Impact: Slightly Positive
Global Atomic (GLO) announced FY/21 results and provided an update on its flagship Dasa uranium project in the Republic of Niger, and its zinc business in Turkey. While the zinc prices are rising and that asset is making money, even at 70% capacity, we believe all eyes are on the Dasa uranium project where construction began earlier this year. Mine portal construction is due by April, with mine and plant slated for Q4/24 commissioning. Dasa is Africa’s largest uranium development project, and it is high grade at ~0.7% U3O8. Furthermore, rising prices may prove incredibly fruitful. Phase 1 FS contemplated an after-tax NPV8% of US$157M with 12-year mine life and IRR of 22.7% at US$35/lb U308 (read more). At near current uranium prices of ~US$60/lb, NPV increases to US$676M with an IRR of 57.2%.
