Show Notes
Check out the Palisades Newsletter, here: https://palisades.ca/blog/the-hard-road-to-dasa-palisades-largest-uranium-position-secures-us414m-loan-from-u-s-government/
Stijn Schmitz welcomes Stephen G. Roman to the show. Stephen is the Chairman, President and CEO of Global Atomic. The discussion centers on Global Atomic’s DASA uranium project in Niger, which stands as the highest-grade uranium deposit in Africa. Stephen recounts his lifelong involvement in uranium, from his father’s discovery in Elliot Lake to incorporating Global Atomic in 2005 and securing permits in Niger’s Tim Mersoï Basin.
The DASA deposit was discovered in 2010, but development was delayed by the Fukushima disaster and a decade-long uranium downturn. Despite these challenges, the company advanced feasibility studies, obtained a mining permit in 2021, and began underground mining in 2022, leveraging the experienced workforce from the shuttered Cominak mine. A pivotal moment came with the July 2023 coup in Niger, which caused most international operators to lose their uranium assets. Global Atomic retained its permits because it had strictly followed Niger’s mining code, having commenced mine construction within the required timeframe, unlike other companies.
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The coup caused a two-year delay, but the company maintained its team and restarted development once borders reopened. Stephen details the recent approval of a $414 million loan facility from the U.S. Development Finance Corporation (DFC), which required re-educating new board members after the U.S. election. Remaining conditions include securing a shipping port and harmonizing the mining permit tenure with the loan. Options include ports in Algeria, Nigeria, or Benin, with logistics being actively negotiated.
Stephen emphasizes strong government relations, noting meetings with Niger’s president and ministers, who support the project for its employment and economic benefits. The government holds a 20% stake in the operating company, and Stephen expects this to remain steady under the existing mineral convention. DASA is projected to produce 4–5 million pounds of uranium annually, with potential to double output as market conditions allow. The company recently raised $57 million and is exploring additional bridge financing. Key upcoming catalysts include finalizing DFC conditions, first drawdown, and construction milestones like the process plant steel erection. The DFC backing is also attracting interest from U.S. utilities for off-take agreements, signaling growing confidence in the project.
Guest Links: Website: https://globalatomiccorp.com/
Stephen G. Roman is the founder, Chairman, President and CEO of Global Atomic Corporation, and was previously the President & CEO of TSX listed Harte Gold Corp. Mr. Roman has successfully identified, financed, developed, and brought into commercial production many mining and oil and gas projects in the past 40 years and notably he was the founder, Co-Chairman and Director of Gold Eagle Mines Ltd., that was acquired by Goldcorp Inc. for $1.5 Billion in 2008.
Previously he was a Policy Advisor to the Minister of National Defence, Canada, spearheaded the privatization of two major petrochemical companies in Central Europe, was Director and VP Exploration of Denison Mines Limited and was instrumental in the initial creation and leadership of Gabriel Resources, Belo Sun Mining, Exall Energy, Silvermet and Polar Star Mining among others. Mr. Roman received the “Bill Dennis Award” for Canadian Mineral Discovery from the Prospectors & Developers Association of Canada (PDAC) in March, 2016.
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