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Uranium Prices

• During Q1 2025, spot Uranium prices traded down from near $75/pound U₃O₈ to slightly below $65/pound U₃O₈, still well above Dasa's AISC of $35.70/pound, as per the 2024 Feasibility Study.

• Since quarter end, spot uranium prices have risen to approximately $70 per pound U₃O₈.

• Long-term contract prices have remained steady at $80 per pound U₃O₈.

• The fundamentals and dynamics that affect the spot and long-term prices are different. In the spot market, the current price is the result of several factors including utilities waiting to assess the ramifications of U.S. imposed tariffs, financial players stepping in and out of the spot market and the outsized effect on often small volume trades by traders on prices.

• The long-term price is the basis of pricing for multi-year utility off-take agreements and features less volatility than the thinner, more speculative spot market.

• Globally, the uranium industry continues to experience greater acceptance and expansion as a critical element in the global, carbon free, energy supply.

• The longer-term outlook for both the spot and long-term market is expected to be robust as demand outstrips supply due to unprecedented growth in the number of nuclear reactors, including small nuclear reactors (SMRs) as well as growing demand for energy to power data centers and artificial intelligence ("AI") systems.

Turkish Zinc Joint-Venture

• The Company anticipates its Turkish JV will perform strongly in 2025 as area steel mill activity has returned to pre-Covid levels.

• Better availability of this operation's primary raw material, electric arc furnace dust (EAFD), from area steel mills, and lower input costs are expected to contribute to profitable operations in 2025.

• Zinc prices, like the price of many critical minerals, are expected to be volatile during the year amid global tariff talks.

HIGHLIGHTS

Dasa Uranium Project – Mine Development

• Underground development, underway since November 2022, has now reached the ore zone with development waste being hauled to surface.

• Waste development tonnes brought to surface include medium grade (3,000 to 5,000 ppm), low grade (1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which can be processed during the commissioning of the plant.

• Recently, paving of the underground ramp was completed to ensure durability as this ramp will be the primary access by the mining team and the haul route for ore delivery to surface for stockpiling and processing.

• Ramping and underground level development will continue to facilitate stope access on five levels in time for commissioning of the processing plant.

• Underground electrical services and water management infrastructure upgrades are also underway.

• The Fresh Air Raise and Return Air Raise have been completed and fans installed to provide greater ventilation required as mine development is extended.

• On May 6, 2025, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, achieved and celebrated 1,000 days with no Lost Time Injury ("LTI").

Dasa Uranium Project – Plant Construction

• Procurement of long-lead equipment is complete. Manufacturing of many of these components has been completed and have been delivered to the Dasa site.

• Our Engineering, Procurement and Contract Management ("EPCM") contractors are completing the final detailed engineering and ordering the remaining components for the Processing Plant.

• The Company continued earthworks in Q1 2025 to prepare the site for construction of the Processing Plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the civil works contractors to prepare foundations prior to equipment installation.

• The Company is completing additional housing for employees and construction crews including a new 260-person housing facility that includes recreation facilities.

Dasa Uranium Project – Niger Government Support

• During a recent trip to Niger, President & CEO Stephen G. Roman met with Mines Minister Abarchi and also U.S. Ambassador Kathleen FitzGibbon both of whom continue to strongly support Global Atomic, SOMIDA and the Dasa Project.

Turkish Zinc Joint Venture

• The Turkish JV processed 18,608 tonnes EAFD and sold 6.5 million pounds of zinc in concentrate in Q1 2025.

• The average monthly LME zinc price in Q1 2025 was US$1.29/pound compared to US$1.11/pound in the same quarter of 2024.

• The Company's share of EBITDA was $1.5 million in Q1 2025 ($0.7 million in Q1 2024) and the Company's equity share of net income was $0.3 million ($0.3 million in Q1 2024).

• The cash balance of the Turkish JV was US$0.4 million at the end of Q1 2025 (end of 2024 - US$4.4 million).

• The revolving credit facility of the Turkish JV was US$3.8 million at the end of Q1 2025 (Global Atomic share – US$1.9 million) down from US$6.5 million at the end of 2024 (Global Atomic share – US$3.2 million).

Corporate

• On January 31, 2025, Global Atomic closed a private placement for gross proceeds of $35.6 million at a price of $0.80 per Unit consisting of one common share and one common share warrant. Net proceeds from this financing are being used for development of the Dasa Project and general working capital purposes.

• During Q1 2025, Global Atomic received management fees and monthly sales commissions from the Turkish JV ($0.3 million in Q1 2025 compared to $0.3 million in Q1 2024).

• The Company's cash balance as of March 31, 2025 was $21.4 million.

COMPARATIVE RESULTS

The following table summarizes comparative results of operations of the Company:

The condensed interim consolidated financial statements reflect the equity method of accounting for Global Atomic's interest in the Turkish JV. The Company's share of net earnings and net assets are disclosed in the notes to the financial statements.

Uranium Business

Mine Development

Underground development, underway since November 2022, has now reached the ore zone with waste development tonnes now being hauled to surface.  Waste development tonnes brought to surface include medium grade (3,000 to 5,000 ppm), low grade (1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which can be processed during the commissioning of the plant. Recently, paving of the underground ramp was completed to ensure durability as this ramp will be the primary access by the mining team and the haul route for ore delivery to surface for stockpiling and processing. Ramping and underground level development will continue to facilitate stope access (mining) on five levels in time for commissioning of the processing plant. Underground electrical services and water management infrastructure upgrades are also underway. As of the date hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, has achieved 1,000 days with no Lost Time Injury ("LTI").

Plant Construction

The Company continued earthworks in Q1 2025 to prepare the site for construction of the Dasa processing plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the civil works contractors to prepare the foundations. The Company is preparing the mine camp for additional housing for employees and construction crews and an additional 260-person housing facility is close to completion.  Procurement of long-lead equipment is complete, with many items at manufacturing completion. Certain critical items like the SAG Mill, Crusher and Acid Plant are now at the Dasa site. Our EPCM contractors are completing the final detailed engineering and ordering the remaining components for the Processing Plant.

Offtake Agreements

In 2023, the Company executed three uranium offtake agreements for sales to North American utilities. These agreements total between 6.9 and 8.8 million pounds U₃O₈ over 6 years beginning in 2026. The higher amount assumes the exercise of options available to the buyers. In 2024 the Company signed an offtake agreement with a 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 Company.

Niger Political Situation

The Niger government remains supportive of Global Atomic, SOMIDA and the Dasa Project. A site visit on May 3, 2024, by Mines Minister Abarchi noted that the Dasa Project, is strongly supported by the Niger Government, and is progressing well with high morale and effective teamwork across all areas including mining, construction, and community engagement.

Further, on August 15, 2024, President Tiani and the Council of Ministers confirmed their support for the Company and the Dasa Project. In November 2024, the Government of Niger reaffirmed its strong support for the Dasa Project through direct engagement and facilitation of key operational and logistical matters by forming a dedicated Government Committee, comprised of representatives from all relevant ministries to streamline decision-making related to operations, logistics, and taxation. Logistical constraints, such as border closures, are being actively addressed at the highest levels of government, with alternative shipping routes being secured via Algeria, Nigeria, and Togo/Burkina Faso.

This continued government support ensures that the project will not face regulatory hurdles or material operational delays, limiting the risks due to external geopolitical factors.

Turkish Zinc JV EAFD Operations

Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. ("BST" or the "Turkish JV") which owns and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills, and produces a zinc concentrate grading 65% to 68% zinc that is then sold to zinc smelters. The Company's investment is accounted for using the equity basis of accounting.  Under this basis of accounting, the Company's share of the BST's earnings is shown as a single line in its Consolidated Statements of Income (Loss).

The following table summarizes comparative results for Q1 2025 and 2024 of the Turkish JV at 100%:

In Q1 2025, the Turkish JV sold 6.5 million pounds of zinc concentrate compared with 9.3 million pounds sold in the corresponding period last year. Despite lower volume of sales, EBITDA margin increased primarily due to higher average monthly LME zinc price, which increased to US$1.29 per pound in Q1 2025 from US$1.11 per pound in Q1 2024.

The cash balance of the Turkish Zinc JV was US$0.4 million at March 31, 2025 (December 31, 2024 - US$4.4 million).

The following table summarizes comparative operational metrics of the Iskenderun facility.

Qualified Person

The scientific and technical disclosures in this Management's Discussion and Analysis have been extracted from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel, M.Sc., MAIG, John Edwards, B.Sc. Hons., FSAIMM, Andrew Pooley, B. Eng (Hons)., FSAIMM who are "qualified persons" under National Instrument 43-101 – Standards of Disclosure for Mineral Properties.

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 Q2 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

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