About

The Company aims to start uranium production at its Dasa Project in the Republic of Niger for sale of yellowcake to utilities starting in the first half of 2026. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Türkiye that produces zinc concentrate and provides cash flow which has historically helped to fund the development of the Dasa Project.

Global Atomic owns 80% of the Dasa Project, a sandstone-hosted uranium deposit first discovered by Company geologists in 2010. The Government of Niger owns the remaining 20% of Dasa, half on full participating basis. Dasa is the largest highest-grade uranium deposit discovered in Africa since the 1970s.

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.

In 2021 and 2022 Global Atomic completed 16,000 meters of additional drilling. Based on the results of this drilling program, a revised Mineral Resource Estimate (“MRE”) was completed in early 2023, in which Dasa’s Indicated Resources increased by 50% using a cut-off grade of 1,500 ppm. The MRE identified a further 51.4 Mlb of Inferred Resources grading at 5,349 ppm, which with infill drilling has potential to be upgraded to the Indicated category and brought into the economic model for Dasa. The deposit is also open at depth and along strike, which has further potential to extend the mine life of Dasa.

The Dasa Feasibility Study announced in March 2024 incorporated the 2023 MRE and updated costs from detailed engineering. The 2024 mine plan uses a base uranium price of $US75 per pound targeting profitable production of over 68 million pounds U₃O₈ over a 23-year mine plan. After tax, using that base uranium price the Study projected the NPV₈ to be $US917 million and the IRR to be 57.0%. Using a uranium price of US$90 per pound the after NPV is projected to be over US$1.2 billion and the after-tax IRR to be 74.8%.

The excavation of a Box Cut for ramp access to the Dasa Project was completed in 2022 and underground development has been underway since the beginning of 2023. As of the end of 2024 mining activities, operating under the SOMIDA company banner, has reached the ore body and over 12,000 tonnes of development ore and another 18,000 tonnes of mineralized waste have already been brought to surface. The mineralized material is being segregated into low, medium and high-grade stockpiles, which will be used for plant commissioning. The ramp to the ore body has now been paved and with the major ventilation infrastructure being completed, the ramping and level development will continue.

The Company continued earthworks in 2024 to prepare the site for construction of the Dasa processing plant as well as preparing the mine camp for additional housing for employees and construction crews. An additional 260-person housing facility is nearing completion. Fabrication of one of the major processing plant components; the Acid Plant, has been completed and delivered to site. Procurement of long-lead equipment is complete, with many items at manufacturing completion. Certain critical items like the SAG Mill, Crusher and Acid Plant are now at the Dasa site. Our EPCM contractors are nearing completion of detailed engineering and ordering the remaining components for the Processing Plant. Substantial earthworks have been completed, and the civils contractor has begun work. Plant erection is scheduled to begin in Q3 2024.

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.