Global Atomic has announced its Q1 financial results and a project development update.
The Dasa Project is reported to be on schedule to produce yellowcake in Q1 of 2025.
The feasibility study for the project confirms a total of 47.2 Million pounds uranium, grading 5.3% U3O8. The Phase 1 of the mine is scheduled to produce 1,000 tonnes per day over 12 years for a total of 44.1 Million pounds. All-in sustaining costs are estimated to 22.13 US dollars per pound.
The company also announced that the access ramp to the underground Dasa deposit has progressed 325 meters at the end of April 2023, about 40% complete before reaching the ore level.
Global Atomic recently announced the signing of a definitive agreement with a second major North American utility for their procurement of up to 2.1 million pounds U3O8. The Company is also in the process of completing a revised Mineral Resource Estimate for the Dasa Project to include results from the 16,000-meter drill program initiated at the end of 2021.
The Company’s banking syndicate is now expected to finalize a term sheet by the end of Q2 2023 and to approve the debt facility of the Project Financing prior to the end of Q3 2023. Additional uranium sales contracts with international electric utilities are expected once Project Financing details are announced.
The Company plans to issue a newly updated Mineral Resource Estimate in Q2 2023, followed by a revised Feasibility Study in Q4 2023. Detailed engineering is in progress with earthworks underway and civil works expected to begin in Q4 2023.
Components for the Dasa Plant construction will begin to arrive on site by the end of Q4 2023. The Main Decline to the Dasa deposit is expected to reach the top of the Flank Zone ore in Q4 2023, when initial Development Ore will be brought to surface.