Global Atomic’s latest stated target is to complete construction at its Dasa uranium project in Niger in the first half of 2028 and commission it in the second half. The company’s September 18, 2026 update also reports that the U.S. International Development Finance Corporation (DFC) board approved financing of up to US$414.2 million. That approval is not a report that the money has been drawn: Global Atomic says the term loan is expected to become available only after it spends a further US$152.7 million in equity. The company has not given a guaranteed first-shipment date in that update.
When is Dasa expected to produce 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 management’s forward-looking targets, not confirmation that either milestone has occurred or that production is assured.
Construction completion, commissioning and the first commercial uranium shipments are different milestones. The September update dates the first two but does not set a new, guaranteed shipment date. In its 2025 annual MD&A, the company had said it expected first yellowcake shipments within three months after construction completion, once project financing became available. That earlier estimate gives context; it should not be treated as a confirmed shipment schedule under the newer plan.
What changed in the construction schedule?
The 2024 feasibility study had projected construction completion by the end of 2025, on the assumption that funding was available and construction proceeded accordingly. Global Atomic’s September 2026 update instead targets construction completion in H1 2028, followed by commissioning in H2 2028. The company attributes the delay in part to changes in Niger’s government and related project-funding delays; it also cites funding delays, deferrals, logistics, inflation, extended pre-production costs and the passage of time as factors affecting cost and schedule.
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| Milestone | Company-reported timing | Qualification |
|---|---|---|
| Construction completion | End of 2025 | 2024 feasibility-study projection, based on funding being available and construction proceeding as planned. |
| Construction completion | First half of 2028 | Target in Global Atomic’s September 18, 2026 update. |
| Commissioning | Second half of 2028 | Target in the September 2026 update; not a first-production or shipment date. |
| First yellowcake shipments | Within three months after construction completion | Earlier expectation in the company’s 2025 annual MD&A, conditional on project financing becoming available; not restated as a guarantee in September 2026. |
Has Global Atomic secured Dasa financing?
Global Atomic reports that the DFC board approved a facility of up to US$414.2 million. The facility is divided into a term loan of up to US$397.4 million and a US$16.8 million cost-overrun facility. The board approval is an important financing step, but the company’s release does not say that the facility has been drawn or that the full project is funded.
The company says the term loan is expected to be available for drawdown only after it spends the remaining US$152.7 million equity requirement. It also says it is reviewing financing solutions for remaining capital expenditures. CEO Stephen G. Roman said the company had received inquiries from utilities interested in buying Dasa uranium and was reviewing financing options; inquiries are not signed offtake contracts or committed funding.
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The funding picture has changed since earlier estimates. At year-end 2025, Global Atomic estimated US$501.3 million in direct project costs, of which US$180.9 million had been paid and US$320.4 million remained; that estimate excluded about US$50 million for working capital and corporate costs. After a C$72.5 million equity financing closed on February 2, 2026, the company’s Q1 2026 MD&A said approximately US$265 million (C$364 million) in additional funding would be needed under the then-current estimate. Those are dated historical figures, not the current funding gap under the revised September 2026 cost basis.
How much does Dasa now cost?
Global Atomic’s September 2026 estimate puts total costs through completion and commissioning, working capital through ramp-up, and debt service at approximately US$777.6 million. The company distinguishes that all-in total from direct project costs, which it estimates at US$653.0 million. Its table reports US$228.5 million invested by June 30, 2026, and estimates US$550.1 million in costs remaining from that date through completion across the broader cost categories.
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| Cost measure in Global Atomic’s September 2026 update | Company-reported amount | What it covers |
|---|---|---|
| Direct project costs | US$653.0 million | Construction and direct project development categories. |
| Working capital and corporate costs | US$55.2 million | Working capital and corporate costs included in the total estimate. |
| Finance costs | US$69.4 million | Financing costs included in the total estimate. |
| Total costs | US$777.6 million | Through completion and commissioning, working capital through ramp-up, and debt service. |
| Invested by June 30, 2026 | US$228.5 million | Amount reported invested by that cutoff. |
| Estimated costs remaining at June 30, 2026 | US$550.1 million | Remaining estimate through completion using the broader cost basis, not direct project costs alone. |
Against the 2024 feasibility-study estimate, the company’s revised direct project cost estimate rose from US$375.6 million to US$653.0 million, an increase of US$277.4 million, or 74%. Global Atomic attributes the increase and delay to funding deferrals, logistics, inflation, longer pre-production costs and elapsed time. These are company-reported estimates and explanations.
| Direct project 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 |
| Total direct project costs | US$653.0 million |
What construction progress has the company reported?
The latest located detailed site milestones are dated to the company’s 2025 annual MD&A, so they describe reported progress during that period rather than verified site conditions in October 2026. Global Atomic said underground development had advanced toward the third level adjacent to the ore zone, with development material hauled to the surface. It described opening access toward five mining levels and installing ventilation, electrical services and water-management infrastructure.
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- Underground development: Access development was progressing toward the third level adjacent to the ore zone, and the company said it was opening access toward five mining levels.
- Mine services: Ventilation, electrical services and water-management infrastructure were being installed.
- Equipment and engineering: Long-lead equipment selection was complete. Manufacturing had finished for many components and most had been delivered to Dasa; detailed engineering and ordering of remaining components continued.
- Surface works: Earthworks were being prepared for civil works and foundations.
- Accommodation: A new facility for 260 employees and construction-crew members was reported complete.
Global Atomic’s Q1 2026 filing subsequently reported access toward the fourth level, substantial procurement delivery, ongoing earthworks and foundation preparation. The September 2026 release focuses on revised costs and financing rather than giving a detailed site-progress breakdown, so it does not establish which construction tasks are physically complete now.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What market commitments and Niger risks matter?
In its 2025 annual MD&A, Global Atomic said its Niger-based operating company, SOMIDA, was 80% owned by Global Atomic and 20% by the Niger government. The company also reported three North American utility offtake agreements signed in 2023 for a combined 6.9 million to 8.8 million pounds of U3O8 over six years, with the higher amount dependent on buyer options. A 2024 agreement with a European utility was reported for 260,000 pounds annually over three years. The company said all contract start dates could be deferred until first plant production. These sales agreements do not, by themselves, provide construction financing.
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The same filing described supply-chain disruption and logistical constraints following Niger’s July 2023 coup, including the Niger-Benin border closure and use of alternative routes via Nigeria and Togo/Burkina Faso. It also reported government support for Global Atomic, SOMIDA and Dasa while noting legal proceedings and potential delay risks. Those support statements are the company’s account and do not remove political, legal, logistics, execution or funding uncertainty.
How to read the latest update
- Financing: distinguish board approval of a facility from eligibility to draw, and both from cash actually received.
- Costs: compare direct project costs with direct project costs, and all-in total costs with all-in totals; the US$777.6 million figure includes broader categories than the US$653.0 million direct-cost estimate.
- Schedule: keep construction completion, commissioning and first shipments separate. The latest release supplies targets for the first two, not a guaranteed date for the third.
- Progress: date physical milestones to the relevant filing. Older reported construction activity is not proof of current site status.
All financing terms, cost estimates, schedule targets and project status described here are company-reported. Global Atomic’s September 2026 release includes forward-looking-statement cautions; actual funding, costs, construction timing and production may differ from its estimates.
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