Global Atomic Announces Q3 2026 Results

TORONTO, Nov. 12, 2026 /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 September 30, 2026.  For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2026, on the Company's website at www.globalatomiccorp.com.

Stephen G. Roman, President and CEO of Global Atomic, commented, "During the third quarter, Global Atomic achieved an important milestone in the development of the Dasa Project with the September 16th announcement of the Development Finance Corporations' approval of a US$414.2 million-dollar project loan.  This development has increased the worldwide visibility of the Dasa Project and the importance that this project brings to the global uranium supply industry."

"Additionally, as a result of a recent capital review of our project, we have reduced the total project costs by US$34 million from what we reported in September, through the elimination or deferral of non-core expenditures.  This reduction, coupled with the current cash on hand, means the amount of further capital required for the full financing package for the Dasa Project, is now US$53.8 million."

"The loan conditions DFC requires prior to drawing funds, are being systematically completed. The DFC is helping through their regional Embassies to assist with uranium export routes. We have received verbal approval from the Niger government to harmonize the renewal of our mining permit with the 10-year term of the DFC loan and the related documentation is currently in progress.  The DFC is also working with Niger to complete a country-to-country bilateral agreement.  We anticipate that one or more of these conditions will be formalized by the end of 2026."

"Over the next few weeks, we expect to have clear direction on securing the remainder of the Company's portion of the project financing. We are actively working on securing funds that would be repaid with uranium offtake to mitigate the need for further share issuances. Legal agreements related to the project loan are expected by the end of Q1 2027. With timely satisfaction of conditions precedent, we would be able to draw down on the U.S. loan as early as Q2 2027."

"I thank all our shareholders and supporters for recognizing the value of Dasa as the largest, highest-grade uranium project under development in Africa and for believing in our management team to continue to advance Dasa for the benefit of all stakeholders."

OUTLOOK

Dasa Uranium Project Financing Update

• On September 16, 2026, Global Atomic announced that the Board of Directors of the U.S. International Development Finance Corporation ("DFC") has approved a debt facility (the "DFC Facility") of up to US$414.2 million for the Company's Dasa Project in the Republic of Niger, West Africa. 
• The DFC Facility is comprised of a Term Loan Facility up to US$397.4 million and a Cost Overrun Facility of US$16.8 million.
• Entry into and disbursement of the DFC Facility is subject to several conditions including:
  • identifying a route to export yellowcake (U₃O₈) from the Dasa Project site,
  • extending the Mining Convention and Mining Permit to harmonize with the tenor of the DFC Facility,
  • DFC entering a government-to-government agreement,
  • definitive loan documentation with DFC and funding of the Company's equity portion.
• The Company recently completed a review of Dasa Project Capital Costs and now estimates such costs to be US$743.6million, down from US$777.6 million previously reported.
• US$251.8 million has been invested in the Dasa project by the Company as of September 30, 2026.
• Considering net proceeds from the October 1^st equity raise, the Company's remaining equity requirement is estimated to be US$53.8 million.
• To complete the Company's portion of equity funding the Company is actively pursuing funding options such as pre-payments on offtake agreements, capped streaming deals and subordinated debt intended to mitigate share dilution.

Uranium Price Outlook Continues to Strengthen

• In Q3 2026, uranium spot prices, as reported by UxC LLC, ranged between US$84.95/pound U₃O₈ and US$90.15/pound U₃O₈.
• The UxC long-term uranium contract price which is the reference price for utility customer off-take agreements, closed Q3 2026 at US$96.00/pound U₃O₈, reflecting energy security concerns and supply deficits.
• The long-term outlook for uranium prices is robust as demand outstrips supply due to unprecedented growth in the number of nuclear reactors under construction, life extensions of operating reactors, SMR's, and the new energy needs of AI driven data centers.

Impact from Middle East Conflict

• Dasa's development does not rely on Middle East routes affected by the conflict, although shipping costs have increased globally as a result.
• Oil production and refining rates in Niger are sufficient to supply Dasa's diesel fuel requirements.  
• Sulphur prices have increased in 2026 due to refinery and shipping disruptions in the Middle East but are expected to return to historic norms prior to the start of Dasa production.

Turkish Zinc Joint Venture

• Zinc prices are expected to remain high in 2026.
• Reduced throughput and sales in Q3 reflected lower availability of the operation's primary raw material, Electric Arc Furnace Dust ("EAFD"), from the local steel mills which ran at lower productivity levels.
• The Company received a dividend payment of US$1.5 million in Q1 and US$2.4 million in July, for a total dividend received of US$3.9 million year to date.

HIGHLIGHTS

Support from Niger Government

• In September 2026, members of the Company's Executive Team held a successful visit to Niger, dividing their time between key meetings in Niger's capital of Niamey and the Dasa Project site. The key meetings in Niamey with the Niger Government were primarily focused on satisfaction of the conditions related to the DFC's debt facility.
• Regarding uranium exports, the Company is advancing several potential solutions through adjacent countries and is confident that a solution will be achieved in Q1 2027.
• We have received verbal approval from the Niger government to harmonize the renewal of our mining permit with the 10-year term of the DFC loan and the related documentation is currently in progress

Dasa Uranium Project – Mine Development

• Underway since November 2022, underground development continues with four mining levels in the footwall of the orebody now completed.
• Mineralized development ore brought to surface includes 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 will be processed during the commissioning of the Process Plant.
• Ramping and underground level development will facilitate stope access on five mining levels to coincide with the commissioning of the Process Plant.
• Underground ventilation, electrical services, and water management infrastructure are being installed in coordination with development of the mine.

Dasa Uranium Project – Process Plant Construction

• The Engineering, Procurement and Contract Management ("EPCM") contractors for the Dasa Project are completing the final detailed engineering and ordering the remaining components for the Process Plant.
• Earthworks for the first phase of the Process Plant are nearing completion with most areas released to the civil construction contractor.
• Civil construction of the Process Plant components is approximately 47% complete.
• The installation of steel works and equipment has begun with the acid plant.
• The new 260-person housing facility for the camp at Dasa has been delivered to the operations team for occupancy.  

Turkish Zinc Joint Venture

• The Turkish JV processed 10,458 tonnes EAFD and sold 5.7 million pounds of zinc in concentrate in Q3 2026.
• The average monthly LME zinc price in Q3 2026 was US$1.74/pound compared to US$1.28/pound in the same quarter of 2025.
• For Q3 2026 the Company's share of EBITDA was $1.5 million ($2.6 million in Q3 2025) and the Company's share of net income was $0.2 million ($1.4 million in Q3 2025).
• The cash balance of the Turkish JV was US$5.4 million at the end of Q3 2026 (end of Q4 2025 - US$8.6 million).

Corporate

• On October 1, 2026, Global Atomic closed a public offering for gross proceeds of $57.0 million at a price of $0.50 per Unit consisting of one common share and one-half of one common share warrant.  Net proceeds from the offering are being used for the advancement of the Dasa Project and general working capital purposes.
• Net income earned by the Turkish JV less funds required for its operations are distributed by way of dividends to the JV partners, Befesa (51%) and Global Atomic (49%), in proportion to their joint venture interests.
• Global Atomic earned management fees and monthly sales commissions from the Turkish JV of $0.2 million in Q3 2026 compared to $0.4 million in Q3 2025.
• The Company's cash balance as of September 30, 2026, was $4.2 million.

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 developing the fully permitted, large, high-grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration.  The Deposit is in the uranium-rich Tim Mersoï Basin in the Agadez Region of the Republic of Niger.  The Dasa Project is operated by SOMIDA, a Niger-based company which is owned 80% by Global Atomic and 20% by the Niger Government. Permitted in 2020 and actively mined since 2022, the Dasa Project is the world's most advanced greenfield uranium project currently under development.  

The Company'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 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.  Befesa Zinc S.A.U. (Befesa) is the majority partner and 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 in 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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