TORONTO, Feb. 12, 2025 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to provide an update on recent activities at the Company and the Dasa Uranium Project in the Republic of Niger.
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NIGER UPDATE
At the African Mining Indaba Conference held in Cape Town last week, the Company held several important meetings with Niger's Mines Minister Abarchi, who was present at the largest mining conference in Africa, promoting his Country to attract potential investors interested in the mining sector. The Minister emphasized the Government's strong support for Global Atomic and the Dasa Project, and confirmed his government has no intention to nationalize the Dasa Project.
In various meetings attended by Minister Abarchi at the Conference, he stated that Niger welcomes and encourages investment by foreign mining companies specifically including those from Canada, the United States and Australia. Further, at the end of last week the Niger government announced plans to hold a major conference in mid-February to establish a process that will govern the transition to a democratic election.
The Company held additional meetings in Cape Town, including with new groups interested in financing the Dasa Project, as well as suppliers and contractors who are currently working with Global Atomic and SOMIDA.
PROJECT DEVELOPMENT
The advancement of the Dasa underground has progressed on the first two levels along the footwall of the ore body. Five-meter diameter ventilation raises have been completed and commissioned enabling continued underground development while maintaining safe working conditions and efficiency.
Plant construction is proceeding on schedule with earthworks nearing completion and civil works underway and the concrete batch plant now under construction. Large pieces of processing equipment such as the SAG mill shell, crusher and acid plant are now on site. The camp that will house the plant construction crew is well underway with a large percentage of housing now ready for occupation.
FINANCING
Since the inauguration of President Trump in the United States of America, the market reaction has been that debt funding for the Dasa Project is unlikely to come from the USA. However, these discussions continue as well as the advancement of the Joint Venture final documentation. It is important to remember that the Company has entered into off-take agreements for 8.8 million pounds U3O8 over the first 7 years of the Mine; 90% of which has been sold to US utilities. As a result of the many successful meetings at the Indaba Conference, new parties have indicated a willingness to participate in the final funding solution for Dasa. Management is confident that these initiatives will continue to progress, and we reiterate our belief that prior to the end of Q1, 2025, further clarity can be shared with the market.
Stephen Roman, President & CEO of Global Atomic, stated, "By advancing the development of the mine, processing plant and infrastructure, we have significantly moved the Dasa Project closer to production while continuously adding to the intrinsic value of the Dasa Project. This is the basis of appraisal for all our financing discussions and not the current value of our shares."
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 currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The "First Blast Ceremony" occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that can be advanced with further assessment work.
Global Atomic'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, located 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 around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is 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 throughout Europe, Asia and the United States of America.
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.
