GLOBAL ATOMIC PROVIDES UPDATE ON THE DASA PROJECT
PROJECT FINANCING
Debt financing discussions with a
Global Atomic is also in discussions with parties regarding potential joint venture investment and other financing solutions.
The extension of the expiry date of certain common share purchase warrants from
SITE UPDATE – PROCESSING PLANT
The camp at Dasa has been expanding in phases to support the approximately 450 employees and contractors currently at the site, as well as the workforce expansion to 900 during the height of construction next year. A 60-person housing facility is nearing completion. Earthworks for the next camp phase to house 250 people are complete, and civils are now underway.
Earthworks for the Acid Plant is nearing completion. The local earthworks contractor will next move to prepare the site for the crusher with the SAG mill location to follow.
Processing plant equipment is beginning to arrive at site, beginning with components of the acid plant that were shipped through Nigeria. A video was recently posted on the Company's website (https://globalatomiccorp.com/Operations/Uranium/Photos-and-Videos/default.aspx) highlighting the remaining major components of the acid plant that have been built in
SITE UPDATE – MINING
Mining activities at Dasa are advancing on several fronts. Having exceeded 1,200 meters of mine development, our
To extend the mine development further the ventilation system is being expanded and the boring of a Main Fresh Air Raise is underway and now over 90% complete.
The mining team has not had a lost time incident since mining began 779 days ago. The Dasa workforce is approximately 98% Nigerien, including both experienced miners from a former underground mining operation, as well as local unskilled labour who are going through the Company training and mentorship program.
MINE PLAN UPDATE
The current Mine Plan announced on
President and CEO of Global Atomic,
"Recent high-level inter-government discussions about the re-opening of the
"Meanwhile the uranium market continues to heat up with higher spot prices this week. The long-term outlook for uranium demand is accelerating as announcements to expand the number of nuclear power reactors planned and approved proliferate. In September, we attended the World Nuclear Association Symposium in
"Two recent announcements illustrate the growth in uranium demand:
-
Microsoft and U.S. utility giant Constellation Energy have agreed to a long-term deal wherein Microsoft has agreed to purchase all the power from Constellation's 880MW
Three Mile Island (TMI) reactor over a 20-year period at prices ofUS$100 per MWh to power Microsoft's data centers. This deal calls for a restart of TMI Unit 1 by 2028 and an investment ofUS$1.6B by Constellation Energy. -
The
COP28 goal of tripling nuclear energy capacity by 2050, has now garnered funding support from some of the world's largest financial institutions, which is expected to accelerate the demand for uranium and the need for new greenfield projects such as our advancedDasa Project . This has significantly improved our options for the final funding of our project."
Please visit our website www.globalatomiccorp.com for the latest site development photos and videos.
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
Global Atomic's Base Metals Division holds a 49% interest in the
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.
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