Global Atomic Provides Update ON the Dasa Project
NEWS RELEASE
GLOBAL ATOMIC PROVIDES UPDATE ON THE DASA PROJECT
Toronto, ON, October 3, 2024: Global Atomic Corporation (“Global Atomic” or the “Company”),
(TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) is pleased to provide an update on its Dasa
Project in the Republic of Niger . Dasa is the highest-grade uranium deposit in Africa currently
under development , only surpassed by grades found in Canada’s Athabasca Basin and is
scheduled to achieve commercial production in early 2026.
PROJECT FINANCING
Debt financing discussions with a U.S. development bank are progressing with confirmation of
the approval schedule expected in October 2024. The bank continues to voice support of the
project and its intention to approve a debt facility for US$295 million, which will cover 60% of the
planned project costs. Of the remaining 40% of the project funding, the Company has already
invested approximately US$120 million.
Global Atomic is also in discussions with parties regarding potential joint venture investment and
other financing solutions.
The extension of the expiry date of certain common share purchase warrants from September
17, 2024 to December 31, 2024, was announced on September 13, 2024. This extension is
expected subject to final TSX approval.
SITE UPDATE – PROCESSING PLANT
The camp at Dasa has been expanding in phases to support the approximately 450 employees
and contractors currently at the site, as well as the workforce expansion to 900 during the height
of construction next year. A 60-person housing facility is nearing completion. Earthworks for the
next camp phase to house 250 people are complete, and civils are now underway.
Earthworks for the A cid Plant is nearing completion. The local earthworks contractor will next
move to prepare the site for the crusher with the SAG mill location to follow.
Processing plant equipment is beginning to arrive at site, beginning with components of the acid
plant that were shipped through Nigeria. A video was recently posted on the Company’s website
(https://globalatomiccorp.com/Operations/Uranium/Photos-and-Videos/default.aspx) highlighting
the remaining major components of the acid plant that have been built in India and are now ready
for shipment.
SITE UPDATE – MINING
Mining activities at Dasa are advancing on several fronts. Having exceeded 1,200 meters of mine
development, our Niger team, which operates under the SOMIDA company banner, has already
brought 10,000 tonnes of development ore to surface and is segregating the mineralized material
into low, medium and high- grade stockpiles, which will be used for plant commissioning at the
end of 2025. The ramp to the ore body has been fully paved and the next phase of underground
development is now underway.
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To extend the mine development further the ventilation system is being expanded and the boring
of a Main Fresh Air Raise is underway and now over 90% complete.
The mining team has not had a lost time incident since mining began 779 days ago. The Dasa
workforce is approximately 98% Nigerien, including both experienced miners from a former
underground mining operation, as well as local unskilled labour who are going through the
Company training and mentorship program.
MINE PLAN UPDATE
The current Mine Plan announced on March 5, 2024, is projected to produce 68.1 million pounds
of Yellowcake over a 23-year period starting in 2026. The Mine Plan is based on throughput of
1,000 tonnes per day, however, the plant has been designed to handle up to 1,200 tonnes per
day. An updated Mine Plan with higher production rates is scheduled for completion in Q4 2024.
President and CEO of Global Atomic, Stephen Roman, stated, “ We continue to make excellent
progress at the Dasa Project site as we complete site preparation for civil works to begin and
installation of the Acid Plant as the first major component of the Dasa Processing Plant.”
“Recent high-level inter-government discussions about the re-opening of the Niger/Benin border
have been positive and we are hopeful for a near -term resolution. In addition, as the Niger
Government is keen on supporting new projects in the Country, a committee with representatives
from several key government ministries is being formed to expedite the resolution of any
outstanding issues that may arise relating to mining, finance, transportation and labour within
Niger.”
“Meanwhile the uranium market continues to heat up with higher spot prices this week. The long-
term outlook for uranium demand is accelerating as announcements to expand the number of
nuclear power reactors planned and approved proliferate. In September, we attended the World
Nuclear Association Symposium in London, which for the first time was sold out. While there, we
held successful update meetings with numerous utilities from across the globe which resulted in
the initiation of several active contract discussions for Yellowcake supply from the Dasa Project.”
“Two recent announcements illustrate the growth in uranium demand:
• Microsoft and U.S. utility giant Constellation Energy have agreed to a long- term deal
wherein Microsoft has agreed to purchase all the power from Constellation’s 880MW
Three Mile Island (TMI) reactor over a 20- year period at prices of US$100 per MWh to
power Microsoft’s data centers. This deal calls for a restart of TMI Unit 1 by 2028 and an
investment of US$1.6B by Constellation Energy.
• The COP28 goal of tripling nuclear energy capacity by 2050, has now garnered funding
support from some of the world’s largest financial institutions, which is expected to
accelerate the demand for uranium and the need for new greenfield projects such as our
advanced Dasa Project. This has significantly improved our options for the final funding
of our project.”
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Please visit our website www.globalatomiccorp.com for the latest site development photos and
videos.
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 is currently developing the fully permitted, large, high grade
Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field
exploration. The “First Blast Ceremony” occurred on November 5, 2022, and commissioning of
the processing plant is scheduled for Q1, 2026 . Global Atomic has also identified 3 additional
uranium deposits in Niger that will be advanced with further assessment work.
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 recycling 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 Atomics’ 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 estimat ion 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;
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 expect ed”, “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 docum ents filed on SEDAR from time to time.
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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 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 responsibility for the adequacy and accuracy of this news rel ease.