Mr. Stephen Roman reports

GLOBAL ATOMIC RAISES C$15 MILLION VIA STRATEGIC INVESTMENT

Global Atomic Corp. has arranged a non-brokered private placement of six million units of the company at a price of $2.50 per unit for aggregate gross proceeds of $15-million. The company has entered into a binding subscription agreement with Regent Mercantile Holdings Ltd. and certain related companies for the subscription of an aggregate of two million units. Regent has also agreed to assist in arranging for the placement of the remaining four million units and has agreed to subscribe for any of the four million units that remain unplaced at closing.

Each unit comprises one common share in the capital of the company and one-half common share purchase warrant exercisable at $3 per common share. Each warrant will expire 12 months following the closing date of this investment, subject to accelerated expiry if the 10-day Toronto Stock Exchange volume-weighted average price (VWAP) exceeds $3.50 per common share for a period of five consecutive trading days.

It is anticipated that the closing date will occur on or before Dec. 29, 2023, subject to the receipt of all necessary regulatory and stock exchange approvals. Proceeds of the investment will be used for the continued development of the company's Dasa project in Niger, working capital and general corporate purposes.

Global Atomic president and chief executive officer Stephen G. Roman commented: "We are pleased to welcome Stephen Dattels and Regent Mercantile as shareholders of Global Atomic. They bring a broad knowledge of the uranium industry, in addition to an impressive group of investors to participate in the investment. This strategic investment coincides with better visibility on timelines associated with democratic elections and the restoration of supply lines and will facilitate the restart of operations at the Dasa project without requiring use of the company's recently announced ATM facility.

"With Stephen Dattels's proven success as the founder of Regent and strategic contributions in the development of many projects, his investment will bring numerous benefits to Global Atomic. The company will also benefit from Regent's high-level business contacts in the United States through their ownership position in Traxys Group, who are highly regarded in the uranium and commodities business.

"Having U.S. and international shareholders of this calibre strengthens Global Atomic's position with its bankers and provides further assurance to the Niger government that the Dasa project will advance to produce uranium on schedule."

Based on the sensitivity analysis provided in Global Atomic's 2021 phase 1 feasibility study, at a recent spot price for triuranium octoxide of $80 (U.S.) per pound, the Dasa project is expected to generate an internal rate of return of 79.2 per cent and an after-tax net present value at a discount rate of 8 per cent of $1.074-billion (U.S.). Following a 16,000-metre infill and expansion drill program at Dasa, Global Atomic issued the 2023 mineral resource estimate featuring a significant increase in indicated resources. In the first quarter of 2024, the company plans to issue an updated mine plan and feasibility study, which is expected to extend the life of the current phase 1 mine plan and significantly increase Dasa's minable reserves.

Qualified person

The scientific and technical disclosures in this news release have been reviewed and approved by Dmitry Pertel, MSc, MAIG, who is a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 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 the first quarter of 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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