Global Atomic Provides Update on the Dasa Project

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U.S. Development Bank Confirms Schedule for Dasa Funding Approval

TORONTO, Oct. 29, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on its Dasa Project in the Republic of Niger.  Dasa is the highest-grade uranium deposit in Africa surpassed only by grades found in Canada's Athabasca Basin and is scheduled to achieve commercial production in early 2026.

Global Atomic Corporation (CNW Group/Global Atomic Corporation)
Global Atomic Corporation (CNW Group/Global Atomic Corporation)

PROJECT FINANCING

As indicated by the U.S. development bank (the "Bank") with whom the Company is engaged in project finance discussions and disclosed by the Company on October 3, 2024, the Bank has provided an updated schedule for the approval of a debt facility to fund the development of Dasa.

In recent positive meetings with the Company, the Bank confirmed its support for Dasa and its intention to approve a debt facility for US$295 million, which will cover 60% of the planned project costs.  By early Q1 2025, the Bank intends to conclude its approval process, including Committee and Board level approvals.

President and CEO of Global Atomic, Stephen G. Roman, stated, "Receiving this update from the U.S. development bank is good news.  Although we continue to assess a number of other financing options, we believe the development bank offers the best financing solution for the benefit of our shareholders and our nuclear power utility customers.  The approval timelines outlined by the bank support yellowcake deliveries in 2026 as anticipated in the four off-take agreements we have in place with American and European nuclear power utilities."

"To help fund the continuing development of Dasa until the bank funds are available, earlier this month we raised C$40 million in an oversubscribed public offering. We take this opportunity to thank our long-time supportive investors as well as many new shareholders for this strong show of support for Global Atomic and the Dasa Project."

In addition to the development bank, Global Atomic is in discussions with parties regarding potential joint venture investment in the Dasa Project and other financing solutions.

The extension of the expiry date of common share purchase warrants issued pursuant to our March 2023 financing from September 17, 2024, to December 31, 2024, as announced on September 13, 2024, has been approved by the TSX.

SITE UPDATE – PROESSING PLANT

Earthworks and civil engineering are progressing in preparation for the installation of plant equipment, components of which are now arriving at site.