of idled nuclear programs in Japan, Belgium, and potentially Germany, combined with new reactor construction in China, India, and the United States, reinforces a supportive pricing environment for developers reaching production during the 2026-2028 window.

Roman noted current market conditions in October 2025:

"The price is sort of bumping along here at 80 plus dollars a pound."

He anticipates further upward pressure due to tightening supply conditions, including Kazakhstan disruptions, shipping issues, and geopolitical threats affecting global uranium flows.

Niger's Strategic Position and Project Continuity

The Dasa Project maintains full permitting status and has demonstrated operational continuity despite regional political transitions. The project operates within a region with decades of uranium mining history, providing access to experienced labor pools and established infrastructure corridors.

Roman provided perspective on government relations in October 2025:

"I think everybody realizes now that this is a very real project. We have backing from the Niger government and all the ministers to help us through this thing."

He noted that the company received a letter from the president, copied to all ministers, declaring Dasa a strategic project of national importance. The company also resolved a legal challenge from a non-governmental organization, with the issue now concluded following final court proceedings.

While the project benefits from government support, investors should continue monitoring the evolving political landscape as part of ongoing jurisdictional risk assessment.

Dasa: A Tier-One Uranium Asset with Scarcity Value

The Dasa Uranium Project represents one of the highest-grade undeveloped uranium deposits globally, with reserve-grade characteristics comparable only to select Athabasca Basin operations. This grade advantage translates directly into superior project economics and enhanced margin resilience.

High-Grade Resource and Strong Economics

Dasa's 4,113 parts per million reserve grade supports a planned 68.1 million pounds U₃O₈ production over a 23-year mine life. The 2024 Feasibility Study demonstrates after-tax NPV8% of US$917 million and 57% internal rate of return at US$75/lb U₃O₈. At US$105/lb, the project economics expand to US$1.62 billion NPV with 92.9% IRR, illustrating extreme price sensitivity and margin strength.

Early production years are projected to deliver average grades of 5,109 parts per million, supporting accelerated payback periods and robust free cash flow generation. Unlike lower-grade deposits where production costs consume significant portions of realized prices, Dasa's margin structure allows the project to capture disproportionate benefits from price increases.

Resource Expansion and Optimization Potential

Beyond the current 68.1 million pound reserve base, Global Atomic continues advancing infill drilling programs targeting 51.4 million pounds of high-grade inferred resources. Successful conversion would extend mine life beyond current feasibility parameters.

The company's Flank Zone development strategy focuses on establishing initial stope access across five mining levels. Roman provided a construction progress update in October 2025:

"The mine is 75% there. We've now completed our first big 5-meter diameter vent rise and so now the rig has moved on to the second location."

Dual-Commodity Model Reinforces Balance Sheet Stability

Global Atomic's 49% interest in Befesa Silvermet Türkiye (BST) provides a strategic counter-cyclical revenue stream that differentiates the company from single-commodity uranium developers.

Zinc Recycling as a Counter-Cyclical Hedge

The BST facility in southern Türkiye processes Electric Arc Furnace Dust to produce 65-70% zinc oxide concentrate. The facility experienced temporary disruptions in early 2023 when local steel mills were impacted by major earthquakes, reducing supply. However, operations have since normalized with the return to usual steel mill production levels.

The zinc division contributed C$6.3 million EBITDA in 2024, with C$4.1 million reported year-to-date through Q2 2025. The joint venture is anticipated to maintain profitability in H2 2025, driven by recovered zinc prices and normalized input costs.

Strategic Importance for Institutional Investors

For portfolio managers evaluating uranium exposure, the zinc operation serves as an embedded hedge against uranium price volatility and development execution risks. The EBITDA contribution improves overall enterprise value stability and provides evidence of management's operational capabilities across different commodities.

The dual-commodity structure also enhances balance sheet metrics used in debt financing assessments. As Global Atomic advances toward production financing arrangements, the zinc division's cash flow stability strengthens the company's negotiating position.

From First Blast to Commissioning: Execution and Milestone Progress

Physical development at the Dasa site has accelerated significantly following the November 2022 First Blast Ceremony. The project has advanced through multiple critical milestones, demonstrating management's ability to execute complex development sequences.

Development Milestones in Motion

As of October 2025, underground development has progressed substantially, with Roman estimating mine completion at approximately 75%. The completion of the first 5-meter diameter ventilation rise represents a significant technical achievement, with crews now advancing the second ventilation system.

Surface infrastructure is advancing in parallel, with the mill estimated at 30-35% completion. Civil works are progressing, with earthworks complete and concrete pouring underway. The crusher retaining wall is nearing completion, and procurement of long-lead equipment items remains on schedule.

Significant equipment deliveries are underway, including acid plant components arriving from India at the dry port of Kano in Northern Nigeria, and the large semi-autogenous grinding mill fabricated in South Africa being shipped to site.

"The mill, on the other hand, I would say is probably 30% to 35% there. We've got all the earthworks happening now and the civils are going to start to pour cement for two different areas right now."

Social Infrastructure and Workforce Development

Beyond mine construction, Global Atomic has invested in social infrastructure that supports long-term operational sustainability. The company is expanding its accommodation capacity with a 250-man unit camp addition, targeted for completion by year-end 2025. A 60-man camp built by local contractors is nearing completion, supplementing the existing camp that houses approximately 400 workers.

The company has implemented literacy and training programs for local workers, enhancing workforce retention and community engagement. These initiatives align with international development finance standards and position the project favorably for potential participation in green finance facilities.

Financial Strength and Capital Discipline

The C$37 million financing, combined with ongoing zinc joint venture earnings and existing cash resources, positions Global Atomic to advance Dasa through critical near-term milestones.

Well-Funded Through Near-Term Milestones

Proceeds from the bought deal are earmarked specifically for mine development, plant construction, and working capital requirements. The financing also addresses strategic requirements within the company's project finance framework, satisfying equity contribution thresholds required before drawing down debt facilities.

Production Timeline and Contract Positioning

Global Atomic is targeting production commencement in Q1 2026, with plant commissioning scheduled for H2 2026. The company has secured offtake contracts scheduled to commence in 2026 and is actively working on additional requests for proposals from utilities.

Roman confirmed production timing:

"We've got contracts that are kicking off in 2026. We want to start delivering into those contracts, prove ourselves in the market as a reliable producer, and so we are on schedule to start producing in Q1 of 2026."

The company employs a blended formula for term contracts that incorporates both spot market pricing and term prices, along with an upward pricing component, providing both base revenue visibility and upside exposure to price appreciation.

Sector Context: Why Uranium Developers Are Gaining Renewed Attention

The uranium sector is experiencing a strategic inflection point driven by converging policy shifts, decarbonization commitments, and supply diversification imperatives.

The Policy and Market Backdrop

Legislative developments including the U.S. Inflation Reduction Act's nuclear production tax credits and the European Union's inclusion of nuclear within its sustainable finance taxonomy signal fundamental shifts in how governments and financial institutions evaluate nuclear energy investments. These policy frameworks create long-term demand visibility and support sustained uranium price stability above historical averages.

Supply diversification away from Russian and Kazakhstani sources has accelerated following geopolitical tensions, with Western utilities prioritizing security of supply over historical cost optimization strategies. This shift supports premium pricing for production from stable jurisdictions and creates opportunities for new producers to capture long-term contract volumes.

Risks and Mitigation Factors

Jurisdictional risk in Niger remains a consideration given regional political transitions, however the project maintains full permitting status, government support, and operational continuity. Investors should continue monitoring the evolving political landscape as part of ongoing risk assessment.

Execution risk is inherent in complex mine construction and commissioning timelines, particularly given the targeted Q1 2026 production start and H2 2026 plant commissioning. However, the project benefits from experienced management teams and phased development strategies. The October 2025 progress updates indicating 75% mine completion and advancing mill construction support continued timeline confidence, though development schedules remain subject to construction execution and equipment delivery timelines.

Commodity price volatility affects all uranium developers, but dual-commodity exposure through the zinc joint venture provides partial insulation from uranium price corrections. Additionally, the company's high-grade deposit maintains economic viability across wider price ranges than lower-grade peers.

Funding risk has been significantly reduced through the recent equity raise and zinc cash flow contributions, providing sufficient capital runway through near-term milestones and satisfying equity requirements for project finance arrangements.

The Investment Thesis for Uranium

• Tier-one grade and economics position Dasa's 4,113 parts per million reserve grade to deliver exceptional margins and resilience across uranium pricing scenarios, with 57% IRR at US$75/lb expanding to 92.9% at US$105/lb.
• Fully funded development path ensures execution continuity toward targeted H2 2026 commissioning, with the C$37 million financing satisfying equity contribution requirements and maintaining uninterrupted construction momentum through critical milestones.
• Dual-commodity stability provides zinc joint venture revenue that offsets development costs, reducing funding risk and enhancing balance sheet flexibility during capital-intensive construction phases.
• Strategic timing aligns targeted production window with expected uranium supply shortages and contracting momentum, positioning the company to establish market credibility during peak demand conditions.
• Advanced physical development demonstrates tangible execution progress with mine construction approximately 75% complete and mill construction advancing, supported by experienced management teams and phased development strategies.
• Strong government and community engagement maintains operational continuity through regional political transitions, with full permitting status and strategic project designation providing regulatory stability for development advancement.

Financing as a Strategic Accelerator

The C$37 million financing marks a critical inflection point for Global Atomic. It confirms investor confidence in management's execution capability and reinforces the project's financial runway toward targeted H2 2026 commissioning. With one of the highest-grade undeveloped uranium deposits globally and an embedded cash-flowing zinc asset, Global Atomic exemplifies the type of dual-leveraged developer positioned to capitalize on the sector's tightening fundamentals. As uranium supply constraints intensify and nuclear energy gains policy support worldwide, developers with near-term production visibility and strong project economics are positioned to capture significant value creation during the sector's transition to structural undersupply.

TL;DR

Global Atomic secured C$37.07 million in October 2025 to advance its Dasa Uranium Project in Niger toward targeted H2 2026 commissioning. The project features one of the world's highest-grade undeveloped uranium deposits at 4,113 ppm, with exceptional economics showing 57% IRR at US$75/lb uranium. Mine construction is approximately 75% complete, with mill construction at 30-35%. The company's 49% stake in a Turkish zinc recycling facility generated C$6.3 million EBITDA in 2024, providing non-uranium cash flow that reduces funding risk. With uranium trading above US$80/lb and offtake contracts commencing in 2026, Global Atomic is positioned as a near-term producer entering a market characterized by structural supply deficits and accelerating utility contracting activity.

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