Global Atomic Reports Strong Progress at Dasa Uranium Project & Robust Financings in Q3 2024

• Underground development at the Dasa Uranium Project in Niger has reached the ore zone with development ore now being hauled to surface
• Fabrication of major plant components like the Acid Plant is complete with shipping to site underway
• $23.7 million raised in Q3 through private placement, ATM offering, and stock option exercises to fund Dasa development
• Turkish Zinc Joint Venture impacted by maintenance and work stoppage in Q3 but now operating at full capacity with strong EAFD inventory
• Subsequent to quarter-end, closed $40.25 million public offering and engaged with U.S. development bank for potential $295 million debt facility

Global Atomic Corporation is a publicly traded company providing investors with exposure to both high-grade uranium mine development and cash-flowing zinc concentrate production. The Company's Uranium Division is advancing the wholly-owned Dasa Project in Niger, the largest and highest grade uranium deposit under development in Africa. Dasa has received its mining permit and is scheduled to begin production in Q1 2026. The Base Metals Division holds a 49% interest in the BST joint venture which operates a zinc recycling plant in Turkey. The plant processes electric arc furnace dust to produce a high-grade zinc oxide concentrate sold to zinc smelters globally.

Dasa Uranium Project Advances Underground Development

In a major milestone, underground development at the Dasa mine reached the ore zone during Q3 with development ore now being hauled to surface. As of quarter-end, approximately 950 tonnes of medium grade ore, 6,850 tonnes of low grade ore, and 10,200 tonnes of mineralized waste had been stockpiled. Completion of the main ventilation raises and ramp paving will enable continued development. The Dasa mine has now achieved 825 days with no lost time injuries, a testament to Global Atomic's commitment to safety.

Dasa Processing Plant & Infrastructure Progress

Preparation of the Dasa site for construction of the processing plant and mine infrastructure continued in Q3. Earthworks were ongoing along with preparations to expand the mine camp to house up to 900 workers during the construction phase. Manufacturing of key plant components like the Acid Plant and SAG Mill was completed with shipping to site now in progress. Detailed engineering by the EPCM contractor is nearing completion with equipment procurement well advanced. Infrastructure installation and plant construction will ramp up significantly starting in Q1 2025 with commissioning expected to begin in early 2026.

Niger Government Demonstrates Strong Support

The government of Niger has expressed its firm commitment to the success of the Dasa Project. During a site visit in May, the Minister of Mines stated, "Dasa is a reality everyone can see. We are supportive of the SOMIDA team and Global Atomic. This project is very important for us as a Government and as a shareholder." In August, the President of Niger instructed his cabinet and all stakeholders to facilitate Dasa's development, noting the project "is expected to play an important role as a cornerstone for socio-economic development."

Dasa Project Outlook

• ‍Dasa remains on track for Q1 2026 commissioning - Global Atomic is making steady progress on mine development and construction activities to meet its targeted production timeline‍
• Project financing expected to be finalized in Q1 2025 - The Company is in advanced discussions with a U.S. development bank for a potential US$295 million debt facility to fund a significant portion of Dasa's development costs‍
• Alternate funding options also being pursued in parallel - Global Atomic continues to evaluate various financing alternatives to ensure Dasa is fully funded to production in case the U.S. development bank financing is delayed or does not proceed‍
• Underground development to accelerate with ventilation infrastructure complete - The main ventilation raises are now finished with fan installation underway, which will allow for increased ramp and level development activities in the coming months‍
• Construction team to be significantly expanded ahead of processing plant build - The on-site workforce is expected to grow from 450 currently to approximately 900 workers in 2025 as activity levels ramp up for the processing plant construction and other surface infrastructure‍
• Key milestones anticipated in 2025 as Dasa advances towards production - Final engineering and site development civil works are expected to be completed for the processing plant with equipment installation to commence, while marketing efforts continue to secure additional uranium offtake agreements

Commenting on the outlook for Dasa, Stephen G. Roman stated:

"The Dasa Project schedule remains on track to achieve commissioning in Q1 2026. Project financing is expected to be completed in Q1 2025. Alternate funding discussions are also continuing in parallel. With the main ventilation raises complete, we will continue underground development to build ore stockpiles. On surface, the construction team will be significantly expanded as we complete detailed engineering, site development and civil works in preparation for the start of plant construction in 2025."

Stronger Balance Sheet

Global Atomic ended Q3 with a cash balance of $4.2 million, which was boosted by several successful financings during and subsequent to the quarter. In Q3, gross proceeds of $19.9 million were raised through a private placement, $3.1 million through an ATM offering, and $0.7 million from stock option exercises. In October, a $40.25 million bought deal public offering was closed.

Commenting on funding, Stephen G. Roman stated:

"Financially attractive with an IRR of 57% at a uranium price of US$75 per pound, Dasa is fully permitted and in the final stages of obtaining approval for the major component of its construction financing. The U.S. development bank has told us they intend to complete their internal approval process by early Q1 2025. Once we have the bank financing approved, we believe that there will be many more options available to fulfill any residual capital needs, including pre-payments related to off-take agreements."

Turkish Zinc JV Outlook Positive

The Turkish Zinc JV processed reduced quantities of EAFD in Q3 due to a planned maintenance shutdown and work stoppage. A new labor agreement has since been reached and the plant is again operating at full capacity with a strong EAFD inventory. Zinc concentrate shipments in the quarter totaled 4.0 million pounds at an average zinc price of $1.26/lb. The JV generated EBITDA of $0.9 million and ended the quarter with a cash balance of US$3.3 million. With the plant now running at full production and zinc prices increasing, the outlook is positive for Q4.

The Investment Thesis for Global Atomic

• Dasa is the highest grade uranium project under development in Africa with a clear path to production - With a projected IRR of 57% at $75/lb uranium, Dasa is fully permitted and scheduled to begin commissioning in Q1 2026 as the only greenfield uranium project being actively developed globally
• Proven management team with track record of value creation in both uranium and zinc - The team discovered the Dasa deposit and has successfully advanced it to the cusp of production while also operating the cash flowing Turkish zinc recycling joint venture
• Niger government is a supportive and committed partner in Dasa's development - The government holds a 20% stake in the Dasa project company and has provided emphatic support, viewing Dasa as a key contributor to Niger's socio-economic development
• Multiple financing options being advanced to fully fund Dasa to production - US$40.25M public offering closed subsequent to Q3, engaged with U.S. development bank for potential US$295M debt facility, continuing discussions on alternative funding sources including offtake-related prepayments
• Turkish Zinc JV provides cash flow to support Dasa development and significant upside potential - The JV is undergoing operational optimization to improve profitability while also offering earnings leverage to rising zinc prices amid improving supply-demand fundamentals
• Unique exposure to both uranium and zinc creates a differentiated investment proposition - Global Atomic is poised to benefit from the looming uranium supply deficit and higher zinc prices with a strong pipeline of news flow expected as Dasa advances towards production

Global Atomic delivered several key milestones in Q3 2024 at both its Uranium and Base Metals divisions. Development of the Dasa mine proceeded on schedule with initial ore now being stockpiled and major progress on preparing the site for plant construction. The Company also significantly strengthened its balance sheet through a series of well-supported financings. While the Turkish Zinc JV faced some temporary challenges, the outlook for Q4 is very positive with the plant now running at capacity. Overall, Global Atomic remains on track to become a significant uranium producer and is well-funded to continue advancing Dasa while benefiting from the cash flow generated by its zinc business. With the strong support of the Niger government, an experienced management team, and a clear path to production, Global Atomic is poised for an exciting future.