Highlights:
- Project development on schedule
- The Box Cut location has been drilled and blasted, muck removal underway
- Surface infrastructure construction continues, including warehouse and maintenance shop facilities
- Camp expansion continues in preparation for mine contractors and employees
- New mining and surface equipment has been delivered to site
- Canadian and international ocean freight shipments are en route to
West Africa - Full site servicing including generators, power and water line installation in progress
Uranium Drilling Programs:
- Infill and exploration drilling ongoing at
Dasa . Expected completion dateJune 30, 2022 - Isakanan deposit, on AE4 Permit, core drilling for In
Situ Leach program ongoing
Turkish Zinc JV
- BST preliminary unaudited results for fiscal year 2021 as follows:
- EBITDA was up 100% over 2020. Global Atomic's share of EBITDA was
CDN$11.2 million - Average annual zinc price
$1.40 /lb., up 36% from 2020 - Zinc production 35.5 million pounds, down 8% from 2020
- Repayment of the remaining principal on the Plant modernization loan has been deferred to Q2 2022 as available capital was allocated to working capital and raw material purchases. Global Atomic repayment share is
US$2.3 million
Corporate
- Discussions continue with:
- International banks regarding
Dasa Project processing plant financing - Utilities regarding initial offtake agreements
Orano Mining regarding potential DSO contract forDasa's development ore- OTC:QX Best 50 performance in 2021 and 2020
President & CEO,
On
"
Several large pieces of equipment for earth moving and construction have arrived at site. Further equipment deliveries to the
Surface infrastructure is progressing well with the erection of a warehouse and a maintenance shop adjacent to the mine portal in addition to surface services including electric power, water and sewage facilities in preparation for the 100-person camp to house miners and support staff.
In
Uranium Drilling Programs
Following the
Concurrently, Global Atomic is drilling at the nearby Isakanan deposit, where previous drill programs have delineated a preliminary, non-NI 43-101 compliant resource of approximately 35 million pounds of U3O8, grading between 800 and 1,000ppm. Isakanan is being considered as a good candidate for In Situ Leaching "ISL", due to the geology and flat lying nature of the mineralized sandstone host rock. Drill Cores have been shipped to
Turkish Zinc JV
The Company's zinc business ("BST") had a positive year in 2021 with a 100% increase in Global Atomics' share of EBITDA as compared with 2020. BST processed marginally more Electric Arc Furnace Dust ("EAFD") in 2021, but as in 2020, ran at approximately 64% of its capacity of 110,000 tonnes as local steel mills are not running at full capacity due to Covid and supply chain disruptions. The increase in EBITDA was attributable to a 36% increase in the average price of zinc to
In Q4 2021, as the remaining Befesa loan, which stood at
Corporate
With the Company's
In 2021, Global Atomic was once again recognized for being among the top 50 performing stocks on the OTC:QX under the symbol GLATF, ranking 11th out of 550 companies listed on that exchange. In 2020, the Company ranked 24th on the OTC:QX.
"Discussions with utilities also continue.They are now reviewing Feasibility Study data as part of their due diligence process. We have participated in the RFP processes with utilities seeking long-term contracts. The
"Discussions continue with
About Global Atomic
The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade
Global Atomics' 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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