Global Atomic Provides Early Update to Kick Off 2024
TORONTO, Jan. 10, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company") (TSX: GLO) (FRANKFURT: G12) announced today several corporate updates as the Company advances its Dasa uranium project in the Republic of Niger.
Global Atomic has formalized the Letter of Intent announced in October 2023 by signing a Definitive Agreement for the sale of 350,000 lbs uranium per annum from the Company's Dasa Project in the Republic of Niger. This is the third such agreement signed by the Company, having formalized similar agreements in January and May of 2023 and brings the Company's current contracted volume to approximately 1.5 million pounds U3O8 per annum over Dasa's initial five years of operation. With the completion of this Agreement, Global Atomic has satisfied the "pre-sales" requirement of its banking syndicate.
The Company is nearing completion of an update of the Feasibility Study ("FS") originally released in 2021. The updated FS will incorporate an updated Mineable Reserve as well as current engineering design and costs and be based on the current uranium pricing environment. The Company will release the updated FS in Q1, 2024.
In a remarkable display of commitment to safety and teamwork, the DASA Mine, operated by SOMIDA and overseen by Global Atomic Corporation, has achieved a significant milestone: 500 days without a Lost Time Injury. This achievement underlines the mine's unwavering dedication to creating a safe work environment and its success in implementing effective safety measures.
Emre Toprak, is a chartered accountant ("CPA") with over 12 years of expertise in audit, accounting, financial management, financial reporting, and internal controls. Emre joined Global Atomic in 2021 as Corporate Controller and has been promoted to Vice President, Finance. Prior to joining Global Atomic Corporation, Emre worked at the Toronto office of PricewaterhouseCoopers LLP from 2019 to 2021, and previously Türkiye and The Netherlands.
In his new role, Emre replaces Pierre Hardouin, who was helpful in establishing our Niger mining company, SOMIDA, setting up the SAP accounting system and working with our Niger finance team. We thank Pierre for his significant contributions and wish him well in his new endeavours.
Global Atomic President and CEO, Stephen G. Roman commented "2024 is an important year for Global Atomic as we advance the Dasa Project towards production. The formalization of our third off-take agreement underscores the growing demand for our uranium resources. Our exemplary safety record in the initial stages of operating the Dasa Mine bodes well for the future and speaks to the quality of the mining team. I am extremely proud of what the entire team is accomplishing every day for the Company and its stakeholders."
Global Atomic Corporation (https://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 includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration. With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger, the Dasa Project is fully permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates yellowcake delivery to utilities to commence in 2026. Mine excavation began in Q1 2022.
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 production 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 proposed financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds on satisfactory terms to the Company; the future price of uranium; the estimation of mineral reserves and resources; the completion and timing of the MRE; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; impacts of third-parties and Government policies on the Company's operations; 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
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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