09:52 AM EST, 03/05/2024 (MT Newswires) -- Global Atomic Corp. ( GLATF ) , which fell 2.4% yesterday, was back up more than 5% on Tuesday after announcing the results of the updated Dasa Project Feasibility Study replacing the previous Phase 1 Feasibility Study. According to a statement, the 2024 Study has extended the Dasa Mine Life from 12 to 23 years, Mineral Reserves have increased by 50% to 73 million pounds U3O8 , and uranium production from Dasa has increased by 55% to 68.1 million pounds.

On the Off-take Agreements, Global Atomic ( GLATF ) said it has finalized a Letter of Intent for the sale of uranium from the company's Dasa Project in the Republic of Niger to a strategic Europe-based nuclear power utility. It added the LOI is subject to the successful conclusion of a purchase-sale contract, which the company will now progress.

GLO noted the LOI represents the supply of 260,000 pounds U3O8 over a three-year delivery window beginning in 2026 and is characterized as representing "starter volume". It said this is the fourth such agreement signed by it and brings its total current committed volume up to 9.5 million pounds U3O8, representing revenue of up to US$770 million at current market levels.

This LOI is priced close to current term market prices escalating each year, reflecting the company's continued strategy of layering in sales contracts in support of Tier 1 global utilities at volumes sufficient to underwrite debt financing, thereby limiting equity dilution as the Dasa operation moves into production, Tuesday's statement added.

Price: 3.42, Change: +0.21, Percent Change: +6.54