(Ecofin Agency) - The future looks brighter for uranium as interest in nuclear power grows. In Niger, the Canadian company Global Atomic aims to take advantage of this trend and speed up the Dasa project.

Global Atomic plans to raise C$36 million ($25 million) to support its Dasa uranium project in Niger. According to a note from January 23, the funds will come from a private placement selling up to 45 million units for 0.80 Canadian dollars.

$GLO announced a C$30M private placement for up to 37.5M units @ C$0.80/unit. Net proceeds are intended to advance the Dasa Project. The Company remains confident that it will have positive news in Q1’25 regarding either a bank financing or a JV agreement. https://t.co/0H8H0oBXCj

— Global Atomic Corporation (@AtomicCorp) January 23, 2025

Global Atomic has not detailed how it will use the funds. An October 2024 report mentioned ongoing work at the site, including progress in earthworks and civil engineering for plant equipment installation. A facility for 400 people is also being built, set to finish in early 2025.

This funding follows previous efforts by Global Atomic to secure financing for the Dasa mine. In October 2024, they raised C$40 million ($27.8 million) through a public offering. The company is also seeking a $295 million loan from a U.S. development bank, with a decision expected in early 2025 to cover 60% of project costs.

Global Atomic estimates that developing the mine will require an initial budget of $424.6 million and is open to joint venture partnerships for additional funding.

A feasibility study from 2024 predicts that Dasa will produce 68 million pounds of uranium over 23 years. The mine is expected to bring significant revenue to Niger through its 20% stake in the project, along with royalties and taxes from exports.

Aurel Sèdjro Houenou (intern)