Energy

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Cameco (TSX: CCO; NYSE: CCJ), GE Hitachi Nuclear Energy (GEH) and Global Nuclear Fuel-Americas (GNF-A) have entered into a Memorandum of Understanding to explore several areas of cooperation to advance the commercialization and deployment of BWRX-300 small modular reactors (SMRs) in Canada and around the world.

"Nuclear power will play a massive role in the global shift to zero-carbon energy, generating a lot of momentum for emerging SMR and advanced reactor technologies," said Cameco president and CEO Tim Gitzel. "Cameco intends to be a go-to fuel supplier for these innovative reactors. We're looking forward to working with GEH and GNF to see what opportunities might exist around their novel SMR design."

Cameco supplies uranium, uranium refining and conversion services to the nuclear industry worldwide and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors.

"We are excited to explore opportunities with Cameco to advance the commercialization of the BWRX-300," said Jay Wileman, President & CEO, GEH. "As we work to bring the world's first grid-scale SMR to Canada we will continue to identify strategic partners whose capabilities will support the deployment of this game-changing technology in Canada and worldwide."

"BWR and CANDU fuel types are closely related as both use similar cladding materials as well as ceramic, uranium dioxide fuel pellets so this type of collaboration offers the potential to extract significant synergies between the two fuel designs and manufacturing processes, enabling the expansion of Canada's local fuel supply chain capabilities," said Lisa McBride, Canada SMR Country Leader for GEH.

The BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GEH's U.S. NRC-certified ESBWR. Through dramatic and innovative design simplification, GEH projects the BWRX-300 will require significantly less capital cost per MW when compared to other SMR designs.

By leveraging the existing ESBWR design certification, utilizing the licensed and proven GNF2 fuel design, and incorporating proven components and supply chain expertise, GEH believes the BWRX-300 can become the lowest-risk, most cost-competitive and quickest to market SMR.

An independent report by PwC Canada, commissioned by GEH, estimates that the construction and operation of the first BWRX-300 in Ontario is expected to generate approximately $2.3 billion in Gross Domestic Product (GDP), $1.9 billion in labour income and more than $750 million in federal, provincial and municipal tax revenue over its lifespan. The report estimates that each subsequent BWRX-300 deployed in Ontario and other provinces is expected to further generate more than $1.1 billion in GDP and more than $300 million in tax revenue.

This MOU is not exclusive and does not preclude GEH or Cameco from pursuing similar arrangements with other companies in the nuclear energy sector.

About Cameco

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

About GE Hitachi Nuclear Energy

GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety. Follow GEH on LinkedIn and Twitter.

About GNF

Global Nuclear Fuel (GNF) is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan.

Caution Regarding Forward-Looking Information and Statements

This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: the intention of GEH, GNF-A and Cameco to explore areas of cooperation to advance the commercialization and deployment of SMRs in Canada and around the world; the intention of GEH to continue to identify strategic partners to support the deployment of this technology; the expectation of a global shift to zero-carbon energy, the role that nuclear power will play, the implications for emerging SMR and advanced reactor technologies, and Cameco's intentions regarding acting as a fuel supplier for those reactors; the expectation that this collaboration may lead to the realization of synergies between the BWR and CANDU fuel types and manufacturing processes, which would expand fuel supply chain capabilities; GEH's expectation that the BWRX-300 will require significantly less capital cost per MW when compared to other SMR designs, and its belief that the BWRX-300 can become the lowest-risk and quickest to market SMR; and the estimate that the construction and operation of the first BWRX-300 in Ontario would generate approximately $2.3 billion in Gross Domestic Product (GDP), $1.9 billion in labour income and more than $750 million in federal, provincial and municipal tax revenue over its lifespan, and that each subsequent BWRX-300 would further generate more than $1.1 billion in GDP and more than $300 million in tax revenue. This forward-looking information is based on a number of assumptions, including assumptions regarding: the assumption that GEH, GNF-A, Cameco and other potential strategic partners of GEH will be able to collaborate successfully to advance the commercialization and deployment of SMRs in Canada and around the world; the assumption that a global shift to zero-carbon energy will occur, that nuclear power will play a role in that shift, including SMR and advanced reactor technologies; the assumption that Cameco will be successful in acting as a fuel supplier for those reactors; assumptions about potential synergies between the BWR and CANDU fuel types which would be helpful in expanding fuel supply chain capabilities; assumptions regarding capital costs and time to market for the BWRX-300; and assumptions regarding the impact of the construction of the first and subsequent BWRX-300 reactors in Ontario in terms of GDP, labour income and tax revenue. This information is subject to a number of risks, including: the risk that GEH, GNF-A and Cameco will not be successful in advancing the commercialization and deployment of SMRs through their mutual collaboration, or otherwise; the risk that a global shift to zero-carbon energy does not occur, or does not occur as quickly as expected; the risk that nuclear power, and in particular SMR and advanced reactor technologies, does not play as significant a role as expected in a shift to zero-carbon; the risk that Cameco will not be successful in acting as a fuel supplier, either because the expected demand does not develop, or because Cameco is unable to compete successfully against other suppliers; the risk that expected synergies between BWR and CANDU fuel types cannot be identified or successfully exploited to expand fuel supply chain capabilities; the risk that capital costs will be higher than expected, and that it will take longer than expected, to bring the BWRX-300 to market; and the risk that construction of BWRX-300 reactors will not yield the expected increases in GDP, labour income or tax revenue. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views, and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Jeff Hryhoriw
306-385-5221
jeff_hryhoriw@cameco.com


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Global Atomic Commences EPCM Phase for the Dasa Project

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the signing of Development Consultants Private Limited ("DCPL") of Kolkata, India and Lycopodium Minerals Canada Ltd. ("Lycopodium") to commence the basic and detailed engineering, procurement and Project Management of the Dasa Mine processing plant in the Republic of Niger .

Global Atomic Corporation (CNW Group/Global Atomic Corporation)

These engineering and project delivery firms were selected to form an Integrated EPCM Project Team synthesizing proven uranium processing plant design experience with West African project management and construction experience. DCPL will focus on the Basic and Detailed Engineering required for the design of the Dasa Process Plant, with the initial phase of Basic Engineering now underway. Lycopodium will prepare the Project Execution Plan, provide input for constructability in West Africa and provide project services during this phase with the intention of continuing on to manage plant construction.

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DCPL and Lycopodium have excellent and extensive work histories throughout Africa including technical studies, project reviews and EPCM contracting for over 77 engineering projects in mining and other industries. Additionally, DCPL has designed and built several uranium recovery and process plants and is currently the foremost engineering company in India developing that country's nuclear and uranium sectors. Lycopodium has been actively engaged in 60 mining projects across West Africa and brings recent hands-on project delivery experience in the region.

Global Atomic President and CEO, Stephen G. Roman stated, "Following Global Atomic's announcements regarding our initial off-take agreement, the formation of a banking syndicate to finance the Dasa Project and the incorporation of our Niger operating company, SOMIDA, the commencement of the EPCM phase is our next important milestone to stay on schedule to become one of the world's newest uranium production companies. Similar to most multinational firms, who source specialized engineering from India today, Global Atomic has identified DCPL as having the World's most compelling experience and track record in the design of uranium processing plants. DCPL's uranium experience will reduce project technical risk, while its ability to deliver highly detailed engineered designs will reduce in-field work and enable good project cost control."

" After an extensive selection process, DCPL and Lycopodium emerged to form the best team to undertake the EPCM phase of the Dasa Project. This Integrated EPCM Project Team is committed to completing the project on time and keeping the Dasa Project on schedule to deliver yellowcake to utilities in Q1 2025."

About DCPL

Development Consultants Private Limited ("DCPL"), is an India -based trans-national consulting engineering firm that provides an entire suite of Project Engineering services to its clients in India and around the world, from concept to commissioning, for diverse core sector and speciality projects. DCPL has led projects in many fields including mining, mineral processing and beneficiation, renewable energy and environment, power generation, transmission and distribution, industrial water supply and treatment and industrial wastewater treatment and reuse.

DCPL ( www.dcpl.net.in ) is closely associated with many of the nuclear power projects in India and has engineered approximately 45,000 MW of installed generation capacity, DCPL is one of the leaders in the nuclear field globally.

About Lycopodium

Lycopodium Minerals Canada Ltd., based in Toronto , is a subsidiary of Lycopodium Limited (ASX: LYL) which is headquartered in Perth, Australia , and is a leader in its field, working with clients to provide integrated engineering, construction and asset management solutions.  Lycopodium has the expertise to deliver complex, multidisciplinary projects, through to the provision of feasibility studies and advisory services. Operating across the Resources, Infrastructure and Industrial Processes sectors, they offer a diverse team of industry experts to deliver bespoke and innovative solutions across all commodity types.

With the capability to deliver projects around the world, Lycopodium has offices in Australia , South Africa , Canada , Ghana and the Philippines . For more, visit www.lycopodium.com .

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 production to commence by the end of 2024. 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") listed on the Frankfurt exchange under 'BFSA', 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.

SOURCE Global Atomic Corporation

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