Mr. Stephen Roman reports

GLOBAL ATOMIC COMPLETES A SECOND DEFINITIVE AGREEMENT TO SUPPLY URANIUM TO A MAJOR NORTH AMERICAN UTILITY

Global Atomic Corp. has formalized its June, 2022, letter of intent by signing a definitive agreement with a major North American utility for their procurement of uranium from the Dasa project. The agreement represents the supply of up to 2.1 million pounds U3O8 (triuranium octoxide) within a multiyear delivery window beginning in 2025, representing about 7 per cent of Dasa's annual production over the period, with a revenue potential valued in excess of $110-million (U.S.) in real terms.

In January, 2023, the company formalized a similar agreement with another major North American utility for the procurement of Dasa's uranium, representing the supply of 2.4 million pounds U3O8 over a six-year period commencing in 2025, representing a revenue potential of $140-million (U.S.) in real terms. In total these two agreements represent revenue potential of over $250-million (U.S.).

Stephen G. Roman, Global Atomic president and chief executive officer, commented: "These agreements to supply international electric utilities are important milestones for our company that provide confirmation to our banks, shareholders and the government of Niger that we have established a guaranteed revenue stream for Dasa. This quarter we are actively in discussions with other utilities for similar agreements with the preproduction intent of signing sufficient volume to cover Dasa's cost of production."

About Global Atomic Corp.

Global Atomic is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The company's uranium division includes four deposits with the flagship project being the large, high-grade Dasa project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa mining permit and an environmental compliance certificate by the Republic of Niger, the Dasa project is fully permitted for commercial production. The phase 1 feasibility study for Dasa was filed in December, 2021, and estimates yellowcake delivery to utilities to commence in 2025. Mine excavation began in Q1 2022.

Global Atomic's base metals division holds a 49-per-cent interest in the Befesa Silvermet Turkey SL (BST) joint venture, which operates a modern zinc production plant, located in Iskenderun, Turkey. The plant recovers zinc from electric arc furnace dust (EAFD) to produce a high-grade zinc oxide concentrate, which is sold to zinc smelters around the world. The company's joint venture partner, Befesa Zinc SAU, holds a 51-per-cent interest in and is the operator of the BST joint venture. Befesa is a market leader in EAFD recycling, with approximately 50 per cent of the European EAFD market and facilities located throughout Europe, Asia and the United States.

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