Global Atomic: Sole Greenfield Uranium Developer

• Global Atomic operates the only greenfield uranium project currently under development worldwide, positioning the company uniquely in a supply-constrained market where uranium prices recently reached $80/lb with long-term estimates at $85/lb.
• The company's 2024 Feasibility Study demonstrates robust economics with an after-tax NPV of $917 million and 57% IRR at $75/lb uranium, improving to $1.27 billion NPV and 74.8% IRR at $90/lb.
• The Dasa Project's high-grade reserves averaging 4,113 ppm (5,109 ppm in first 12 years) represent one of the highest-grade uranium deposits outside the Athabasca Basin, with 68.1 million pounds U3O8 production planned over 23 years.
• Active underground development and surface construction demonstrate tangible progress toward production, with ramp access advancing and processing plant infrastructure visibly taking shape at the Niger site.
• The company's profitable Turkish zinc recycling joint venture with Befesa generates positive cash flow, contributing $6.9 million EBITDA in Q3 2025 year-to-date and reducing reliance on equity dilution during uranium project development.

Introduction: Uranium's Structural Deficit Creates Development Opportunity

The uranium market entered November 2025 with spot prices at $80.00 per pound, supported by long-term contract estimates reaching $85.00 per pound, the highest level of the year. This price strength reflects fundamental market dynamics: global uranium demand is projected to reach $13.59 billion by 2032, growing at a compound annual rate of 4.86% through the decade, while existing mine supply continues declining and new project development remains constrained. Against this backdrop, Global Atomic Corporation stands as the sole company currently advancing a greenfield uranium mine toward production, offering investors exposure to a structural supply deficit in nuclear fuel markets.

The company's position becomes particularly relevant considering recent policy developments that strengthen nuclear power's outlook. An approximately $80 billion U.S. government contract with Westinghouse Electric Company for reactor construction, combined with announced measures to increase domestic uranium enrichment capacity and accelerate reactor licensing, signals government commitment to nuclear energy expansion. These developments validate the market's expectation of higher uranium demand, creating an environment where new production sources become increasingly valuable.

Global Atomic's dual-asset structure combining the advanced-stage Dasa uranium project in Niger with a cash-generating zinc recycling operation in Turkey provides investors with near-term revenue visibility while the uranium asset advances toward production. This strategic positioning offers downside protection through existing operations while maintaining significant upside leverage to strengthening uranium fundamentals.

Company Overview: Dual Assets Creating Near-Term & Long-Term Value

Global Atomic Corporation operates two distinct but complementary business segments. The flagship Dasa uranium project in Niger's Agadez region represents the company's primary growth asset, while the Befesa Silvermet Turkey joint venture provides current cash generation through zinc oxide recovery from steel mill waste. This combination allows the company to fund ongoing development activities while minimizing shareholder dilution, a significant advantage over pure-play uranium developers dependent entirely on capital markets.

The company's capital structure reflects disciplined management with 407.8 million shares outstanding as of October 31, 2025, representing a market capitalization of C$208 million at the C$0.51 share price. The shareholder base demonstrates institutional confidence, with professional investors holding significant positions alongside management and board ownership that aligns interests with public shareholders. Trading liquidity exists across multiple markets through the TSX primary listing (GLO), OTCQX listing (GLATF), and Frankfurt listing (G12).

Management's 17-year track record in Niger since 2008 demonstrates sustained commitment to the jurisdiction and deep relationships with government authorities, local communities, and regional suppliers. This operational history provides critical advantages in permitting, community engagement, and supply chain development that newer entrants cannot replicate. The company's environmental, social, and governance initiatives including literacy programs, medical support, water infrastructure, and local procurement establish social license essential for long-term mining operations.

The Dasa Project: High-Grade Economics in a Supply-Constrained Market

The 2024 Feasibility Study validates Dasa as a tier-one uranium asset with economic returns competitive with the sector's best projects. At the base case uranium price of $75 per pound, the project generates an after-tax net present value of $917 million using an 8% discount rate, with an internal rate of return of 57.0%. These economics improve substantially at higher uranium prices: at $90/lb, after-tax NPV increases to $1.27 billion with a 74.8% IRR, while $105/lb uranium delivers $1.62 billion NPV and a 92.9% IRR.

The project's 23-year mine life produces 68.1 million pounds of U3O8 from proven and probable reserves containing 73.0 million pounds at an average grade of 4,113 parts per million uranium. The first 12 years access significantly higher grades averaging 5,109 ppm, providing enhanced early-year economics and faster capital payback. This grade profile positions Dasa among the world's highest-grade uranium deposits outside Saskatchewan's Athabasca Basin, where grades typically exceed 10,000 ppm but where regulatory, environmental, and cost challenges have prevented new mine development for over a decade.

The feasibility study identifies additional value creation opportunities beyond the base case. Infill drilling of 51.4 million pounds of high-grade inferred resources averaging 5,349 ppm could increase reserve grades and add mineable pounds to the mine plan. A preliminary feasibility study planned for early in the mine life will evaluate expanding mill throughput from 1,000 tonnes per day to 2,000 tonnes per day, potentially doubling production rates.

Development Progress: Visible Construction Validates Production Timeline

Unlike exploration-stage projects dependent on drilling results or pre-feasibility concepts, Dasa demonstrates tangible physical progress that investors can observe through project photos and quarterly updates. Underground development extends the access ramp deeper into the Flank Zone orebody, with drilling, blasting, mucking, and ground support activities advancing according to schedule. The company reports completion of multiple development headings with stope access planned across five mining levels, establishing the underground infrastructure necessary for ore extraction.

According to the company's third quarter 2025 results:

"Ramp and level development is advancing to provide stope access on five levels in the Flank Zone. The Flank Zone will be mined over 10 years prior to entering the main orebody."

This staged approach allows the mine to establish operational track record and generate cash flow before accessing the higher-grade main deposit, demonstrating operational prudence that reduces execution risk for investors.

Surface construction shows equally visible advancement. The processing plant site displays completed concrete foundations for crushing facilities, with the crusher retaining wall finished and structural steel installation beginning. Camp facilities provide accommodation for the expanding workforce, with multiple dormitory buildings completed and operational, while the company's establishment of literacy programs for mine employees demonstrates investment in workforce development that creates sustainable employment.

Market Context: Uranium Supply Deficit Strengthens Long-Term Outlook

The uranium market faces a structural supply deficit as reactor demand growth outpaces new mine development. World Nuclear Association and Fuel Link projections show uranium demand increasing from approximately 175 million pounds U3O8 in 2025 toward 340 million pounds by 2040, driven by existing reactor life extensions, new reactor construction in Asia and Europe, and small modular reactor deployments. This demand trajectory reflects nuclear power's essential role in baseload electricity generation and decarbonization strategies that cannot rely solely on intermittent renewable sources.

Supply-side constraints intensify the deficit. Existing mine production from Kazakhstan, Canada, Australia, and Namibia faces depletion as mature operations exhaust ore reserves. Secondary supplies from commercial inventories and underfeeding at enrichment facilities provided temporary market support but these sources decline as inventories normalize and enrichment facilities return to optimal feed rates. The market requires approximately 40-60 million pounds of new annual production by 2030 to balance supply and demand, yet few development projects have achieved construction financing or regulatory approval.

Global Atomic's position as the only greenfield uranium project currently under construction creates scarcity value. Major uranium producers including Cameco, Kazatomprom, Orano, and Paladin Energy operate existing mines or restart idled facilities but face limited expansion potential from current assets. Junior developers hold promising exploration properties but remain years away from feasibility studies, permitting, and construction, creating a multi-year gap before potential production.

Financial Strength: Turkish Operations Fund Development Activities

The Befesa Silvermet Turkey joint venture provides Global Atomic with near-term cash generation that distinguishes the company from pure-play uranium developers. The operation processes electric arc furnace dust from regional steel mills, recovering zinc oxide concentrate for sale to smelters while removing toxic elements from industrial waste streams. This circular economy business model generates steady revenue from established industrial customers rather than speculative commodity exposure.

The Turkish operation contributed $6.9 million to Global Atomic's share of joint venture EBITDA in the first three quarters of 2025, representing a significant improvement from the $(2.4) million loss in 2023 when earthquake damage to regional steel mills disrupted feedstock supply. The recovery reflects normalization of steel production, improved zinc prices from late 2024 lows, and operational efficiencies from the joint venture with Befesa Zinc, the global market leader in zinc recycling technology.

This cash generation provides development capital for Dasa while reducing dilution to existing shareholders. Many uranium developers conduct frequent equity financings at depressed share prices to fund feasibility studies, permitting costs, and early construction activities, transferring wealth from existing shareholders to new investors at disadvantageous terms. Global Atomic's ability to fund a portion of activities from operating cash flow preserves shareholder value and demonstrates management's capital allocation discipline.

Strategic Significance: Niger's Uranium Mining Expertise

Global Atomic's operations in Niger benefit from the country's 50-year uranium mining history and established infrastructure for nuclear materials export. The Arlit region, where Dasa is located, has hosted large-scale uranium production since the 1970s through operations by France's Orano. This legacy creates skilled labor availability, mining services expertise, regulatory familiarity with uranium projects, and transportation logistics for yellowcake export, advantages unavailable in jurisdictions without existing nuclear fuel industry.

The company's 17-year operating history since 2008 demonstrates successful navigation of Niger's political and regulatory environment through multiple government transitions. Management has secured all necessary permits for construction and eventual production, including the critical mining license and environmental approvals. The establishment of extensive ESG programs creates community relationships that provide social license essential for long-term operations.

Political risk concerns regarding Niger's 2023 military transition merit acknowledgment but require context. Uranium mining continued uninterrupted during the political change, with both Orano and China National Nuclear Corporation maintaining operations. The military government has explicitly stated support for foreign investment in mining and infrastructure development as essential for economic growth.

Investment Thesis: Asymmetric Opportunity in Uranium Development

• Acquire exposure before production: Current valuation provides entry before first uranium production, when junior miners typically experience significant revaluation as project risk converts to operating asset value.
• Position for supply deficit: Structural uranium market deficit through 2030s creates premium pricing environment for new production sources.
• Leverage to uranium prices: High-grade deposit economics improve substantially at uranium prices above $85/lb.
• Diversify through dual assets: Turkish zinc operation provides downside protection through current cash generation while uranium asset delivers upside leverage.
• Capitalize on sector dislocation: Uranium junior valuations disconnected from commodity fundamentals create entry opportunity.
• Monitor execution milestones: Track quarterly development progress, metallurgical testing results, and financing announcements.

Global Atomic Corporation offers investors leveraged exposure to strengthening uranium fundamentals through the most advanced greenfield development project in the global uranium sector. The combination of high-grade reserves, robust feasibility study economics, visible construction progress, and cash generation from Turkish operations creates a differentiated investment profile within uranium equities. The company's 17-year track record in Niger, strong community relationships, and experienced technical team reduce execution risks while the structural uranium supply deficit provides sustained commodity price support.

The current market valuation appears disconnected from underlying asset values, creating potential asymmetric return profiles for investors willing to accept development execution risk and country risk in exchange for substantial upside leverage to uranium price appreciation. Near-term catalysts include continued construction progress, potential long-term supply contracts, and financing announcements, while medium-term catalysts encompass first production achievement and operational ramp-up.

Investors should approach Global Atomic as a development-stage mining investment requiring appropriate position sizing within diversified portfolios. The combination of tangible construction progress, proven management capabilities, favorable commodity fundamentals, and depressed sector valuations supports accumulation strategies for patient investors with multi-year investment horizons and tolerance for equity volatility inherent in junior mining securities.

TL;DR

Global Atomic operates the world's only greenfield uranium project under construction, positioning investors for leverage to structural uranium supply deficits through 2030s. The Dasa Project's high-grade economics, visible development progress, and 68.1 million pound production profile create significant value at current uranium prices of $80-85/lb, while Turkish zinc operations provide near-term cash flow.

FAQs (AI-Generated)