Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026 TORONTO, May 13, 2024 /CNW/ - Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX:GLO) (OTCQX:GLATF) (FRANKFURT: G12) announced today its operating and financial results for the quarter ended March 31, 2024. For more detail please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2024 on the Company's website at www.globalatomiccorp.com. Q1 2024 HIGHLIGHTS Dasa Uranium Project – 2024 Feasibility Study On March 5, 2024, the Company published its Dasa Project 2024 Feasibility Study ("FS") as an update to its 2021 Phase 1 Feasibility Study which confirmed an extension of the Mine Plan from 12 years to 23.75 years (2026-2049), a 50% increase in Mineral Reserves to 73 million pounds U3O8 and an increase in total production by 55% to 68.1 million pounds U3O8.  Using an average uranium price of US$75/lb U3O8, the FS shows an after-tax NPV8 of US$917 million, an after-tax IRR of 57% and a payback period of 2.2 years. Dasa Uranium Project – Mine Development Ramp development has been underway since the beginning of 2023, with over 1,000 meters completed as of the date hereof. Mine development is continuing down dip in the footwall of the orebody. As of the date hereof, the Dasa Mine, operated by SOMIDA, and overseen by Global Atomic Corporation, achieved 642 days without a Lost Time Injury ("LTI"), a testament to management's dedication to create a safe work environment and the team's success in implementing effective safety measures. Dasa Uranium Project - Off-take Agreements Global Atomic formalized its third Definitive Agreement with North American customers for the sale of uranium from the Company's Dasa Project in the Republic of Niger, bringing the Company's contracted volume to approximately 1.5 million pounds U3O8 per annum over Dasa's initial five years of operation.  With this Agreement Global Atomic satisfied the "pre-sales" requirement of its banking syndicate Global Atomic also finalized a Letter of Intent ("LOI") for the supply of 260,000 pounds U3O8 per annum for three years beginning in 2026 to a strategic Europe-based nuclear power utility. This fourth agreement brings the Company's total committed volume up to 9.5 million pounds U3O8, representing revenue of approximately US$770 million at current market levels of US$90/lb U3O8. Turkish Zinc Joint Venture In Q1 2024, the Turkish JV processed 19,990 tonnes EAFD. Zinc contained in concentrate shipments totalled 9.3 million pounds and the average monthly LME zinc price was US$1.11/lb. The Company's share of the Turkish JV EBITDA was a gain of $0.7 million in Q1 2024 (a loss of $0.4 million in Q1 2023). The cash balance of the Turkish JV was US$2.3 million at the end of Q1 2024. Corporate Global Atomic received $271,000 in quarterly management fees and monthly sales commissions from the Turkish JV ($131,000 in Q1 2023), helping to offset corporate overhead costs. Cash balance as of March 31, 2024, was $18.6 million. Global Atomic President and CEO, Stephen G. Roman commented, "We continue to be very active in advancing the Dasa Project, as supplies and equipment flow into the country through our alternate supply routes.  The Government of Niger continues to provide strong support for Dasa, as evidenced by a site visit from the Mines Minister of Niger in early May.   Niger has endorsed the Dasa Project and is pleased with our progress to date as they recognize the strategic value of the uranium projects in the Agadez region and the near-term economic benefit that will be realized in the form of local employment, taxes and royalties from Dasa. "Underground development has reached over 1,000 meters, as we extend the ramp to open five mining levels prior to production and develop drifts along the footwall of the deposit to access the planned stopes.  As we undertake the earthworks and civil engineering to prepare for the construction of the processing plant, we currently employ over 300 people at the Dasa Project, a number that is expected to grow to over 500 during full construction.  We are on schedule to bring the Dasa Project into production in Q1 2026." "Project Financing for the Dasa processing plant continues to move forward. The banking syndicate has informed us that they anticipate credit committee and final Board approval this quarter. It is expected that the debt financing facility will provide 60% of the project funding and 50% of cost overruns, if any. The Company is also in discussions with alternative financing sources." OUTLOOK Dasa Uranium Project Continue development of the underground ramp and site infrastructure to remain on schedule to supply uranium ore to the processing plant from the end of 2025. Addition of an in-country construction team, bringing the site complement from 275 to approximately 500. In Q2 2024, our Bank Syndicate is expected to approve the Debt Financing facility for the development of the Dasa Project. Complete final engineering, site development and civil works for the Dasa processing plant and begin installation of equipment. Continue marketing efforts to secure additional uranium off-take agreements. Turkish Zinc Joint Venture The Company anticipates operations at its Turkish JV will be profitable in 2024 due to a return to usual local steel mill production levels, a recovery in zinc prices this past quarter and lower input prices. COMPARATIVE RESULTS The following table summarizes comparative results of operations of the Company: Three months ended March 31, (all amounts in C$) 2024 2023 Revenues $           271,463 $           130,841 General and administration 2,199,221 2,832,831 Share of equity (gain) loss (333,686) 1,388,274 Finance income, net (241,631) (71,468) Foreign exchange (gain) loss (3,750,362) 1,210,716 Net income (loss) $        2,397,921 $       (5,229,512) Net income (loss) attributable to: Shareholders of the Company 2,383,178 (5,237,663) Non-controlling interests 14,743 8,151 Other comprehensive income $           685,111 $        2,718,776 Comprehensive income (loss) attributable to: $        3,083,032 $       (2,510,736) Comprehensive income (loss) attributable to: Shareholders of the Company 3,047,947 (2,518,218) Non-controlling interests 35,085 7,482 Basic net income (loss) per share $0.01 ($0.03) Diluted net income (loss) per share $0.01 ($0.03)