Mr. Stephen Roman reports

GLOBAL ATOMIC PROVIDES DASA PROJECT UPDATE

Global Atomic Corp. has provided an update on the continuing development of its Dasa uranium project in the Republic of Niger.

Stephen G. Roman, president and chief executive officer, stated: "The primary question investors ask is regarding the timing of a term sheet for our banking syndicate's Dasa project loan facility. While this has been a much longer process than expected, the financing terms are in the final stage of completion, which, upon agreement, will then go to the banks' boards for approval prior to announcement to our shareholders.

"We continue to make significant progress at the Dasa project, having now put in place a mining and support team of over 200 people, the majority of which are local Nigeriens, comprised of both skilled workers, with extensive uranium mining experience, and young workers who are being trained in apprenticeship roles. The ramp is nearing the top of the orebody and earthworks at the plant site are preparing the location for civil works. We remain on schedule to produce yellowcake for delivery to nuclear utilities in early 2025."

Approximately 500 metres of ramp development have now been completed. Surface and underground mine infrastructure, including mine dry, ventilation raises, electrical and pumping installations, are under way.

Since the 2023 MRE (mineral resource estimate) has been released, the updated mine plan, expected in Q4 this year, will have a positive effect on the phase 1 mine plan. A significant portion of the Dasa orebody wireframe has been upgraded to the indicated resource category, which will allow a new, larger minable reserve to be calculated, based on actual mining costs.

Detailed engineering for the processing plant is nearing completion. The company's internal project team and contractor DCPL of India are now being supported by METC of South Africa, which is very familiar with the Dasa project, having authored the 2021 phase 1 feasibility study. As a priority item, the project team has defined detailed specifications, completed the tendering process and placed orders for critical long-lead items, including the acid plant, crusher and SAG mill. Purchase orders for additional equipment are currently being finalized. The cost of the equipment ordered to date is consistent with cost estimates in the feasibility study, due to revised procurement strategies and cost deflation since the date of the feasibility study, which was completed at the peak of the COVID pandemic, when freight rates and other costs were at their maximum.

In anticipation of equipment deliveries beginning in Q4 2023, the Dasa site team have begun earthworks in preparation for civil engineering and pouring cement. Camp facilities for an additional 224 beds for the plant construction crew have been ordered in addition to the integration and construction of locally designed and built housing.

Annual general meeting

The annual general meeting of shareholders of Global Atomic will be held by live audio webcast on Wednesday, June 28, 2023, at 10:30 a.m. EDT. For details on how to participate please refer to the virtual AGM guide which can be found on the company's website.

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.

We seek Safe Harbor.