Mr. Stephen Roman reports

GLOBAL ATOMIC CLARIFIES NIGER'S SUSPENSION OF NEW MINING PERMITS

Global Atomic Corp. is issuing this clarification notice to ease concerns raised by some of its shareholders about a recent announcement by the Mines Ministry in the Republic of Niger to suspend grants of new permits.

The original notification by the Mines Ministry addresses concerns, that not all the gold mined by the large number of small-scale artisanal miners in the country, is being legally declared to the government.

This announcement neither affects Global Atomic's Somida subsidiary, which operates the Dasa mine, nor any other mines or development projects in the nation's uranium mining sector. As previously reported the Dasa mine mining permit was granted at the end of 2020 in accordance with Niger's Mining Code and is not under review.

The following statement was subsequently issued in French by the country's ruling party, the CNSP:

"The Niger government suspends the granting of new mining rights until further notice.

"This decision follows the recent seizure at Addis Ababa airport of undeclared gold bullion worth tens of billions of CFA francs that was to be exported to Dubai.

"In recent years, Niger has embarked on an ambitious policy of granting mining licences, with 116 exploration licences awarded between 2015 and 2020, representing 124 billion FCFA in potential investment.

"This temporary suspension of new permits is intended to take stock of mining rights already granted, and to combat illegal trafficking of the country's mineral resources.

"This decision comes at a time when Niger is seeking to maximize the benefits of its mineral wealth for national development."

Renewal of exploration permits

In separate news, Global Atomic has received verbal confirmation of the renewal of exploration permits for the Adrar Emoles 3 (AE3) and Adrar Emoles 4 areas. The Dasa mine operates in the AE3 property. The exploration permit renewals for the Tin Negoran areas are expected soon, pending the receipt of formal notice from the Mines Ministry.

Acceleration of warrants

The company also announced the accelerated expiry provisions of the common share purchase warrants issued in connection with the December, 2023, private placement have been activated. The warrants are exercisable at $3.00 per common share and now expire Feb. 26, 2024, instead of Dec. 22, 2024.

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.

We seek Safe Harbor.