Global Atomic Provides Year-end Update
NEWS RELEASE
Global Atomic Provides Year-end Update
Toronto, ON, December 17, 2024: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX:
GLO, OTCQX: GLATF, FRANKFURT: G12) is pleased to provide a year-end update. 2024 has been a year of
significant progress in the face of significant challenges. Global Atomic has continued pre-production
development at the high-grade Dasa Uranium Mine in the Republic of Niger and is targeting Q1 2026 for
first production.
The geopolitical situation in Niger continues to improve as the Government moves forward with its reform
agenda and provides its full and proactive support for SOMIDA, the Company’s Niger operating subsidiary,
and its operations at the Dasa Mine. See highlights below:
Government of Niger Committee to facilitate the efficient launch of the Dasa Mine
Pursuant to the Letter of Support from the President of Niger received by SOMIDA in August (see News
Release dated August 19, 2024), a Government Committee was formed consisting of representatives from
all government Ministries that will interact with SOMIDA management on the development of the Dasa
Mine to facilitate efficient decisions relating to operations, logistics and tax matters. During Global
Atomic’s management visit to Niger in November, three successful meetings were held with the
Committee and progress was made on all fronts to facilitate ongoing operations at the Dasa Mine.
Items under discussion with the Committee included administrative issues and available logistic options
since the Benin border remains closed. The Government, through a recent initiative launched by Prime
Minister Zeine, is moving forward with Algeria to re-open that important trade route to the
Mediterranean through the Port of Algiers. This positive development has the potential to accelerate
movement of goods on the excellent highway infrastructure that reaches the Niger border close to Arlit
100 kms north of the Dasa Mine and provides a third means of supplying the Dasa Project’s requirements.
If successful, the Company will then have access to three viable shipping routes until the Benin border re-
opens: Togo and Burkina Faso; Nigeria; and Algeria. Although no official timelines have been announced
there are indications that Niger’s border with Benin could re-open as early as January 2025.
The executive team and the Company’s Managing Director for Niger, Moussa Souley, had additional key
meetings in Niamey with Prime Minister Zeine, Mines Minister Abarchi and the U.S. Ambassador to the
Republic of Niger, Kathleen FitzGibbon, all of whom provided positive support for Global Atomic and the
Dasa Project.
Project Financing
The U.S. development bank (the “Bank”) with whom Global Atomic has been working towards approval
of a project finance debt facility has confirmed it is moving forward with the approval process. Due to the
recent U.S. Presidential election, timelines have moved to Q1, 2025 as certain administrative changes will
take place post inauguration.
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Joint Venture
In parallel with the Bank discussions, Global Atomic has progressed negotiations on a potential joint
venture. Negotiations are well advanced, such that the Company anticipates receipt of a Definitive
Agreement in Q1 2025. The investment amount under discussion is sufficient to complete the Dasa Project
to production.
Financing
The Company anticipates the project finance scenarios will be finalized on the timelines indicated above
which will provide clarity to the Company and its shareholders as to the size, timing and type of any
incremental financing to fund operations for the period between signing an Agreement and drawdown of
capital. This funding has been discussed with the Company’s Investment Bankers and could take the form
of a short term “Bridge Facility”, a uranium “Pre-Payment” or a final equity placement.
Mine Development
The Company’s 2025 Mine Plan is to develop the initial 5 mining levels and begin stoping in Q4 2025.
50,000 tonnes of ore will be available by the end of 2025 for processing in the Dasa Plant once cold
commissioning is completed in Q1 2026. Development waste that includes low- and medium-grade ore is
currently being hauled to surface as the ramp progresses to the second mining level in the Flank Zone
area. In addition, the two main ventilation raises have been completed and fans installed to provide the
necessary ventilation as mining progresses.
Mill Development
The Acid Plant, constructed in India, is now arriving at the Dasa Project site, and will be the first significant
component of the Processing Plant to be erected once the civil works are completed. Site preparation is
well advanced utilizing local contractors who are engaged in earthworks, housing development and civil
works.
Camp Construction
The Company is currently completing housing and related infrastructure for 300 people to provide modern
accommodations for the expanded workforce on site during Mill construction and production. With over
500 employees and contractors currently working on rotation and much of the plant equipment either
completed or being fabricated, the Dasa Project is on track for commissioning in Q1 2026.
President’s Message
Global Atomic President and CEO, Stephen G. Roman stated, “The Company’s long-standing presence in
Niger and adherence to agreements signed with the Government have provided Global Atomic and
SOMIDA with a strong foundation on which to build important relationships since 2005. Dasa has complied
with the Niger M ining Code and the Government’s expectations for advancing the Project after the
granting of the Dasa Mining Permit. As a Company, we strive to utilize local talent, which in Niger, with
its long history of Uranium mining, there is an abundance. Currently, from top management to the mining
team and contractors, 98% of the team are local people. The fact that we are a fully staffed operation is
a key operational advantage for Global Atomic.”
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“Dasa is the most advanced greenfield uranium project in the world and the most immediate option in
Niger to provide new prosperity for the Agadez Region. Dasa will also provide meaningful tax revenue and
foreign exchange earnings as it is currently the largest new mining project in the Country.”
Zinc Operations – Türkiye
Operations at the zinc re-cycling plant in Türkiye continue to perform well as strong inventories of electric
arc furnace dust (“EAFD”), higher zinc prices and a return to steady steel plant operating volumes are
poised to deliver a profitable year for 2024 and strong operations through 2025.
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]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
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 pot ential and timetable of its operations, development and exploration assets; Global Atomics’ ability to
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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; 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 suc h 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 d iffer 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 applica ble 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.