GLOBAL ATOMIC ANNOUNCES NIGER GOVERNMENT SUPPORT FOR THE DASA PROJECT
TORONTO, Aug. 19, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT: G12) is pleased to announce that a letter was issued by the Government of the Republic of Niger on August 15, 2024, in which President Tiani and the Council of Ministers confirmed their support for Global Atomic and the Dasa Project.
In the letter translated below, the Government states that…
Mr. President and Chief Executive Officer,
The Conseil National pour la Sauvegarde de la Patrie Chairman, Head of State, His Excellency Brigadier General ABDOURAHAMANE TIANI, has been informed of you investing in Niger's mining sector, particularly in the DASA uranium project, and thanks you for your interest.
The Head of State has instructed his Cabinet, the Minister of Mines and all Nigerien stakeholders in the sector to facilitate the implementation of your projects and investments in accordance with the regulations in force and following a win-win approach.
The DASA project, which will be sustainably integrated into the national economy, is expected to play an important role as a cornerstone for socio-economic development. As such, Niger's highest authorities support it totally.
Finally, as your company has always complied with our country's regulations, I would ask you to keep on doing so. That guarantees the continuity of our partnership.
We assure you that all that is necessary will be done to ensure that the State provides the best possible support for SOMIDA's DASA project and I would like to extend you, Mr. President and CEO, my best wishes.
Best regards,
Dr SOUMANA BOUBACAR Minister, Director of the Cabinet
Copied to: SP/CNSP: Permanent Secretary of CNSP – For information PCNSP/DIRCABA: Deputy Head of Staff of the President – For information CAB/PM: Prime Minister Office – For further information M. Mines: Mines Ministry – For follow-up PCNSP/SGP: Presidency Secretary General – For information PCNSP/SGP/A: Deputy Presidency Secretary General – For information ANPIPS: National Agency in charge of Strategic Investment Projects. – More information
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President and CEO of Global Atomic, Stephen Roman, stated, "This letter confirms what we've been telling all our stakeholders about the strong support from the Government of Niger for our Dasa Project and our significant progress in its development to date. The inclusion of ANPIPS (National Agency in Charge of Strategic Investment Projects) in the Minister's letter, confirms Dasa is considered a strategic investment for the Republic of Niger."
"The Letter highlights that we have always complied with Niger's regulations. The Mines Minister, during his site visit in May 2024, witnessed our commitment to predominately populate our local management and operating staff from Niger's workforce and prioritize Niger companies for the supply of goods and services, where practical."
"We are pleased to see that the government recognizes not only the socio-economic benefits that accrue to Niger from Dasa, but also the excellent ESG work we have been doing since 2008."
"We continue to develop the Dasa Project and look forward to bringing the mine and the processing plant into production at the end of 2025, for delivery of yellowcake to utilities in the U.S. and other countries in early 2026."
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 Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will 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.
SOURCE Global Atomic Corporation
Key contacts: Stephen G. Roman, Chairman, President and CEO, Tel: +1 (416) 368-3949, Email: [email protected]; Bob Tait, VP Investor Relations, Tel: +1 (416) 558-3858, Email: [email protected]
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