The company intends to initiate production based on the “Phase I” operations scenario outlined in a PEA released in May 2020, producing 44 million lbs U3O8 at 5,396 parts per million (0.54%) in 12 years, with annual production of 4.4 million pounds U3O8 at a cash cost of $16.72 per pound and all-in sustaining cost (AISC) of $18.39 per pound.

“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 CEO Stephen G. Roman said in a media statement.

“Our Phase I mine plan targets high-grade mineralization starting 70 metres below surface and provides a low capex route to production using conventional underground mining and processing technology.”

“The phase I mine plan also provides ready access to the overall contained uranium inventory of over 200 million pounds in the mine’s deeper horizons,” Roman said.

Republic of Niger is the world’s 5th largest uranium producer.

Midday Thursday, Global Atomic’s stock was up 30% on the TSE. The company has a C$245 million market capitalization.