Global Atomic Advances Dasa Project with Confirmed US$295M Development Bank Funding Timeline

• US development bank confirms intention to approve US$295M debt facility for Dasa Project in early Q1 2025
• Funding represents 60% of planned project costs, supporting 2026 commercial production timeline
• Company recently raised C$40M through oversubscribed public offering
• Processing plant earthworks progressing with equipment arriving on site
• Turkish zinc joint venture operating at full capacity amid rising zinc prices

About Global Atomic

Global Atomic Corporation (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12) represents a unique proposition in the mining sector, combining uranium mine development with cash-flowing zinc concentrate production. The company's flagship Dasa Project in Niger stands as Africa's highest-grade uranium deposit, second only to Canada's Athabasca Basin deposits in grade quality. Complementing this asset is the company's 49% stake in the Befesa Silvermet Turkey (BST) Joint Venture, which operates a modern zinc recycling facility in Iskenderun, Türkiye, providing steady cash flow to support the company's uranium development activities.

Project Financing Progress

In a significant development for the Dasa Project, Global Atomic has received confirmation from a U.S. development bank regarding the timeline for approval of a substantial debt facility. The bank has expressed its intention to approve US$295 million in funding, which would cover 60% of the project's planned costs. This financing package is expected to receive final approval, including Committee and Board level clearances, by early Q1 2025. The timeline aligns well with the company's planned yellowcake deliveries in 2026, supporting four existing off-take agreements with American and European nuclear power utilities.

Recent Fundraising & Alternative Financing

To bridge the gap until the development bank funding becomes available, Global Atomic successfully completed a C$40 million oversubscribed public offering in October 2024. The strong investor response demonstrates market confidence in both the company and the Dasa Project. Additionally, the company has extended the expiry date of common share purchase warrants from September 17, 2024, to December 31, 2024. Global Atomic continues to explore additional financing options, including potential joint venture investments in the Dasa Project.

Construction & Development Progress

The Dasa Project continues to advance on multiple fronts. The processing plant area is seeing significant progress in earthworks and civil engineering, with plant equipment now arriving on site. Underground development has reached a crucial milestone with the completion of the Main Fresh Air Raise, while work on the Return Air Raise is ongoing. These ventilation system improvements will enable mining activities to expand beyond the first level development while maintaining safe working conditions. Additionally, construction of a 400-person housing facility is well underway, with completion expected in early Q1 2025.

Turkish Zinc Operations

The company's Turkish zinc joint venture continues to perform strongly, benefiting from rising zinc prices and favorable operating conditions. The Iskenderun facility is operating at full capacity during Q4 2024, taking advantage of abundant Electric Arc Furnace Dust supply from local steel mills. This operation continues to generate positive cash flow, supporting Global Atomic's broader development objectives.

The Investment Thesis for Global Atomic

Global Atomic presents a compelling investment case based on several key factors. First, the company's Dasa Project represents one of the highest-grade uranium deposits globally, positioning it as a potentially low-cost producer in a market experiencing growing demand for nuclear fuel. The confirmed timeline for substantial development bank funding significantly de-risks the project's path to production. Second, the company's unique dual-focus business model, combining uranium development with cash-flowing zinc operations, provides financial stability and reduces reliance on equity markets.

The company's strong management track record in advancing the Dasa Project, successful fundraising efforts, and secured off-take agreements demonstrate effective execution capabilities. The project's location in Niger, while presenting jurisdictional considerations, offers established uranium mining infrastructure and expertise. With commercial production targeted for early 2026, Global Atomic is well-positioned to capitalize on projected uranium market strength.