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Highlights
- Global Atomic secures a 260,000-pound U3O8 supply deal with a European utility for three years
- New offtake agreement supports Dasa Mine’s profitability and strengthens future market position
- Company also submits RFP to American utility for 700,000 pounds U3O8, further expanding its portfolio
Global Atomic Corporation (TSX:GLO) is pleased to announce the signing of a significant offtake agreement with a strategic Europe-based nuclear power utility. The agreement stipulates the supply of 260,000 pounds of U3O8 per year for three years, beginning in 2026. This deal marks the fourth such agreement that Global Atomic has secured, reinforcing its strong position in the global uranium market.
The agreement is aligned with the company’s long-term marketing strategy, which is focused on securing profitability and ensuring access to bank finance, all while positioning Global Atomic to capitalize on strong future market fundamentals. The Dasa Mine, the company’s flagship project, is expected to produce 68.1 million pounds of U3O8 over the mine's current 23-year plan, as outlined in the 2024 Feasibility Study. This latest offtake agreement represents a significant step in securing a steady revenue stream, supporting both the construction and operational phases of the Dasa Mine.
In addition to this agreement, Global Atomic has also recently submitted a proposal for the supply of 700,000 pounds of U3O8 over a five-year period, starting in 2028, in response to a request for proposal (RFP) from a large American utility. This potential deal further strengthens the company’s portfolio of uranium supply contracts, highlighting the ongoing demand from utilities looking to secure long-term, reliable sources of uranium.
Currently, approximately 12.5% of Global Atomic's defined uranium production is contracted, covering the company’s project construction costs. This provides the company with substantial financial flexibility, allowing it to enter into additional offtake agreements as the global uranium supply dynamics continue to tighten.
Stephen G. Roman, President and CEO of Global Atomic, commented, “Utilities continue to be active in the uranium market, securing supply amid a dwindling uranium supply universe. The finalization of this European contract is a positive sign, especially in the context of the geopolitical challenges in Niger. It demonstrates the European utility’s confidence in our ability to finance and develop the Dasa project, ensuring yellowcake deliveries can begin in 2026.”
Global Atomic’s Dasa Mine is fully permitted, with the first blast ceremony held on November 5, 2022. The commissioning of the processing plant is scheduled for Q1 2026, positioning the company for growth as uranium demand continues to rise globally. Additionally, the company has identified three additional uranium deposits in Niger, which will be further evaluated and advanced as part of its strategy to expand its uranium resource base.
