All dollar amounts are in Canadian dollars unless otherwise stated. 2020 was a year we will all remember. For everyone it was a year of coping with the pandemic and we salute everyone's efforts to stay healthy and keep spirits high.  It was great to see so many individuals rise to the challenges  and work tirelessly on the front lines  to help others in need. Global Atomic Corporation had a very successful year ...

All dollar amounts are in Canadian dollars unless otherwise stated.

2020 was a year we will all remember. For everyone it was a year of coping with the pandemic and we salute everyone's efforts to stay healthy and keep spirits high.  It was great to see so many individuals rise to the challenges  and work tirelessly on the front lines  to help others in need.

Global Atomic Corporation ("Global Atomic" or the "Company") had a very successful year as the Company made excellent progress  in advancing its Dasa Uranium Project in the Republic of Niger culminating in the issuance of our Mining Permit. The second half of the year saw a healthy recovery in zinc prices and a return to full operations at the Company's recently upgraded zinc production plant in Turkey.  We thank our shareholders for their on-going trust and support in 2020.

Accomplishments during 2020 include the completion of  several significant milestones.

Dasa Uranium Project:

  • A Preliminary Economic Assessment ("PEA") of the Phase 1 Development Plan for the Dasa Uranium Project was filed, indicating an initial 12-year mine schedule to produce 44.1 million pounds U 3 O 8, with an average processed grade of 5,396 ppm;
  • The PEA estimates cash costs of US $16.72 /lb U 3 O 8, including corporate and all other off-site costs, and an all-in sustaining cost of US $18.39 /lb U 3 O 8 ;
  • Based on a Base Case U 3 O 8 price of US $35 /lb, the PEA estimates an after-tax NPV discounted at 8% at $211 million for an after-tax IRR of 26.6%;
  • The Mining Permit was granted by the Government of Niger on December 23, 2020 , in response to the Company's application submitted on September 25, 2020 ;
  • A Hydrogeological water well drilling and testing program was completed to support the Mining Permit application;
  • An Environmental Impact Statement was completed and filed with the Government of Niger ;
  • A preliminary geotechnical report was completed and identified the drilling required to finalize geotechnical inputs to the final mine design;
  • A Pilot Plant study was completed to confirm and optimize the processing plant flow sheet, the results of which will be reported in early 2021.

Turkish Zinc Joint Venture :

  • The Turkish zinc production plant ramped up successfully from the 2019 expansion and modernization and realized improved operating efficiencies;
  • Zinc prices rose by the end of the year and operating rates recovered from COVID-related steel industry downturn that affected the supply of electric arc furnace dust to the plant in the first half of the year.

Corporate :

  • The Company completed a private placement of 5,538,335 Units on May 15 th at a price of $0.60 per Unit for gross proceeds of $3,323,000 . Each Unit comprised one common share and one-half warrant exercisable at $0.85 per common share for 24-months subject to an accelerator clause should the shares trade at or above a volume weighted average trading price of $1.10 for 20 consecutive days;
  • Global Atomic continues to receive management fees and sales commissions from the Turkish JV, helping to offset corporate overhead costs, dividend income is scheduled to resume following re-payment of project debt associated with the plant expansion and modernization;
  • In the United States , Global Atomic common shares are now DTC eligible and received Blue Sky clearence in all but five states.

As a reflection of all of these accomplishments, at the end of 2020 as compared with the closing share prices at the end of 2019, the price of Global Atomic shares increased by 231% to $1.59 /share on the Toronto Stock Exchange (symbol:GLO), by 246% to US $1.26 /share on the OTC:QX Market (symbol:GLATF) and by 217% to €0.97/share on the Frankfurt Stock Exhange (symbol:G12).

Global Atomic is working towards the following significant milestones in 2021:

  • Announce Pilot Plant results expected to validate the process flowsheet and confirm the metallurgy of the Dasa ore;
  • Complete the Geotechnical drilling campaign to finalize inputs to the final mine design;
  • Complete the Phase I Dasa Uranium Project Bankable Feasibility Study;
  • Arrange project financing with the goal of funding initial mine development in early 2022 and enter into off-take agreements with Utilities for the purchase of yellowcake from the Dasa Mine;
  • Complete the payback of the project loan associated with the 2019 expansion and modernization of the zinc production plant in Turkey , assuming current zinc prices and plant throughput.

I am proud of our team and thank them for their diligence and hard work.  I particularly thank our local teams at the Dasa Project in Niger and at our Joint Venture in Turkey as well as all our business partners and suppliers for their support.  With their help we have met all the milestones we planned to accomplish in 2020.

We wish you a Happy, Healthy and Safe 2021.

On Behalf of the Board and Employees of Global Atomic Corporation,

Stephen G. Roman
Chairman, President & CEO

About Global Atomic

Global Atomic Corporation ( ) 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 , final design and engineering as well as completion of geotechnical drilling and pilot plant testingin support of the Company's Bankable Feasibility is on-going.

Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a new, state of the art 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 and Asia .

The information in this letter 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 letter, 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 letter.

SOURCE Global Atomic Corporation

Cision View original content to download multimedia:

News Provided by Canada Newswire via QuoteMedia

GTI Resources Company Logo

Recommencement Of Field Program At Thor Isr Uranium Project

GTI Resources Ltd (GTI or Company) is pleased to advise that the 2022 work program is scheduled to commence the week of January 31 with field reconnaissance and drilling preparation now underway at the Thor ISR uranium project in Wyoming’s Great Divide basin (Figure1). Two mud rotary drill rigs will be re‐mobilised in the coming weeks subject to conditions, to complete the remaining ~60 holes of a planned 50,000‐foot (~15,000m) ~100‐hole maiden drill program at Thor1.

Keep reading... Show less
CanAlaska Deals Further Three Uranium Projects for AUD$15M

CanAlaska Deals Further Three Uranium Projects for AUD$15M

Basin Energy has Staged Option to Earn up to 80% Interest in Two Properties and Additional Option to Earn up to 100% in One Property

Focus on High-Grade Eastern Athabasca Basement and Unconformity Uranium Targets

Keep reading... Show less
Release - CanAlaska Deals Further Three Uranium Projects for AUD$15M

Release - CanAlaska Deals Further Three Uranium Projects for AUD$15M

Vancouver, Canada, January 26, 2022 CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has entered into a Letter of Intent ("LOI") with Basin Energy Limited ("Basin Energy"), an Australian unlisted public company, to allow Basin Energy to earn up to an 80% interest in CanAlaska's 100%-owned North Millennium and Geikie projects, and a 100% interest in CanAlaska's 100%-owned Marshall project. These projects total 50,994.56 hectares in the Eastern Athabasca Basin in Saskatchewan, Canada Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less
GTI Resources Logo

GTI Activities Report, December Quarter 2021

GTI Resources Limited (GTI or the Company) is pleased to report on its activities for the December 2021 quarter.

Keep reading... Show less

Are Thorium Reactors the Future of Nuclear Energy?

The world’s energy needs are expected to skyrocket thanks to population growth and higher demand from developing nations, making thorium reactors increasingly appealing.

Nuclear energy is considered by some to be green energy because it does not produce direct carbon dioxide emissions, unlike fossil fuels, which contribute to air and water pollution.

Over the last decade, more countries around the world have turned to nuclear as an energy source, integrating nuclear energy into their energy grids, specifically to produce electricity.

Keep reading... Show less
Consolidated Uranium Proposed Spin-Out Labrador Uranium Expands Land Holding and Team

Consolidated Uranium Proposed Spin-Out Labrador Uranium Expands Land Holding and Team

Consolidated Uranium Inc. (" CUR ", the " Company " or " Consolidated Uranium ") (TSXV: CUR) (OTCQB: CURUF), is pleased to provide an update regarding recent developments of its planned spin-out of Labrador Uranium Inc. (" Labrador Uranium " or " LUR ") through a plan of arrangement under the Business Corporations Act (Ontario) (the " Arrangement "). LUR has expanded its land holdings in Labrador around its anticipated key projects as well as bolstered its technical team with several key appointments in preparation for an aggressive summer 2022 work program.

Stephen Keith, CEO of LUR, commented, "We are very pleased with our progress to date while we plan our 2022 exploration season and prepare to become a public company. Focusing on governance and strategy, LUR has assembled a strong prospective Board of Directors; and, with a focus on creating the greatest opportunity for exploration success, LUR has been able to attract a great geological brain trust as well as increasing and further consolidated its strategic land holdings in a well-known and significant mineral belt."

Keep reading... Show less

Latest Press Releases

Related News