Interview with Stephen G. Roman, President & CEO of Global Atomic Corp.
Our previous interview: https://www.cruxinvestor.com/posts/global-atomic-tsxglo-africas-highest-grade-uranium-mine-could-match-all-us-production-7873
Recording date: 4th November 2026
Global Atomic is building the Dasa uranium mine in Niger, which is described as the highest-grade uranium mine in Africa. The company owns 80% through SOMIDA, and the Niger Government holds 20%. The largest change in the story is financing. On September 16, 2026, the DFC board approved a debt facility of up to US$414.2M, made up of a term loan of up to US$397.4M and a US$16.8M cost overrun facility. Roman said the process took 4 years. The approval does not close the loan, and drawdown remains subject to conditions.
Roman names 3 conditions. The first and probably most important is an export port, and he said US embassies in Benin, Nigeria and Algeria are working on a route. The second matches the mining permit term to the DFC loan, which was extended from 7 to 10 years, while Niger’s permits typically renew every 5 years. Roman said Niger has agreed to a 10-year rollover. The third is a government-to-government agreement between the US and Niger.
Costs have reset. Direct project costs are US$653.0M and total project costs are US$777.6M. Roman attributes the increase mainly to time, saying each year of border closures and logistics issues cost US$100M, or US$300M over 3 years, and puts the capital estimate about 70% above the original. The company is reviewing the numbers for its third-quarter report.
On site, about 830 people are working. Underground development is down 4 levels, with 1 more in the first phase, and water inflows and rock quality are better than planned. A pilot plant is being shipped to site for operator training. Roman is targeting plant completion by the end of 2027 and shipments in the second half of 2028. The presentation estimates about 20 months of plant construction once financing is available, and first drawdowns are targeted for the second quarter of 2027, so those dates need to be read together.
Dasa’s 2024 Feasibility Study shows 68.1 Mlb U3O8 over 23 years at 4,113 ppm, with a target of about 4 Mlb a year at 1,000 tpd. After-tax NPV8% is US$917M at US$75/lb and US$1,621M at US$105/lb, on a 100% basis and before the cost update. Contracts are now around US$100/lb, according to management. Market capitalization was C$199M at C$0.33 on October 31, 2026. Roman reports at least half a dozen utilities calling for supply since the DFC news.
View Global Atomic's company profile: https://www.cruxinvestor.com/companies/global-atomic-corp
Sign up for Crux Investor: https://cruxinvestor.com/subscribe
What is Company Interviews?
An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.