Dasa Uranium Project

80%-owned Dasa Uranium Project (20% Government of Niger) in the Agadez Region of Niger, operated by Niger subsidiary SOMIDA. Large, high-grade, fully permitted sandstone-hosted uranium deposit (Tim Mersoi Basin) developed as a mechanised transverse long-hole open-stoping underground mine with cemented hydraulic fill. The 2024 Feasibility Study (effective Feb 28, 2024; revised Jan 13, 2026) covers a 23-year LOM producing 68.1 Mlb payable U3O8 at process plant 1,200 tpd nameplate (1,000 tpd ROM, 94.15% recovery). Initial capex US$308M; sustaining US$339M (Total US$955M LOM). At US$75/lb U3O8: after-tax NPV8 US$917M, IRR 57.0%, payback 2.2 years, cash cost US$30.73/lb, AISC US$35.70/lb. High-grade Flank Zone within 300m of surface anchors initial Phase I mine plan. Underground development advanced; commissioning of plant targeted for 2026 subject to project finance closure (US Development Bank and lender syndicate). 2024 Mineral Resource update increased reserves 50% to 73 Mlb U3O8 and extended mine life from 12 to 23 years.