Global Atomic Secures C$20 Million Bought Deal to Advance Niger Uranium Project Toward 2026 Production

• Global Atomic Corporation has entered into a bought deal public offering with Red Cloud Securities for gross proceeds of C$20,000,580 through the sale of 32,259,000 units priced at C$0.62 per unit.
• Each unit consists of one common share and one warrant exercisable at C$0.80 for 36 months, with the offering expected to close on October 23, 2025, subject to Toronto Stock Exchange approval.
• The company is developing the Dasa uranium deposit in Niger, Africa's highest-grade uranium project outside Canada's Athabasca Basin, with processing plant commissioning targeted for the second half of 2026.
• Global Atomic's dual-revenue model includes an 80% stake in the Dasa project alongside a 49% interest in a Turkish zinc recycling joint venture that generated $4.1 million in EBITDA during the first nine months of 2025.
• The financing provides capital to advance underground development, accelerate processing plant construction, complete infrastructure facilities, and support general working capital as the company approaches its 2026 production timeline.

Global Atomic Secures C$20 Million Bought Deal to Advance Niger Uranium Project Toward 2026 Production

Global Atomic Corporation has announced a bought deal public offering for gross proceeds of C$20,000,580 to advance development of its Dasa uranium project in Niger. Global Atomic is a publicly listed company that provides a unique combination of high-grade uranium mine development and zinc concentrate production through its two operating divisions. The company's uranium division is developing the fully permitted Dasa deposit, discovered in 2010 through grassroots field exploration, with commissioning of the processing plant targeted for the second half of 2026. The base metals division holds a 49% interest in the Befesa Silvermet Turkey joint venture, which operates a zinc recycling plant in Iskenderun, Turkey, recovering zinc from electric arc furnace dust to produce high-grade zinc oxide concentrate sold to smelters worldwide. For investors evaluating Global Atomic, the bought deal financing represents a strategic capital injection to maintain construction momentum on the only greenfield uranium mine currently under development globally, positioning the company to capture production timing as uranium supply constraints intensify through the mid-2020s.

Financing Structure & Terms

The company has entered into an agreement with Red Cloud Securities as lead underwriter and sole bookrunner, representing a syndicate of underwriters who have agreed to purchase 32,259,000 units at C$0.62 per unit on a bought deal basis. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one additional common share at C$0.80 at any time within 36 months following the closing date.

The offering is expected to close on or about October 23, 2025, subject to receiving necessary regulatory approvals including approval from the Toronto Stock Exchange and the execution of an underwriting agreement between the company and the underwriters. The securities have not been registered under U.S. securities laws and may not be offered or sold within the United States without registration or an available exemption.

The unit price of C$0.62 and warrant exercise price of C$0.80 represent a structured approach to equity financing that provides the company with immediate capital while offering investors potential upside through warrant participation. The 36-month warrant term extends through October 2028, providing holders with exposure to potential value appreciation as the Dasa project advances through construction, commissioning, and initial production phases.

Dasa Project Development Status

The Dasa deposit represents the highest-grade uranium project in Africa outside Canada's Athabasca Basin, with reserve grades averaging 5,109 parts per million during the first 12 years of production. The project benefits from its location within Niger's Tim Mersoï Basin, positioned in a region with over 50 years of continuous uranium mining operations and established export infrastructure.

Development activities have progressed substantially through 2025, with underground advancement occurring across multiple levels and surface infrastructure construction encompassing processing plant foundations, workforce accommodation, and essential utilities. The company held its first blast ceremony on November 5, 2022, marking the formal commencement of underground mining operations. More than 1,200 meters of mine development have been completed, with approximately 10,000 tonnes of development ore brought to surface and segregated into stockpiles for plant commissioning.

The processing plant is designed with initial throughput capacity of 1,000 tonnes per day, though engineered to handle up to 1,200 tonnes daily, providing operational flexibility to respond to market conditions. The current mine plan projects production of 68.1 million pounds of uranium oxide over a 23-year operational life. Processing technology employs conventional sulfuric acid leaching, representing approximately 60% of global uranium processing methods, with a flow sheet including crushing, grinding, leaching, and precipitation stages producing uranium oxide concentrate meeting international specifications for nuclear fuel fabrication.

The project's economics demonstrate robust returns, delivering a 57% after-tax internal rate of return and $917 million net present value at $75 per pound uranium pricing. These metrics position Dasa among the highest-quality undeveloped uranium assets globally based on grade, scale, and capital efficiency.

Strategic Timing & Market Context

Global Atomic's development timeline positions the company to commence production during a period of structural supply constraints in the uranium market. World Nuclear Association data indicates that reactor requirements are expected to outpace primary mine supply through 2035, creating sustained demand pressure as existing reactor fleets continue operations and new nuclear construction accelerates globally.

The uranium market in 2025 is characterized by several converging factors supporting price stability and potential upside. Global production is projected to grow modestly, reaching approximately 62,200 tonnes, while demand continues expanding driven by nuclear capacity additions in the United States, Canada, and European Union nations. Several anticipated mine startups face development delays or require uranium prices significantly above current levels to proceed economically, limiting near-term supply additions.

Enrichment capacity expansion further supports uranium demand fundamentals. Major enrichment facilities have announced capacity increases of approximately 15%, translating directly into incremental demand for natural uranium feedstock. These enrichment requirements create additional consumption beyond reactor fuel loading, supporting market tightness even as reactor construction timelines extend over multiple years.

The Dasa project's 2026 production startup timing provides Global Atomic with potential exposure to premium pricing during a period when supply tightness may be most acute. The company has secured offtake agreements with major North American and European utilities, establishing revenue visibility ahead of production commencement.

Financing Strategy & Capital Structure

The C$20 million bought deal offering represents one component of Global Atomic's diversified financing strategy to complete project development. The company has invested approximately $250 million of corporate funds into development activities to date, meeting requirements for institutional financing participation.

Debt financing discussions continue with a U.S. development bank regarding a potential $295 million facility that would cover approximately 60% of remaining project costs. While the approval timeline has experienced delays beyond original expectations, the company maintains multiple financing discussions to ensure capital availability for completing construction and commissioning activities through 2026.

The proceeds from the current equity offering will be directed toward advancing underground development, accelerating processing plant construction, completing infrastructure including crusher facilities and workforce housing, funding exploration drilling on additional deposits, and maintaining general corporate working capital. This capital allocation supports continued construction momentum while debt financing arrangements finalize.

Global Atomic's zinc recycling joint venture in Turkey provides complementary cash flow during uranium project development. The operation generated $4.1 million in EBITDA attributable to Global Atomic during the first nine months of 2025, offering geographic and commodity diversification. This dual-asset structure addresses investor concerns regarding single-asset development risk and jurisdictional concentration.

Jurisdictional Considerations

Niger has maintained continuous uranium mining operations for over five decades, with French state-owned Orano operating mines in the country since the 1970s. The uranium sector represents a strategic economic priority for Niger, with the government holding a 20% ownership stake in the Dasa project, creating direct alignment between project success and national interests.

The government of Niger has provided explicit support for the Dasa project, with President Tiani and the Council of Ministers issuing correspondence confirming the project's strategic importance. Niger's mines minister conducted a site visit in May 2024, witnessing the company's commitment to local workforce development and regulatory compliance.

However, Niger's political environment has experienced volatility, including a military coup in July 2023 that resulted in leadership change. Other international uranium developers faced setbacks in 2024, including the revocation of operating licenses for major projects. While these developments create uncertainty regarding political risk, the Dasa project's government ownership stake and strategic economic importance differentiate its position relative to other foreign mining operations.

Global Atomic has maintained continuous presence in Niger's Agadez and Tchirozérine regions since 2008, establishing community relationships and implementing programs addressing food security, medical support, water infrastructure development, educational scholarships, and preferential local procurement. The Dasa workforce is approximately 98% Nigerien, including experienced miners from former underground operations and local workers participating in company training programs.

Operational Considerations

Equipment delivery to the Dasa site has progressed through 2025, with processing plant components arriving via Nigeria following border restrictions between Niger and Benin. Earthworks for the acid plant have neared completion, and civil works are underway. The concrete batch plant is under construction, and camp facilities to house the construction workforce are advancing in phases to support approximately 900 workers during peak construction periods.

The mining operation has maintained a safety record without lost-time incidents since underground mining commenced 779 days prior to October 2024. This safety performance, combined with the predominantly Nigerien workforce composition, demonstrates operational execution capability and community integration.

The company has also identified three additional uranium deposits in Niger beyond Dasa that may be advanced with further assessment work. These exploration assets provide potential resource expansion opportunities beyond the current mine plan, though they remain early-stage prospects requiring substantial evaluation before advancing toward development decisions.

Conclusion for Investors

Global Atomic's C$20 million bought deal financing provides incremental equity capital to advance the Dasa uranium project toward its targeted second-half 2026 commissioning timeline. The offering structure, featuring units priced at C$0.62 with C$0.80 warrants exercisable over 36 months, balances immediate funding needs with investor participation in potential future value appreciation.

The company is developing the only greenfield uranium mine currently under construction globally, with exceptional grades averaging 5,109 parts per million during initial production years and robust project economics delivering a 57% after-tax internal rate of return. The 2026 production timing positions Global Atomic to capture supply-constrained market conditions as reactor requirements outpace primary mine supply through the balance of the 2020s.

Material considerations for investors include execution risk associated with completing construction and commissioning activities on schedule, securing remaining project financing including the potential $295 million debt facility, and managing jurisdictional considerations in Niger given recent political transitions and challenges faced by other international mining operations in the country. The government's 20% ownership stake in Dasa and explicit support for the project provide differentiation relative to other foreign mining ventures, though political risk remains an ongoing consideration requiring monitoring.

The company's zinc recycling joint venture in Turkey generates positive cash flow during uranium project development, providing geographic diversification and reducing reliance on single-asset performance. This dual-revenue structure, combined with established offtake agreements with North American and European utilities, creates revenue visibility ahead of uranium production commencement.

Investors evaluating Global Atomic should assess the company's ability to execute on its construction timeline, secure remaining project financing, navigate Niger's political environment, and capitalize on favorable uranium market fundamentals through the mid-2020s as global supply constraints intensify. The bought deal offering represents a capital allocation decision to maintain development momentum while positioning the company for production startup during a period of structural market tightness.