Mr. Stephen Roman reports

GLOBAL ATOMIC ANNOUNCES Q2 2023 RESULTS AND PROVIDES REPUBLIC OF NIGER UPDATE

Global Atomic Corp. has released its operating and financial results for the three and six months ended June 30, 2023.

Global Atomic president and chief executive officer Stephen G. Roman commented: "During [second quarter] 2023, we took significant strides to advance the Dasa project towards production. The mining team has extended the access ramp to reach the Dasa orebody as laid out in the feasibility study. Detailed engineering is nearing completion, and long-lead equipment was ordered. Site preparation for the installation of this equipment began during the quarter.

"Subsequent to the end of the quarter, on July 26, 2023, the military in Niger placed President Mohamed Bazoum under house arrest and have assumed day-to-day operation of the government. While the situation in Niger remains fluid, the country remains relatively calm. Importantly, our people remain safe and normal business is being conducted at our offices, and development of the Dasa project continues.

"Positive developments today include the appointment of a new civilian-military coalition cabinet and all the new ministers who will run the government. A new Prime Minister, Mr. Ali Mahaman Lamine Zeine, was announced this week. Mr. Zeine was formerly the Minister of Finance for Niger and also served as the resident representative of the African Development Bank (AfDB) in Chad, Cote d'Ivoire and Gabon.

"The newly appointed Energy, Mines and Petroleum Minister, Mr. Mahaman Moustapha Barke, who was formerly the head of the Niger uranium company, Sopamin, was appointed today. This will now enable Somida personnel to resume dialogue with the Mines Ministry to confirm their support for the Dasa project. In addition, land borders are reopening. We expect the movement of goods and services will resume in due course. The head of Ecowas has also announced diplomatic discussions would continue to resolve issues, and use of military force would be a last resort.

"Our banking syndicate are continuing to work on finalizing the project financing term sheet. We are reviewing our development schedule in light of current circumstances and conserving cash in the interim while maintaining essential engineering work on the Dasa project."

Highlights

Dasa uranium project:

• Ramp development has been under way since the beginning of 2023, with over 600 metres completed as of the end of July, 2023. Excavation of mining-level access has begun as part of the phase 1 mine plan.
• Additional mining equipment has arrived in Niger and is being shipped to the project site.
• Surface and underground mine infrastructure, including mine dry, ventilation infrastructure, electrical and plumbing installations are currently under way.
• To prepare for civil engineering and the pouring of cement related to the processing plant, earthworks began in second quarter 2023.
• On May 8, 2023, the company formalized its June, 2022, letter of intent by signing a definitive agreement with a second major North American utility for its procurement of up to 2.1 million pounds U3O8 from Dasa within a multiyear delivery window beginning in 2025.

Turkish zinc joint venture:

• The Turkish zinc joint venture (BST or the Turkish JV) plant processed 17,233 tonnes electric arc furnace dust in Q2 2023 as it resumed operations following the significant earthquakes earlier in the year.
• The zinc contained in concentrate shipments was 10.1 million pounds, and the average monthly London Metal Exchange zinc price was $1.15 (U.S.) per pound in Q2 2023.
• The company's share of the Turkish JV EBITDA (earnings before interest, taxes, depreciation and amortization) was a loss of $1.4-million in Q2 2023 ($2.5-million gain in Q2 2022).
• The revolving credit facility of the Turkish JV was $12.2-million (U.S.) as of the end of Q2 2023 (Global Atomic share: $6-million (U.S.)).
• The cash balance of the Turkish JV was $1.6-million (U.S.) as of the end of Q2 2023.

Corporate:

• Global Atomic continues to receive quarterly management fees and monthly sales commissions from the Turkish JV ($202,000 in Q2 2023 compared with $398,000 in Q2 2022), helping to offset corporate overhead costs.
• Cash balance as of June 30, 2023, was $35.4-million.

Subsequent events

On July 26, 2023, the Presidential Guard division of the Niger military placed the President of Niger under house arrest and has assumed day-to-day operation of the government. As of the date hereof, a new cabinet has been appointed composed of both civilian and military personnel. The country's borders were closed temporarily. Certain land borders have reopened. Somida's operations in Niamey and at the Dasa mine site have not been impacted to date, except for delays in receipt of mine consumable supplies and other shipments from outside of Niger.

In view of current circumstances in Niger, the company has assessed project development options to conserve cash until the political situation stabilizes and full-scale operations can resume. The company has developed a contingency plan to include the completion of detailed engineering and procurement contracts, as well as an updated feasibility study based on the results from the May, 2023, mineral resource estimate (MRE) and an updated mine plan using current U3O8 pricing.

At present, the company estimates the contingency plan could delay commissioning of the processing plant by six to 12 months. To match the delivery of ore from mining activities with start-up of the processing plant, the company would defer continued development of the underground mine workings, which are ahead of schedule. The plan will be to have an ore stockpile on surface prior to mill commissioning.

Outlook

Dasa uranium project

Given the current political situation in Niger, the construction schedule of the Dasa project is under review with the company's business partners and banking syndicate. The outcome of that review may impact timelines to construct the processing plant at the Dasa mine. Further details will be provided once the review is complete.

Turkish zinc joint venture:

• The electric arc furnace dust (EAFD) recycling plant is expected to operate at full capacity through to the end of third quarter 2023, and the Turkish JV is expected to return to profitability in fourth quarter of this year.

Global Atomic comparative results

The attached table summarizes comparative results of operations of the company.

Qualified person

The scientific and technical disclosures have been reviewed and approved by A. Christophe Din, MSc, MAusIMM/MAIG, who is a qualified persons under National Instrument 43-101 (Standards of Disclosure for Mineral Properties).

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 first quarter 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 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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