A world-class, ultra-high-grade uranium mine on the cusp of production—trading at a steep “Niger/financing” discount—backstopped by cash-flowing Turkish zinc recycling.
Overview
Global Atomic (TSX: GLO; OTCQX: GLATF) is a dual-business resource company combining (1) development of the Dasa Uranium Project in Niger and (2) a cash-flowing 49% interest in a Turkish electric-arc-furnace-dust (EAFD) zinc recycling joint venture operated with Befesa. The core value driver is Dasa: a fully permitted underground, sandstone-hosted uranium deposit ~105 km south of Arlit, held 80% by Global Atomic via SOMIDA (Niger government holds 20%: 10% free-carried, 10% funded). Dasa is characterized as Africa’s largest and highest-grade uranium discovery since the 1970s, with reserve grades (~4,113 ppm average; ~5,109 ppm for the first 12 years) that support low-cost positioning. The company has de-risked early sales through four binding offtake agreements covering up to ~9.5 Mlbs U3O8 (≈43% of first five years’ production), creating meaningful revenue visibility post-commissioning. The Turkish zinc JV uses a Waelz kiln to treat toxic EAFD from steel mills, recovering zinc into a 65–70% zinc oxide concentrate sold globally; this segment supplies current cash flow and, importantly, dividends that can partially offset the capital intensity and dilution risk of building Dasa—an uncommon stabilizer among junior uranium developers.