- Updates on the approaches made to the Company to finance the development of the
Dasa Project and timeline for the approval of the proposedUS$295 million debt financing facility led by a US development bank - Updates on the recent trip to
Niger by President & CEO,Stephen G. Roman , CFO,Rein Lehari , and Chief Technology Officer, Dr.Santiago Faucher
To complete the project financing for the development of the
- The proposed
US$295 million debt financing, led by aU.S. development bank which is advancing to the approval stage; - Approaches from a variety of sources for pre-payments on uranium delivery contracts;
- Approaches for a strategic equity investment into the Company from a number of financial institutions and private equity firms;
- Approaches for a minority Joint Venture investment at the project level; and
- Approaches from investment banks for an equity financing.
The Company is actively considering the host of funding options available and intends to advance several of the options in parallel in order to determine the preferred funding structure.
- The
U.S. development bank that will provide the proposedUS$295 million debt financing facility for the development of theDasa Project , has continued to actively make progress and is completing the final documentation to submit to its Credit Committee for approval, which has now been scheduled to take place inmid-July 2024 . - With approval at the Committee level, the Company expects final review by the bank's Board of Directors in September.
Global Atomic President and CEO,
During the recent visit to
- Met with several government officials, including the Mines Minister, Commissaire Colonel Ousmane Abarchi, who confirmed his support for
Dasa and offered his office's assistance to streamline administrative bottlenecks and offer assistance to facilitate the timely importation of supplies and equipment. - Visited the
Dasa site to review the progress of the underground development as well as the earthworks being undertaken to prepare for the installation of the processing plant and the associated camp for the construction crew. - Witnessed the exemplary safety measures and practices of the SOMIDA team, which has now achieved 675 days without a Lost Time Injury ("LTI").
- Attended a meeting of the SOMIDA Board of Directors, where our new Board chairman Mr. Abdourazakou Abdou Moumouni, who represents the office of the President of
Niger , was appointed. The new Chairman is an experienced mining engineer having worked previously atOrano Mining's Cominak and Somair mines.
Global Atomic President and CEO,
"At our
"The implementation of innovative solutions, such as controlled blasting of large surface rocks to assist the work of the rock-breaking equipment, are accelerating our pace to complete the project on time and on budget. I commend the
"The key area of focus at
"We look forward to the final approval of our debt facility by the US development bank in Q3 to finance the
Below are photos of Management's recent site visit which are available on the Company's website www.globalatomiccorp.com.
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
Global Atomic's Base Metals Division holds a 49% interest in the
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.
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