Stephen G. Roman, President and CEO of Global Atomic, commented, "In the first quarter of 2026, the Company continued to make excellent progress on our Dasa Project's mine development and construction of the Process Plant. The camp expansion has been completed. Our underground mining team has opened access to the 4th level in the footwall of the orebody, and is planning for 2026, to crosscut into the orebody to confirm stope dimensions and mining methodology. Local contractors continue to perform quality work as they complete earthworks and advance civil works in preparation for steel erection and equipment installation."
"The Company continues to balance the need to invest capital to advance the Project and our need to conserve capital in advance of obtaining a non-equity financing solution for the balance of the capital required to reach production of Yellowcake. The Company has advanced several options including bank debt facilities and JV partnerships. While all our financing discussions are subject to confidentiality agreements, we intend to issue a news release once we confirm the deal."
OUTLOOK
Dasa Uranium Project
The Company continues to be actively engaged with a U.S. Development Bank (the "Bank") and other parties regarding a debt facility for the Dasa Project in addition to continued discussions with a potential JV partner to acquire a minority interest in the Dasa Project.
The Company is also pursuing other non-equity funding options which may be required to finance any gap between approval and release of funds by the Bank or potential JV partner.
Process Plant commissioning is currently scheduled for Q4 2027, with first Yellowcake shipments expected in H1 2028, subject to the timing of project financing.
Uranium Prices
In Q1 2026, spot uranium prices ranged from US$82/pound U3O8 to US$101/pound U3O8.
Long-term contract prices have maintained approximately US$90 per pound U3O8 during Q1 2026.
Nuclear energy continues to gain momentum, resulting in increased demand for uranium.
The long-term outlook for uranium prices is robust as demand outstrips supply due to unprecedented growth in the number of nuclear reactors under construction, life extensions for operating reactors and the energy needs of AI driven data centers.
Middle East Conflict
Dasa's development has no material reliance on shipping impacted by the Middle East conflict.
Current levels of oil production and refining in Niger are sufficient to supply Dasa's diesel fuel requirements at reasonable rates.
