Global Atomic Corp (TSX: GLO) is expecting to be approved for a project financing loan from the US development bank early next year. The company indicated this morning that it has continued to have positive discussions with the bank for the funding of the development of the Dasa uranium project in Niger.
The debt facility, expected to be approved in the first quarter of 2025, is slated to be US$295 million in size and will be used to fund 60% of the development of the uranium project. In early October Global Atomic was provided with an updated schedule for the approval of a debt facility, with positive meetings said to have continued to take place in the time since.
“Receiving this update from the U.S. development bank is good news. Although we continue to assess a number of other financing options, we believe the development bank offers the best financing solution for the benefit of our shareholders and our nuclear power utility customers. The approval timelines outlined by the bank support yellowcake deliveries in 2026 as anticipated in the four off-take agreements we have in place with American and European nuclear power utilities,” commented Global Atomic CEO Stephen Roman.
Further financing discussions for the project are said to be underway as well, including for a potential joint venture investment in the Dasa project among other potential solutions.
On site, earthworks and civil engineering are said to be advanced on the construction of employee housing, with a 400-person facility expected to be completed early in the first quarter of 2025. Earthworks and civil engineering is also underway in preparation for plant equipment, while the main fresh air raise is complete at the mine, with the return air raise currently under construction. Once complete, the fresh air raises will enable mining activity to advance beyond the first level of development.
Global Atomic last traded at $1.13 on the TSX.
Information for this story was found via Sedar and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
