Global Atomic Provides Corporate Update

PRESS RELEASE

GLOBAL ATOMIC PROVIDES CORPORATE UPDATE

Toronto, ON, December 4, 2018: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V: GLO,

FRANKFURT: G12) is pleased to provide the following update regarding the filing of the Company’s Preliminary

Economic Assessment (“PEA”) on Sedar, interim unaudited Financial Statements and MD&A for the three and nine

month period ended September 30, 2018 and the closing of its non-brokered Private Placement.

Preliminary Economic Assessment

Further to the Company’s news release dated October 23, 2018 a summary of the PEA is provided below,

including opportunities being explored through an alternate mining strategy to accelerate development of the

Project for early mining. All figures are stated in U.S. dollars, unless otherwise stated.

Highlights

 The objective of the PEA was to study the DASA Project as an integrated underground mining operation,

processing mineralized material through an on -site mill (the “ DASA Standalone Scenario ”) initially

operating at 2,500 tpd and ramping up to 3,000 tpd. Highlights include:

o High grade resource: 69 million lbs U3O8 recovered at an average grade of 2,380 ppm U3O8 over

a 15 year mine life.

o Scalable production: Annual production sustained from 4 Mlb to 7 Mlb U3O8 over the mine life.

o Low cost operation: All-in sustaining cost (“AISC”) of US$28.51/lb U3O8.

o Initial CAPEX: US$320 million, including US$141 million for an on -site mill; US$467 million

including sustaining capital and reclamation.

o Significant NPV and project return at expected long-term uranium price:

NPV and IRR – DASA Standalone Scenario

Unit Uranium Price (US$/lb U3O8)

$45.00 $50.00 $55.00

Pre-Tax

NPV @ 8% US$ M $342 $539 $735

IRR (100% Equity) 27% 37% 46%

Post-Tax

NPV @ 8% US$ M $172 $299 $437

IRR (100% Equity) 18% 25% 32%

The PEA was completed in accordance with NI 43-101, Canadian Institute of Mining, Milling and Petroleum (“CIM”)

standards. The PEA is preliminary in nature and includes Inferred Mineral Resources that are too speculative

geologically to have economic considerations applied to them that woul d enable them to be categorized as

Mineral Reserves. There is no certainty that PEA results will be realized. Mineral Resources are not Mineral

Reserves and do not have demonstrated economic viability.

 An alternate mine plan scenario, the “ Alternate Mining Strategy”, based on the July 2017 MOU signed

with Orano Mining (“Orano”), in which high grade mineralized material is sold to Orano targeting early

cash flow, identified a significant value opportunity. Highlights include:

o Fast track to cash flow: Accelerated underground development with minimal infrastructure.

o Reduced initial capital: US$35 million to start mining, no mill required.

o High grade material: Potential to ship 360,000 tonnes annually for the 5 year contract containing

on average 2.8 million lbs U3O8 grading 3,698 ppm

o Low cost mining: Minimizing operating costs, US$10.94 per lb U 3O8 before transport and

processing, indicates this scenario is potentially profitable at low uranium prices.

 The Company expects to permit the Alternate Mining Strategy Q4 2019, with ramp development

beginning as early as 2020.

 Management also identified the following additional value opportunities which are currently being

explored to improve overall project economics:

o Improve modelled uranium recovery with further metallurgical test work.

o Mine plan optimizations to reduce dilution and minimize underground development.

o Improve grade and increase Mineral Resources with further infill drilling.

o Value opportunities currently being explored are expected to be reflected in an updated

Feasibility Study targeted for 2019.

Financial Statements and MD&A For Periods Ended September 30, 2018

On November 28, 2018, the Company filed its financial statements and MD&A for the three and nine mon ths

ended September 30, 2018. The following summary was provided. All figures are in Canadian dollars, unless

otherwise noted.

Highlights

 Consolidated net income for the Company was $5.6 million for the 9 months ended September 30, 2018

compared to $5.8 million for the same period in 2017.

 Net income for Q3 2018 was $0.8 million compared to $3.0 million in 2017, which results were impacted

by a maintenance shutdown and the decline in zinc prices during Q3 2018.

 The Befesa Silvermet Turkey, S.L. (“BST”) jo int venture shipped 24.6 million pounds of zinc contained in

concentrate during the 9 months ended September 30, 2018 compared with 26.2 million pounds in 2017.

Global Atomic holds a 49% interest in the BST joint venture.

 Global Atomics’ 49% share of EBITDA in the BST joint venture for the 9 months ended September 30, 2018

was $10.7 million compared to $9.6 million in the same period in 2017. Q3 2018 EBITDA was $1.6 million

compared to $4.4 million in the same period in 2017.

 The expansion and modernization of the Turkish processing plant began in Q2 2018. US$4.4 million of the

estimated US$26 million cost has been incurred. On completion, annual production capacity will double

to 66 million pounds zinc (100%) and reduce operating costs. Start-up of the new facility is scheduled for

September 2019.

 Additional drilling and technical studies at the Company’s DASA uranium deposit were initiated in early

2018.

 Near surface drilling confirmed the Company’s understanding of structure and high grade continuity at

the Flank Zone at DASA.

 An updated Mineral Resource Estimate was completed on the Niger DASA uranium project in Q2, which:

o Tripled Indicated Resources to 64.8 million pounds and improved grade 18% to 3,068 ppm eU3O8.

o Inferred Resources were increased to 48.4 million pounds grading 2,600 ppm eU3O8.

 The Company raised $8.6 million in an equity financing in November 2018.

 Application has been made and the Ministry of Mines of the Republic of Niger has accepted the related

payments for the extension of the Adra r Emoles 3 and 4 Exploration Permits for a period of 18 months

during which time G lobal Atomic will complete its Feasibility Study. This application is expected to be

finalized shortly. In addition, the Company will file applications for the extension of its other 4 Exploration

Permits.

Outlook

 A Feasibility study is underway and a final technical report for DASA is expected in H1 2019.

 Permitting will commence on completion of the final technical report.

 Site preparations for mining activities are scheduled to begin in early 2020.

 Expansion and modernization of the Turkish process plant is scheduled for completion in September 2019.

Existing cash flow and available funding is expected to be sufficient to complete this work.

Base Metals Division Results

The BST joint venture owns and operates an Electric Arc Furnace Dust (“ EAFD”) processing plant in Iskenderun,

Turkey, which processes EAFD obtained from electric arc steel producers. The EAFD, containing 25% to 30% zinc,

is processed through a kiln to produce a zinc concentrate, grading 68% to 70% zinc for sale to zinc smelters.

The following table summarizes comparative operational metrics of the processing plant in Iskenderun.

Global Atomic holds a 49% interest in the BST joint venture and as such, the investment is accounted for using the

equity basis of accounting and the Company’s share of BST’s earnings is shown as a single line in its income

statement. The following table summarizes comparative results for the three and nine months ended September

30, 2018 and 2017 of the BST joint venture at 100%.

Three months ended September 30, Nine months ended September 30,

2018 2017 2018 2017

100% 100% 100% 100%

Exchange rate (TL/C$, average) 4.34 2.81 3.58 2.75

Exchange rate (C$/US$, average) 1.31 1.25 1.29 1.31

Exchange rate (TL/C$, period-end) 4.66 2.85 4.66 2.85

Exchange rate (C$/US$, period-end) 1.29 1.25 1.29 1.25

EAFD processed (DMT) 12,465 18,504 44,848 46,858

Average zinc price (US$/LB.) 1.15 1.34 1.37 1.26

Production (DMT) 3,768 6,700 13,804 16,716

Shipments (DMT) 3,625 6,852 16,148 16,746

Shipments (zinc content, 000 lb.) 5,395 10,599 24,658 26,168

(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) and financing expense (income), amortization expense, and other

expenses including management fees, sales commissions; gain on sale of property, plant and equipment

and impairment charges.

Private Placement

The Company is also pleased to announce that it has completed its previously disclosed (November 16, 1018) non-

brokered private placement (the “offering”) raising aggregate gross proceeds of $8,591,000. Securities issu ed

pursuant to the offering are subject to statutory hold period ending March 17, 2019.

The Company paid finder’s fees on certain subscriptions comprised of 6% cash and 6% common share purchase

warrants with the aggregate finder’s fees paid totaling $467,414 and 1,491,380 warrants. Of the total cash finder’s

fee payable, $351,600 was settled through the issuance of 1,172,000 of common shares of the Company at a price

of $0.30 per share. The f inder’s warrants are exercisable at $0.30 for a period of eighteen (18) months from

closing.

Proceeds from the financing will be used to fund technical studies and permitting related to commercial

production, exploration at DASA and for general corporate purposes.

About Global Atomic

Global Atomic Corporation is a TSX Venture listed company providing a unique combination of high grade uranium

development and cash flowing zinc concentrate production.

The Company’s Uranium Division includes six exploration permits in the Republic of Niger covering an area of

approximately 750 km 2. Uranium minera lization has been identified on each of the permits, with the most

significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by

Global Atomic geologists through grassroots field exploration.

Three months ended September 30, Nine months ended September 30,

2018 2017 2018 2017

100% 100% 100% 100%

Net sales revenues 4,711,348$ 15,201,707$ 32,697,283$ 32,887,118$

Cost of sales 3,642,417 6,491,911 16,293,483 13,597,799

Foreign exchange loss (gain) (2,195,446) (221,742) (5,479,654) (212,103)

EBITDA(1)

3,264,377$ 8,931,538$ 21,883,454$ 19,501,422$

Management fees & sales commissions 274,125 630,384 1,280,582 1,401,067

Depreciation 84,929 145,058 317,113 430,362

Interest expense (income) 19,812 (6,333) 74,401 (41,455)

Tax expense 653,250 1,767,137 4,442,887 4,130,422

Net income 2,232,261$ 6,395,292$ 15,768,471$ 13,581,026$

Global Atomic's equity share 1,093,809$ 3,133,693$ 7,726,551$ 6,654,703$

Global Atomics’ Base Metals Division holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST”) joint venture,

which operates a processing facility , located in Iskenderun, Turkey, that converts Electric Arc Furnace Dust

(“EAFD”) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s

joint venture partner, Befesa Zinc S.A.U. (“Befesa”, listed on the Frankfurt exchange under ‘BFSA’), holds a 51%

interest in and is the operator of the BST joint venture. Befesa is a market leader in EAFD recycling, capturing

approximately 50% of the European EAFD market with facilities located throughout Europe and Korea.

BST is well underway with an expansion project to significantly modernize and expand its processing plant in

Turkey. The expansion is targeted to double annual production of zinc from 30 million lbs to 60 million lbs and is

supported by EAFD supply currently available for processing in Turkey. The new plant is scheduled for completion

by September 2019.

Key contacts:

Stephen G. Roman George A. Flach, P.Geo.

Chairman, President & CEO Vice President, Exploration

Tel: (416) 368-3949 Tel: (416) 368-3949

Email: [email protected] Email: [email protected]

The information in this release may contain forward -looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of

any financings; Global Atomic’s development potential and timetable of its operating, development and exploration assets; Global Atomic’s ability to raise additional funds necessary; the future price of uranium;

the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development

and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations;

and environmental and permitting risks. Generally, forward -looking statements can be ident ified by the use of forward -looking terminology such as "plans", “targets”, "expects" or "does not expect", "is

expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or

results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking

information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global

Atomic to be materially different from those expressed or implied by such forward -looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in

its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Glo bal Atomic has attempted to identify important

factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ ma terially from those anticipated in such statements. Accordingly, readers should not

place undue reliance on forward -looking statements. Global Atomic does not undertake to update any forward -looking statements, except in accordance with applicable securities laws . Readers should also

review the risks and uncertainties sections of Global Atomic’s annual and interim MD&As.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.