Global Atomic Provides Update on Operations and Public Offering
NEWS RELEASE
Global Atomic Provides Update on Operations and Public Offering
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Toronto, ON, February 24, 2023: Global Atomic Corporation (“Global Atomic” or the “Company”)
(TSX: GLO, FRANKFURT: G12) announced today that further to its news release dated February
14, 2023 an appeal of the orders granted last week against the Company’s Niger subsidiary,
SOMIDA S.A., was heard today in the Appeals Court in Tahoua, Niger. It is anticipated that the
court will issue its decision on the appeal shortly.
Global Atomic also announced that it has agreed to terminate the underwritten public offering
previously announced on January 25, 2023. The termination results from an assessment that
current market conditions resulting from the uncertainty surrounding the proceedings involving
SOMIDA in Niger are not conducive for completing an offering on terms that would be in the best
interests of the Company’s shareholders. Following the outcome of the appeal, the Company will
assess financing options. The debt component of the Dasa Project Financing continues to
progress with further news expected at the end of Q1, 2023.
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. Wit h 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 y ellowcake
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,
Turkey. 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]
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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 proposed
financings; Global Atomics’ development potential and timetable of its operations, development and exploration
assets; Global Atomics’ ability to raise additional funds on satisfactory terms to the Company; the future price of
uranium; the estimation of mineral reserves and resources; the completion and timing of the MRE; conclusions of
economic evaluation; the realization of mineral reserve estimates; the timing and amou nt of estimated future
production, development and exploration; impacts of third -parties and Government policies on the Company’s
operations; cost 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 identified by the use of forward-looking terminology
such as “plans”, “is expected”, “estimates”, variations of such words and phrases or statements that certain actions,
events or results “could”, “would”, “might”, “will be taken”, “will begin”, “will include”, “are expected”, “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 facto rs 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 t o be accurate, as actual results and future events could differ materially from those anticipated in such
statements. 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 re sponsibility for the adequacy and accuracy of
this news release.