TORONTO, Dec. 19,
2024 /CNW/ - Global Atomic Corporation ("Global
Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (FRANKFURT:
G12) is pleased to announce that it has signed an offtake agreement
with a strategic Europe-based
nuclear power utility to supply 260,000 pounds
U3O8 per year for three years beginning in
2026.
This is the fourth such agreement signed by Global Atomic.
Based on the 2024 Feasibility Study, the Dasa Mine is expected to
produce 68.1 million pounds of U3O8 over the
operation's current 23-year mine plan.
This latest contract is consistent with the Company's marketing
strategy - adding to a portfolio that underwrites profitability and
bank finance, whilst providing exposure to strong future market
fundamentals.
In addition, pursuant to a request for proposal ("RFP") from a
large American utility, the Company recently submitted an RFP for
the supply of 700,000 pounds U3O8 over a
five-year delivery period, starting in 2028.
With approximately 12.5% of currently defined uranium production
contracted, Global has covered its project construction costs and
maintains flexibility to enter into further off-take agreements
against a backdrop of tightening U3O8 supply
dynamics.
Global Atomic President and CEO, Stephen
G. Roman stated, "Utilities continue to be active
in the uranium market and securing supply in a dwindling uranium
supply universe. This finalization of the European contract is a
positive sign amid the geopolitical challenges in Niger and demonstrates the European utility's
confidence in our ability to finance and develop Dasa to begin
yellowcake deliveries in 2026."
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 November 5, 2022, and commissioning of the
processing plant is scheduled for Q1, 2026. Global Atomic has
also identified 3 additional uranium deposits in Niger that will be advanced with further
assessment work.
Global Atomic's Base Metals Division holds a 49% interest in the
Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a
modern zinc recycling plant, located in Iskenderun, Türkiye. 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,
Befesa Zinc S.A.U. (Befesa) holds a 51% interest 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 located throughout Europe, Asia
and the United States of
America.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
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.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this news
release.
SOURCE Global Atomic Corporation
