Mr. Stephen Roman reports

GLOBAL ATOMIC CLOSES C$15 MILLION PRIVATE PLACEMENT

Global Atomic Corp. has closed its non-brokered private placement announced Dec. 18, 2023. The investment was oversubscribed and consists of six million units of the company at a price of $2.50 per unit for aggregate gross proceeds of $15-million. No commissions or finders' fees were payable in connection with the investment.

Proceeds of the investment will be used for the continued development of the company's Dasa project in the Republic of Niger, for working capital and for general corporate purposes. Global Atomic worked with Regent Mercantile Holdings Ltd. and Stephen R. Dattels on the investment.

Each unit comprises one common share in the capital of the company and one-half of one 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.

Stephen G. Roman, president and chief executive officer of Global Atomic, noted: "The investors, including Regent and Mr. Dattels, bring significant uranium industry, equity markets and commodity trading experience. This strategic investment coincides with the recognition of the Niger interim government by the UN [United Nations] and Germany as well as the resumption of German military assistance and construction of a military hospital in Niger. Additionally, ECOWAS [Economic Community of West African States] has established a subgroup of member states to engage with the current Niger government on the return of democratic elections and sanctions relief."

Based on the sensitivity analysis provided in Global Atomic's 2021 phase 1 feasibility study, at recent spot prices for U3O8 (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-million. 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 Q1 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 Properties.

Regent was founded by Mr. Dattels, a seasoned senior mining executive and resource financier who has been successful for over 30 years in numerous mining ventures. Regent has a record of financing and developing resource projects in developing countries involving the full suite of mineral resources, including oil and gas.

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 metal 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, Turkiye. 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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