Global Atomic Provides Financing Update
, President & CEO of Global Atomic, stated, " I recently returned from my latest trip to Niger, where I witnessed the impressive work of the mining team and the plant construction at the Dasa Project. While in Niger's capital, Niamey, I had excellent meetings with Mines Minister Abarchi and also U.S. Ambassador Kathleen FitzGibbon both of whom continue to strongly support both Global Atomic and the Dasa Project."
"We are in discussions with a well-known uranium industry group regarding a limited, non-equity investment. I also had productive meetings with a number of Dasa's key Nigerien suppliers of materials and services, including some who have confirmed their interest in investing in the Dasa Project. We are currently progressing these discussions."
"These potential transactions could eliminate the need for a near term equity financing, allowing the Bank and potential JV partner sufficient time to complete their approval processes and commit funds for the completion of the Dasa Project."
"The U.S. Development Bank has confirmed that their internal process to advance the approval of a debt facility for our Dasa Project is proceeding and is expected to occur this quarter. Once approved by the Credit Committee, the Dasa Project loan will then move to the Investment Committee and the Board of Directors for final approval."
"Discussions regarding a minority project level joint venture continued through April, giving us a potential alternative to finance 100% of remaining project development costs. Any joint venture investment would be based on the intrinsic value of the Dasa Project as per the Company's most current Feasibility Study plus investments made by the Company to advance the Project since that date, and not the current value of the Company's shares."
"The Company continues to manage its spending to provide additional time to finalize project financing on terms best suited to the Company and its shareholders, without coming back to the equity market in the near term."
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 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 Q2, 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.
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.
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