Stephen G. Roman, President & CEO of Global Atomic, commented, "During the third quarter of 2025, we made significant progress on site earthworks and civil works for the foundations of the processing plant at the Dasa Project. In addition, we continued to move closer to obtaining necessary approvals for the financing required to complete the Dasa Project."
"We're pleased that our meetings with the U.S. development bank have continued through the U.S. Government shutdown. Those meetings have been focused on completing the bank's internal process to prepare for their Credit Committee's review and approval of our Dasa Project. Similarly, we have continued meeting with a potential JV partner regarding a project level minority joint venture investment into our SOMIDA subsidiary in Niger."
"Until we obtain a commitment for funding the remaining capital to develop Dasa, we will manage capital spending to conserve cash while maintaining key parameters on the Project's critical path for completion."
OUTLOOK
Dasa Uranium Project
The Company remains actively engaged with a U.S. Development Bank to establish a debt facility from which the Company could draw funds to finance up to 60% of Dasa's development costs.
The U.S. Development Bank has confirmed that their internal process to present and finalize the review of the Dasa Project loan to its Credit Committee is nearing completion.
If approved by the Credit Committee, the Dasa Project loan will then move to the Investment Committee and then the Board of Directors for final approval. We understand the US Development Bank is working to a year-end approval timeline.
While working toward completion of the debt facility, the Company is also in active discussions regarding a minority project level investment, representing a potential alternative to finance the Dasa Project. Any such investment would be based on the intrinsic value of the Dasa Project as per the Company's 2024 Feasibility Study plus investments made by the Company to advance the Project since that Study, and not the current price of the Company's shares.
The Company is also pursuing other non-equity funding options.
The Company continues to manage its capital spending at the Dasa Project and subsequent to Q3 2025 completed a$37.1 million equity offering which will provide additional time to finalize project financing on terms best suited to the Company while continuing to advance the Dasa Project.
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