Global Atomic Corporation provided an update to its 2021 Phase 1 Feasibility Study completed for the Dasa Project located in the Republic of Niger (the "FS"). The banking syndicate for the project financing of the Dasa Project is advancing to completion of their due diligence. Terms for the project financing are now expected to be agreed upon by the end of First Quarter 2023.

The final due diligence trip to site is scheduled for mid-January 2023 with senior level staff, which should constitute the final step in the due diligence process for the banking syndicate. In January 2023, the Company signed a definitive agreement with a major Western utility that replaces their Letter of Intent ("LOI") announced on October 5, 2022. As per the LOI, the agreement represents the supply of up to 2.4 million pounds U3O8 within a multi-year delivery window beginning in 2025 valued at USD 140 million.

Final drill core samples from the 2022 16,000-meter Dasa drill program are scheduled to be shipped to ALS Labs located in Vancouver, BC in January 2023. As the drill program focused on Zones 1,2 and 3 of the FS Mine Plan (the "Mine Plan"), and areas proximal thereto. Probe and assay results received to date suggest a material increase in Mineral Resources due to the upgrade of a significant amount of Inferred Mineralization to the Measured and Indicated categories.

Assuming all assays in a timely manner, the Company expects to update the MRE by the end of Quarter 1 2023. The Company has refiled the FS at the request of staff of the Ontario Securities Commission ("OSC") to clarify disclosure relating to inferred resources (the "Inferred Resources") in the Mine Plan, amongst other minor amendments. OSC staff required the application of "zero grade" to Inferred Resources included in certain stopes of the Phase 1 Mine Plan.

In the FS, Inferred Resources represent 4.4% of total mineral resources to be mined in Phase 1.