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Global Atomic shares skyrocket on crucial permitting milestone in Niger

Vladimir Basov

Kitco News

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(Kitco News) - Global Atomic (TSX: GLO) announced yesterday that the Presidential Decree granting the mining permit has been approved by the Council of Ministers for the company’s Dasa uranium project in Niger.

The mining permit issued by the Niger Government provides approval for the company to mine the Dasa uranium deposit based on the Development Plan submitted to Government in September.

The company intends to initiate production based on the "Phase I" operations scenario outlined in the PEA released May 2020.   

The Dasa project is a large, high grade uranium deposit located 105km south of the established uranium mining town of Arlit, in the Republic of Niger.

The Dasa PEA envisions 12-year, Phase I operation, producing 44 million lbs of U3O8 at 0.54%; all-in sustaining cost (AISC) is $18.39 per pound.

After-tax NPV is $211 million and after-tax IRR is 26.6 per cent.

President and CEO Stephen G. Roman stated, "We are excited to report the receipt of a mining permit for the company's flagship discovery, Dasa, and acknowledge the tremendous achievements of our Niger and Toronto based teams and completion of this truly important milestone. With this permit and continuing positive results from our ongoing work programs, we are enthusiastically advancing the Dasa project, now completing the final design and engineering required to build the project."

Global Atomic shares went 32% up since the announcement.

By Vladimir Basov

For Kitco News

Contact vbasov@kitco.com
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