Dasa Uranium Project Remains on Schedule to Produce Yellowcake in Q1 2026 TORONTO, Aug. 12, 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 June 30, 2024.  For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2024, on the Company's website at www.globalatomiccorp.com. Q2 2024 HIGHLIGHTS Dasa Uranium Project – Mine Development Ramp development has been underway since the Opening Blast Ceremony, November 5th, 2022, with over 1,235 meters completed as of the date hereof; and 7,000 tonnes of development ore now hauled to surface. Mine development is continuing with level development in the footwall and decline development. Raise Boring is now underway for the Fresh Air Raise and Return Air Raise which will act as the main components of the mine's ventilation infrastructure. As of the date hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, has achieved 732 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 – Plant Construction The Company began extensive earthworks in Q2 2024 to prepare the site for construction of the Dasa processing plant as well as expansion of the Daiy Camp to house employees and construction crews. A 250-person housing facility has arrived on site. Civil works are underway for cement pads, water and sanitary facilities. The Dasa Project Acid Plant fabrication has been completed and the plant is now being shipped to site. This will be the first major construction that will get underway once the shipment arrives at Dasa. Our EPCM contractors have made significant progress to complete final engineering and order long lead items. The procurement team is working to advance product specifications and select vendors for plant parts and equipment. Turkish Zinc Joint Venture In Q2 2024, the Turkish JV processed 19,162 tonnes of Electric Arc Furnace Dust ("EAFD"). Zinc contained in concentrate shipments totalled 7.4 million pounds and the average monthly LME zinc price was US$1.31/lb in Q2 2024. The Company's share of the Turkish JV EBITDA was a gain of $2.8 million in Q2 2024 (a loss of $1.4 million in Q2 2023). The cash balance of the Turkish JV was US$5.1 million at the end of Q2 2024. Corporate: Financing – Private Placement On July 23, 2024, Global Atomic announced a non-brokered private placement (the "Offering") for gross proceeds of up to C$15 million from the sale of up to 11,111,111 units of the Company (each, a "Unit") at a price of C$1.35 per Unit. On July 24, 2024, the Company increased the maximum gross proceeds of the Offering from C$15 million to C$20 million. Under the revised Offering, the Company sold 14,814,815 Units at a price of C$1.35 per Unit. Each Unit consists of one common share of the Company (each, a "Common Share") and one Common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one Common Share at a price of C$1.80 for a period of 24 months following the issue date.  The Warrants are subject to an acceleration clause whereby if (i) the 10-day volume weighted average price of the Common Shares is above C$2.50 and, (ii) within a period of 5 trading days following the date the Company provides a notice via widely disseminated press release, the expiry date of the Warrants shall be accelerated to the date that is 30 days from the date of the aforementioned press release. The Company intends to use the net proceeds from the Offering for the advancement of the Company's Dasa Project and for general working capital purposes. The Offering closed on July 31, 2024. Corporate Global Atomic received $305,000 in quarterly management fees and monthly sales commissions from the Turkish JV ($202,000 in Q2 2023), helping to offset corporate overhead costs. The cash balance as of June 30, 2024, was $1.9 million. Subsequent to the end of the quarter, the Company raised C$20 million of gross proceeds under a private placement. Global Atomic President and CEO, Stephen G. Roman commented, "We continue to make significant progress at our Dasa Uranium Project, currently employing over 450 people at site and expecting to increase that number to 900 once plant construction is in full swing.  We have an excellent relationship with the government and have the support of their entire cabinet, as they appreciate the jobs and economic benefit that Dasa will create for Niger." "As for project financing, the recent C$20 million private placement has allowed continued advancement of the project while the U.S. development bank moves our debt financing facility through its approval process.   Although the bank postponed their July presentation of our Project to their credit committee, we remain confident that the bank will eventually approve our Project.  Should the bank further delay their approval, we will move to finalize other financing discussions, which include minority JV partners and pre-payments tied to uranium offtake." "The Dasa Project is unique as the highest-grade uranium project in Africa and the only greenfield uranium project being actively developed today.  With an IRR of 57% at a uranium price of $75 per pound, this project is compelling, and the economic returns will only improve as we move closer to production in 2026.  This project will get funded and will get built." OUTLOOK Dasa Uranium Project Continue development of the underground ore access drifts and ramp to lower levels to remain on schedule to supply uranium ore to the processing plant from the end of 2025. Scheduled additions to the in-country construction team will increase the site complement from 450 to approximately 900 workers. In Q3 2024, our Bank Syndicate is expected to approve the Debt Financing facility for the construction of the Dasa Project. In the event of potential further delays in the approval of this facility, the Company is actively considering funding options and advancing several options in parallel to determine the preferred funding structure. Complete final engineering, site development and civil works for the Dasa processing plant and begin installation of equipment. Continue marketing efforts to secure additional uranium off-take agreements. Turkish Zinc Joint Venture The Company anticipates operations at its Turkish JV will be profitable in 2024 due to a return to usual local steel mill production levels, a recovery in zinc prices this past quarter and lower input prices. COMPARATIVE RESULTS The following table summarizes comparative results of operations of the Company: Three months ended June 30, Six months ended June 30, (all amounts in C$) 2024 2023 2024 2023 Revenues $          304,552 $          202,273 $          576,015 $          333,114 General and administration 1,785,746 1,806,321 3,984,967 4,639,152 Share of equity (gain) loss (835,770) 3,547,248 (1,169,456) 4,935,522 Finance income, net (98,114) (533,660) (339,745) (605,128) Foreign exchange (gain) loss (1,589,942) 1,603,390 (5,340,304) 2,814,106 Net income (loss) $       1,042,632 $     (6,221,026) $       3,440,553 $   (11,450,538) Net income (loss) attributable to: Shareholders of the Company 1,037,691 (6,238,148) 3,420,869 (11,475,811) Non-controlling interests 4,941 17,122 19,684 25,273 Other comprehensive income (loss) 1,660,233 $     (5,517,775) $       2,345,344 $     (2,798,999) Comprehensive income (loss) $       2,702,865