Why Global Atomic Could Be Uranium's Next Major Producer

• Global Atomic is advancing the only greenfield uranium mine under construction globally, with the Dasa Project in Niger on track for first production in H1 2026.
• The project delivers a 57% after-tax IRR and $917 million NPV at $75/lb uranium, supported by grades of 5,109 ppm the highest outside Canada's Athabasca Basin.
• October 2025's $20 million bought-deal offering strengthens the balance sheet to complete underground development and processing plant construction through key 2026 milestones.
• With World Nuclear Association data showing reactor requirements outpacing primary mine supply through 2035, Dasa's 2026 startup positions the company to capture premium pricing.
• A profitable 49% stake in Türkiye's zinc recycling operations generating $4.1 million EBITDA year-to-date provides cash flow diversification beyond the Niger uranium asset.

Introduction: Enrichment Expansion Signals Uranium's Next Chapter

The uranium market entered October 2025 with a significant development that underscores the sector's evolving dynamics. Urenco USA, a leading enrichment services provider, received U.S. regulatory approval to produce uranium enriched up to 10% a notable step beyond conventional low-enriched uranium levels while simultaneously announcing a 15% capacity expansion by 2027. This dual initiative reflects preparations for advanced reactor designs requiring higher-assay uranium and addresses critical supply chain bottlenecks in the nuclear fuel cycle.

For uranium miners, this enrichment infrastructure buildout has direct implications. As World Nuclear News reported, the expanded capacity supports reactor deployment plans that will require primary uranium feedstock. Market analysts at UxC and Sprott have consistently warned that primary mine supply remains insufficient to meet projected demand, with Sprott's October commentary noting "momentum" in uranium markets driven by supply strain. Against this backdrop, companies advancing shovel-ready, high-grade deposits occupy a strategic position.

Global Atomic Corporation (TSX: GLO) represents one such opportunity. The Toronto-based dual-commodity producer is developing the Dasa uranium project in Niger currently the only greenfield uranium mine under construction worldwide while operating a profitable zinc recycling business in Türkiye. With first uranium production targeted for 2026 and a recent $20 million financing completed, Global Atomic offers investors exposure to both near-term production growth and exceptional project economics in a supply-constrained market.

Company Overview: A Dual-Commodity Strategy

Global Atomic operates through two distinct business segments that provide both growth potential and cash flow stability. The company's flagship asset is the Dasa uranium project located in Niger's Adrar Emoles region, where Global Atomic holds an 80% ownership stake alongside the Government of Niger's 20% interest. The project benefits from Infrastructure proximity to existing uranium operations in the region and access to established export routes through neighboring countries.

Complementing the uranium development is Global Atomic's 49% joint venture stake with Befesa Zinc in a recycling facility located in Iskenderun, Türkiye. This operation processes electric arc furnace dust a byproduct of steel manufacturing containing 20-30% zinc content and converts it into zinc oxide concentrate with 65-70% zinc content for sale to smelters. The zinc business generated $4.1 million in EBITDA attributable to Global Atomic during the first nine months of 2025, providing operational cash flow while the Dasa project advances toward production.

This dual-commodity model addresses a common investor concern regarding single-asset developers: jurisdictional concentration risk. While Niger has maintained a stable uranium mining sector for decades French state-owned Orano has operated mines in the country since the 1970s the zinc operations in NATO-member Türkiye provide geographic and commodity diversification. The zinc segment's profitability is expected to improve in the second half of 2025 as zinc prices recover and European steel production normalizes following recent softness.

The Dasa Project: Tier-One Economics

The Dasa uranium deposit stands out in the global uranium development pipeline for its exceptional grade and robust project economics. According to the 2024 Feasibility Study prepared by independent engineering firms, Dasa contains proven and probable reserves supporting a 23-year mine life with total production of 68.1 million pounds of uranium oxide. The deposit averages 4,113 parts per million uranium oxide across its reserve base, with the first 12 years of production delivering grades of 5,109 ppm a figure exceeded only by deposits in Canada's Athabasca Basin.

These high grades translate directly into superior project economics. At a uranium price of $75 per pound the base case used in the feasibility study Dasa generates an after-tax internal rate of return of 57% and a net present value of $917 million using an 8% discount rate. Initial capital expenditure to first production is estimated at approximately $208 million, a modest figure relative to the project's NPV. Sensitivity analysis shows the project's value doubles to $1.27 billion NPV at $90 per pound uranium, demonstrating significant leverage to price improvement.

All-in sustaining costs are projected below $23 per pound, positioning Dasa in the lowest quartile of the global uranium cost curve. This cost advantage stems from the high-grade underground mining method, compact ore body geometry that minimizes haulage distances, and conventional processing using sulfuric acid leaching. The feasibility study contemplates initial throughput of 1,000 tonnes per day with expansion potential to 2,000 tonnes per day, providing a pathway to double production without proportional capital investment. Additionally, 51 million pounds of inferred resources grading 5,349 ppm remain available for conversion to reserves through infill drilling.

Construction Progress & October Financing

Physical development at Dasa has progressed substantially throughout 2025, with multiple construction work streams advancing in parallel. Underground development of the Flank Zone the initial mining area is underway across five levels, with ramp excavation providing access to ore zones. The company expects to reach ore and commence first production during the first half of 2026, a timeline that positions Global Atomic as the only new uranium mine scheduled to achieve initial output within the next 18 months.

Surface infrastructure development is equally advanced. Civil works and earthworks for the processing plant are visible in recent project photographs, with concrete foundations poured for key structures including the crusher building. A new 260-person accommodation camp was completed in 2025, housing the expanding workforce required for the construction phase and eventual operations. Power infrastructure, water supply systems, and workshop facilities are being installed in accordance with the project execution schedule.

The October 14, 2025 bought-deal public offering provides the capital to maintain this construction momentum. Led by BMO Capital Markets and CIBC Capital Markets, the financing raised gross proceeds of $20 million Canadian dollars, including the full exercise of underwriters' over-allotment options. Management designated these funds for advancing underground development, accelerating processing plant construction, completing infrastructure including crusher and camp facilities, funding exploration drilling, and general corporate working capital. This financing bridges Global Atomic toward project financing arrangements for the Phase 1 production ramp-up, reducing near-term equity dilution risk while maintaining full control of development timing.

“Due to significant investor demand, we have elected to upsize our previously announced bought-deal financing to C$35 million, reflecting strong market confidence in the Dasa Project and Global Atomic’s long-term strategy.”

Strategic Context: Supply Deficits & Enrichment Demand

Global Atomic's development timeline aligns with an increasingly tight uranium supply-demand balance. Data from the World Nuclear Association indicates that global reactor uranium requirements will surpass primary mine supply consistently through 2035, creating a structural deficit that must be filled through secondary sources, inventory drawdown, or new mine production. This supply gap exists even before accounting for additional reactor construction announced by major economies pursuing decarbonization and energy security objectives.

The Urenco USA enrichment expansion and higher-assay authorization announced in October 2025 adds another dimension to this supply story. Enrichment facilities require uranium feedstock in the form of natural uranium hexafluoride before converting it to enriched product for reactor fuel fabrication. A 15% capacity increase at a major enrichment facility translates directly into incremental demand for primary uranium from miners. Furthermore, advanced reactor designs requiring higher-assay low-enriched uranium or high-assay low-enriched uranium (HALEU) consume more natural uranium per unit of final fuel compared to conventional reactors, intensifying feedstock demand.

Sprott Asset Management and Cameco Corporation executives have both issued warnings about the market's tendency to underappreciate near-term supply constraints. UxC, an independent nuclear fuel market research firm, projects that several anticipated uranium mine startups face delays or require uranium prices significantly above current levels to proceed. In this environment, projects like Dasa that are already under construction with fully-funded development plans through first production represent scarce investment opportunities. The 2026 production startup timing positions Global Atomic to capture pricing at a point when supply tightness may be most acute.

ESG & Community Engagement

Global Atomic has maintained a continuous presence in Niger's Agadez and Tchirozérine regions since 2008, establishing community relationships that extend beyond regulatory requirements. The company's initiatives include food security programs, medical support, water infrastructure development, educational scholarships, and preferential local procurement policies. In 2025, the first graduates completed the Dasa Mine Literacy Program, an initiative designed to develop local workforce capabilities for mine operations.

These community investments serve multiple purposes beyond social license considerations. A stable, trained local workforce reduces operating costs compared to expatriate-heavy staffing models common in remote mining locations. Local procurement reduces supply chain complexity and supports the regional economy, building stakeholder support for long-term operations. Niger's government maintains a 20% carried interest in the Dasa project, aligning national and corporate interests around successful project execution and operation.

The broader ESG context for uranium mining has shifted favorably as nuclear energy gains recognition as a low-carbon baseload power source essential for decarbonization. The International Atomic Energy Agency and Nuclear Energy Agency both classify nuclear power as critical for meeting climate commitments under the Paris Agreement. Institutional investors previously hesitant about uranium exposure have revised policies to reflect nuclear energy's climate benefits, expanding the potential investor base for uranium producers. Global Atomic's community engagement record and environmental management practices position the company to meet the due diligence standards of ESG-focused institutional capital.

Capital Structure & Valuation Context

As of September 30, 2025, Global Atomic had 346.2 million shares outstanding, with 482.2 million shares on a fully diluted basis including options and warrants. At the October share price of $0.76 Canadian, the company's market capitalization stood at approximately $263 million. Following completion of the October bought-deal offering, the pro-forma market capitalization adjusts to approximately $283 million, assuming minimal share price movement at closing.

This valuation represents roughly $4.15 per pound of proven and probable reserves at Dasa, based on the 68.1 million pounds in the 2024 Feasibility Study. Peer group comparisons show meaningful valuation dispersion: development-stage uranium companies with similar reserve bases but lower grades or less advanced construction timelines trade at enterprise value multiples ranging from $5 to $12 per pound of reserves. Operating uranium mines command substantially higher multiples, often exceeding $20 per pound of reserves depending on asset quality, jurisdiction, and production profile.

The valuation gap suggests potential re-rating catalysts as Global Atomic transitions from developer to producer. Key milestones that typically drive valuation expansion include first ore achievement, commissioning of processing facilities, first uranium oxide production, achievement of nameplate capacity, and transition to sustained positive cash flow. The H1 2026 first ore target and subsequent ramp-up through 2026 provide a concentrated series of de-risking events that could compress the valuation discount to operating peers. Additionally, conversion of the 51 million pounds of inferred resources to reserves through infill drilling would increase the reserve base by 75%, providing further valuation upside independent of uranium price movements.

The Investment Thesis for Global Atomic

• Acquire exposure to the only greenfield uranium mine under construction globally, providing leverage to 2026 production startup as supply deficits intensify.
• Target mid-cap uranium developers with proven high-grade reserves if uranium prices sustain above $80 per pound, as project NPVs exhibit significant sensitivity to price.
• Diversify jurisdictional risk through companies maintaining profitable operations in multiple countries, reducing single-asset concentration.
• Monitor enrichment capacity announcements as leading indicators of primary uranium feedstock demand growth over the 2-3 year investment horizon.
• Consider entry points during financing events when temporary selling pressure creates valuation anomalies relative to development milestones.
• Establish positions prior to first production announcements in development-stage miners, as the transition to operating status historically drives multiple expansion.

Global Atomic occupies a distinctive position in the uranium investment landscape as the sole company advancing a greenfield mine toward near-term production. The Dasa project's combination of exceptional grades, robust economics, and advanced construction status differentiates it from earlier-stage development projects that face multi-year timelines and uncertain financing pathways. The October 2025 capital raise provides runway through critical 2026 milestones without immediate dilution risk, while the 2024 Feasibility Study's conservative $75 per pound uranium price assumption offers significant upside leverage if prices rise toward $90-100 per pound levels.

The strategic context supports uranium's positive medium-term outlook. Urenco's enrichment expansion and regulatory approval for higher-assay production signal confidence in reactor deployment plans that will require substantial primary uranium feedstock. Warnings from Sprott, Cameco, and UxC about supply inadequacy suggest the market may be underpricing near-term tightness. Global Atomic's 2026 production startup timing could prove optimal for capturing elevated prices during the most acute phase of supply constraints.

For investors seeking exposure to uranium's supply-demand rebalancing, Global Atomic offers a vehicle combining near-term production visibility, tier-one asset quality, and meaningful operating leverage to uranium prices. The company's dual-commodity model and advanced development status provide risk mitigation relative to single-asset explorers or developers in earlier stages. As construction progresses toward first ore in 2026, the key question for investors becomes whether the current valuation adequately reflects the de-risking underway and the strategic value of being first to market among new uranium producers.

TL;DR

Global Atomic is developing the world's only greenfield uranium mine currently under construction, targeting first production in H1 2026 from Niger's exceptionally high-grade Dasa deposit. October 2025 financing of $20 million strengthens the balance sheet to complete development, while project economics deliver a 57% IRR at $75/lb uranium. With enrichment capacity expanding and reactor requirements exceeding primary mine supply through 2035, Dasa's imminent production startup positions the company to address structural supply deficits. A profitable zinc recycling business provides cash flow diversification while the uranium asset advances.

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