Global Atomic Upscales Financing to C$35 Million as Uranium Developer Advances Dasa Project Toward 2026 Commissioning

• Global Atomic Corporation has increased its bought deal public offering from C$20 million to C$35 million due to significant investor demand, with Red Cloud Securities acting as sole underwriter and bookrunner for the transaction.
• The offering consists of 56.452 million units priced at C$0.62 each, with each unit containing one common share and one warrant exercisable at C$0.80 for 36 months following closing.
• Net proceeds will fund advancement of the company's Dasa uranium project in Niger and general working capital, with the offering expected to close on October 23, 2025. 
• Global Atomic operates through two divisions: a uranium development division focused on the high-grade Dasa deposit targeting H2 2026 commissioning, and a base metals division holding 49% of a zinc recycling joint venture in Turkey.
• The company has granted underwriters a 15% over-allotment option exercisable for 30 days after closing, potentially bringing total gross proceeds to approximately C$40.25 million.

Global Atomic Corporation has strengthened its capital position through an upsized equity financing as the company advances its flagship Dasa uranium project toward production in Niger. The 75% increase in the offering size from the initially announced C$20 million reflects sustained investor interest in uranium development companies as nuclear energy gains traction in global decarbonization strategies. Global Atomic Corporation is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production. For investors evaluating Global Atomic, the financing provides near-term capital to advance construction activities at Dasa while the warrant component at C$0.80 offers insight into management's valuation expectations over the coming three years.

Financing Structure & Terms

Red Cloud Securities has agreed to purchase 56.452 million units at C$0.62 per unit under the bought deal structure, representing a firm commitment from the underwriter. Each unit consists of one common share and one common share purchase warrant. The warrant terms allow holders to purchase one additional common share at C$0.80 at any time within 36 months following the closing date. This structure provides immediate capital through the share issuance while creating potential for additional funding if the warrants are exercised.

The company has granted underwriters an over-allotment option exercisable in whole or in part for 30 days after closing. This option permits the purchase of additional units equal to up to 15% of the base offering at the same C$0.62 price. If fully exercised, the over-allotment would add approximately 8.468 million additional units, bringing total gross proceeds to approximately C$40.25 million. The over-allotment provision serves dual purposes: covering any over-allocations in the distribution process and providing market stabilization mechanisms during the post-closing period.

The offering will be conducted through a prospectus supplement to the company's existing short form base shelf prospectus dated November 21, 2023. This shelf prospectus remains valid and enables the company to qualify securities for distribution in provinces and territories of Canada except Quebec. For U.S. investors, units may be sold on a private placement basis pursuant to exemptions from registration requirements under the U.S. Securities Act of 1933. The company may also sell units in other jurisdictions outside Canada and the United States where no prospectus or registration statement filing is required.

Use of Proceeds

The company intends to direct net proceeds toward two primary purposes. The principal allocation will fund advancement of the Dasa Project, the company's flagship uranium development asset in Niger. Secondary proceeds will provide general working capital to support ongoing corporate operations. The company has not disclosed a specific breakdown between project development and working capital allocations, leaving discretion for management to deploy funds based on operational requirements.

The timing of this financing aligns with the construction phase at Dasa, where the company targets commissioning of the processing plant for the second half of 2026. Capital raised through this offering will support activities required to meet that timeline, though specific construction milestones funded by these proceeds have not been detailed in the announcement.

The Dasa Uranium Project

Global Atomic's uranium division centers on the Dasa deposit, discovered in 2010 by company geologists through grassroots field exploration in Niger. The project has received full permitting and reached a significant milestone with the "First Blast Ceremony" on November 5, 2022, marking the commencement of development activities. The company describes Dasa as a large, high-grade uranium deposit, though specific resource estimates and grade metrics are not provided in this release.

The processing plant commissioning target for the second half of 2026 establishes a timeline for production commencement approximately 18 months from the expected closing of this financing. This schedule positions Global Atomic to potentially enter production during a period when uranium market fundamentals remain influenced by nuclear energy expansion programs and supply constraints from traditional producing regions.

Beyond Dasa, Global Atomic has identified three additional uranium deposits in Niger that may be advanced with further assessment work. These deposits represent potential future development opportunities, though the company has not indicated near-term plans or resource estimates for these targets. The presence of multiple deposits suggests the company's land position in Niger may support extended operations beyond the initial Dasa development.

Base Metals Operations

Global Atomic's base metals division operates separately from uranium development activities through a joint venture structure. The company holds a 49% interest in Befesa Silvermet Turkey, S.L., which operates a zinc recycling plant in Iskenderun, Turkey. The joint venture partner, Befesa Zinc S.A.U., holds the controlling 51% interest and serves as operator.

The facility recovers zinc from Electric Arc Furnace Dust, a byproduct of steel production, and processes this material into high-grade zinc oxide concentrate sold to zinc smelters globally. This operation provides cash flow to Global Atomic through its minority interest, creating revenue generation separate from the uranium development timeline. Befesa's position as operator brings operational expertise, as the company holds approximately 50% of the European EAFD recycling market and operates facilities throughout Europe, Asia, and the United States.

The dual-division structure differentiates Global Atomic from pure uranium development companies by providing current cash generation from the zinc operations while uranium assets advance toward production. This structure may appeal to investors seeking exposure to uranium development with some revenue support during the pre-production phase.

Market Context & Closing Conditions

The 75% upsize from the original C$20 million offering indicates strong investor reception to the financing. Bought deal structures require underwriters to purchase the full allocation regardless of their ability to resell to investors, meaning Red Cloud's agreement to increase the commitment reflects confidence in distribution capacity. The demand supporting this upsize occurs within a broader uranium sector context where nuclear energy has gained policy support in multiple jurisdictions as part of decarbonization strategies.

The offering remains subject to standard closing conditions including receipt of necessary regulatory approvals. The Toronto Stock Exchange must approve the listing of the units, common shares, and warrants issued under the offering. Additionally, the company and underwriters must execute a formal underwriting agreement containing detailed terms and conditions. The expected closing date of October 23, 2025, may be adjusted based on agreement between the company and Red Cloud.

Prospective investors can access the prospectus supplement and base shelf prospectus through the company's SEDAR+ profile at www.sedarplus.ca. Canadian securities legislation's "access equals delivery" provisions govern distribution of these documents, satisfying delivery requirements through electronic availability rather than mandatory physical distribution. The prospectus documents contain detailed information about the company's business, financial condition, and risk factors that investors should review before making investment decisions.

Investment Considerations

For investors evaluating Global Atomic, several factors merit consideration. The financing provides capital to advance Dasa development during a critical pre-commissioning period, though specific milestones to be achieved with these proceeds remain unspecified. The C$0.62 unit price and C$0.80 warrant exercise price establish reference points for near-term and medium-term valuation expectations, with the warrant exercise price representing a 29% premium to the unit price.

The 2026 commissioning target for Dasa's processing plant creates a defined timeline for the transition from developer to producer, though execution risks inherent in mine construction and commissioning remain present. The company's existing zinc operations provide cash flow during uranium development, potentially reducing dilution requirements compared to pure development companies without revenue. However, the minority 49% interest limits Global Atomic's control over operational decisions in the zinc venture.

Niger's jurisdiction presents both opportunities and considerations for investors. The country hosts established uranium production infrastructure, though political stability and regulatory frameworks in African mining jurisdictions warrant evaluation. The company's success in obtaining full permitting for Dasa and advancing to construction phase demonstrates progress through regulatory processes.

The warrant structure creates potential for additional capital inflow if the share price exceeds C$0.80 during the 36-month exercise period, though warrant exercises would result in additional dilution to existing shareholders. Conversely, if warrants remain unexercised, the company would need to secure alternative funding sources for any capital requirements beyond current cash resources and operating cash flow from the zinc venture.

For Investors

Global Atomic has secured increased financing to support advancement of its Dasa uranium project toward the targeted 2026 commissioning date, with strong investor demand enabling a 75% upsize from the initially proposed offering. The dual-division structure combining uranium development with operating zinc recycling assets differentiates the company's profile within the uranium sector. Investors considering Global Atomic should evaluate the execution timeline for Dasa commissioning, jurisdictional factors in Niger, and the warrant overhang created by the 56.452 million warrants exercisable at C$0.80 over the next three years. The financing strengthens the company's balance sheet during a critical development phase as nuclear energy gains policy momentum globally.