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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Global Atomic’s latest update sets construction completion at Dasa for the first half of 2028 and commissioning for the second half. Those are company targets, not a confirmed date for first uranium shipments. The U.S. International Development Finance Corporation’s board has approved a project facility, but the approval is not the same as cash drawn or proof that all remaining project costs are funded.
When is Dasa expected to produce uranium?
In its September 18, 2026 update, Global Atomic scheduled construction completion for the first half of 2028, followed by commissioning in the second half. Commissioning is the process of preparing and checking the plant before it operates; it is distinct from completing construction and from making the first commercial shipment.
The September update does not give a guaranteed first-production or shipment date. In its 2025 annual MD&A, Global Atomic had said it expected first yellowcake shipments within three months after construction completion, once project financing was available. That was an earlier company estimate, not a shipment commitment reaffirmed in the September 2026 schedule.
The schedule has moved materially from the 2024 feasibility study, which projected construction completion by the end of 2025 on the assumption that funding was available and construction began accordingly. Global Atomic attributed delays to changes in Niger’s government and associated project-funding delays.
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Has Global Atomic secured financing for Dasa?
Global Atomic reported that the DFC board approved a facility of up to US$414.2 million. The company describes it as a board-approved facility subject to terms and drawdown requirements—not as money already received.
| Facility component | Company-reported amount | What the update says |
|---|---|---|
| Term loan | Up to US$397.4 million | Expected to be available for drawdown only after Global Atomic spends the remaining US$152.7 million equity requirement. |
| Cost-overrun facility | US$16.8 million | Part of the approved DFC facility; the update does not say that this amount has been drawn. |
| Total DFC facility | Up to US$414.2 million | Board-approved, with availability governed by the facility’s terms and conditions. |
The company also said it was reviewing financing solutions for remaining capital expenditures. CEO Stephen G. Roman said the company had received inquiries from utilities seeking to buy Dasa uranium under commercial offtake agreements. Inquiries are not signed contracts or committed financing.
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Older funding figures should not be mistaken for the current estimate. 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 cost estimate. The September 2026 update uses a revised, higher cost basis.
How much is Dasa expected to cost?
Global Atomic’s September 2026 estimate covers costs through completion and commissioning, working capital through ramp-up, and debt service. It reports US$653.0 million in direct project costs and approximately US$777.6 million in total costs. The wider total should not be confused with the direct-cost figure.
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| Cost measure in the September 2026 company estimate | Amount | Scope |
|---|---|---|
| Direct project costs | US$653.0 million | Direct costs to complete the project. |
| Working capital and corporate costs | US$55.2 million | Includes working capital through ramp-up, as categorized in the company’s estimate. |
| Finance costs | US$69.4 million | Financing costs included in the total estimate. |
| Total estimated costs | Approximately US$777.6 million | Combined project, working-capital and corporate, and finance costs. |
| Invested as of June 30, 2026 | US$228.5 million | Company-reported amount invested by that date. |
| Estimated costs remaining as of June 30, 2026 | US$550.1 million | Remaining estimate across the wider cost categories, not just direct project costs. |
Compared with its 2024 feasibility study, the company’s revised direct-cost estimate rose from US$375.6 million to US$653.0 million—a reported increase of US$277.4 million, or 74%. Global Atomic attributed the increase and delay to funding delays, project deferrals, logistics, inflation, extended pre-production costs, and the passage of time.
| Direct-cost category in the September 2026 company estimate | Amount |
|---|---|
| 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 |
What construction progress has been reported?
The available milestones need to be read by reporting date. Global Atomic’s 2025 annual MD&A described underground development advancing toward the third level adjacent to the ore zone, with development material hauled to the surface. It also reported work to open access toward five mining levels and installation of ventilation, electrical services, and water-management infrastructure.
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- Equipment and engineering: The 2025 filing said selection of long-lead equipment was complete; manufacturing was finished for many components and most had been delivered to Dasa. Detailed engineering and ordering of remaining components were continuing.
- Surface works: Earthworks were being prepared for civil works and foundations.
- Accommodation: A facility for 260 employees and construction crew members was reported complete.
- Q1 2026 update: The company later reported access toward the fourth level, substantial procurement delivery, ongoing earthworks, and foundation preparation.
These are dated company-reported milestones, not a detailed account of what was physically complete on site in September or October 2026. The September update revised costs and timing but did not provide a new site-progress breakdown.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What could affect the schedule and funding?
Dasa operates through Niger-based SOMIDA. Global Atomic’s 2025 MD&A reported that the company owned 80% of SOMIDA and the Niger government owned 20%. The same filing described disruptions following Niger’s July 2023 coup, including supply-chain and logistics constraints. It cited the Niger-Benin border closure and the use of alternative shipping routes via Nigeria and Togo/Burkina Faso.
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The filing also reported government support for Global Atomic, SOMIDA, and Dasa, while noting legal proceedings and potential delay risks. Those statements are the company’s account; they do not remove political, legal, logistics, financing, or execution risks. The September 2026 cost, funding, and schedule figures are likewise company-reported estimates and forward-looking targets.
What sales commitments has the company reported?
Global Atomic’s 2025 annual MD&A reported three North American utility offtake agreements signed in 2023 for a combined 6.9–8.8 million pounds of U3O8 over six years; the higher total depends on buyer options. It also reported a 2024 agreement with a European utility for 260,000 pounds annually over three years. The company said all contract start dates could be deferred until first plant production. These reported sales arrangements do not, by themselves, provide construction funding.
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