Global Atomic Announces Q1 2024 Results Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026

NEWS RELEASE

Global Atomic Announces Q1 2024 Results

Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026

Toronto, ON, May 13, 2024: Global Atomic Corporation (“Global Atomic” or the “Company”),

(TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) announced today its operating and financial

results for the quarter ended March 31, 2024. For more detail please refer to the Condensed

Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the

three months ended March 31, 2024 on the Company’s website at www.globalatomiccorp.com.

Q1 2024 HIGHLIGHTS

Dasa Uranium Project – 2024 Feasibility Study

 On March 5, 2024, the Company published its Dasa Project 2024 Feasibility Study (“FS”) as

an update to its 2021 Phase 1 Feasibility Study which confirmed an extension of the Mine

Plan from 12 years to 23.75 years (2026-2049), a 50% increase in Mineral Reserves to 73

million pounds U3O8 and an increase in total production by 55% to 68.1 million pounds U3O8.

 Using an average uranium price of US$75/lb U3O8, the FS shows an after-tax NPV8 of US$917

million, an after-tax IRR of 57% and a payback period of 2.2 years.

Dasa Uranium Project – Mine Development

 Ramp development has been underway since the beginning of 2023, with over 1,000 meters

completed as of the date hereof. Mine development is continuing down dip in the footwall of

the orebody.

 As of the date hereof, the Dasa Mine, operated by SOMIDA, and overseen by Global Atomic

Corporation, achieved 642 days without a Lost Time Injury (“LTI”), a testament to

management’s dedication to creat e a safe work environment and the team’s success in

implementing effective safety measures.

Dasa Uranium Project - Off-take Agreements

 Global Atomic formalized its third Definitive Agreement with North American customers for the

sale of uranium from the Company’s Dasa Project in the Republic of Niger , bringing the

Company’s contracted volume to approximately 1.5 million pounds U 3O8 per annum over

Dasa’s initial five years of operation. With this Agreement Global Atomic satisfied the “pre -

sales” requirement of its banking syndicate

 Global Atomic also finalized a Letter of Intent (“LOI”) for the supply of 260,000 pounds

U3O8 per annum for three years beginning in 2026 to a strategic Europe-based nuclear power

utility. This fourth agreement brings the Company’s total committed volume up to 9.5 million

pounds U3O8, representing revenue of approximately US$770 million at current market levels

of US$90/lb U3O8.

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Turkish Zinc Joint Venture

 In Q1 2024, the Turkish JV processed 19,990 tonnes EAFD.

 Zinc contained in concentrate shipments totalled 9.3 million pounds and the average monthly

LME zinc price was US$1.11/lb.

 The Company’s share of the Turkish JV EBITDA was a gain of $0.7 million in Q1 2024 (a loss

of $0.4 million in Q1 2023).

 The cash balance of the Turkish JV was US$2.3 million at the end of Q1 2024.

Corporate

 Global Atomic received $271,000 in quarterly management fees and monthly sales

commissions from the Turkish JV ($131,000 in Q1 2023), helping to offset corporate overhead

costs.

 Cash balance as of March 31, 2024, was $18.6 million.

Global Atomic President and CEO, Stephen G. Roman commented, “We continue to be very

active in advancing the Dasa Project, as supplies and equipment flow into the country through

our alternate supply routes.

The Government of Niger continues to provide strong support for Dasa, as evidenced by a site

visit from the Mines Minister of Niger in early May. Niger has endorsed the Dasa Project and is

pleased with our progress to date as they recognize the strategic value of the uranium projects in

the Agadez region and the near-term economic benefit that will be realized in the form of local

employment, taxes and royalties from Dasa.

“Underground development has reached over 1,000 meters, as we extend the ramp to open five

mining levels prior to production and develop drifts along the footwall of the deposit to access the

planned stopes. As we undertake the earthworks and civil engineering to prepare for the

construction of the processing plant, we currently employ over 300 people at the Dasa Project, a

number that is expected to grow to over 500 during full construction. We are on schedule to bring

the Dasa Project into production in Q1 2026.”

“Project Financing for the Dasa processing plant continues to move forward. The banking

syndicate has informed us that they anticipate credit committee and final Board approval this

quarter. It is expected that the debt financing facility will provide 60% of the project funding and

50% of cost overruns, if any . The Company is also in discussions with alternative financing

sources.”

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OUTLOOK

Dasa Uranium Project

 Continue development of the underground ramp and site infrastructure to remain on schedule

to supply uranium ore to the processing plant from the end of 2025.

 Addition of an in- country construction team, bringing the site complement from 275 to

approximately 500.

 In Q2 2024, our Bank Syndicate is expected to approve the Debt Financing facility for the

development of the Dasa Project.

 Complete final engineering, site development and civil works for the Dasa processing plant

and begin installation of equipment.

 Continue marketing efforts to secure additional uranium off-take agreements.

Turkish Zinc Joint Venture

 The Company anticipates operations at its Turkish JV will be profitable in 2024 due to a return

to usual local steel mill production levels, a recovery in zinc prices this past quarter and lower

input prices.

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COMPARATIVE RESULTS

The following table summarizes comparative results of operations of the Company:

Page 5 of 9

The condensed interim consolidated financial statements reflect the equity method of accounting

for Global Atomic’s interest in the Turkish JV . The Company’s share of net earnings and net

assets are disclosed in the notes to the financial statements.

Uranium Business

Niger Mining Company

On December 23, 2020, GAFC was granted a Mining Permit for the Dasa Project on behalf of a

Niger mining company to be incorporated. The Mining Permit is valid for an initial term of 10 years

and is renewable for successive five -year terms until the resourc e is depleted. The Company’s

Niger mining subsidiary, Société Minière de DASA S.A. (“SOMIDA”) was incorporated on August

11, 2022. In accordance with the mining agreement signed by GAFC and the Republic of Niger

on September 25, 2007, the latter received a 10% free carried interest in the mining subsidiary

and exercised its right to subscribe for an additional 10%, resulting in a total ownership of 20% of

the shares of Somida. Under the terms of the Company’s Mining Agreement, the Republic of

Niger commits to fund its proportionate share of capital costs and operating deficits for the

additional 10% interest. The Republic of Niger has no further option to increase its ownership.

2024 Feasibility Study

Based on the mining inventory defined in the 2023 Mineral Resource Estimate, t he economic

analysis in the 2024 Feasibility Study is for a 23.75-year mine plan using a discounted cash flow

(“DCF”) model at a price of US$75 per pound of U 3O8. The DCF includes an assessment of the

current tax regime and royalty requirements in Niger. Net present value (“NPV”) figures were

calculated using a discounted cash flow rate for the base -case analysis of 8% (“NPV 8”),

discounting net cash flows to the start of operations, January 1, 2026, and deducting

undiscounted remaining initial capital costs therefrom.

Economic sensitivity with varying uranium prices (USD)

Uranium price (per pound) $60/lb $75/lb $90/lb $105/lb

Before-tax NPV @ 8% $656 M $1,122 M $1,572 M $2,022 M

After-tax NPV @ 8% $551 M $917 M $1,269 M $1,621 M

After-tax IRR 38.2% 57.0% 74.8% 92.9%

The 2024 Feasibility Study is based on a plant throughput of 1,000 tonnes per day (t/d) or 365,000

tonnes per annum (t/a). The plant equipment has been designed for 1,200 t/d throughput but the

2024 Feasibility Study assumes plant availability of 86% (1,200 t/d x 86% = 1,032 t/d).

The Arlit processing plants achieve 92% availability , by comparison . If SOMIDA has a similar

experience, throughput would increase to about 1,104 t/d (1,200 t/d x 92% = 1,104 t/d). The plant

layout has been optimised to enable the addition of more processing lines in the future. Much of

the equipment has been over-sized by 20%, so minimal capital costs would be required to achieve

throughput of 1,325 t/d (1,200 t/d x 1.2 x .92 = 1,325 t/d). Fixed mining, processing and site costs

are significant, so increases in throughput would have a significant impact on reducing unit costs.

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Ore processed will vary in grade and impact cash cost in the various periods in the table below.

Further drilling to convert high grade Inferred Resources to the Indicated category is expected to

increase the grade profile and project economics in the later years of the Mine Plan.

2026-32 2033-40 2041-49 2026-49

Years 7 8 8.75 23.75

Ore processed (MT) 2.5 2.9 2.7 8.0

Grade (ppm) 5,538 4,274 2,668 4,113

U3O8 produced (Lbs M) 27.6 25.4 15.2 68.1

Average Annual (Lbs M) 3.9 3.2 1.7 2.9

Mining cost per pound $5.77 $8.84 $15.61 $9.10

Processing cost per pound $7.66 $9.35 $15.37 $10.00

G&A cost per pound $5.26 $6.08 $9.52 $6.51

Total cash cost per pound

before royalties $18.69 $24.28 $40.50 $25.62

Project Development Schedule

Mine development activities at the Dasa Project have been underway since November 2022. The

current mine plan has been developed to coincide with the start-up of the processing plant at the

beginning of 2026, with a target surface stockpile of 2 to 3 months production available for the

processing plant at any time. Long lead equipment purchases have been made and detailed

engineering is well advanced. Although some earthworks projects have been undertaken by

SOMIDA and its staff over the past year, full -scale earthworks have been contracted and

commenced in May. Civils works will follow and processing plant equipment will begin arriving at

site in Q4 2024. Erection of the processing plant and site infrastructure will take place from Q4

2024 through Q4 2025, with hot commissioning completed by January 2026. Processing of ore

through the plant is expected to begin in January 2026.

Turkish Zinc JV EAFD Operations

Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST” or the “Turkish JV”)

which owns and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes

EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills, and produces a

zinc concentrate grading 65% to 68% zinc that is then sold to zinc smelter s. The Company’s

investment is accounted for using the equity basis of accounting. Under this basis of accounting,

the Company’s share of the BST’s earnings is shown as a single line in its Consolidated

Statements of Income (Loss).

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The following table summarizes comparative results for Q1 2024 and 2023 of the Turkish Zinc

JV at 100%.

(1) EBITDA is a non-IFRS measure, does not have a standardized meaning prescribed by IFRS

and may not be comparable to similar terms and measures presented by other issuers.

EBITDA comprises earnings before income taxes, interest expense (income), foreign

exchange loss (gain) on debt and bank, depreciation, management fees, sales commissions,

losses (gains) on sale of property, plant, and equipment.

The Turkish JV realized significant growth in revenues during Q1 2024 compared to 2023.

Operations in Q1 2023 were adversely affected by significant earthquakes in Türkiye. In Q1 2024,

the Turkish JV sold 9.3 million pounds of zinc concentrate, increase fr om the 3.7 million pounds

sold in the corresponding period last year. Despite a decline in the average monthly LME zinc

price, which decreased to US$1.1 per pound in Q1 2024 from US$1.42 per pound in Q1 2023,

the profit margin experienced a positive impact primarily attributed to reduced unit costs in EAFD

and coking coal, resulting in a favorable EBITDA.

The cash balance of the Turkish Zinc JV was US$2.3 million at March 31, 2024.

2024 2023

100% 100%

Net sales revenues 9,508,298$ 5,836,394$

Cost of sales 8,415,706 6,671,321

Foreign exchange gain 240,854 76,065

EBITDA(1)

1,333,446$ (758,862)$

Management fees & sales commissions 767,865 384,014

Depreciation 552,362 968,502

Interest expense 564,683 550,124

Foreign exchange loss on debt and cash 1,143,712 322,358

Monetary gain (1,373,721) (1,095,707)

Tax (recovery) expense (1,002,446) 945,059

Net income (loss) 680,991$ (2,833,212)$

Global Atomic's equity share 333,686$ (1,388,274)$

Global Atomic's share of EBITDA 653,389$ (371,842)$

Three months ended March 31,

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The following table summarizes comparative operational metrics of the Iskenderun facility.

QP Statement

The scientific and technical disclosures in this Management’s Discussion and Analysis have been

extracted from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel,

M.Sc., MAIG, John Edwards, B.Sc. Hons., FSAIMM, Andrew Pooley, B. Eng (Hons)., FSAIMM

who are “qualified persons” under National Instrument 43- 101 – Standards of Disclosure for

Mineral Properties.

Advance Notice By-law

The Company has adopted By -law No. 4 of the Company (the “Advance Notice By -law”), a by-

law that requires advance notice be given to the Company when director nominations are made

by shareholders other than through a requisition for a meeting or through a shareholder proposal,

in each case in accordance with the Business Corporations Act (Ontario).

The Advance Notice By-law provides a clear and fair process enabling shareholders to nominate

directors for election to the Company’s Board of Directors within a reasonable timeframe while

ensuring that all shareholders receive such notice and information about director nominees

necessary to exercise their voting rights in an informed manner. The Advance Notice By -law is

similar to advance notice by-laws adopted by other Canadian public companies.

The Advance Notice By-law is effective immediately and will be presented to be approved, ratified

and confirmed by a majority of the votes cast by shareholders at the Company’s upcoming annual

and special meeting of shareholders to be held on June 26, 2024. The full text of the Company’s

Advance By-law will be included in the Company’s 2024 proxy circular and is currently available

on SEDAR+, which can be accessed at www.sedarplus.ca/landingpage/.

2024 2023

100% 100%

Exchange rate (C$/TL, average) 22.95 13.96

Exchange rate (US$/C$, average) 1.35 1.35

Exchange rate (C$/TL, period-end) 23.87 14.18

Exchange rate (US$/C$, period-end) 1.36 1.35

Average monthly LME zinc price (US$/lb) 1.11 1.42

EAFD processed (DMT) 19,990 6,125

Production (DMT) 6,251 1,812

Sales (DMT) 6,477 2,479

Sales (zinc content '000 lbs) 9,271 3,656

Three months ended March 31,