Global Atomic Provides Dasa Project Update
NEWS RELEASE
GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE
Toronto, ON, June 27, 2023: Global Atomic Corporation (“Global Atomic” or the “Company”; TSX: GLO; Frankfurt:
G12; OTCQX: GLATF) is pleased to report on the continuing development of its Dasa Uranium Project in the
Republic of Niger.
Stephen G. Roman, President & CEO, stated, “The primary question investors ask is regarding the timing of a term
sheet for our banking syndicate’s Dasa Project loan facility. While this has been a much longer process than
expected, the financing terms are in the final stage of completion, which, upon agreement, will then go to the
banks’ Boards for approval prior to announcement to our shareholders.”
“We continue to make significant progress at the Dasa Project, having now put in place a mining and support team
of over 200 people, the majority of which are local Nigeriens, comprised of both skilled workers , with extensive
uranium mining experience, and young workers who are being trained in apprenticeship roles. The ramp is nearing
the top of the ore body (see figure 1 below) and earthworks at the plant site are preparing the location for civil
works. We remain on schedule to produce Yellowcake for delivery to nuclear utilities in early 2025.”
Approximately 500 meters of ramp development have now been completed . Surface and Underground mine
infrastructure including mine dry, ventilation raises, electrical and pumping installations are underway. The
development of the decline relative to the current Phase 1 Mine Plan is shown in the longitudinal section and the
plan view below.
Figure 1:
Longitudinal Section of Dasa Ore Body
Plan view of Dasa Ore Body
Since the 2023 MRE (Mineral Resource Estimate) has been released, the updated Mine Plan, expected in Q4 this
year, will have a positive effect on the Phase 1 Mine Plan. A significant portion of t he Dasa orebody wireframe
shown in these images has been upgraded to the Indicated Resource Category, which will allow a new , larger
Mineable Reserve to be calculated, based on actual mining costs.
Detailed engineering for the processing plant is nearing completion . The Company’s internal project team and
contractor DCPL of India are now being supported by METC of South Africa, who are very familiar with the Dasa
Project having authored the 2021 Phase 1 Feasibility Study. As a priority item, the project team ha s defined
detailed specifications, completed the tendering process and placed orders for critical long -lead items including
the acid plant, crusher and SAG mill. Purchase orders for additional equipment are currently being finalized. The
cost of the equipment ordered to date is consistent with cost estimates in the Feasibility Study, due to revised
procurement strategies and cost deflation since the date of the Feasibility Study , which was c ompleted at the
peak of the covid pandemic, when freight rates and other costs were at their maximum.
In anticipation of equipment deliveries beginning in Q4, 20 23, the Dasa Site Team have begun earthworks in
preparation for civil engineering and pouring cement . Camp facilities for an additional 224 beds for the plant
construction crew has been ordered in addition to the integration and construction of locally designed and built
housing.
Annual General Meeting
The Annual General Meeting of shareholders of Global Atomic Corporation will be held by live audio webcast on
Wednesday, June 28, 2023, at 10:30 am EDT. For details on how to participate please refer to the Virtual AGM Guide
which can be found on the Company’s website at https://globalatomiccorp.com/investors/events/default.aspx or
please click on the link https://virtual-meetings.tsxtrust.com/1507.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com) is a publicly listed company that provides a unique
combination of high-grade uranium mine development and cash-flowing zinc concentrate production.
The Company’s Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa
Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of
the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger, the Dasa Project
is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021
and estimates yellowcake delivery to utilities to commence in 2025. Mine excavation began in Q1 2022.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture,
which operates a modern zinc production plant, located in Iskenderun, Türkiye. The plant recovers zinc from
Electric Arc Furnace Dust (EAFD) to produce 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) holds a 51% interest in and is
the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the
European EAFD market and facilities located throughout Europe, Asia and the United States of America.
Key contacts:
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: [email protected]
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
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 operations, development and exploration assets; Global Atomics’ ability to raise additional funds necessary; the future price of uranium; the estimation of mineral
reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital
and operating expenditures; success of exploration activities; mining or processing issues; curr ency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward -
looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“does not anticipate”, or “believes” or variations of such words and phrases or statements that certain actions, events or results “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. All information contained
in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information 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 at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause
actual results to be materially different from those 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 materially from those anticipated in such stateme nts. Accordingly, readers should not place undue reliance upon forward-looking statements. Global
Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics’ annual and interim
MD&As.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.