08:28 AM EST, 12/17/2024 (MT Newswires) -- Global Atomic ( GLATF ) said Tuesday that the geopolitical situation in Niger continues to improve and expects the Dasa uranium project to begin production in the first quarter of 2026.

Global Atomic ( GLATF ) said the government is providing full support for SOMIDA, the company's Niger operating subsidiary, and operations at Dasa.

The company said that during management's visit to Niger in November, three successful meetings were held with a government committee and progress was made on all fronts to facilitate ongoing operations at Dasa.

According to Global Atomic ( GLATF ), the government is moving forward with Algeria to reopen an important trade route to the Mediterranean through the Port of Algiers. This development can potentially accelerate movement of goods on highway infrastructure that reaches the Niger border close to Arlit, located 100 kilometers north of Dasa.

This would provide a third means of supplying the Dasa project's requirements until the Benin border reopens, the company said.

Global Atomic ( GLATF ) is also working towards the approval of a project finance debt facility with a U.S. development bank. Due to the recent U.S. Presidential election, timelines have moved to the first quarter of 2025.

Global Atomic ( GLATF ) said it has progressed negotiations on a potential joint venture, with definitive agreements expected in the first quarter of 2025.

"Dasa is the most advanced greenfield uranium project in the world and the most immediate option in Niger to provide new prosperity for the Agadez Region," President and CEO Stephen Roman said. "Dasa will also provide meaningful tax revenue and foreign exchange earnings as it is currently the largest new mining project in the country."

Global Atomic's ( GLATF ) share price fell 5.9% on Monday to a 52-week low of $0.80 on the TSX.