Global Atomic Announces Q2 2026 Results

TORONTO, Aug. 13, 2026 /CNW/ -- Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) announced today its operating and financial results for the quarter ended June 30, 2026.  For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2026, on the Company's website at www.globalatomiccorp.com.

Stephen G. Roman, President and CEO of Global Atomic, commented, "Global Atomic and the SOMIDA team continue to make construction progress at the large- scale, high-grade Dasa Uranium Project despite difficult conditions.  Our mining team has done excellent work in extending our underground ramp and lateral access drifts adjacent to the ore body, while maintaining an outstanding safety record. SOMIDA management and construction teams along with local earthworks and civil works contractors have completed sufficient groundwork that the steel erection team can begin the installation of processing equipment.  Our relationship with the Niger Government was further strengthened following the positive May 2026 Dasa site visit by the Government's representatives on our SOMIDA board of directors. Recent discussions regarding transportation alternatives with regional governments are expected to open one or more uranium export routes and improve existing import timeliness and costs."

"Although financing delays have pushed the projected production of Yellowcake to the second half of 2028, the financing approval process is progressing. We are confident a positive outcome will be achieved."

OUTLOOK

Dasa Uranium Project Financing Update

• The Company continues to be actively engaged with a U.S. Development Bank (the "Bank") regarding a debt facility for the Dasa Project in addition to continued discussions with potential JV partners to acquire a minority interest in the Dasa Project.
• The Company is also pursuing other funding options which may be required to finance any gap between approval and release of funds by the Bank or potential JV partner.  
• Process Plant commissioning and first Yellowcake shipments are currently scheduled for H2 2028, subject to the timing of project financing.

Uranium Price Outlook Continues to Strengthen

• In Q2 2026, uranium spot prices, as reported by UxC LLC, ranged between US$83.35/pound U₃O₈ and US$86.90/pound U₃O₈.
• The long-term uranium contract price which is the reference price for utility customer off-take agreements, rose to US$97/pound U₃O₈ during Q2 2026, reflecting energy security concerns and looming supply deficits.
• The long-term outlook for uranium prices is robust as demand outstrips supply due to unprecedented growth in the number of nuclear reactors under construction, life extensions of operating reactors and the new energy needs of AI driven data centers.

Positive Evolution of Niger's Trade Routes 

• Historically, uranium produced in Niger since the 1970s, was exported through the port of Cotonou, Benin.
• The Niger-Benin border was closed in mid-2023 however in Q2 2026, the countries reached broad agreement on re-opening the border and are currently working towards establishing a framework to support a resumption of cross-border trade.
• Under the Benin Regional Transport Compact, a joint initiative of the Benin Government and the Millennium Challenge Corporation of the United States, work has begun on upgrading an 83-kilometer section of the Cotonou-Niamey corridor to a four-lane highway. This work may continue on the Niger side of the border following a formal re-opening of the border.
• The initiative is moving forward while Benin and Niger discuss reopening their border after its closure in mid-2023 which disrupted trade and supply chains in both countries.
• Since mid-2023, the Company has successfully imported supplies and equipment via two principal routes, initially through Togo & Burkina Faso and now through Nigeria.  
• During Q2 2026, the Algerian government welcomed a high-ranking Niger delegation including several Government Ministers and business leaders including representatives of SOMIDA the Company's Niger subsidiary.
• Niger and Algeria entered into a Cooperation Agreement that includes expanded trade between the two Countries and opening a new trade corridor from the Mediterranean Sea to the Dasa Mine. 

No Impact from Middle East Conflict

• Dasa's development has no material reliance on shipping impacted by the Middle East conflict.  
• Current levels of oil production and refining in Niger are sufficient to supply Dasa's diesel fuel requirements at reasonable rates.  
• Current impacts on the supply of sulphur and sulphuric acid, used in the refining process are expected to be alleviated prior to production.

Turkish Zinc Joint Venture

• Higher zinc prices are expected to continue in 2026.
• The Company received a dividend payment of US$1.5 million in Q1 and a further US$2.4 million in July, for a total dividend received of US$3.9 million year to date.

HIGHLIGHTS

Support from Niger Government – SOMIDA Directors Visit to Dasa

• In May 2026, members of the Company's Executive Team held a successful visit to Niger, dividing their time between key meetings in Niger's capital of Niamey and the Dasa Project site, accompanied for the first time by Niger Government representatives of the Board of Directors of the Company's Niger subsidiary, SOMIDA.
• For these Directors, the site visit was instrumental in demonstrating the significant amount of work already completed and confirmed Dasa as the largest active mining project in Niger. The Directors were impressed with both the high level of local employment at all levels of the SOMIDA work force and the extent of work completed to date.  
• The site visit solidified Government support for the Project and Dasa's importance to Niger, which was widely publicized on National television and other media.
• After the site visit, executives from Global Atomic and SOMIDA met with His Excellency General Abdourahamane Tiani, President of the Republic of Niger.  Following this meeting President Tiani issued his second support letter to Mr. Roman in which he stated, "The Dasa Project represents a major strategic investment for our Country, both in terms of its economic potential and its expected contribution to the responsible development of national mineral resources, job creation, skills transfer and infrastructure strengthening in the region concerned." The President also instructed Ministry and government personnel to "support you [SOMIDA] in carrying out our Joint Project in a spirit of a balanced and mutually beneficial partnership."
• In Niamey, the Company's executives also held high level meetings with:
  • Prime Minister Lamine Zeine, 
  • Mines Minister Ousmane Abarchi, 
  • Minister of Foreign Affairs Yaou Sangaré,
  • Paul Houston, Chargé d'Affaires of the US Embassy in Niger 

Dasa Uranium Project – Mine Development

• Underway since November 2022, underground development continues with construction to provide access to the 4^th mining level in the footwall of the orebody.
• Mineralized development ore brought to surface includes medium grade (3,000 to 5,000 ppm), low grade (1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which will be processed during the commissioning of the Process Plant.
• Ramping and underground level development will facilitate stope access on five mining levels to coincide with the commissioning of the Process Plant.
• Underground ventilation, electrical services, and water management infrastructure are being installed in coordination with development of the mine.

Dasa Uranium Project – Process Plant Construction

• The Engineering, Procurement and Contract Management ("EPCM") contractors for Dasa are completing the final detailed engineering and ordering the remaining components for the Process Plant.
• Earthworks for the first phase of the processing plant are more than 95% complete, with most areas now released to the civil construction contractor.
• The new 260-person housing facility for the camp at Dasa is in the final inspection stage for handover to the operations team and occupancy.

Turkish Zinc Joint Venture

• The Turkish JV processed 8,620 tonnes EAFD and sold 3.5 million pounds of zinc in concentrate in Q2 2026.
• The average monthly LME zinc price in Q2 2026 was US$1.57/pound compared to US$1.18/pound in the same quarter of 2025.
• For Q2 2026 the Company's share of EBITDA was $1.0 million ($2.6 million in Q2 2025) and the Company's share of net income was a loss of $0.8 million (net income of $0.6 million in Q2 2025).
• The cash balance of the Turkish JV was US$8.2 million at the end of Q2 2026 (end of Q4 2025 - US$8.6 million).

Corporate

• On May 14, 2026, Global Atomic renewed its base shelf prospectus and re-established an At-The-Market equity program (the "ATM") which allows the Company to issue, at its discretion, common shares with an aggregate offering price of up to C$50 million to the public from time to time during the period ended April 30, 2028.  
• The ATM replaces the Company's previous ATM that expired December 21, 2025, under which it issued 13.4 million Common Shares to raise $13.48 million at an average price of $1.00 per Common Share over a two-year period.
• Net income earned by the Turkish JV less funds required for its operations are distributed by way of dividends to the JV partners, Befesa (51%) and Global Atomic (49%), in proportion to their joint venture interests.
• Global Atomic earned management fees and monthly sales commissions from the Turkish JV of $0.1 million in Q2 2026 compared to $0.2 million in Q2 2025.
• The Company's cash balance as of June 30, 2026, was $30.0 million.

About Global Atomic

Global Atomic Corporation (www.globalatomiccorp.com) 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 is developing the fully permitted, large, high-grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration.  The Deposit is in the uranium-rich Tim Mersoï Basin in the Agadez Region of the Republic of Niger.  The Dasa Project is operated by SOMIDA, a Niger-based company which is owned 80% by Global Atomic and 20% by the Niger Government. Permitted in 2020 and actively mined since 2022, the Dasa Project is the world's most advanced greenfield uranium project currently under development.  

The Company's Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) joint venture, which operates a modern zinc recycling plant in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters.  Befesa Zinc S.A.U. (Befesa) is the majority partner and the operator of the BST Joint Venture.  Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located in Europe, Asia and the United States of America.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.   Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.   Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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