Grounded Lithium Announces Robust $4.5 Million Budget Funded by Denison Mines for the Kindersley Lithium Project

 (TSXV: GRD) (OTCQB: GRDAF) Grounded Lithium Corp. (" GLC " or the " Company ") announces an approved budget (the " Budget ") for the Kindersley Lithium Project (" KLP ") developed in collaboration with Denison Mines Corp (TSX: DML) (NYSE American: DNN) (" Denison ") which advances various activities to June 2025 . The Budget reflects the estimated costs associated with the next stage of rigorous technical de-risking of the KLP expected to conclude with the completion and filing of a pre-feasibility study (" PFS ") for a commercial battery grade lithium operation.

Grounded Lithium Logo (CNW Group/Grounded Lithium Corp.)

The Budget totals CAD$4.5 million . Pursuant to the Earn-in Agreement dated January 15, 2024 (the " Agreement ") entered into with Denison earlier this year, the full cost of the Budget will be funded by Denison and is comprised of the following major components:

  • Development of NI-43-101 compliant PFS report;

  • Further delineation of the resource base through additional drilling and sampling of multiple reservoir layers within the Leduc /Duperow sequence;

  • Additional brine production for secure storage and extensive testing in various pre-filtering and extraction technologies to assess the optimal technology and metallurgical process for application at the KLP. Planned trade-off studies will determine the optimum integration of technologies for the production of battery grade lithium, and will include:

    • Analysis of direct lithium extraction either by adsorption or ion-exchange; and

    • Processes for concentrating the eluate to a final product

  • Creation of an extensive depletion and recovery model to support economic analysis and optimize reservoir development.

The majority of the Budget's cost supports the geological and engineering activities that advance the commercial potential of the KLP. Minor amounts are allocated to certain regulatory matters, internal administration and compliance costs.

Denison and the Company have commenced a request for proposal (" RFP ") process with leading engineering service firms to author an independent PFS in accordance with National Instrument 43-101. The PFS will further de-risk and analyze the technical and economic feasibility of the KLP and builds on the preliminary economic assessment (" PEA ") completed in 2023. As part of the RFP process, leading candidates recommended the completion of extensive metallurgical lab pilot test work to facilitate a comparison between several different extraction technologies as a necessary step to complete a PFS. Based on this process and the recommendations contained within the PFS, a future field pilot test may be designed, constructed, and operated for a sufficient period of time to support the further advancement of the KLP.

"These exciting next steps with our technical and financial partner, Denison, represent a significant step in the advancement of the KLP, focusing on developing a deeper understanding of the resource and its potential economics," commented Gregg Smith , President & CEO. "The KLP benefits from a comparatively shallow position to access such high-quality resource in a relatively clean brine with few hydrocarbons and other deleterious minerals which is expected to support cost savings due to our minimal prefiltering. Our collaborative stepwise budget developed over the last eight months creates value for both respective shareholder bases as we progress forward with our next field efforts and reservoir analysis initiatives towards a thoroughly considered and rigorous PFS."

Earn In Agreement Impact

Pursuant to the Agreement, Denison holds an option to earn a working interest (" WI ") in the KLP by sole funding project expenditures. Should Denison fund CAD$2.2 million of project expenditures, it will have fulfilled its Phase 1 conditions and earned a 30% in the KLP. Upon completion of this Budget, Denison will have incurred in excess of CAD$5.0 million , inclusive of pre-Budget expenditures to date, of the CAD$6.0 million cumulative project expenditures required to complete Phase 2 of the Agreement. Should additional expenditures follow post this Budget, subsequent phases may be 'earned' into by Denison. As disclosed in our press release dated January 16, 2024 , the Agreement is comprised of the following phases/stages:

(all amounts in CAD$000's except as stated)


Earn-in Option Phase















Phase 1


Phase 2


Phase 3




Investment

WI% at End
of Phase


Investment

WI% at End
of Phase


Investment

WI% at End
of Phase













Royalty Financing Payment


800









Cash Payments to GLC


-



850



1,500



Cumulative Cash Payments


800



1,650



3,150














Project Expenditures


2,200



3,800



6,000



Cumulative Project Expenditures


2,200



6,000



12,000














Total Contributions per Option Phase


3,000



4,650



7,500



Cumulative Total Contributions


3,000



7,650



15,150














Denison Working Interest in the KLP (%)



30 %



55 %



75 %













In order to complete Phase 2, Denison is required to remit a cash payment of CAD$850,000 to the Company, which would enhance our liquidity and financial flexibility through 2025.

About Grounded Lithium Corp.

GLC is a publicly traded lithium brine exploration and development company that controls approximately 1.0 million metric tonnes of Measured & Indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of Inferred lithium carbonate equivalent resource over our focused land holdings in Southwest Saskatchewan as per the Company's updated PEA. The updated PEA, titled " NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project – Phase 1 Update " dated November 7, 2023 and effective as of June 30, 2023 , reports a Phase 1 NPV 8 after-tax of US$1.0 billion with an after-tax IRR of 48.5%. GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/ .

Qualified Person

Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton , P.Eng., Alexey Romanov , P. Geo., Meghan Klein , P. Eng., Dean Quirk , P.Eng., Jeffrey Weiss , P.Eng., Chad Hitchings ., P.L. Eng., and Michael Munteanu , P.Eng., each of whom is a qualified person within the meaning of NI 43-101.

Forward-Looking Statements

This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, " forward-looking statements ") under the meaning of applicable Canadian securities laws. These statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements pertaining to the Budget and estimated costs of activities at the KLP; the completion and filing of a pre-feasibility study in respect of the KLP; the effects of the PFS; the scale of the KLP; delineation of the KLP resource base through additional drilling and sampling; additional brine production from the KLP; the testing of pre-filtering and extraction technologies; the technical committee's assessment of the process flow sheet; the assessment and selection of a lithium extraction technology for the KLP; the creation of a depletion and recovery model and its use in future economic analysis and reservoir production; the commercial potential of the KLP and GLC's understanding thereof; the selection and design of a field pilot; the funding of project expenditures by Denison and the quantum thereof; the fulfillment of Denison's Phase 1 conditions under the Agreement; Denison's election to enter into subsequent phases under the Agreement; additional expenditures arising in respect of the KLP; Denison earning into subsequent phases under the Agreement; Denison remitting cash payments to the Company and the effect thereof on GLC's working capital reserves; GLC's understanding of the KLP resource and the economics thereof; the quality and characteristics of the brine extracted at the KPL and associated cost savings; creating value for shareholders; trends in the lithium market and their affects on economic returns; and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition.

Among the important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC's expectation that our operations will be in Western Canada , unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; Denison electing to fund project expenditures and the other risk factors detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Grounded Lithium Corp.

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Denison Announces Completion of Conceptual Mining Study Evaluating ISR for Midwest and Plans to Advance Efforts in 2023

Denison Announces Completion of Conceptual Mining Study Evaluating ISR for Midwest and Plans to Advance Efforts in 2023

Denison Mines logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is pleased to announce the successful completion of an internal conceptual mining study (the "Concept Study") examining the potential application of the In-Situ Recovery ("ISR") mining method at the Company's 25.17% owned Midwest project ("Midwest"). The Concept Study was prepared by Denison during 2022 and was formally issued to the Midwest Joint Venture ("MWJV") in early 2023. Based on the positive results of the Concept Study, the MWJV has now provided Denison with approval to complete additional ISR-related evaluation work for Midwest in 2023. View PDF version .

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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:

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  • 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 .

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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 release.

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

SOURCE Global Atomic Corporation

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