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.
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."
A recent video of our progress in Niger is available at
https://www.youtube.com/watch?v=ITl8r104-MA.
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 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.
SOURCE Global Atomic Corporation