Mr. Stephen Roman reports

GLOBAL ATOMIC UPDATES DASA'S MINERAL RESOURCE ESTIMATE

Global Atomic Corp. has updated its mineral resource estimate (MRE) for its Dasa project in the Republic of Niger.

The new MRE was calculated by AMC Consultants of Perth, Australia, incorporating drill, probe and chemical assay data compiled from an extensive 16,000-metre drill program initiated in September, 2021, that focused on infill drilling to upgrade inferred resources to the higher resource classification of indicated, which allows these resources to be included in an updated mine plan and mineral reserve.

In addition, all geotechnical data derived from drill core were incorporated. The geological model of the Dasa deposit continues to demonstrate excellent continuity and the next phase of drilling in now being planned.

It is important to note that, unlike the 2019 MRE, the new MRE is focused solely on an underground mine model and does not include open-pit modelling of near-surface mineralization. As shown in the table entitled "Comparative grade/tonnage report at varying cut-off grades," this had the effect of increasing tonnage with varying impact on grade depending upon the applied cut-off grade.

Stephen G. Roman, Global Atomic president and chief executive officer, commented: "The results of the drill program were successful in significantly increasing Dasa's indicated resources, much of which is expected to be upgraded to a minable reserve when included in the planned revision to Dasa's mine plan and updated feasibility study. The drilling also gave us a big boost in additional inferred resources with excellent grades that will be the target for further drilling.

"The company intends to update the Dasa mine plan and feasibility study by the end of this year, using the new MRE, as well as actual costs for mining and capital costs for the processing plant. As the current feasibility study is based on a $35 (U.S.)/lb [pound] uranium sale price and spot prices are now above $50 (U.S.)/lb, there will be an opportunity to lower the cut-off grade, increase the minable reserves and improve Dasa project economics."

In the table entitled "Comparative grade/tonnage report at varying cut-off grades," the indicated resource using a cut-off grade of 1,500 parts per million (ppm) eU3O8 (radiometric equivalent U3O8) has increased by 50 per cent, showing an excellent conversion factor from inferred.

Based on Dasa's previous MRE, that was effective as of June 1, 2019, the company identified specific areas of indicated resources and significant areas of inferred resources, particularly between zones 2 and 3. This information guided the location of infill drilling as part of the 16,000-metre drill program.

Drill cores from the program were assayed at ALS Labs in Vancouver, Canada, by wavelength dispersion X-ray fluorescence spectrometry for uranium (U) on pressed powder pellet for all the samples then on disc (pulp sample plus lithium borate flux, mixture fused at 1,050 to 1,100 degrees) for all samples grading above 1,500 ppm.

The assaying carried out by ALS, and the high-grade samples above 12 per cent uranium content by SGS Lakefield laboratory, were validated and used to calculate a new gamma probe/assay correlation line. The newly derived equivalent grades were used for the 2023 MRE.

Qualified person statement

This news release has been reviewed and approved by A. Christophe Din, MSc, MAusIMM, exploration manager for Global Atomic, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Properties. Mr. Din holds a diplome de formation specialisee from Ecole Nationale Superieure des Mines de Paris and is a member of the Australian Institute of Geoscientists.

Disclosure in this news release pertaining to mineral resources has been reviewed and approved by Dmitry Pertel, MSc, MAIG, a qualified person as defined in National Instrument 43-101. Mr. Pertel is principal geologist with AMC Consultants Pty. Ltd. of Australia. He is a registered professional geoscientist and a graduate of Saint Petersburg Mining University, and a member of the Australian Institute of Geoscientists (AIG) with 34 years of work experience since graduation.

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.

We seek Safe Harbor.