Global Atomic Signs Letter of Intent with Western Utility for Uranium Supply

Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12) is pleased to announce the signing of Development Consultants Private Limited (“DCPL”) of Kolkata , India and Lycopodium Minerals Canada Ltd. (“Lycopodium”) to commence basic and detailed engineering, procurement and project management of the Dasa mine processing plant in the Republic of Niger.

These engineering and project delivery companies have been selected to form an integrated EPCM project team synthesizing proven experience in uranium processing plant design with project management and construction experience in East Africa. West. DCPL will focus on the basic and detailed engineering required for the design of the Dasa process plant, with the initial phase of basic engineering now underway. Lycopodium will prepare the project execution plan, provide data for constructability in West Africa and provide project services during this phase with the intention of continuing to manage plant construction.

All EPCM activities will be guided and supervised by the Global Atomic owner’s team led by Dr. Santiago Faucher , Chief Technology Officer at Global Atomic. Global Atomic and Dr. Faucher’s company, Insight R&D, have now integrated experts in metallurgical, mechanical and electrical engineering into the DCPL team in Kolkata and the Lycopodium team in Toronto to lead the work on the Dasa project. Together, this integrated EPCM project team will develop the detailed design and complete delivery of the Dasa Mine Processing Plant project; building on proven results from the 2020 Insight R&D pilot plant trials and findings from the 2021 Dasa Phase 1 feasibility study.

DCPL and Lycopodium have an excellent and extensive track record of work throughout Africa including technical studies, project reviews and EPCM contracts for more than 77 engineering projects in the mining and other industries. In addition, DCPL has designed and built several uranium recovery and processing plants and is currently the leading engineering company in India develop the nuclear and uranium sectors of this country. Lycopodium has actively participated in 60 mining projects across West Africa and brings recent practical experience of carrying out projects in the region.

President and CEO of Global Atomic, Stephen G. Roman declared, “Following Global Atomic’s announcements regarding our initial off-take agreement, the formation of a banking syndicate to finance the Dasa project and the incorporation of our Niger operating company, SOMIDA, the start of the EPCM phase is our next important step in meeting the schedule to become one of the newest uranium producing companies in the world. Similar to most multinational companies, which source specialist engineering from India Today, Global Atomic has identified DCPL as having the world’s most compelling experience and track record in designing uranium processing plants. DCPL’s experience in the uranium business will reduce the technical risks of the project, while its ability to provide highly detailed engineering designs will reduce field work and provide good project cost control. »

After a thorough selection process, DCPL and Lycopodium emerged to form the best team to undertake the EPCM phase of the Dasa project. This integrated EPCM project team is committed to completing the project on schedule and keeping the Dasa project on schedule to deliver yellowcake to utilities in the first quarter of 2025.”

About DCPL

Development Consultants Private Limited (“DCPL”), is a India transnational consulting engineering company that provides a full range of project engineering services to its clients in India and worldwide, from concept to commissioning, for various core and specialty sector projects. DCPL has conducted projects in many areas, including mining, mineral processing and beneficiation, renewable energy and the environment, power generation, transmission and distribution, supply and processing industrial water and the treatment and reuse of industrial wastewater.

DCPL (www.dcpl.net.in) is closely associated with many nuclear power projects in India and designed approximately 45,000 MW of installed generation capacity, DCPL is one of the world leaders in the nuclear field.

About Lycopodium

Lycopodium Minerals Canada Ltd., based in Toronto is a subsidiary of Lycopodium Limited (ASX: LYL) whose registered office is at Perth, Australia , and is a leader in its field, working with its customers to provide integrated engineering, construction and asset management solutions. Lycopodium has the expertise to carry out complex and multidisciplinary projects, up to the provision of feasibility studies and consultancy services. Operating in the resource, infrastructure and industrial process sectors, they offer a diverse team of industry experts to deliver tailored and innovative solutions for all types of products.

With the ability to deliver projects worldwide, Lycopodium has offices in Australia , South Africa , Canada , Ghana and The Philippines . To learn more, visit www.lycopodium.com.

About Global Atomic

Global Atomic Corporation (www.globalatomiccorp.com) is a publicly traded company that offers a unique combination of high-grade uranium mine development and cost-effective zinc concentrate production.

The company’s Uranium division comprises four deposits, the flagship project being the large, high-grade Dasa project, discovered in 2010 by Global Atomic geologists through 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 licensed for commercial production. The phase 1 feasibility study for Dasa was filed in December 2021 and estimates that production from Yellowcake will begin by the end of 2024. Excavation of the mine began in the first quarter of 2022.

Global Atomic’s Base Metals Division owns a 49% interest in the joint venture Befesa Silvermet Turkey, SL (“BST”), 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 quality zinc oxide concentrate that is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc SAU (“Befesa”) listed on the Frankfurt exchange under the name “BFSA”, holds a 51% stake 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 spread across 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 regarding the completion of any financing; Global Atomics’ development potential and the timing of its operating, development and exploration assets; Global Atomics’ ability to raise additional necessary funds; the future price of uranium; estimation of mineral reserves and resources; conclusions of the economic evaluation; the completion of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenses; success of exploration activities; mining or processing problems; exchange rate; government regulation of mining operations; and environmental and permit risks. Generally, forward-looking statements can be identified by the use of forward-looking terms such as “plans”, “is expected”, “estimates”, variations of these words and phrases or statements that certain actions, events or results “could , “would”, “could”, “will be taken”, “begin”, “include”, “will be expected”, “will occur” or “will be carried out”. All information contained in this press 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 these forward-looking statements. , including, but not limited to, the risks described in Global Atomic’s Annual Information Form and in its public filings on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although Global Atomic’s management has attempted to identify important factors that could cause actual results to differ materially from these forward-looking statements, other factors may cause results not to be 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 on forward-looking statements. Global Atomic does not undertake to update forward-looking statements except in accordance with applicable securities laws. Readers should also consult the risk and uncertainties sections of Global Atomics’ annual and interim management reports.

The Toronto Stock Exchange has not reviewed and accepts no responsibility for the adequacy and accuracy of this press release.

SOURCE Global Atomic Corporation

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