Global Atomic Publishes Dasa Project Economic Study
Toronto, ON: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO, OTCQX: GLATF, FRANKFURT: G12), the multi-asset development company with cash flow from the BST facility in Turkey and one of the world’s premium uranium development assets, at the Dasa Project in the Republic of Niger, is pleased to report on the publication and filing of the recently announced, NI 43-101 compliant, Preliminary Economic Assessment, (“PEA”), which can now be found on www.SEDAR.com as well as the Global Atomic Corporation website (www.globalatomiccorp.com).
The PEA Study, which focuses on a high grade, low cost, Phase 1, mine development at the Dasa Project, located in the Republic of Niger, was completed by CSA Global Pty. Ltd., of Perth, Australia, with collaboration from METC Engineering in Johannesburg, South Africa. In addition, valuable contributions were made by Dr. Santiago Faucher at Insight R&D and Ortech Research Ltd., in Mississauga, Ontario.
As stated in the news release of April 15, 2020, the PEA estimates cash costs of $16.72/lb U3O8 andan all-in sustaining cost of $18.39/lb U3O8. Based on a U3O8 price of $35/lb, the after-tax NPV8 was estimated at $211 million for an after-tax IRR of 26.6%.
Stephen G. Roman, President & CEO stated, “Next steps for the Company will be to complete the ongoing field work, engineering and Environmental Impact Statement (“EIS”), in order to apply for our Mining Permit. We are excited by the good progress on all fronts and by the recent rise in Uranium prices. COVID-19 has demonstrated the acute need for clean, reliable electricity which will become even more critical as the world transitions to total electrification.”
Options which vest over a three year period were recently granted to Global Atomic’s Chief Operating Officer, Ronald S. Halas, as part of his long term incentive compensation. One million options were granted at prices varying from C$0.40 to $0.50/share