Mr. Stephen Roman reports

GLOBAL ATOMIC FINALIZES LETTER OF INTENT FOR ITS THIRD AGREEMENT TO SUPPLY URANIUM TO NORTH AMERICAN NUCLEAR UTILITIES

Global Atomic Corp. has finalized a letter of intent (LOI) for the sale of uranium from the company's Dasa project in the Republic of Niger. This is the third such agreement signed by the company and brings its current contracted volume close to 1.5 million pounds U3O8 (triuranium octoxide) per annum over Dasa's initial five years of operation.

Highlights:

• The LOI represents the supply of up to 3.5 million pounds U3O8 within a multiyear delivery window beginning in 2026, representing about 14 per cent of Dasa's annual adjusted phase 1 production over the period. The total offtake now contracted is approximately 30 per cent of Dasa's initial five-year scheduled production.
• In light of the considerable improvement in market conditions, the pricing formula applied in this agreement captures firming fundamentals.
• The revenue potential of this award at current prices, valued at approximately $250-million (U.S.) in nominal terms, reflects the company's continued strategy of establishing sales contracts in support of Tier 1 global utilities at volumes sufficient to underwrite debt financing, thereby limiting equity dilution as the Dasa operation moves into production.
• Under this agreement, Global Atomic is pleased to provide a fuel solution for defined North American utility demand, at a time of increasing supply uncertainty.
• The award is subject to the successful conclusion of a purchase-sale contract, which the company will now progress.

Stephen G. Roman, Global Atomic's president and chief executive officer, commented: "This award adds to the two offtake arrangements we announced in 2022, both of which have been successfully converted into purchase-sale contracts. The timing of this agreement demonstrates the credibility that Dasa is building within the uranium market while the company manages its project development amid recent political restructuring in Niger. We were heartened to see the tremendous support of the Dasa project recently demonstrated at the 2023 WNA Conference in London, which is resulting in more offtake discussions currently under way.

"Nuclear power is vital to satisfy the drive for energy independence across the globe and the overwhelming desire for low-carbon base load power.

"Our Dasa operation has a long life expectancy, with the current 12-year phase 1 plan representing approximately 20 per cent of the known deposit. The revision to the phase 1 feasibility study due in the first half of 2024 is expected to double Dasa's minable reserves and extend phase 1 significantly."

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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