Global Atomic updates Dasa uranium project cost estimates

Canada NewsWire

TORONTO , Sept. 18, 2026 /CNW/ -- Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide this update on funding and project costs. As disclosed on September 16, 2026, the Board of Directors of the U.S. International Development Finance Corporation (" DFC ") approved a project financing for the Dasa Project of up to US$414.2 million (the " DFC Facility "), comprising a Term Loan Facility of up to US$397.4 million and a Cost Overrun Facility of US$16.8 million.

Dasa Project Capital Costs of US $228.5 million invested by the Company to June 30, 2026

Total Dasa Project Capital Costs estimated to be US$777.2 million including financing costs and a contingency provision

The DFC Term Loan Facility of US$397.4 million is expected to be available for drawdown once the Company has spent the balance of equity requirements of US$152.7 million

Current uranium term price is US $97/lb U 3 O 8 , (per TradeTech) 29% higher than Technical Report assumption of US $75/lb U 3 O 8

Dasa Project Capital Costs

Mining project capital costs have experienced inflationary pressures in recent years and the Dasa Project is no exception. Recently, the Company updated its capital cost projections for the Dasa Project. The updated costs include capital costs through to completion and commissioning, which is currently scheduled for H2 2028, working capital through ramp up and debt service throughout the period. The following table compares the updated capital costs to the 2024 Feasibility Study.

The 2024 Feasibility Study projected completion of construction by the end of 2025 on the assumption that all required project funding was in place and construction began thereafter. The change in Niger's government resulted in delays in project funding. As a result, certain project purchases and construction were deferred. Construction is now scheduled to be completed in H1 2028 and commissioned in H2 2028. This increase in the project construction and commissioning timelines has increased the Company's exposure to inflation, extended pre-production indirect costs and resulted in a reclassification of certain costs from sustaining capital costs to up-front capital costs. Although capital costs have increased, the nuclear industry has changed. Nuclear power is now a cornerstone of the energy mix in many countries which delivers low carbon base load electrical power and supports energy sovereignty. Term prices (the price at which utilities enter uranium supply contracts) have risen from US $75/lb U 3 O 8 assumed in the 2024 Feasibility Study to the current price of US $97/lb U 3 O 8 (per TradeTech) reflecting demand from extensions of existing nuclear plants and unprecedented global build out of new nuclear plants and a structural supply deficit in the uranium market.

As shown above, remaining project costs as of June 30, 2026, are estimated to be US$550.1 million.

Stephen G. Roman, President and CEO of Global Atomic, commented, "Despite the increase in capital costs outlined above, the Dasa Project is financially robust, due to its high grade and excellent metallurgical characteristics. Global Atomic is strategically positioned to benefit from higher uranium prices associated with the structural deficit in the uranium market."