Global Atomic Corporation: A Year in Review

A Year of Progress & Resilience

Global Atomic Corporation has had an extraordinary year in 2024, marked by significant advancements in corporate strategy, operational milestones, and financial growth. With a diversified portfolio of high-quality assets, the company is focused on meeting the growing global demand for uranium, a key component in clean energy production. Its flagship Dasa Project in Niger has seen remarkable progress, reflecting its resilience and commitment to excellence even in the face of external challenges. Poised to become one of the world’s most significant uranium mines, the Dasa Project reinforces Global Atomic’s role as a leader in the nuclear energy sector.

Corporate Developments

2024 has been a landmark year for Global Atomic Corporation, marked by strategic achievements that have fortified its position as a key player in the uranium industry. Among the most notable corporate developments:

• Updated Feasibility Study: In March 2024, Global Atomic released a significantly enhanced feasibility study for its flagship Dasa Project in Niger. This study extended the mine’s life from 12 to 23 years and highlighted a 50% increase in mineral reserves to 73 million pounds of U₃O₈. The projected uranium production rose by 55% to 68.1 million pounds, further solidifying the project's economic viability.
• Off-Take Agreements Secured: By December, the company had successfully signed its fourth off-take agreement, this time with a European utility, supplying 260,000 pounds of U₃O₈ per year, for three years. Along with three others previously announced, the contracts signed represent approximately 12.5% of the defined uranium production. This covers Dasa's project construction costs whilst giving Global Atomic flexibility to benefit from higher uranium prices when entering further off-take agreements.
• Safety Milestone: Demonstrating its unwavering commitment to workplace safety, the Dasa Mine has achieved over 800 days of operation without a Lost Time Injury (LTI).

Operational Developments

The operational progress at Global Atomic’s Dasa Project has been a testament to the company's resilience and focus, particularly in the face of external challenges.

• Steady Mine Development: Development activities at the Dasa Mine made remarkable headway in 2024. By December 2023, underground operations had successfully reached the ore zone, with development ore being hauled to the surface. The project remains on schedule, targeting production commencement in the first quarter of 2026.
• Navigating Niger’s Coup: In mid-2024, Niger experienced a coup, leading to a transfer of government. Despite this, and a key border closure,the development of the Dasa Project has continued on schedule. The company’s proactive engagement with local stakeholders, along with a commitment to its workforce and communities, ensured that the Dasa Project’s progress remained unaffected. This stability reflects the company’s ability to adapt and operate effectively in changing political environments.

Financial Performance

Global Atomic’s financial activities in 2024 were geared toward supporting the ongoing development of the Dasa Project:

• Capital Raising: In October, the company announced a public offering of units to secure additional funds for development activities. This move underscored Global Atomic’s proactive approach to ensuring the financial health and sustainability of its ambitious project pipeline. A US development bank also confirmed its intentions to approve a US$295 million debt facility, covering 60% of the projects planned costs. As a viable option to the bank financing, the Company is actively engaged in securing a minority joint venture in its Niger subsidiary, SOMIDA.

Outlook for 2025

The coming year promises to be another pivotal period for Global Atomic as it advances toward production at the Dasa Project. Key focus areas for 2025 include:

• Completing project financing for construction of camp, processing plant and infrastructure.
• Advancing underground development work and preparing mine for production ramp-up in 2026.
• Refining community engagement and environmental stewardship initiatives to support sustainable operations.
• Leveraging strong off-take agreements to solidify long-term partnerships with global customers.

Conclusion

Global Atomic Corporation has emerged stronger and more resilient through 2024, demonstrating its ability to achieve milestones and perservere through geo-political challenges. By navigating challenges like the Niger coup and maintaining steady progress at the Dasa Project, the company has reinforced its commitment to stakeholders to bring into production the highest-grade uranium deposit in Africa.

In 2025 approaches, Global Atomic is well-positioned to continue its trajectory toward becoming a leading uranium producer, contributing to global energy solutions and ensuring value creation for its shareholders and local communities alike.