Global Atomic Corporation (“Global Atomic” or the “Company”) is pleased to announce that the Company has now received Letters of Intent from a banking syndicate to finance the Dasa Uranium Project in Niger. The syndicate is comprised of North American financial institutions and includes the previously announced indication from Export Development Canada. The names of all members of the syndicate will be named following further due diligence and board approvals by the financial institutions, which are expteced to occur by the end of 2022.
Global Atomic President and CEO, Stephen G. Roman commented, “This significant milestone keeps us on schedule to complete our Dasa Project financing by the end of 2022 and to begin plant construction in Q1 2023. By taking this step, the syndicate has indicated its confidence in the quality of the Dasa deposit and in management’s capability and commitment to execute the Phase 1 plan as outlined in our 2021 Feasibility Study. Today’s announcement combined with the acceptance of the Company’s initial off-take sale offer announced on June 15, 2022, and the construction activity ongoing at site, are proof that Global Atomic is well underway towards achieving our goal of delivering yellowcake to utilities in early 2025.”
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 includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots 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 permitted for commercial production. The Phase 1 Feasibility Study for Dasa was filed in December 2021 and estimates Yellowcake production to commence by the end of 2024. Mine excavation began in Q1 2022.
Global Atomics’ Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, 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-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”) listed on the Frankfurt exchange under ‘BFSA’, 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.
Key Contacts
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: sgr@globalatomiccorp.com
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: bt@globalatomiccorp.com
Source: Global Atomic Corporation
