Global Atomic (TSX: GLO) keeps funding the Dasa uranium mine in Niger the hard way, through the equity market, while the project’s debt financing refuses to close. Per Ecofin Agency, the company closed a C$56.97 million ($39.9 million) public offering on October 1 to advance Dasa and provide working capital. Crux Investor separately reports a C$37.07 million bought deal led by Red Cloud Securities, priced at C$0.62 a unit with half-warrants at C$0.80 to 2028, alongside a C$24.84 million private placement in September at C$0.80 a unit. The raise amounts come from trade reporting and may reflect overlapping coverage of a continuous placement program rather than three fully separate deals, so treat the figures as per-source rather than a clean sum.
The equity treadmill is a symptom. The 2024 feasibility study put Dasa’s total project cost at $424.6 million, and Global Atomic has been negotiating a roughly $295 million debt facility with a US development bank since 2022, a process the company says has been slowed by Niger’s political and economic situation: the 2023 coup and subsequent mining-asset nationalizations have complicated lender engagement. Before the autumn raises, the company had raised C$24.8 million in June and C$35.6 million in January 2025. It is also still seeking a minority project investor.
The prize is worth the pain. Dasa is one of the world’s highest-grade undeveloped uranium deposits, with a 2024 feasibility study outlining an after-tax net present value of $917 million at 8 percent and a 57 percent internal rate of return at $75 a pound of U3O8, with upside to $1.62 billion NPV at $105 a pound. Over a 23-year mine life it is expected to produce 68.1 million pounds of uranium. Global Atomic owns 80 percent against Niger’s 20 percent, and it still targets commissioning the processing plant in the second half of 2026, a date the company itself says depends on finalizing bank financing or landing a joint-venture partner. Underground development and plant construction continue in the meantime, and Niger’s broader uranium story, with TradeTech’s long-term price indicator at $97 a pound through September, gives the equity market its reason to keep funding.