Mr. Stephen Roman reports

GLOBAL ATOMIC UPDATES DASA URANIUM PROJECT COST ESTIMATES

Global Atomic Corp. has provided this update on funding and project costs. As disclosed on Sept. 16, 2026, the board of directors of the U.S. International Development Finance Corp. (DFC) approved a project financing for the Dasa project of up to $414.2-million (U.S.), comprising a term loan facility of up to $397.4-million (U.S.) and a cost overrun facility of $16.8-million (U.S.).

• Dasa project capital costs of $228.5-million (U.S.) invested by the company to June 30, 2026.
• Total Dasa project capital costs estimated to be $777.2-million (U.S.) including financing costs and a contingency provision.
• The DFC term loan facility of $397.4-million (U.S.) is expected to be available for drawdown once the company has spent the balance of equity requirements of $152.7-million (U.S.).
• Current uranium term price is $97 (U.S.)/pound U3O8 (triuranium octoxide) (per TradeTech), 29 per cent higher than technical report assumption of $75 (U.S.)/lb U3O8.

Dasa project capital costs

Mining project capital costs have experienced inflationary pressures in recent years and the Dasa project is no exception. Recently, the company updated its capital cost projections for the Dasa project. The updated costs include capital costs through to completion and commissioning, which is currently schedulled for H2 2028, working capital through ramp-up and debt service throughout the period. The attached table compares the updated capital costs to the 2024 feasibility study.

The 2024 feasibility study projected completion of construction by the end of 2025 on the assumption that all required project funding was in place and construction began thereafter. The change in Niger's government resulted in delays in project funding. As a result, certain project purchases and construction were deferred. Construction is now schedulled to be completed in H1 2028 and commissioned in H2 2028. This increase in the project construction and commissioning timelines has increased the company's exposure to inflation, extended preproduction indirect costs and resulted in a reclassification of certain costs from sustaining capital costs to upfront capital costs. Although capital costs have increased, the nuclear industry has changed. Nuclear power is now a cornerstone of the energy mix in many countries which delivers low carbon base load electrical power and supports energy sovereignty. Term prices (the price at which utilities enter uranium supply contracts) have risen from $75 (U.S.)/lb U3O8 assumed in the 2024 feasibility study to the current price of $97 (U.S.)/lb U3O8 (per TradeTech) reflecting demand from extensions of existing nuclear plants and unprecedented global buildout of new nuclear plants and a structural supply deficit in the uranium market.

As shown above, remaining project costs as of June 30, 2026, are estimated to be $550.1-million (U.S.).

Stephen G. Roman, president and chief executive officer of Global Atomic, commented: "Despite the increase in capital costs outlined above, the Dasa project is financially robust, due to its high-grade and excellent metallurgical characteristics. Global Atomic is strategically positioned to benefit from higher uranium prices associated with the structural deficit in the uranium market.

"Since our announcement of approval of the DFC facility, we have received several inquiries from nuclear energy utilities seeking to buy Dasa's uranium under commercial offtake agreements. We are currently reviewing various financing solutions to fund the remaining capital expenditures."

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 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 Mersoi 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 per cent by Global Atomic and 20 per cent 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-per-cent interest in the Befesa Silvermet Turkey S.L. (BST) joint venture, which operates a modern zinc recycling plant 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. Befesa Zinc SAU (Befesa) is the majority partner and 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 in Europe, Asia and the United States.

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