Global Atomic Nears Production as Uranium Market Tightens

• Global Atomic recently completed a successful equity raise with strong institutional and retail support, bringing them close to the 40% equity spending requirement needed before drawing down bank debt.
• The company is on schedule to start uranium production in Q1 2026 and is making significant progress on mine development and mill construction at their Dasa project in Niger.
• They have received strong support from the Niger government, including a letter from the president declaring it a strategic project of national importance.
• Global Atomic is in discussions with utilities for uranium supply contracts, structuring deals with a blend of spot and term pricing to capture potential upside.
• CEO Stephen Roman believes the uranium market is heading for a supply shortage and price increases, though broader investor interest in the sector is still developing.

Global Atomic: Progress in the Uranium Market

Global Atomic Corporation (TSX:GLO) is emerging as a significant player in the uranium mining sector, with its flagship Dasa project in Niger progressing rapidly towards production. As the global demand for clean energy surges and nuclear power gains renewed attention, Global Atomic presents a compelling investment opportunity in the uranium space.

Interview with President & CEO Stephen Roman

Project Development Progress

The Dasa project, Global Atomic's primary asset, is making substantial strides towards becoming an operational uranium mine. President & CEO Stephen Roman stated:

"We are on schedule to start producing in Q1 of 2026."

This timeline aligns with the company's strategy to meet upcoming supply contracts and establish itself as a reliable producer in the market.

Global Atomic has already begun bringing up ore as part of its underground development work. While they are cautious about stockpiling too much material on the surface, this progress demonstrates the mine's advancing state. The company has completed its first large-diameter ventilation raise and is moving on to the second, a crucial step in establishing the mine's infrastructure.

Roman elaborated on the mine's progress, a significant advancement that puts Global Atomic ahead of many peers in the uranium sector who are still in earlier stages of development:

"I would say the mine is, from my point of view, 75% there."

While the mine development is well advanced, the mill construction is at an earlier stage but progressing steadily. Roman estimates the mill to be "30% to 35% there," with earthworks completed and civil works beginning. Key components like the acid plant and grinding mill are being fabricated and shipped to the site, indicating that the project is moving from the planning stage to physical implementation.

To support the growing workforce, Global Atomic is expanding its camp facilities. A new 250-man camp is being installed, with an additional 60-man facility nearing completion. These expansions will accommodate the increasing number of workers as the project scales up towards production.

Government Support & Local Relations

One of the most critical aspects of any mining project, especially in developing nations, is the relationship with the host government and local communities. Global Atomic has excelled in this area, receiving strong support from the Niger government:

"We received a letter from the president and he copied all of his ministers - he said this is a strategic project, it's of national importance, and we're 100% behind it."

This high-level endorsement not only provides political security for the project but also facilitates smoother operations and potential problem-solving as development continues.

The company has successfully navigated challenges from non-governmental organizations (NGOs) that previously attempted to disrupt the project. Roman indicated that these issues appear to be resolved, stating, "I think it's a dead issue now." This resolution demonstrates Global Atomic's ability to manage stakeholder relationships effectively, a crucial skill in the mining industry.

Market Position & Uranium Sector Outlook

Global Atomic is positioning itself to enter production at a potentially advantageous time in the uranium market cycle.

Roman expressed optimism about the uranium market's future:

"The market really is heading to a point where there's got to be a big upward correction in the price."

He cited factors such as increased demand from new nuclear projects, potential supply disruptions in major producing countries, and shipping issues as contributors to a tightening market.

The company is taking a strategic approach to uranium sales contracts. Roman explained their strategy:

"We structure in a blended form formula with using a base price based on spot market and the term price, and then a component of upward pricing in there."

Financial Position & Market Valuation

Global Atomic recently completed a successful equity raise, demonstrating strong support from both institutional and retail investors. This financing brings the company closer to meeting the 40% equity spending requirement necessary before drawing down on bank debt for project development.

Roman highlighted a potential valuation gap:

"We're trading at 0.2 or 0.25 NAV and most of our peer group's at 0.75, 0.8."

This suggests that there may be room for share price appreciation as the company progresses towards production and potentially closes this valuation gap with peers.

The Investment Thesis for Global Atomic

• Near-term production potential: On track for first production in Q1 2026, ahead of many competitors.
• Strong government support: Presidential endorsement reduces political risk and facilitates project development.
• Strategic market position: Entering production as uranium market fundamentals improve.
• Potential valuation upside: Currently trading at a discount to peers, offering room for share price appreciation.
• Experienced management: Demonstrated ability to advance projects and navigate challenges.
• Flexible contracting strategy: Blend of spot and term pricing to capture market upside while ensuring stable cash flows.
• Significant project progress: Mine development 75% complete, mill construction advancing.
• Successful financing: Recent equity raise demonstrates investor confidence and meets funding requirements.
• Exposure to growing nuclear energy sector: Positioned to benefit from increasing global demand for clean energy.
• Potential for resource expansion: Dasa deposit remains open for further exploration and potential resource growth.

Global Atomic Corporation presents a unique investment opportunity in the uranium sector. With significant progress on its Dasa project, strong government support, and a strategic position in a tightening uranium market, the company is well-positioned to capitalize on the growing demand for nuclear fuel. While risks exist, Global Atomic's advanced stage of development and thoughtful approach to market dynamics make it a compelling option for investors seeking exposure to the uranium industry.

As Roman summarized:

"Everybody realizes now that this is a very real project."

For investors looking to participate in the nuclear energy renaissance, Global Atomic offers a combination of near-term production potential and leverage to improving uranium market fundamentals.

Macro Thematic Analysis

The global push for clean energy solutions to combat climate change has reignited interest in nuclear power, creating a potentially favorable macro environment for uranium miners like Global Atomic. Several key factors are driving this thematic trend. Governments worldwide are setting ambitious carbon reduction targets, leading to increased recognition of nuclear power's role in providing reliable, carbon-free baseload electricity. Recent geopolitical events have highlighted the importance of energy independence, prompting countries to diversify their energy sources, including nuclear power. The development of small modular reactors (SMRs) and other advanced nuclear technologies is expanding the potential applications and appeal of nuclear energy. Years of underinvestment in uranium production, coupled with increasing demand, is creating a potential supply shortage that could drive prices higher. Additionally, nuclear power's low carbon footprint is leading to its inclusion in some ESG investment frameworks, potentially broadening the investor base for uranium companies.

These macro trends are creating a supportive environment for uranium miners, particularly those nearing production like Global Atomic. As CEO Stephen Roman noted,

"The supply is just getting tighter and tighter and tighter - there's just not a lot of supply out there."