06:47 AM EDT, 10/04/2024 (MT Newswires) -- Global Atomic ( GLATF ) , which lost 3.6% yesterday, overnight Thursday provided an update on its Dasa Project in the Republic of Niger.

A statement noted Dasa is the highest-grade uranium deposit in Africa currently under development, only surpassed by grades found in Canada's Athabasca Basin and is scheduled to achieve commercial production in early 2026.

On project financing, the company said debt financing discussions with a U.S. development bank are "progressing" with confirmation of the approval schedule expected in October 2024. The bank continues to voice support of the project and its intention to approve a debt facility for US$295 million, which will cover 60% of the planned project costs. Of the remaining 40% of the project funding, the company has already invested approximately US$120 million.

Global Atomic ( GLATF ) added it is also in discussions with parties regarding potential joint venture investment and other financing solutions.

In a site update, it said the camp at Dasa has been expanding in phases to support the approximately 450 employees and contractors currently at the site, as well as the workforce expansion to 900 during the height of construction next year. A 60-person housing facility is nearing completion. Earthworks for the next camp phase to house 250 people are complete, and civils are now underway.

It added earthworks for the Acid Plant is nearing completion. The local earthworks contractor will next move to prepare the site for the crusher with the SAG mill location to follow. Processing plant equipment is beginning to arrive at site, beginning with components of the acid plant that were shipped through Nigeria.

On site mining, the company said activities at Dasa are "advancing on several fronts". Having exceeded 1,200 meters of mine development, its Niger team, which operates under the SOMIDA company banner, has already brought 10,000 tonnes of development ore to surface and is segregating the mineralized material into low, medium and high-grade stockpiles, which will be used for plant commissioning at the end of 2025. It also said the ramp to the ore body has been fully paved and the next phase of underground development is now underway.

To extend the mine development further the ventilation system is being expanded and the boring of a Main Fresh Air Raise is underway and now over 90% complete, it added.

In a mine plan update, it said the current plan announced on March 5, 202 , is projected to produce 68.1 million pounds of Yellowcake over a 23-year period starting in 2026. The Mine Plan is based on throughput of 1,000 tonnes per day, however, the plant has been designed to handle up to 1,200 tonnes per day. An updated Mine Plan with higher production rates is scheduled for completion in Q4 2024.

Of note, the company said two recent announcements illustrate the growth in uranium demand: Microsoft and U.S. utility giant Constellation Energy have agreed to a long-term deal wherein Microsoft has agreed to purchase all the power from Constellation's 880MW Three Mile Island (TMI) reactor over a 20-year period at prices of US$100 per MWh to power Microsoft's data centers. This deal calls for a restart of TMI Unit 1 by 2028 and an investment of US$1.6B by Constellation Energy.

Also, it noted the COP28 goal of tripling nuclear energy capacity by 2050 has now garnered funding support from some of the world's largest financial institutions, which is expected to accelerate the demand for uranium and the need for new greenfield projects such as our advanced Dasa Project. "This has significantly improved our options for the final funding of our project," it said.

GLO closed down $0.05 at $1.33 on the TSX yesterday.