Global Atomic Corporation has deferred first Yellowcake production and process plant commissioning at the Dasa uranium project in Niger to the second half of 2028, following ongoing financing delays.

The company is currently engaged with a U.S. Development Bank regarding a debt facility alongside discussions with potential joint venture partners to acquire a minority interest in the project. Global Atomic is also pursuing supplementary funding options to cover any potential gap between project approval and the release of funds.

Despite the schedule shift, underground mining teams have continued extending the ramp and lateral access drifts to the fourth mining level in the footwall of the orebody. Surface development has also advanced, with earthworks for the first phase of the processing plant exceeding 95% completion and most areas released to the civil contractor for steel erection and equipment installation.

“Although financing delays have pushed the projected production of Yellowcake to the second half of 2028, the financing approval process is progressing. We are confident a positive outcome will be achieved.”
— Stephen G. Roman, President and CEO

The Dasa Project is operated by SOMIDA, a Niger-based company owned 80% by Global Atomic and 20% by the Niger Government. Government backing for the operation was reinforced following a May 2026 site visit by SOMIDA board representatives from the Niger administration.

Operations at the company's Turkish zinc joint venture delivered lower financial returns during the period. Global Atomic's share of EBITDA from the Turkish joint venture fell to $1.0 million in the second quarter of 2026, down from $2.6 million in the same period of 2025. The joint venture processed 8,620 tonnes of electric arc furnace dust and sold 3.5 million pounds of zinc in concentrate during the quarter, supported by an average monthly LME zinc price of US$1.57 per pound compared to US$1.18 per pound a year earlier. Year-to-date dividend payments received by Global Atomic from the Turkish operations reached US$3.9 million by July, including US$1.5 million from the first quarter and US$2.4 million distributed in July.

Broader uranium market conditions continue to strengthen alongside project development. Uranium traded at US$87.25 per pound, representing a 2.47% increase over the 30-day period ending August 13, 2026, while long-term contract reference prices rose to US$97 per pound during the second quarter.

Read the full announcement: Global Atomic Announces Q2 2026 Results