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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Global Atomic’s latest stated plan is to complete construction at its Dasa uranium project in Niger in the first half of 2028 and commission it in the second half of 2028. The company’s September 18, 2026 update also reports board approval for a DFC facility of up to US$414.2 million, but says the term loan is expected to become available only after it spends a further US$152.7 million in equity. Neither the approval nor the schedule confirms that the loan has been drawn or that uranium production will begin on a guaranteed date.
When is Dasa expected to start producing uranium?
Global Atomic’s September 18, 2026 release schedules construction completion for the first half of 2028 and commissioning for the second half of 2028. Those are separate project milestones: finishing construction does not itself mean the plant has been commissioned, and commissioning is not the same as the first commercial shipment.
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The company’s 2025 annual MD&A had expected first yellowcake shipments within three months after construction completion, conditional on project financing becoming available. That is an earlier company estimate, not a shipment date reaffirmed in the September 2026 update. The latest update does not give a guaranteed first-production or shipment date.
Has Global Atomic secured financing for Dasa?
Global Atomic reported that the board of the U.S. International Development Finance Corporation (DFC) approved a project facility of up to US$414.2 million. The company describes two components:
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| Facility component | Maximum amount | What the company says |
|---|---|---|
| Term loan | Up to US$397.4 million | Expected to be available for drawdown only after Global Atomic spends the remaining US$152.7 million equity requirement. |
| Cost-overrun facility | US$16.8 million | Approved as a separate facility component; the release does not say it has been drawn. |
Board approval is not cash received, and the stated equity-spend prerequisite means the term loan should not be described as currently available without qualification. Global Atomic also said it was reviewing financing solutions for remaining capital expenditures. CEO Stephen G. Roman said the company had received inquiries from utilities interested in commercial offtake agreements; that statement describes interest, not signed new contracts or committed financing.
How much will the Dasa project cost?
The September 2026 company estimate is approximately US$777.6 million for costs through completion and commissioning, working capital through ramp-up, and debt service. Its figures distinguish direct project costs from the broader total:
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| Cost category | Company estimate |
|---|---|
| Direct project costs | US$653.0 million |
| Working capital and corporate costs | US$55.2 million |
| Finance costs | US$69.4 million |
| Total estimated costs | US$777.6 million |
| Invested by June 30, 2026 | US$228.5 million |
| Estimated remaining costs from June 30, 2026 through completion | US$550.1 million |
The US$550.1 million remaining figure is from the company’s broader cost table; it is not simply the balance of direct construction costs. All amounts and estimates above are as reported by Global Atomic, not independently verified project totals.
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What changed in direct project costs?
Global Atomic compares the current US$653.0 million direct-cost estimate with US$375.6 million in its 2024 feasibility study: an increase of US$277.4 million, or 74%, according to the company. The September 2026 release attributes higher costs and delay to funding delays, project deferrals, logistics, inflation, extended pre-production costs, and the passage of time.
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| Direct-cost category | September 2026 estimate |
|---|---|
| Equipment and infrastructure | US$224.9 million |
| Construction | US$119.6 million |
| Mining | US$142.1 million |
| EPCM and owners’ costs | US$56.7 million |
| Site and Niamey costs | US$92.3 million |
| Contingency | US$17.3 million |
How has the construction schedule changed?
The 2024 feasibility study projected construction completion by the end of 2025, assuming funding was available and construction started accordingly. Global Atomic’s September 2026 target is now construction completion in the first half of 2028, followed by commissioning in the second half of that year. The company links the delay to changes in Niger’s government and associated project-funding delays. DFC board approval alone does not establish that the earlier schedule can be recovered.
What construction progress has the company reported?
The most detailed construction milestones in the available company filings are from the 2025 year-end period, not a current September 2026 site report. Global Atomic’s 2025 annual MD&A reported underground development toward the third level adjacent to the ore zone, with development material hauled to the surface. It also described access being opened toward five mining levels and installation of ventilation, electrical services, and water-management infrastructure.
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The same filing said long-lead equipment selection was complete; manufacturing had finished for many components and most had been delivered to Dasa. Detailed engineering and orders for remaining components were continuing, while earthworks were being prepared for civil works and foundations. The company also reported completion of accommodation for 260 employees and construction crew members.
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What contracts and Niger-specific risks matter?
Global Atomic’s 2025 annual MD&A says Dasa is operated by Niger-based SOMIDA, then owned 80% by Global Atomic and 20% by the Niger government. The filing reports three North American utility offtake agreements signed in 2023 for a combined 6.9–8.8 million pounds of U3O8 over six years, with the upper volume depending on buyer options. It also reports a 2024 European utility agreement for 260,000 pounds annually over three years. The company says contract start dates may be deferred until first plant production; these sales commitments are not construction funding.
The same filing describes disruption following Niger’s July 2023 coup, including supply-chain and logistics constraints, the closure of the Niger–Benin border, and use of alternative shipping routes via Nigeria and Togo/Burkina Faso. It reports government support for Global Atomic, SOMIDA and Dasa, while also noting legal proceedings and potential delay risks. That company-reported support does not remove political, legal, logistics, financing, cost or execution uncertainty.
How to interpret the latest update
- Financing: Treat the US$414.2 million DFC facility as board-approved, not as funds already drawn; the stated term-loan drawdown prerequisite is a further US$152.7 million equity spend.
- Cost: Use US$777.6 million for the company’s estimated broader project costs, and US$653.0 million when specifically discussing direct project costs.
- Schedule: The latest stated targets are construction completion in H1 2028 and commissioning in H2 2028. A first shipment date has not been reaffirmed in that update.
- Progress: The detailed physical milestones cited above are from the 2025 year-end filing; the September 2026 release does not establish what is complete on site now.
These are issuer-reported estimates and forward-looking targets. The update supports a revised timetable and financing framework, but it does not establish that all remaining capital is funded, construction is complete, or production by 2028 is certain.
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