Global Atomic : Management's Discussion & Analysis of Financial Condition & Results of Operations for the Three Months Ended March 31, 2024

GLOBAL ATOMIC CORPORATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

FOR THE THREE MONTHS ENDED

MARCH 31, 2024

Dated May 13, 2024

Global Atomic Corporation
Management's Discussion and Analysis
For the three months ended March 31, 2024
(All amounts in Canadian Dollars, unless otherwise stated)
Table of Contents
HIGHLIGHTS	3
Dasa Uranium Project	3
Turkish Zinc Joint Venture	4
Corporate	4
OUTLOOK	4
BACKGROUND	4
URANIUM BUSINESS	5
TURKISH ZINC EAFD OPERATIONS	14
COMPARATIVE RESULTS	17
SELECTED QUARTERLY FINANCIAL INFORMATION	18
LIQUIDITY AND FINANCIAL POSITION	19
CAPITAL MANAGEMENT	19
FINANCIAL RISK FACTORS	19
RELATED PARTY TRANSACTIONS	19
OFF-BALANCE SHEET TRANSACTIONS	19
MATERIAL ACCOUNTING POLICY INFORMATION AND CRITICAL ACCOUNTING ESTIMATES &
JUDGEMENTS	19
CHANGES IN MATERIAL ACCOUNTING POLICY INFORMATION	20
DISCLOSURE OF INTERNAL CONTROLS	20
RISKS AND UNCERTAINTIES	20
OUTSTANDING SHARE DATA	20
MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION	21
QUALIFIED PERSON	21
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	21

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

The following discussion of the results of operations and financial condition of Global Atomic Corporation ("Global Atomic" or the "Company") prepared as of May 13, 2024 summarizes management's review of the factors that affected the Company's financial and operating performance for the three months ended March 31, 2024, and the factors reasonably expected to impact on future operations and results ("Management's Discussion and Analysis of Financial Condition and Results of Operations" or "MD&A").

This MD&A is intended to supplement and complement the Company's unaudited condensed interim consolidated financial statements as at and for the three months ended March 31, 2024 ("Financial Statements") and the notes thereto, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Certain information and discussion included in this MD&A constitute forward-looking information, which should be read in consideration of the cautionary notes contained in the section "Forward-Looking Statements" at the end of this MD&A.

Further information about the Company and its operations can be obtained from the offices of the Company, at www.globalatomiccorp.comor from www.sedarplus.ca.

HIGHLIGHTS

Dasa Uranium Project - 2024 Feasibility Study

• On March 5, 2024, the Company published its Dasa Project 2024 Feasibility Study ("FS") as an update to its
  2021 Phase 1 Feasibility Study which confirmed an extension of the Mine Plan from 12 years to 23.75 years (2026-2049), a 50% increase in Mineral Reserves to 73 million pounds U3O8 and an increase in total production by 55% to 68.1 million pounds U3O8.
• Using an average uranium price of US$75/lb U3O8, the FS shows an after-tax NPV8 of US$917 million, an after-tax IRR of 57% and a payback period of 2.2 years.

Dasa Uranium Project - Mine Development

• Ramp development has been underway since the beginning of 2023, with over 1,000 meters completed as of the date hereof. Mine development is continuing down dip in the footwall of the orebody.
• As of the date hereof, the Dasa Mine, operated by SOMIDA, and overseen by Global Atomic Corporation, achieved 642 days without a Lost Time Injury ("LTI"), a testament to management's dedication to create a safe work environment and the team's success in implementing effective safety measures.

Dasa Uranium Project - Off-take Agreements

• Global Atomic formalized its third Definitive Agreement with North American customers for the sale of uranium from the Company's Dasa Project in the Republic of Niger, bringing the Company's contracted volume to approximately 1.5 million pounds U3O8 per annum over Dasa's initial five years of operation. With this Agreement Global Atomic satisfied the "pre-sales" requirement of its banking syndicate.
• Global Atomic also finalized a Letter of Intent ("LOI") for the supply of 260,000 pounds U3O8 per annum for three years beginning in 2026 to a strategic Europe-based nuclear power utility. This fourth agreement brings the Company's total committed volume up to 9.5 million pounds U3O8, representing revenue of approximately US$770 million at current market levels of US$90/lb U3O8.

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

Turkish Zinc Joint Venture

• In Q1 2024, the Turkish JV processed 19,990 tonnes EAFD.
• Zinc contained in concentrate shipments totalled 9.3 million pounds and the average monthly LME zinc price was US$1.11/lb.
• The Company's share of the Turkish JV EBITDA was a gain of $0.7 million in Q1 2024 (a loss of $0.4 million in Q1 2023).
• The cash balance of the Turkish JV was US$2.3 million at the end of Q1 2024.

Corporate

• Global Atomic received $271,000 in quarterly management fees and monthly sales commissions from the Turkish JV ($131,000 in Q1 2023), helping to offset corporate overhead costs.
• Cash balance as of March 31, 2024, was $18.6 million.

OUTLOOK

Dasa Uranium Project

• Continue development of the underground ramp and site infrastructure to remain on schedule to supply uranium ore to the processing plant from the end of 2025.
• Addition of an in-country construction team, bringing the site complement from 275 to approximately 500.
• In Q2 2024, our Bank Syndicate is expected to approve the Debt Financing facility for the development of the Dasa Project.
• Complete final engineering, site development and civil works for the Dasa processing plant and begin installation of equipment.
• Continue marketing efforts to secure additional uranium off-take agreements.

Turkish Zinc Joint Venture

• The Company anticipates operations at its Turkish JV will be profitable in 2024 due to a return to usual local steel mill production levels, a recovery in zinc prices this past quarter and lower input prices.

BACKGROUND

Global Atomic is a reporting issuer under applicable securities legislation in the provinces of Alberta, British Columbia and Ontario and trades under the symbol "GLO" on the Toronto Stock Exchange (the "TSX"), under the symbol "GLATF" on the Over-The-Counter Market (the "OTCQX") in the United States of America and under the symbol "G12" on the Frankfurt Stock Exchange.

Global Atomic is headquartered in Toronto, Canada and is incorporated under the laws of the Province of Ontario. Global Atomic and its subsidiaries have two principal lines of business:

1. the processing of electric arc furnace dust ("EAFD") obtained from steel companies through a Waelz kiln to recover zinc and produce a high-grade zinc concentrate in Türkiye for sale to smelters.
2. the acquisition, exploration and development of uranium properties, with the Dasa Project currently under development in Niger.

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

URANIUM BUSINESS

The Company carries out its Niger uranium exploration and development activities through its wholly-owned subsidiary, Global Atomic Fuels Corporation ("GAFC"). GAFC was incorporated on January 31, 2005, to pursue uranium mining projects. After an analysis of the prospective exploration sites in Niger, GAFC entered into six Mining Agreements with the Government of the Republic of Niger. Each Mining Agreement covers a period of 20 years.

On December 23, 2020, GAFC was granted a Mining Permit for the Dasa Project on behalf of a Niger mining company to be incorporated. The Mining Permit is valid for an initial term of 10 years and is renewable for successive five-year terms until the resource is depleted. The Company's Niger mining subsidiary, Société Minière de DASA S.A. ("SOMIDA") was incorporated on August 11, 2022. In accordance with the mining agreement signed by GAFC and the Republic of Niger on September 25, 2007, the latter received a 10% free carried interest in the mining subsidiary and exercised its right to subscribe to an additional 10%, resulting in a total ownership of 20% of the shares of SOMIDA. Under the terms of the Company's Mining Agreement, the Republic of Niger commits to fund its proportionate share of capital costs and operating deficits for the additional 10% interest. The Republic of Niger has no further option to increase its ownership.

In accordance with the Mining Agreement, the historic exploration costs incurred on the Adrar Emoles 3 Exploration Permit prior to December 31, 2021 of US$54.9 million were transferred to SOMIDA and are recoverable by GAFC from SOMIDA. Additionally, Global Atomic has been funding 10% of the development expenditures on behalf of the Republic of Niger. Such funding has accumulated to US$9.5 million plus interest and is recoverable from the Republic of Niger.

Mining Agreements

In January 2007, GAFC entered into four Mining Agreements known as Tin Negoran 1, 2, 3 and 4 and in September 2007, GAFC entered into two additional Mining Agreements known as Adrar Emoles 3 and 4. Exploration Permits were granted under each Mining Agreement. These Exploration Permits expired on December 17, 2023 and in accordance with the new Mining Code, the Company's Niger exploration subsidiary, Global Uranium Niger Inc., has applied for new Exploration Permits (known as "cahiers des charges"). Under the new Mining Code, Exploration Permits are issued as separate agreements covering an initial period of 4 years plus 2 three year renewals. This longer tenor as well as a larger permit area is of benefit to the Company. It is management's expectation that these new Exploration Permits will be granted shortly.

Resources

Since 2011, GAFC's exploration activities have been primarily focused on the Dasa deposit. In 2018, GAFC began a drill program at an area identified as the "Flank Zone" to assess the potential for near-surfacehigh-grade mineralization, as well as testing strike extensions of the deeper mineralization at depth. The Company was successful with both programs. The drilling identified significant amounts of high-grade mineralization in the Flank Zone and in several new zones along strike and down dip. This information guided the location of the 16,000-meter infill drilling program in 2021 and 2022 when the Company drilled a further 28 diamond drill holes for a total of 16,368 meters, targeting areas of Inferred Resources, so they could be upgraded to the Indicated category. Using this new data, AMC Consultants, ("AMC"), was engaged to prepare an updated Mineral Resource Estimate ("2023 MRE") which they reported on with an effective date of May 12, 2023.

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

Highlights from the 2023 MRE included a grade-tonnage report at varying cut-off grades and are summarized in the following table:

Grade-Tonnage report, highlights from 2023 MRE
Cut-Off			Category		Tonnes				eU3O8		Contained metal
eU3O8, ppm					Mt				ppm			Mlb
100			Indicated	103.6			803		183.5
		Inferred	71.0			636		99.5
320			Indicated	44.9			1,602		158.5
		Inferred	25.4			1,435		80.4
1,200			Indicated	12.6			4,201		117.1
		Inferred	5.9			4,320		56.1
1,500			Indicated	10.1			4,926		109.6
		Inferred	4.4			5,349		51.5
2,500			Indicated	5.7			7,258		91.0
		Inferred	2.4			8,211		43.2
10,000			Indicated	0.9			22,185		43.5
		Inferred	0.6			18,362		25.3
The 2023 MRE concluded on the following Mineral Resource Statement:
	Category			Tonnes			eU3O8		Contained Uranium Metal
			Mt			ppm			Mlb
Indicated					10.1			4,913			109.3
Inferred					4.5			5,243			51.4

The following resource schematic shows the Indicated and Inferred resources as estimated in the MRE. Indicated Resources are shown in purple and Inferred Resources are shown in yellow.

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

Reserves

Following the updated MRE, the Company has updated the previous Phase 1 Feasibility Study. The updated Feasibility Study ("2024 Feasibility Study") was reported with an effective date of February 28, 2024 and filed on SEDAR+ on March 27, 2024.

The 2024 Feasibility Study estimated the following Mineral Reserves.

	RoM	eU308	U308	U308
Mineral Reserve Category	(Mt)	(ppm)	(t)	(Million lbs)
Proven Mineral Reserve	-	-	-	-
Probable Mineral Reserve	8.05	4,113	33,097	73.0

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

The 2024 Feasibility Study identified five zones of mineral reserves as shown in the following schematic.

The mining inventory in the Feasibility Study included a minor amount of Inferred Resources shown as follows:

	RoM tonnes	U3O8 ppm	U3O8 (t)	U3O8 (Million lbs)
Measured	-	-	-	-
Indicated	8,035,902	4,119	33,097	72.964
Inferred	10,708	2,819	30	0.066
Total Mining Inventory	8,046,610	4,117	33,127	73.031

For purposes of the Reserve estimate, the 10,708 tonnes of Inferred Resources, being those resources that must be mined as part of the stope shapes, were assigned zero grade, thus reducing the reserve grade to 4,113 ppm.

The total mining inventory resulting from the mine design and layout is shown by mining zone in table below:

	In-situ		RoM	RoM U3O8	RoM U3O8
Zone	Tonnes	U3O8 PPM	Tonnes	PPM	Tonnes
1	2,479,319	6,057	2,372,172	6,014	14,266
2	397,589	2,745	365,778	2,834	1,037
3	3,838,229	3,716	3,643,477	3,719	13,551
4	1,273,076	2,336	1,203,921	2,346	2,825
5	515,316	2,959	461,262	3,141	1,449
Total	8,503,528	4,101	8,046,610	4,117	33,127

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

As summarized in the mining inventory, grades in Zone 1 (the Flank Zone) are 6,014 ppm. Zone 1 represents 29% of total tonnes. At the planned 1,000 tonnes per day processing rate, Zone 1 processing will account for about 7 years of the total 23.75 years mine life.

Reserve Expansion

Enhancement of throughput and possible mill expansions will be investigated to improve and maintain the processing plant output. Achieving increased throughput will significantly lower the unit operating costs over time. Additional infill drilling is expected to upgrade Inferred Resources to the Indicated Resource category so these can be included in subsequent mine plans.

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Global Atomic Corporation

Management's Discussion and Analysis

For the three months ended March 31, 2024

(All amounts in Canadian Dollars, unless otherwise stated)

2024 Feasibility Study Results

2024 Feasibility Study on the Dasa deposit was completed using a uranium price of US$75/pound U3O8. Key economic and production statistics are as follows:

Summary Project Metrics @ US$75/lb U3O8
Project Economics (USD)
After-tax NPV (8% discount rate)	US$M	$917
After-tax IRR	%	57%
Cash flow (before capex & taxes)	US$M	$2,948
Undiscounted after-tax cash flow (net of capex)	US$M	$1,839
After-tax payback period from Jan 2024	Years	4.2
After-tax payback period from start-up	Years	2.2
Unit Operating Costs
LOM average cash cost(1)	$/lb U3O8	$30.73
AISC(2)	$/lb U3O8	$35.70
Production Profile
Mine Life	Years	23.75
Total tonnes of mineralized material processed	M Tonnes	8.05
Mill processing rate	Tonnes/day	1,000
Mill Head Grade	ppm	4,113
Overall Mill Recovery (2)	%	93.4%
Total Lbs U3O8 processed	Mlbs	73.0
Total Lbs U3O8 recovered	Mlbs	68.1
Average annual Lbs U3O8 production (3)	Mlbs	2.9
Peak annual Lbs U3O8 production	Mlbs	4.9

1. Cash costs include all mining, processing, site G&A, and royalty costs, as well as Niamey head office and other off-site costs. All-in sustaining costs ("AISC") include cash costs plus capital expenditures forecast after the start of commercial production.
2. Ramp up of the mill is assumed to take 11 months, during which recoveries increase. Once stable production levels have been achieved at the end of 11 months, the recovery rate stabilizes at 94.15%.

Based on the mining inventory defined in the 2023 Mineral Resource Estimate, the economic analysis in the 2024 Feasibility Study is for a 23.75-year mine plan using a discounted cash flow ("DCF") model at a price of US$75 per pound of U3O8. The DCF includes an assessment of the current tax regime and royalty requirements in Niger. Net present value ("NPV") figures were calculated using a discounted cash flow rate for the base-case analysis of 8% ("NPV8"), discounting net cash flows to the start of operations, January 1, 2026, and deducting undiscounted remaining initial capital costs therefrom.

Economic sensitivity with varying uranium prices (USD)

Uranium price (per pound)	$60/lb	$75/lb	$90/lb	$105/lb
Before-tax NPV @ 8%	$656 M	$1,122 M	$1,572 M	$2,022 M
After-tax NPV @ 8%	$551 M	$917 M	$1,269 M	$1,621 M
After-tax IRR	38.2%	57.0%	74.8%	92.9%

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