Global Atomic Provides Outlook for 2023 and Updates The Phase 1 Feasibility Study for the Dasa Project

 Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to provide its outlook for 2023 as well as inform shareholders of an update to its 2021 Phase 1 Feasibility Study completed for the Dasa Project located in the Republic of Niger (the "FS").

Global Atomic Corporation logo (CNW Group/Global Atomic Corporation)

2023 will be a pivotal year for the Dasa Project as we continue to advance towards production with the following objectives:

  • Continue advancing underground development begun in November 2022
  • Update Mineral Resource Estimate ("MRE") to include 2022 16,000m drill program in Q1 2023
  • Receive Dasa Project Finance Term Sheet from Banking Syndicate end of Q1 2023
  • Complete Project Financing with Banking Syndicate end of Q2 2023
  • Complete updated capital costs and detailed engineering Q2 2023
  • Begin civil works and initiate plant construction in Q2 2023
  • Begin to extract uranium bearing ore in Q4 2023
  • Complete a DSO agreement with Orano Mining for ore shipments to the Somaïr Plant
  • Sign additional offtake agreements for Yellowcake deliveries
  • Continue with an aggressive Exploration Program at Dasa and Global Atomics' other properties in order to continue building the Company's uranium resource base

The banking syndicate for the project financing of the Dasa Project is advancing to completion of their due diligence. Terms for the project financing are now expected to be agreed upon by the end of Q1 2023. The final due diligence trip to site is scheduled for mid-January 2023 with senior level staff, which should constitute the final step in the due diligence process for the banking syndicate.

In January 2023 , the Company signed a definitive agreement with a major Western utility that replaces their Letter of Intent ("LOI") announced on October 5, 2022 .   As per the LOI, the agreement represents the supply of up to 2.4 million pounds U 3 O 8 within a multi-year delivery window beginning in 2025 valued at US$140 million .

Final drill core samples from the 2022 16,000-meter Dasa drill program are scheduled to be shipped to ALS Labs located in Vancouver, BC in January 2023 . As the drill program focused on Zones 1,2 and 3 of the FS Mine Plan (the "Mine Plan"), and areas proximal thereto. Probe and assay results received to date suggest a material increase in Mineral Resources due to the upgrade of a significant amount of Inferred Mineralization to the Measured and Indicated categories.  Assuming all assays in a timely manner, the Company expects to update the MRE by the end of Q1 2023.

The Company has refiled the FS at the request of staff of the Ontario Securities Commission ("OSC") to clarify disclosure relating to inferred resources (the "Inferred Resources") in the Mine Plan, amongst other minor amendments. OSC staff required the application of "zero grade" to Inferred Resources included in certain stopes of the Phase 1 Mine Plan. In the FS, Inferred Resources represent 4.4% of total mineral resources to be mined in Phase 1.  The impact of this grade change is summarized in the table below:


Original FS

Revised FS

Average mill feed grade (ppm)

5,184

5,267

Total production over 12-year Phase 1 mine plan (Mlb)

45.4

44.1

Average cash cost (US$/lb)

18.91

19.02

Average AISC 1 (US$/lb)

21.93

22.13

Internal After-tax Rate of Return ("IRR") @ $US35/lb

22.7 %

22.3 %

After-tax Net Present Value ("NPV 8 ") (US$ millions) @ $US35/lb

157

147

Internal Rate of Return ("IRR") @ $US50/lb

44.6 %

44.4 %

After-tax Net Present Value ("NPV 8 ") (US$ millions) @ $US50/lb

468

456

1.

All-in sustaining cost is a non-GAAP measure.  AISC per pound of uranium represents mining, processing, site and offsite general and administrative costs, royalties and sustaining capital expenditures divided by the volume of uranium recovered.

Global Atomic President and CEO, Stephen G. Roman stated, "The Phase 1 Mine Plan designed by the mining engineering team included a small quantity of Inferred Resources that contained a uranium grade of over 3,000ppm. This small amount of material was mined as part of the larger stope development and was not considered material. To satisfy comments received from OSC staff, Global Atomic has now given these resources a zero grade (0.0ppm) yet included all the mining and processing costs related to these Inferred Resources. This is a conservative approach and now satisfies the comments received from OSC staff.  Conversion of Inferred Resources to the Measured and Indicated categories in the planned 2023 MRE update, is expected to generate material increase in Reserves ."

"The Dasa Project is the highest-grade uranium deposit currently under development in Africa and is expected to be in the lowest cost quartile among global uranium mines. We remain on track for Yellowcake deliveries to begin in Q1 2025.  On December 15, 2022 , the U.S. Government announced a US$504 million grant to upgrade the surface transport infrastructure, including the port and road networks between the Port of Cotonou in Benin and Niamey , the capital of Niger . This is a significant positive development for the Benin - Niger supply route corridor as it demonstrates the U.S. Government's commitment to the region."

"While the economic returns defined in the Dasa Project's Phase 1 Feasibility Study are impressive, Phase 1 represents only 20% of the known resources in the Dasa deposit.  Further growth potential is expected at Dasa as the deposit remains open along strike and at depth. In addition, Dasa is one of four deposits Global Atomic has discovered in Niger . In 2023, the Company also expects confirmation of the Isakanan deposit's suitability for ISL extraction, where, if viable, pregnant leach solution could be transported to the Dasa Project plant for processing."

QP Statement

The scientific and technical disclosures in this news release have been reviewed and approved by Andrew Pooley and John Edwards , each a "Qualified Person" as defined in National Instrument 43-101. Andrew Pooley is the Chairman of Bara Consulting. He has obtained a B. Eng (Hons) in Mining Engineering from Nottingham University in the UK, he is a Fellow of the Southern African Institute of Mining and Metallurgy, and has over 25 years of experience in the mining industry. John Edwards is a Professional Metallurgist and is the Chief Metallurgist at METC Engineering Pty Ltd. having graduated with a BSc Hons in Mineral Processing Technology in 1985 from Camborne School of Mines, UK. He is a Fellow of the Southern African Institute of Mining and Metallurgy with over 35 years of experience as a metallurgist.

Disclosure in this news release pertaining to mineral resources has been reviewed and approved by Dmitry Pertel , M.Sc., MAIG, a "Qualified Person" as defined in in National Instrument 43-101.   Dmitry is Principal Geologist with AMC Consultants Pty Ltd. of Australia.  He is a registered Professional Geoscientist and a graduate of Saint Petersburg Mining University and a member of the Australian Institute of Geoscientists (AIG) with 34 years of work experience since graduation.

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, 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.

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 amount 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 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 DASA PROJECT UPDATE

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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."

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GLOBAL ATOMIC PROVIDES UPDATE ON THE DASA PROJECT

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.

Global Atomic Corporation Logo (CNW Group/Global Atomic Corporation)

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 Acid 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.

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."

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 .

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.

Global Atomic - TSX30 - OTC (CNW Group/Global Atomic Corporation)

SOURCE Global Atomic Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/03/c6498.html

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