05:25 PM EST, 12/19/2024 (MT Newswires) -- Global Atomic ( GLATF ) after close of trade Thursday said it signed an offtake agreement with an undiscosee Europe-based nuclear-power utility to supply 260,000 pounds of triuranium octoxide (U3O8), per year for three years beginning in 2026 , the fourth such agreement for Global Atomic ( GLATF ).

Based on the 2024 Feasibility Study, the company's Dasa Mine project in Niger is expected to produce 68.1-million pounds of U3O8 over the operation's current 23-year mine plan.

With approximately 12.5% of currently defined uranium production contracted, Global has covered its project construction costs and maintains flexibility to enter into further off-take agreements against a backdrop of tightening U3O8 supply dynamics.

"Utilities continue to be active in the uranium market and securing supply in a dwindling uranium supply universe," said chief executive Stephen Roman. "This finalization of the European contract is a positive sign amid the geopolitical challenges in Niger and demonstrates the European utility's confidence in our ability to finance and develop Dasa to begin yellowcake deliveries in 2026."

The company's shares closed up $0.01 to $0.77 on the Toronto Stock Exchange.