About

The Company aims to start uranium production at the Tier 1 Dasa deposit, in the Republic of Niger by the end of 2024 for sale of yellowcake to utilities starting in 2025. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Turkey that produces zinc concentrate and provides financial leverage to minimize equity dilution.

Global Atomic owns 80% of the Dasa project, a graben-hosted sandstone first discovered by Company geologists in 2010. Dasa is the largest highest-grade uranium deposit discovered in Africa since the 1970s.

In 2017 the Company signed a Memorandum of Understanding (MOU) with Orano Mining S.A. (formerly known as AREVA Mines Ltd.) to potentially process uranium ore from Dasa at facilities 135 kilometers north, near the town of Arlit. Successful completion of this arrangement would enable the Company to earn revenue from development ore prior to the completion of its own processing plant.

In December 2020, Dasa received its mining permit from the Government of Niger. In January 2021, Dasa received its Environmental Compliance Certificate and is now fully permitted.

The Dasa Feasibility Study announced in November 2021 comprises an optimized Phase 1 of a larger mine development at the Dasa project. The Phase 1 plan is a low-capital development targeting profitable production over a 12-year mine life, representing approximately 20% of the known deposit.

Prior to Phase 1 implementation, Global Atomic has completed 16,000 meters of additional drilling. The primary objective was to upgrade the substantial mineral resources within Phase 1 to create a contiguous body of Measured and Indicated Resources and improve the Phase 1 economics. Drilling was also completed outside of Phase 1 to upgrade the resources throughout the Dasa Project , thus enabling economic value to be calculated beyond Phase 1.

The excavation of a Box Cut for ramp access to the Dasa Project was completed in 2022. Underground development, including collaring the Portal, is already underway.

Surface infrastructure and a mining work force are in place to support mine development. Detailed engineering and project financing for the construction of the processing plant are in progress.

Global Atomic also holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, which operates a modern zinc production plant located in Iskenderun, Turkey. 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 is Befesa S.A. (“Befesa”), the market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe, Asia and the United States. Befesa holds a 51% interest in and is the operator of the BST Joint Venture.