Energy Fuels - Production Timeline May Be Moving Up. Price Target Raised

Energy Fuels ships Uranium, Vanadium and Rare Earth Element (REE) Carbonate in the same week. The shipment of Vanadium is not unusual nor is the shipment of REE Concentrate although it is worth noting that shipments of both elements can be erratic. The shipment of Uranium to an enrichment center in Illinois does not represent sales, per se, but can be viewed as a sign that the company is getting closer to sales. While not significant by itself, the shipment all three elements in the same week represents a milestone for the company. Energy Fuels REE production is advancing. The company has begun producing a "more advanced" form of REE Carbonate. Importantly, it was achieved with existing operations and will set the stage for the company as it takes the next step of considering complete separation of Rare Earth Elements. Energy Fuels has already begun a pilot to evaluate the separation of heavy elements and has engaged a firm to explore the separation of light elements. At this point, we do not include the separation of elements in our models. However, we do assume a growing level of REE Carbonate production. Uranium prices are soaring. Spot uranium prices have risen to $63 per pound. When we began covering Energy Fuels and the uranium industry a few years ago, prices were near $30, a price too low to justify production. We believe Energy Fuels is able to produce Uranium at a cost near $40/lb. at its White Mesa plant. A key test for Energy Fuel and other uranium companies will be whether or not consumers (electric utilities) will begin to sign long-term contracts. Production is moving forward. We are raising our price target. Rising uranium prices lead to to believe that the company is close to signing a contract and restarting uranium sales. In addition to raising our uranium price forecast to $60/lb. in 2022 and rising $5/lb. annually until hitting $80/lb., we now expect the company to begin selling uranium in 2023 instead of 2024. We have also accelerated our expectations regarding REE Carbonate sales to levels in line with management projections given recent developments. The combined impact of the aforementioned adjustments increased our estimated fair value for the stock to $13 per share from $9 per share and our price target accordingly. Read More >>

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REE"), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with the Government of Madagascar (the "Government") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the "Toliara Project" or "Project"), located in southwestern Madagascar.

As previously announced, on November 28, 2024, the Madagascar Council of Ministers, as Chaired by the President of Madagascar, lifted the suspension on the Toliara Project, which was originally imposed in November 2019. The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision ("FID").

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Energy Fuels and Madagascar Government Execute Memorandum of Understanding to Further Advance Toliara Critical Mineral Project in Madagascar

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) (" Energy Fuels " or the " Company "), a leading U.S. producer of uranium, rare earth elements (" REE "), and critical minerals, is pleased to announce that it has entered into a Memorandum of Understanding (the " MOU ") with the Government of Madagascar (the " Government ") setting forth certain key terms applicable to the Company's Toliara titanium, zirconium, and REE project (the " Toliara Project " or " Project "), located in southwestern Madagascar .

As previously announced , on November 28, 2024 , the Madagascar Council of Ministers, as Chaired by the President of Madagascar , lifted the suspension on the Toliara Project, which was originally imposed in November 2019 . The lifting of the Suspension allows the Company to continue development of the Project, re-establish community programs, and advance activities necessary to achieve a positive final investment decision (" FID ").

The MOU announced today is the culmination of extensive negotiations over several years with the Malagasy Government on fiscal and other terms applicable to the Toliara Project and a major step forward in advancing the Project. While the Company is progressing towards an FID, which is expected to be made in approximately 14 months, the Company will continue working with the Government of Madagascar to formalize the terms and conditions set out in the MOU through the implementation of a " Stability Mechanism " consisting of one or a combination of the following: (a) submittal of an Investment Agreement to the Madagascar Parliament for approval as law and certification of the Toliara Project (" Project Certification ") under existing law establishing a special regime for large scale investments in the Malagasy mining sector (the " LGIM "); (b) promulgation of amendments and revisions to the existing LGIM (the " LGIM Amendment ") in a form that provides for the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, for large-scale projects and have Project Certification under the amended LGIM, together with an Investment Agreement (if reasonably required) submitted to Parliament for approval as law; and/or (c) another agreed upon mechanism that achieves the necessary certainty of financial and legal terms, and reasonable financial, operational and legal requirements, applying to large-scale mining projects.

Mark S. Chalmers , President and CEO of Energy Fuels commented: "As I've said before, I believe the Toliara Project is a 'generational' critical mineral project that has the strong potential to operate well beyond many of our lifetimes. Therefore, it is vital to Energy Fuels, and to our Base Resources subsidiaries, that the Republic of Madagascar and the communities in the vicinity of the Project enjoy significant benefits that go beyond jobs, economic development, and sustainable operations that respect human rights, local culture, and the environment. To achieve this vision, the MOU signed today creates the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar . We look forward to continuing to work with the Government of Madagascar to formalize the terms of the MOU and grow our relationship with what we believe will be the largest U.S. investment in the country's history."

Key Terms and Conditions of the MOU

Under the MOU, the Company has agreed to pay a five percent (5%) royalty (and no other) on mining products and deliver US$80 million after Project Certification in development, community, and social project funding, including a total of $30 million within 30 days after Project Certification, another $10 million within 30 days after achieving a positive FID and an additional $40 million by the fourth year of operations. In addition, the Company has agreed to spend at least $1 million prior to FID in the Atsimo Andrefana Region on community and social investments, and $4 million annually thereafter, indexed at 2% per annum, from commencement of construction after a positive FID. The Company has also committed to developing the Toliara Project in an environmentally, socially and fiscally responsible manner, and to observe the specific protections set out in the MOU.

The payments described above are not expected to have a material effect on the economics of this potentially multi-billion project, which (along with the appropriate disclaimers related to technical disclosure) are described in the Company's April 2024 press release . The Company is in the process of updating the September 2021 definitive feasibility study and December 2023 prefeasibility study on the Toliara Project, along with the White Mesa Mill's 2024 prefeasibility study on rare earth oxide production, to reflect current economics.

The Government has agreed in the MOU, among other things, to:

assist the Company with obtaining all necessary administrative authorizations for the purpose of adding REE-bearing monazite recovery to existing permits;
certify the Project as eligible under the LGIM (or amended LGIM, if applicable) as soon as the LGIM eligibility conditions are met; support the prompt development of the Toliara Project, including (without limitation) by causing all relevant State authorities to timely consider and grant all complete applications for permits, licenses or authorizations necessary or desirable for the development and operation of the Toliara Project in accordance with the laws of Madagascar ;
maintain the fiscal, legal and customs stability of the Toliara Project;
not, directly or indirectly, receive, take or have an interest (including an economic interest or form of production sharing arrangement, and whether carried or free-carried) in the Company or any of its assets, including the Toliara Project;
provide active and public support for the Toliara Project, including by publicly announcing the State's support for the Toliara Project and its development; and
undertake any LGIM amendments in consultation with relevant stakeholders, including the Company, to ensure that such amendments (or similar instruments with legislative force) provide the necessary certainty of financial and legal terms to address the reasonable financial, operational and legal requirements of large-scale mining projects, and otherwise supports the bankability of the Toliara Project and the ability of the Company to achieve a positive FID.

In addition, under the MOU, the Company's agreement to pay a 5% royalty on revenues and its commitments to pay the US$80 million in development, community and social funding are conditional on:

the terms of the Stability Mechanism being adopted in a form that is satisfactory to the Company;
Project Certification having been obtained; and
prior to Project Certification having been obtained, there being no change to the laws of Madagascar (as they apply to the Company and the Toliara Project as at the date of the MOU) that is adverse to the Company or the Toliara Project.

The MOU and its terms are expressly subject to the foregoing conditions set out in the MOU. It should be noted that there can be no assurance that the foregoing conditions will be satisfied or as to the timing of satisfaction of those conditions, or the timing for approval of the addition of monazite to the mining permit. If such conditions are not satisfied, this could delay any FID in relation to the Toliara Project or prevent or otherwise have a significant effect on the development of the Toliara Project or ability to recover Monazite from the Toliara Project.

ABOUT Energy Fuels

Energy Fuels is a leading US-based critical minerals company, focused on uranium, REEs, heavy mineral sands ("HMS"), vanadium and medical isotopes. The Company has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities that process it further for the production of carbon-free nuclear energy and owns and operates several conventional and in situ recovery uranium projects in the western United States. The Company also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, the Company also produces advanced REE products, vanadium oxide (when market conditions warrant), and is preparing to begin pilot-scale recovery of certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. The Company also owns the operating Kwale HMS project in Kenya which is nearing the end of its life and is developing three (3) additional HMS projects, including the Toliara Project in Madagascar, the Bahia Project in Brazil, and the Donald Project in Australia in which the Company has the right to earn up to a 49% interest in a joint venture with Astron Corporation Limited. The Company is based in Lakewood, Colorado, near Denver, with its HMS operations managed from Perth, Australia. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all we do, please visit http://www.energyfuels.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the Company will maintain its position as a leading U.S.-based uranium and critical minerals company or as the leading producer of uranium in the U.S.; any expectation that the Company will re-commence development activities on the ground, re-establish the Company's community programs or progress the other activities necessary to achieve a positive FID for the Toliara Project; any expectation that the Toliara Project is a 'generational' critical minerals project or that it has the strong potential to operate well beyond many of our lifetimes or at all; any expectation that the Company will continue working with the Government of Madagascar to formalize fiscal and other terms applicable to the Project through an investment agreement, amendments to existing laws or other mechanisms as appropriate; any expectation that rare-earth element production will be added to the existing mining permit; any expectation that the financial and legal stability of the Toliara Project will be maintained; any expectation that the Toliara Project will attain Project Certification or that the other conditions to the Company's funding obligations will be satisfied; any expectation that a positive FID will be made for the Toliara Project and the timing of any such positive FID; any expectation that the Toliara Project will be developed; any expectation that the MOU will create the framework for a long-term mutually beneficial partnership between a U.S. critical mineral company and the people of Madagascar ; and any expectation that the Company will be successful in recovering certain medical isotopes from existing uranium process streams needed for emerging cancer treatments. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; changes to regulatory requirements; legal challenges; competition from other producers; public opinion; government and political actions; the failure of the Company to provide or obtain the necessary financing required to develop the Project; market factors, including future demand for REEs; and the other factors described under the caption "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar.shtml , on SEDAR at www.sedar.com , and on the Company's website at www.energyfuels.com . Forward-looking statements contained herein are made as of the date of this news release, and the Company disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. The Company assumes no obligation to update the information in this communication, except as otherwise required by law.

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SOURCE Energy Fuels Inc.

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Madagascar Government Lifts Suspension on Energy Fuels' Toliara Critical Minerals Project

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), a leading U.S. producer of uranium, rare earth elements ("REEs"), and critical minerals, is pleased to announce that today the Madagascar Council of Ministers, as Chaired by the President of the Republic of Madagascar, has lifted the suspension (the "Suspension") of the Company's 100%-owned Toliara critical minerals project (the "Toliara Project"). The Suspension was imposed by the Government in November 2019. In October 2024, Energy Fuels acquired Base Resources and the Toliara Project.

Mark S. Chalmers, President and CEO of Energy Fuels stated:

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Energy Fuels Announces Q3-2024 Results, Including Active Uranium Mining and Processing, Successful Rare Earth Production, and Continuing to Build a World-Scale Rare Earth Supply Chain Centered in the U.S.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company"), an industry leader in uranium and rare earth elements ("REE") production, today reported its financial results for the quarter ended September 30, 2024. The Company previously announced details for its upcoming November 1, 2024, earnings call, which are also included in this news release.

"Uranium drives our current financial outlook, while rare earth elements and heavy mineral sand products are significantly adding to our long-term value and growth strategy," said Mark Chalmers, Energy Fuels' President and Chief Executive Officer. "This quarter, we maintained our clean balance sheet while adding a new long-term U.S. utility customer, completing another spot sale of U₃O₈, and commencing processing of the large inventory stockpile of uranium feedstock at the White Mesa Mill, which is expected to continue well into 2025 and beyond. Uranium production is, and will remain, the core of the Energy Fuels' business, as we leverage our unique permits, facilities and expertise to process uranium-bearing materials to produce a variety of critical materials that advance the global energy transition through an American-based supply chain. We have long been a leading U.S. uranium producer, and we have now proven our ability to produce important rare earth materials at commercial scale with the completion and successful commissioning of our REE separation circuit this quarter. We are also aggressively moving forward with our plans to secure rare earth feedstocks globally and expand our processing capacity domestically in order to capture market share and achieve profitability. Our acquisition of Base Resources Limited and its world-class Toliara heavy mineral sands/monazite project in Madagascar on October 2, 2024 is an exciting step in achieving these objectives.

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Laramide Releases Final Results from 2024 Drill Campaign at Westmoreland; Updated Resource Estimate on Track for Q1 Delivery

Highlights:

Laramide's largest program ever with 106 holes completed
Multiple targets tested including infill and extensional drilling of known zones and greenfield targets in both Queensland and the Northern Territory
Consistent observation from results demonstrates the potential and scope for broad mineralisation styles enveloping narrow high-grade intercepts
The consistency and scalability underscore economic viability and reinforce Westmoreland's position as a potentially important future source of global uranium supply
Resource expansion potential is largely wide open with many follow-up targets warranting large-scale future exploration campaigns

Laramide Resources Ltd. ( "Laramide" or the "Company" ) (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF), a uranium mine development and exploration company with globally significant projects in the United States Australia and Kazakhstan is pleased to report a summary of the 2024 drilling campaign completed at the Westmoreland Uranium Project in Queensland, Australia ( "Westmoreland" ). The 2024 drill program has concluded with successful results confirming the high-quality of the Westmoreland uranium deposit and supporting a Global Mineral Resource Estimate Update expected by the end of Q1 2025.

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Cameco Announces 2024 Results; Strong Performance Across All Segments; Westinghouse Distribution; Strategy Centered on Marketing, Production, Financial Discipline Expected to Generate Full-Cycle Value; Positive Outlook for Nuclear Energy

Cameco( TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2024, in accordance with International Financial Reporting Standards (IFRS).

�Our 2024 full-year financial performance benefitted from strong fourth quarter results delivered by our uranium and Westinghouse segments," said Tim Gitzel, Cameco's president and CEO. "Although both net earnings and adjusted net earnings in 2024 were lower than in 2023 primarily due to the impact of purchase accounting related to the Westinghouse acquisition, our other key financial metrics improved significantly. We expect our strong financial performance to continue in 2025, driven by the supportive market conditions we are seeing throughout the fuel cycle and across the nuclear sector, and through the continued benefits flowing from our investment in Westinghouse. Over the coming year, we expect to continue investing to help ensure reliability and sustainability of our existing operations, while positioning ourselves for future production flexibility and growth growth that will be strategic, deliberate, disciplined, and with a focus on generating full-cycle value.

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Global Atomic Provides Corporate Update

Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .

NIGER UPDATE

At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.

In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.

The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.

PROJECT DEVELOPMENT

The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.

Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.

FINANCING

Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U ₃ O ₈ over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.

Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."

A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .

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 can 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 .

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 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; 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 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 release.

SOURCE Global Atomic Corporation

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Global Atomic Provides Corporate Update

Global Atomic Corporation (" Global Atomic " or the " Company ") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger .

NIGER UPDATE

At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa , promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.

In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada , the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.

The Company held additional meetings in Cape Town , including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.

PROJECT DEVELOPMENT

The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.

Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.

FINANCING

Since the inauguration of President Trump in the United States of America , the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA . However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U ₃ O ₈ over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.

Stephen Roman , President & CEO of Global Atomic, stated, " By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."

A recent video of our progress in Niger is available at https://www.youtube.com/watch?v=ITl8r104-MA .

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 can 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 .

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 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; 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 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 release.

SOURCE Global Atomic Corporation

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Table 1: Drill Collar Details
Prospect	Hole ID	GDA_Easting	GDA_Northing	RL (m)	Depth (m)	Grid Azi	Dip	Hole type	Drilling started	Drilling completed
AMPHITHEATRE	AMD008	209879	8074908	93	241.6	90	-60	DD	01/07/2024	09/07/2024
AMPHITHEATRE	AMD009	209928	8074816	90	202.9	270	-80	DD	10/07/2024	15/07/2024
AMPHITHEATRE	AMD010	209954	8074725	90	203.4	90	-60	DD	15/07/2024	26/07/2024
AMPHITHEATRE	AMD011	209958	8074620	99	200.3	90	-60	DD	26/07/2024	02/08/2024
AMPHITHEATRE	AMD012	209928	8074820	90	84.5	90	-55	DD	03/08/2024	05/08/2024
AMPHITHEATRE	AMD013	209700	8074902	94	150.55	90	-50	DD	29/10/2024	31/10/2024
AMPHITHEATRE	AMD014	209906	8075341	68	125.65	80	-50	DD	01/11/2024	02/11/2024
AMPHITHEATRE	AMD015	209428	8075270	67	125.65	94	-50	DD	02/11/2024	04/11/2024
JUNNAGUNNA	JG24DD001	197607	8066711	78	158.05	135	-50	DD	02/10/2024	05/10/2024
JUNNAGUNNA	JG24DD002	197299	8066964	77	98.6	139	-50	DD	03/10/2024	05/10/2024
JUNNAGUNNA	JG24DD003	197120	8067186	77	104.6	135	-50	DD	06/10/2024	13/10/2024
JUNNAGUNNA	JG24DD004	196897	8066059	78	114.4	135	-55	DD	08/10/2024	11/10/2024
JUNNAGUNNA	JG24DD005	196932	8066142	78	117.5	135	-55	DD	12/10/2024	14/10/2024
JUNNAGUNNA	JG24DD006	196946	8066019	78	120.1	135	-55	DD	13/10/2024	16/10/2024
JUNNAGUNNA	JG24DD007	196977	8066091	80	114.3	131	-55	DD	15/10/2024	18/10/2024
JUNNAGUNNA	JG24DD008	197030	8066051	81	120.7	135	-55	DD	19/10/2024	21/10/2024
JUNNAGUNNA	JG24DD009	197127	8066101	78	131.7	135	-55	DD	18/10/2024	20/10/2024
JUNNAGUNNA	JG24DD010	197019	8066195	78	120.1	135	-55	DD	17/10/2024	18/10/2024
JUNNAGUNNA	JG24DD011	197089	8065993	79	126.4	135	-55	DD	22/10/2024	25/10/2024
JUNNAGUNNA	JG24RC001	196986	8065965	77	114	317	-75	RC	01/09/2024	01/10/2024
SOUTHERN COMFORT	SC24DD001*	817207	8058777	112	101.65	140	-60	DD	23/10/2024	24/10/2024
SOUTHERN COMFORT	SC24DD002*	816005	8058560	119	201.9	144	-55	DD	24/10/2024	27/10/2024
* drill collar co-ordinates are in GDA94 Zone 53

Table 2: Significant intercepts >100ppm U ₃ O ₈
Hole number	From	To	Length (m)	U ₃ 0 ₈ ppm	Au g/t
JG24DD001	38	39.3	1.3	303.05	0.01
JG24DD002	No Significant Intercepts
JG24DD003	16	17	1	137.97	0.03
JG24DD003	50	51	1	153.30	0.01
JG24DD004	26	34	8	325.61	0.01
including	28	29	1	1297.12	0.01
JG24DD005	24.25	28	3.75	491.22	0.01
JG24DD006	35	36	1	127.94	0.01
JG24DD006	41	44	3	1192.17	0.01
including	43	44	1	2606.03	0.01
JG24DD007	20	22	2	136.79	0.01
JG24DD007	25	28	3	1773.91	0.05
including	27	28	1	4610.67	0.12
JG24DD008	42	43	1	265.32	0.01
JG24DD008	65	66	1	707.52	0.01
JG24DD008	69	73	4	255.13	0.01
JG24DD008	77	78	1	449.81	0.01
JG24DD008	89	95	6	394.93	0.01
JG24DD009	30	32	2	392.67	0.03
JG24DD009	53	54	1	136.79	0.01
JG24DD010	32	42	10	693.90	0.01
including	33	35	2	2617.82	0.01
JG24DD010	45	46	1	103.42	0.01
JG24DD010	78	80	2	3177.94	0.01
JG24DD011	No Significant Intercepts
JG24RC001	No Significant Intercepts
AMD013	4	5	1	126.17	0.01
AMD013	47	52	5	152.31	0.01
AMD013	85	90	5	148.08	0.01
AMD013	103	104	1	159.19	0.01
AMD013	112	115	3	853.74	0.15
including	114	115	1	1450.42	0.38
AMD014	19	21	2	153.00	0.02
AMD014	37	38	1	101.76	0.005
AMD014	48	50	2	143.57	0.055
AMD014	66	68	2	209.90	0.005
AMD014	75	77	2	234.07	0.055
AMD014	80	82	2	267.68	0.02
AMD014	87	88	1	103.42	0.005
AMD014	93	94	1	110.49	0.005
AMD014	103	104	1	108.13	0
AMD014	118	119	1	114.85	0.005
AMD015	32	33	1	237.02	0.01
AMD015	71	72	1	172.16	0.01
AMD015	109	111	2	122.99	0.03
AMD015	118	119	1	212.85	0.02
SC24DD001	No Significant Intercepts
SC24DD002	20.4	23	2.6	280.76	0.11
* Included intercepts are above >1000 ppm U ₃ O ₈ ^# *intercept is above >1% U ₃ O ₈*

Table 3: Significant intercepts >0.1 g/t Au
Hole number	From	To	Length (m)	U ₃ 0 ₈ ppm	Au g/t
JG24DD005	57	60	3	14.66	0.13
JG24DD005	103	104.35	1.35	4.60	0.30
JG24DD007	27	28	1	4610.67	0.12
JG24DD007	85	88	3	1.38	0.37
including	86	87	1	1.42	0.73
JG24DD007	91	92	1	1.30	0.40
JG24DD008	117	118	1	13.56	0.20
JG24DD011	9	10	1	2.36	0.19
SC24DD002	22.1	23	0.9	217.56	0.19
AMD013	97	98	1	49.05	0.11
AMD013	114	115	1	1450.42	0.38
AMD015	85	86	1	8.73	0.27
* Included intercepts are above >0.5g/t Au; with intercepts above >1g/t Au

Table 4: Significant intercepts >200 ppm V
Hole number	From	To	Length (m)	U ₃ 0 ₈ ppm	V ₂ O ₅ ppm
SC24DD001	0	9	9	34.28	437.02
including	4	5	1	3.89	578.40
And	8	9	1	260.04	1082.19
SC24DD002	0	22.1	22.1	30.26	373.51
including	14	15	1	2.59	526.63
and	20.4	20.8	0.4	346.68	1238.93
* Included intercepts are above >500 ppm V ₂ O ₅

	THREE MONTHS ENDED		YEAR ENDED
CONSOLIDATED HIGHLIGHTS	DECEMBER 31		DECEMBER 31
($ MILLIONS EXCEPT WHERE INDICATED)	2024	2023	2024	2023
Revenue	1,183	844	3,136	2,588
Gross profit	250	133	783	562
Net earnings attributable to equity holders	135	80	172	361
$ per common share (basic)	0.31	0.18	0.40	0.83
$ per common share (diluted)	0.31	0.18	0.39	0.83
Adjusted net earnings (non-IFRS) ¹	157	108	292	383
$ per common share (adjusted and diluted)	0.36	0.25	0.67	0.88
Adjusted EBITDA (non-IFRS)	524	336	1,531	884
Cash provided by operations	530	201	905	688

CHANGES IN EARNINGS		THREE MONTHS ENDED				YEAR ENDED
($ MILLIONS)		DECEMBER 31				DECEMBER 31
		IFRS		ADJUSTED		IFRS		ADJUSTED
Net earnings - 2023		80		108		361		383
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium	Impact from sales volume changes	29		29		22		22
	Higher realized prices ($US)	107		107		390		390
	Foreign exchange impact on realized prices	11		11		26		26
	Higher costs	(30	)	(30	)	(203	)	(203	)
	change – uranium	117		117		235		235
Fuel services	Impact from sales volume changes	-		-		2		2
	Higher realized prices ($Cdn)	13		13		27		27
	Higher costs	(16	)	(16	)	(47	)	(47	)
	change – fuel services	(3	)	(3	)	(18	)	(18	)
Other changes
Higher administration expenditures		(18	)	(18	)	(7	)	(7	)
Higher exploration expenditures		(7	)	(7	)	(17	)	(17	)
Change in reclamation provisions		70		7		30		(3	)
Change in gains on derivatives		(198	)	(6	)	(221	)	(10	)
Change in unrealized foreign exchange gains or losses		50		(5	)	50		(6	)
Change in earnings from equity-accounted investees		10		(32	)	(165	)	(122	)
Change in share-based compensation		-		5		-		(19	)
Lower finance income		(16	)	(16	)	(91	)	(91	)
Higher finance costs		16		16		(31	)	(31	)
Change in income tax recovery or expense		29		(14	)	41		(7	)
Other		5		5		5		5
Net earnings - 2024		135		157		172		292

			FUEL
($ MILLIONS)	URANIUM ¹		SERVICES	WESTINGHOUSE		OTHER		TOTAL
Net earnings (loss) attributable to equity holders	904		108	(218	)	(622	)	172
Depreciation and amortization	239		37	-		5		281
Finance income	-		-	-		(21	)	(21	)
Finance costs	-		-	-		147		147
Income taxes	-		-	-		85		85
	1,143		145	(218	)	(406	)	664
Adjustments on equity investees
Depreciation and amortization	23		-	357		-		380
Finance income	(1	)	-	(4	)	-		(5	)
Finance expense	-		-	225		-		225
Income taxes	58		-	(61	)	-		(3	)
Net adjustments on equity investees	80		-	517		-		597

EBITDA	1,223		145	299		(406	)	1,261
Gain on derivatives	-		-	-		152		152
Other operating income	(35	)	-	-		-		(35	)
Share-based compensation	-		-	-		44		44
Unrealized foreign exchange gains	-		-	-		(66	)	(66	)
	(35	)	-	-		130		95
Adjustments on equity investees
Inventory purchase accounting	-		-	71		-		71
Acquisition-related transition costs	-		-	29		-		29
Other expenses	-		-	78		-		78
Foreign exchange gains	(9	)	-	2		-		(7	)
Net adjustments on equity investees	(9	)	-	184		-		175

Adjusted EBITDA	1,179		145	483		(276	)	1,531

		$USD
CAMECO SHARE (49%)		MILLIONS
Net loss		(20-70)
Depreciation and amortization		260-275
Finance income		(1-2)
Finance costs		120-135
Income tax expense (recovery)		5-(10)
EBITDA		320-370
Inventory purchase accounting		1-5
Restructuring costs		15-30
Other expenses		10-25
Adjusted EBITDA		355-405

MCARTHUR RIVER/KEY LAKE					CIGAR LAKE
Greg Murdock, general manager, McArthur River, Cameco					Kirk Lamont, general manager, Cigar Lake, Cameco
Daley McIntyre, general manager, Key Lake, Cameco
INKAI
Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP

		THREE MONTHS ENDED				YEAR ENDED
			DECEMBER 31			DECEMBER 31
HIGHLIGHTS			2024	2023	CHANGE	2024	2023	CHANGE
Uranium	Production volume (million lbs)		6.1	5.7	7%	23.4	17.6	33%
	Sales volume (million lbs)		12.8	9.8	30%	33.6	32.0	5%
	Average realized price ¹	($US/lb)	58.45	52.35	12%	58.34	49.76	17%
		($Cdn/lb)	80.90	71.65	13%	79.70	67.31	18%
	Revenue ($ millions)		1,035	700	48%	2,677	2,153	24%
	Gross profit ($ millions)		213	96	>100%	681	445	53%
	Earnings before income taxes		289	122	>100%	904	606	49%
	Adjusted EBITDA ²		391	231	70%	1,179	835	41%
Fuel services	Production volume (million kgU)		3.6	3.7	(3)%	13.5	13.3	2%
	Sales volume (million kgU)		4.2	4.2	-	12.1	12.0	1%
	Average realized price ³	($Cdn/kgU)	35.41	32.19	10%	37.87	35.61	6%
	Revenue ($ millions)		148	134	10%	459	426	8%
	Earnings before income taxes		37	40	(8)%	108	129	(16)%
	Adjusted EBITDA ²		49	51	(4)%	145	164	(12)%
	Adjusted EBITDA margin (%) ²		33	38	(13)%	32	38	(16)%
Westinghouse	Revenue		841	521	61%	2,892	521	>100%
(our share)	Net earnings (loss)		9	(24)	>(100%)	(218)	(24)	>100%
	Adjusted EBITDA ²		162	101	60%	483	101	>100%

Energy Fuels - Production Timeline May Be Moving Up. Price Target Raised

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