Global Atomic Corp.

Global Atomic Corp. is a junior uranium development company headquartered in Toronto, Canada, operating primarily in Africa. The company's portfolio consists of 1 development project. Key assets include Dasa. The company's business model is a unique combination of a cash-flowing industrial recycling operation and a high-grade resource development project. The recycling business operates through a 49% joint venture interest, with a global market leader serving as the 51% partner and operator. This venture processes electric arc furnace dust through a specialized kiln facility to produce a high-grade concentrate for sale to smelters. A significant plant modernization and expansion completed in 2019 increased annual throughput capacity from 60,000 to 110,000 tonnes and enhanced operational efficiencies. The development business is centered on a large, high-grade, fully permitted deposit where mine development and processing plant construction are well advanced. This dual structure provides a distinct risk-mitigation profile, leveraging cash flow from the established, stable recycling operation to support the capital-intensive development phase of the new mining asset. The development project is designed as a fully mechanized, underground long-hole open stoping operation with cemented hydraulic fill, reflecting a technically robust approach to resource extraction.

Strategic priorities center on advancing the primary development asset to operational readiness, with a key focus on finalizing project financing. The company is pursuing a dual-track financing process, engaging in advanced discussions for either a substantial debt facility from a U.S. development bank or the sale of a minority joint venture interest in its principal operating subsidiary. A core component of the strategy involves securing additional long-term off-take agreements to de-risk future revenue streams, building upon existing contracts that management believes are sufficient to cover construction capital. For the established industrial recycling business, the strategy is to capitalize on the normalization of local industrial activity and reduced input costs to maximize cash distributions to the joint venture partners. Long-term objectives include maintaining significant exposure to the underlying commodity market to benefit from anticipated structural supply-demand imbalances. The enterprise also plans to conduct further infill drilling to upgrade inferred resources to the indicated category, aiming to extend the operational life of its key development asset.

Executive leadership is spearheaded by a Chairman, President, & CEO with over 35 years of experience in mine operations, exploration, and corporate development. The senior team includes a Chief Technical Officer with more than 21 years of international experience in chemical plant design, construction, and operations, and a Chief Financial Officer with over 30 years of financial consulting expertise. The board of directors features extensive industry experience, with members including a former Executive Vice President and CFO of a major international resources company and a former General Manager of a large underground mine. The board's governance framework is structured around 3 key committees: Audit; Nominating, Compensation and Corporate Governance; and Health & Safety. All 3 members of the Audit Committee are independent and financially literate. The operating subsidiary for the main development project is governed by a board comprising 6 company representatives and 3 government representatives, ensuring alignment with state stakeholders. Day-to-day leadership of this subsidiary is provided by a Director General who previously managed a large-scale underground mine in the same region for 50 years.

The organization's social programs, active since 2008, focus on community support through food security initiatives, medical supply provisions to local hospitals, and infrastructure development, including water wells. A dedicated medical clinic at the development site provides essential healthcare services to the local population. Environmental performance at the recycling operation was significantly improved following a 2019 plant modernization, which enhanced operating efficiencies and reduced the facility's carbon footprint. The company has retained external specialists to guide the development and implementation of ESG policies consistent with Equator Principles and International Finance Corporation Performance Standards. This commitment is evidenced by the completion of an updated Environmental and Social Impact Assessment in 2022 and a subsequent addendum report in 2023. Formal and ongoing consultations with local communities, regional authorities, and government ministries are central to the company's approach, ensuring community involvement and transparently addressing stakeholder concerns. Future initiatives will involve collaboration with non-governmental organizations to deliver targeted benefits, such as advanced agricultural training.

The enterprise operates through two distinct business lines with separate corporate arrangements. The industrial recycling business is conducted via a 49% interest in Befesa Silvermet Turkey, S.L., a joint venture formed in 2010. The majority partner, Befesa Zinc S.A.U., holds the remaining 51% interest and serves as the venture's operator. This joint venture owns its processing plant through a wholly-owned subsidiary, Befesa Silvermet Iskenderun Celik Tozu Geri Donusumu A.S. The company's primary development business is held through its wholly-owned subsidiary, Global Atomic Fuels Corporation. This entity, in turn, holds an 80% ownership stake in the key operating company, Société Minière de DASA S.A. (SOMIDA), which was incorporated in 2022. The government of the host country holds the remaining 20% of SOMIDA, which consists of a 10% free-carried interest and an additional 10% interest acquired by subscription. In December 2023, the company established an "at-the-market" equity distribution program by entering into an agreement with Cantor Fitzgerald Canada Corporation and Canaccord Genuity Corp. as agents.