Canadian mining company Global Atomic announced plans to raise up to 50 million Canadian dollars (US$36 million) through a private placement to support development of its Dasa uranium project in Niger, a potential new source of uranium for the West African nation.
The equity offering, which involves the issuance of more than 56 million Global Atomic shares at 0.88 Canadian dollars each, is expected to close by January 22, pending regulatory approvals, including clearance from the Toronto Stock Exchange, where the company is listed.
Funds from the placement will provide additional financial capacity to advance the Dasa project, which is targeting first production in 2027. While Global Atomic has not specified a detailed allocation of the proceeds, preparatory works at the site, including earthworks and construction of housing for mine staff, are already underway.
The Dasa project is expected to produce 68.1 million pounds of uranium over a 23-year mine life and represents a key addition to Niger’s uranium sector, which currently depends heavily on its Somaïr mine, the country’s sole operating facility. Under the current ownership structure, Global Atomic holds an 80 percent stake, with the Nigerien government retaining the remaining 20 percent.
“Our aim is to strengthen our financial position as we move closer to the construction and production phases of Dasa,” said a Global Atomic spokesperson. “The equity placement will allow us to continue preparatory work while exploring potential additional financing options, including debt and project-level partnerships.”
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The total estimated cost for constructing Dasa is US$424.6 million, and Global Atomic has spent the past year seeking additional funding to support the project. Options under consideration include debt financing from a U.S. development bank and bringing in a strategic partner at the project level, although no definitive agreements have been announced.
The project is strategically important for Niger, one of the world’s largest uranium producers. In addition to Dasa, Niger hosts the Madaouéla uranium project, whose development is currently stalled due to a dispute between the operator, GoviEx, and Nigerien authorities. Analysts say Dasa could help diversify Niger’s uranium output and increase its role in the global nuclear fuel market.
Global Atomic has already raised significant capital through the capital markets, completing three equity placements in 2025 totaling tens of millions of dollars, demonstrating investor appetite for uranium assets amid growing interest in nuclear energy.
The Dasa project is located in the west-central region of Niger, an area known for high-quality uranium deposits. The mine plan envisions an open-pit operation with low-cost extraction and processing, designed to optimize output while maintaining environmental and social standards.
Analysts say the timing of the fundraising aligns with a period of heightened global demand for uranium, driven by expanding nuclear power programs in Europe and Asia. “Uranium prices and investor sentiment remain supportive for well-advanced African projects,” said a mining finance expert based in London. “Dasa has the potential to become a cornerstone asset for both Global Atomic and Niger’s uranium sector.”
Completion of the private placement would give Global Atomic the financial flexibility to accelerate development activities, maintain project timelines, and position the company for production in 2027, while retaining options for strategic partnerships or additional financing to fund the remainder of the construction phase.
With the Dasa project, Niger could potentially expand its uranium output beyond its current reliance on a single mine, enhancing the country’s export revenues and further consolidating its position as a major global uranium supplier.
