Global Atomic Corp

Global Atomic Corporation (TSX: GLO, OTCQX: GLATF, FRA: G12) is a company focused on developing the high-grade Dasa uranium project in Niger while generating cash flow from zinc recycling operations in Türkiye. The company's primary asset is the Dasa uranium deposit, which represents the highest-grade uranium project in Africa and anywhere outside Canada’s Athabasca Basin. Global Atomic discovered the Dasa deposit in 2010 through grassroots field exploration and has since advanced it through permitting, feasibility studies, and into active development.

The company operates through two divisions: the Uranium Division focused on the Dasa project development, and the Base Metals Division which holds a 49% joint venture interest in Befesa Silvermet Turkey. The Turkish operation recycles Electric Arc Furnace Dust (EAFD) to produce zinc oxide concentrate, providing near-term cash generation to support uranium development activities. As of July 31, 2025, Global Atomic has a market capitalization of C$221 million with 340.4 million shares outstanding.

The uranium market presents a compelling supply-demand dynamic that favors new production. According to World Nuclear Association data, uranium demand exceeds supply, creating a structurally undersupplied market as nuclear energy expands globally to meet clean energy targets. This supply deficit is expected to worsen as existing mines deplete and few new projects advance to production.

Global Atomic's Dasa project positions the company to capitalize on this uranium market opportunity. The 2024 Feasibility Study defines a 23-year mine plan with mineral reserves of 73.0 million pounds U3O8 and planned uranium production of 68.1 million pounds U3O8. The project benefits from an exceptional average reserve grade of 4,113 ppm, starting with an average 5,109 ppm during the first 12 years of operation. Yellowcake deliveries are scheduled to begin H2 2026, making Dasa one of the few uranium projects globally in active development today.

The project economics demonstrate strong returns across various uranium price scenarios. At a base uranium price of $75/lb, the project generates an after-tax NPV8% of $917 million and after-tax IRR of 57.0%. At higher uranium prices of $105/lb, the after-tax NPV8% increases to $1.621 billion with an after-tax IRR of 92.9%. The feasibility study positions Dasa as a lowest quartile cost producer, enhancing profitability margins even in lower price environments.

Global Atomic is led by an experienced management team with proven track records in mining development and operations. Stephen G. Roman serves as Founder, Chairman, President and CEO, bringing experience as former Director and VP Exploration of Denison Mines and having founded, managed and sold Gold Eagle Mines to Goldcorp Inc for $1.5 billion. His recognition with the Bill Dennis Award from the PDAC in 2016 demonstrates industry acknowledgment of his contributions to mineral exploration and development.

The executive team combines technical expertise with financial and operational experience. Rein A. Lehari serves as Chief Financial Officer, bringing experience as a former Valuations & Corporate Finance partner at PricewaterhouseCoopers. Dr. Santiago Faucher serves as Chief Technology Officer, bringing chemical engineering expertise with experience designing metallurgical plants at Hatch Ltd. The company maintains an experienced on-ground team in Niger with local management expertise essential for successful project execution.

Global Atomic's growth strategy centers on bringing the Dasa project into production while exploring expansion opportunities. The immediate focus involves completing project financing and commissioning the processing plant for H2 2026 production start. Development activities include advancing underground mining, continuing plant construction, and securing additional off-take agreements.

The company has identified multiple value creation opportunities beyond the base case feasibility study. Infill drilling of 51.4 million pounds of high-grade (5,349 ppm) Inferred Resources is expected to increase reserve grade and add mineable pounds U3O8. A preliminary feasibility study is planned early in the mine plan to evaluate increasing mill throughput from 1,000 to 2,000 tonnes per day, which could significantly increase production rates.  Further, the Dasa deposit remains open at depth and along strike.

Global Atomic has secured commercial validation through uranium off-take agreements. The company has signed four uranium agreements, three with U.S. utilities, providing revenue certainty and demonstrating utility confidence in the project. The company continues pursuing additional off-take agreements to secure long-term sales contracts.

Global Atomic has demonstrated active capital raising capability to fund development activities. In January 2025, the company closed a private placement for gross proceeds of C$35.6 million at C$0.80 per unit. This followed a June 2025 private placement that raised C$24.8 million, demonstrating continued investor support for the project.

The 2024 Feasibility Study outlines comprehensive capital requirements for project development. The actual capital expenditures and estimated cost to complete the Dasa Project is $392.8 million.. The initial capital figure is net of $159.3 million already spent to June 30, 2025, indicating significant progress in development spending.

The company's cash balance as of June 30, 2025 was C$25.8 million, supplemented by subsequent private placement proceeds. The Turkish joint venture provides modest cash generation, with Global Atomic receiving management fees and monthly sales commissions of $4.1 million in the first half of 2025. The zinc recycling operation is expected to maintain profitability as Turkish steel mill production normalizes following earthquake impacts in 2023.

Project financing remains the key near-term catalyst for the company. Global Atomic announced that it anticipates closing a $295 million loan supply deal with the U.S. Development Bank for the project in Q1 2025. The company is simultaneously pursuing a minority joint venture partner at the project level to complete the financing package.

Global Atomic Corporation presents a compelling investment opportunity in the uranium sector, combining a high-grade, advanced-stage development project with favorable market fundamentals. The Dasa project's exceptional grade, substantial reserves, and low-cost production profile position it as a significant new uranium producer in a structurally undersupplied market. The experienced management team has successfully advanced the project through permitting and feasibility studies while maintaining strong community and government relationships in Niger.

The company's dual approach of developing the Dasa uranium project while maintaining cash-generating zinc recycling operations provides diversification and near-term income. With uranium deliveries scheduled to begin in H2 2026 and strong project economics across various price scenarios, Global Atomic offers exposure to uranium market fundamentals while execution risk is mitigated through detailed planning and experienced management.

The key catalyst remains securing project financing, which management continues to advance through development bank discussions and joint venture negotiations. Success in completing the financing package would position Global Atomic to capitalize on the growing uranium supply deficit and establish itself as a meaningful uranium producer serving the global nuclear energy industry.