Global Atomic Corporation, which became a publicly-listed company, providing investors a profitable and unique combination of high-grade uranium development and cash-flowing zinc concentrate production.
The Company aims to start uranium production at the Tier 1 Dasa deposit, in the Republic of Niger by the end of 2024. In addition, Global Atomic has a 49% stake in the BST steel dust recycling operation in Turkey that produces zinc concentrate and provides financial leverage to minimise equity dilution.
Global Atomic owns 90% of the Dasa project, a graben-hosted sandstone first discovered by Company geologists in 2010. Dasa is the largest highest-grade uranium deposit discovered in Africa since the 1970s.
In 2017 the Company signed a Memorandum of Understanding (MOU) with Orano Mining S.A. (formerly known as AREVA Mines Ltd.) to potentially process uranium ore from Dasa at facilities 135 kilometers north, near the town of Arlit.
In December 2020, Dasa received its mining permit from the Government of Niger. In January 2021, Dasa received its Environmental Compliance Certificate and is now fully permitted.
The Dasa Feasibility Study announced in November 2021 comprises an optimized Phase 1 of a larger mine development at the Dasa project. The Phase 1 plan is a low-capital development targeting profitable production over Dasa’s initial twelve-year mine life.
During Phase 1 implementation, Global Atomic has initiated drilling to upgrade the substantial mineral resources within Phase 1 to create a contiguous body of Measured and Indicated Resources and improve the Phase 1 economics. Drilling will also be done outside of Phase 1 to upgrade the resources throughout the Dasa Project, thus enabling economic value to be calculated beyond Phase 1.
Plans are in place for the initiate excavation of the Box Cut for the Dasa Project in January 2022 and collar the Portal in April 2022. Initial earthworks to prepare the site for this work and a camp to house the workforce is already underway.
Global Atomic also holds a 49% interest in the Befesa Silvermet Turkey, S.L. (“BST”) Joint Venture, which operates a processing facility located in Iskenderun, Turkey. BST converts Electric Arc Furnace Dust (“EAFD”) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner is Befesa S.A. (“Befesa”) which is listed on the Frankfurt exchange (FRA:BFSA) and is the market leader in EAFD recycling, capturing approximately 50% of the European EAFD market with facilities located throughout Europe, Asia and the United States. Befesa holds a 51% interest in and is the operator of the BST Joint Venture.