Global Atomic Announces 2024 Results
NEWS RELEASE
Global Atomic Announces 2024 Results
Toronto, ON, March 27, 2025: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO,
OTCQX: GLATF, FRANKFURT: G12) announced today its operating and financial results for the year ended
December 31, 2024. For more detail, please refer to the Consolidated Financial Statements and
Management’s Discussion and Analysis for the year ended December 31, 2024, on the Company’s website
at www.globalatomiccorp.com.
Global Atomic President and CEO, Stephen G. Roman commented, “Until a financing commitment is
signed, the Company will manage its spending in the near term. By managing the current cash position,
we will have additional time to finalize terms with an option best suited to the Company and its
shareholders, without coming back to the equity market in the near term. We appreciate the patience of
our shareholders during this process.”
“The development of Dasa has progressed significantly since our mine opening in November 2022. The
team has done extraordinary work to advance the project on schedule for a Q1 2026 production startup
and I’m proud of what the team has accomplished. With financing still not finalized it is necessary to be
flexible with our plant commissioning and, for now, are adjusting that production date to H1 2026. Once
financing is secured, we will implement strategies to accelerate the development.”
“The Niger Government continues to offer strong support for Global Atomic and the Dasa Project. Our
high level of local employment and high level of engagement with local suppliers are aligned with key
priorities of the Niger Government. Dasa is already delivering significant employment and social benefits
to the residents of the Agadez region and once financed and developed, Dasa will make a strong financial
contribution to the Republic of Niger.”
OUTLOOK
Dasa Uranium Project Financing
The Company is actively engaged with a U.S. Development Bank to establish a debt facility to finance
60% of Dasa’s development costs. Following a pause before and after the 2024 U.S. presidential
election, the development bank has re- engaged with the Comp any and senior management of the
Bank have confirmed their strong interest in supporting the development of the Dasa Project.
Management has been advised that the Bank is targeting credit committee review of the loan by the
end of April and that the Dasa Project aligns with US Administration foreign policy and investment
goals.
While working toward completion of the debt facility, the Company is also involved in discussions with
a potential joint venture (“JV”) partner as an alternative to financing the project. This potential JV
transaction concerns the acquisition of a minority interest in the Dasa project.
Two additional parties have recently expressed interest to invest at the project level and another has
expressed interest in an offtake financing structure.
Page 2 of 9
Dasa Uranium Project: Capital Costs
Capital costs, before working capital, corporate and financing costs, were estimated to be US$375.6
million in the 2024 Feasibility Study (“FS”), including US$67.2 million spent to the end of 2023.
Despite higher logistics costs and related delays, currently estimated capital costs have only increased
by 4.6% to US$392.8 million.
The Company had incurred US$124.7 million in capital costs by the end of 2024, leaving US$26 8.1
million to fund. Since year end, the Company has continued to fund the project, further reducing
remaining capital requirements.
Either the debt financing or JV alternative currently under discussion, are expected to cover the
remaining project costs.
Current expenditures are being managed to defer any interim financing solutions until the Company
completes or has visibility on one of the larger financings.
If either the debt financing or JV funding are delayed, the Project schedule may be delayed.
Uranium Prices
Over the course of 2024, spot Uranium prices traded between $120/pound U3O8 and $65/pound U3O8.
Long-term contract prices increased to and remained steady at $80 per pound U3O8 by year end.
The fundamentals and dynamics that affect the spot and long- term prices are different. In the spot
market, current price is the result of several factors including utilities waiting to assess the
ramifications of U.S. imposed tariffs, financial players ste pping out of the spot market for the near
term and traders manipulating prices on small volumes.
The long-term price is the basis of pricing for multi-year utility off-take agreements and features less
volatility than the thinner, more speculative spot market.
Globally, the uranium industry continues to experience greater acceptance and expansion as a critical
element in the global, carbon free, energy supply.
The longer-term outlook for both the spot and long-term market is expected to be robust as demand
outstrips supply due to unprecedented growth in the number of nuclear reactors.
Turkish Zinc Joint-Venture
Higher zinc prices and lower input costs contributed to a return to profitable operations.
The Company anticipates its Turkish JV will perform strongly in 2025 as area steel mill activity has
returned to pre Covid levels and the JV has built up a substantial inventory of electric arc furnace dust
(”EAFD”) that will ensure continuous operations.
2024 HIGHLIGHTS
Dasa Uranium Project – Feasibility Study
On March 5, 2024, the Company announced the results of an updated feasibility study. The FS
increased Mineral Reserves by 50% to 73 million pounds U3O8, increased uranium production by 55%
to 68.1 million pounds U3O8 and extended the mine life from 12 to 23 years. Using an average uranium
price of $75/lb U3O8, the FS shows an NPV8 of US$917 million, an IRR of 57% and a payback period of
2.2 years.
Page 3 of 9
Dasa Uranium Project – Off-take Agreements
On December 19, 2024, the Company formalized a fourth off-take agreement with a European nuclear
power utility representing 260,000 pounds U3O8 each year for three years.
The Company has currently contracted 43% of projected uranium production through the first five
years of operations. These contracts represent a small percentage (11.5%) of the 68.1 million pounds
of U3O8 production in Dasa’s current 23-year mine plan.
The contracted volume provides the bank with the revenue coverage to support debt service and re-
payment of the project loan.
The Company retains significant exposure to a uranium market that is expected to feature structural
supply/demand imbalances due to unprecedented growth in the number of nuclear reactors to meet
exponential low-carbon energy demand growth across the globe.
Dasa Uranium Project – Mine Development
Underground development, underway since November 2022, has now reached the ore zone with
development waste being hauled to surface.
Waste development tonnes brought to surface include 967 tonnes medium grade (3,000 to 5,000
ppm), 11,378 tonnes low grade (1,300 to 3,000 ppm) and 18,050 tonnes mineralized waste (240 to
1,300 ppm).
Recently, paving the underground ramp was completed to ensure durability as this ramp will be the
primary access by the mining team and the haul route for ore delivery to surface for stockpiling and
processing.
Ramping and underground level development will continue to facilitate stope access (mining) on five
levels in time for commissioning of the processing plant.
Underground electrical services and water management infrastructure upgrades are also underway.
The Fresh Air Raise and Return Air Raise have been completed and fans installed to provide greater
ventilation required as mine development is extended.
As of the date hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic
Corporation, has achieved 960 days with no Lost Time Injury (“LTI”).
Dasa Uranium Project – Plant Construction
Procurement of long- lead equipment is complet e. Manufacturing of these components has been
completed and have been delivered to the Dasa site.
Our Engineering, Procurement and Contract Management (“EPCM”) contractors are nearing
completion of final detailed engineering and ordering the remaining components for the Processing
Plant.
The Company continued earthworks in 2024 to prepare the site for construction of the Processing
Plant as well as preparing the mine camp for additional housing for employees and construction
crews.
Earthworks for the acid plant is complete and has been handed over to the civil works contractors to
prepare the foundations.
Construction of an additional 260-person housing facility is nearing completion.
Page 4 of 9
Dasa Uranium Project – Niger Government Support
On May 3, 2024, during a site visit, the Mines Minister; Commissaire Colonel Ousmane Abarchi stated
“We came here, we visited the mine, and we launched the earth breaking operations for the mill
construction. Dasa is a reality everyone can see. We thank you all. We are supportive of the SOMIDA
team and Global Atomic. This project is very important for us as a Government and as a shareholder.
We want Dasa to be the start of a new Niger mining practice with expectations on State Income,
Employment and Environment management.”
On August 15, 2024, Global Atomic received a letter in which the Conseil National pour la Sauvegarde
de la Patrie Chairman, Head of State, His Excellency Brigadier General Abdourahamani Tiani,
instructed his Cabinet, the Minister of Mines and all stakehold ers in the sector to facilitate the
implementation of the Dasa Project, going on to state that the Dasa Project “is expected to play an
important role as a cornerstone for socio-economic development. As such, Niger’s highest authorities
support it totally.”
Turkish Zinc Joint Venture
The Turkish JV processed over 63,700 tonnes EAFD in 2024 to produce 31 million pounds of zinc in
concentrate. The average monthly LME zinc price in 2024 was US$1.26/pound compared to
US$1.20/pound in 2023.
The Company’s share of EBITDA was $6.3 million in 2024 (negative $2.4 million in 2023 ), and the
Company’s equity share of net income was $1.3 million (loss of $4.1 million in 2023).
The cash balance of the Turkish JV was US$4.4 million at the end of 2024 (2023 - US$1.9 million).
The revolving credit facility of the Turkish JV was US$6.5 million at the end of 2024 (Global Atomic
share – US$3.2 million) down from US$12 million at the end of 2023 (Global Atomic share – US$5.9
million).
Corporate
In January 2024, the Company announced the accelerated expiry provisions of common share
purchase warrants issued in connection with the December 2023 Unit private placement had been
activated such that the expiry date was brought forward to February 26, 2024. All warrants were
exercised for proceeds to the Company of $9 million.
O n J u l y 3 1, 2 02 4, G l ob a l A t om i c c l os e d a U n i t p r i v a t e p l a c e m e n t t o r a i s e g r os s p r oc e e d s of $ 20. 0
million at a price of C$1.35 per Unit consisting of one common share and one common share purchase
warrant that entitles the holder thereof to purchase one com mon share at a price of C$1.80 at any
time on or before July 31, 2026.
On October 16, 2024, Global Atomic closed a Unit public offering (the “Offering”) to raise gross
proceeds of $40.25 million, at a price of C$1.20 per Unit consisting of one common share and one
common Share purchase warrant, each warrant exercisable for one common share at a price of C$1.50
at any time on or before October 16, 2027.
The net proceeds of these equity raises were used for development of its Dasa Project and general
working capital purposes.
Global Atomic continues to receive quarterly management fees and monthly sales commissions from
the Turkish JV ($860,000 in 2024 compared to $690,000 in 2023).
The Company’s cash balance as of December 31, 2024, was $18.7 million.
Page 5 of 9
Subsequent Events
On January 31, 2025, Global Atomic closed a Unit private placement for gross proceeds of $35.6
million at a price of $0.80 per Unit consisting of one common share and one common share warrant
that entitles the holder thereof to purchase one common share at a price of C$1.00 at any time on or
before January 31, 2028. Net proceeds from this financing will be used for development of the Dasa
Project and general working capital purposes.
COMPARATIVE RESULTS
The following table summarizes comparative results of operations of the Company:
(all amounts in C$) 2024 2023 2022
Revenues 859,341$ 689,996$ 1,149,494$
General and administration 8,916,814 10,275,282 10,848,934
Share of equity (gain) loss (1,338,283) 4,128,171 287,779
Impairment of Exploration and Evaluation asse 1,669,276 - -
Finance income, net (589,206) (1,159,471) (155,142)
Foreign exchange (gain) loss (15,495,531) 4,032,344 2,666,330
Net loss 7,696,271$ (16,586,330)$ (12,498,407)$
Net income (loss) attributable to:
Shareholders of the Company 7,737,956 (16,603,680) (12,475,109)$
Non-controlling interests (41,685) 17,350 (23,298)$
Other comprehensive income 5,644,129$ 913,394$ 901,107$
Comprehensive income (loss) 13,340,400$ (15,672,936)$ (11,597,300)$
Comprehensive income (loss) attributable to:
Shareholders of the Company 13,311,418 (15,670,449) (11,630,229)
Non-controlling interests 28,982 (2,487) 32,929
Basic and diluted net loss per share $0.04 ($0.08) ($0.07)
Diluted net income per share $0.04 ($0.08) ($0.07)
Basic weighted-average
number of shares outstanding 224,905,085 198,082,525 177,647,065
Diluted weighted-average
number of shares outstanding 232,932,103 198,082,525 177,647,065
December 31, December 31, December 31,
2024 2023 2022
Cash 18,673,229$ 24,857,915$ 8,400,008$
Property, plant and equipment 233,611,803 129,986,343 82,234,716
Exploration & evaluation assets - 1,370,358 1,115,983
Investment in joint venture 18,114,403 12,628,251 16,387,040
Other assets 3,483,137 8,755,878 2,118,258
Total assets 273,882,572$ 177,598,745$ 110,256,005$
Total liabilities 26,764,526$ 19,412,976$ 8,746,681$
Total equity 247,118,046$ 158,185,769$ 101,509,324$
Year ended December 31,
Page 6 of 9
The consolidated financial statements reflect the equity method of accounting for Global Atomic’s interest
in the Turkish JV. The Company’s share of net earnings and net assets are disclosed in the notes to the
financial statements.
Uranium Business
Mine Development
Underground development, underway since November 2022, has now reached the ore zone with waste
development tonnes now being hauled to surface. Recently, the ramp paving was completed and with
the major ventilation infrastructure being completed, the ramping and level development will continue.
Underground electrical services and pumping infrastructure are also underway. Waste development
tonnes brought to surface include 967 tonnes medium grade (3,000 to 5,000 ppm), 11,378 tonnes low
grade (1,300 to 3,000 ppm) and 18,050 tonnes mineralized waste (240 to 1,300 ppm). As of the date
hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Ato mic Corporation, has achieved
960 days with no Lost Time Injury (“LTI”).
Plant Construction
The Company continued earthworks in 2024 to prepare the site for construction of the Dasa processing
plant as well as preparing the mine camp for additional housing for employees and construction crews.
An additional 260-person housing facility is nearing completion. Fabrication of one of the major processing
plant components; the Acid Plant, has been completed and delivered to site. Procurement of long -lead
equipment is complete, with many items at manufacturing completion. Certain critical items like the SAG
Mill, Crusher and Acid Plant are now at the Dasa site. Our EPCM contractors are nearing completion of
detailed engineering and ordering the remaining components for the Processing Plant. Substantial
earthworks have been completed and the civils contractor has begun work. Plant erection is scheduled to
begin in Q3 of this year.
Offtake Agreements
In 2023, the Company executed three uranium offtake agreements for sales to North American utilities.
These agreements total between 6.9 and 8.4 million pounds U 3O8 over 6 years beginning in 2026. The
higher amount assumes the exercise of options available to the buyers. In 2024 the Company signed an
offtake agreement with a Europe-based nuclear power utility to supply 260,000 pounds U3O8 per year for
three years beginning in 2026. This is the fourth such agreement signed by Company.
Niger Political Situation
The government is very supportive and at a site visit on May 3, 2024, the Mines Minister noted that the
Dasa Project, is strongly supported by the Niger Government, and is progressing well with high morale
and effective teamwork across all areas including mining, construction, and community engagement.
Further on August 15, 2024, President Tiani and the Council of Ministers confirmed their support for the
Company and the Dasa Project. In November 2024, the Government of Niger reaffirmed its strong support
for the Dasa Project through direct engagement and facilitation of key operational and logistical matters
by forming a dedicated Government Committee, comprising of representatives from all relevant
ministries to streamline decision -making related to operations, logistics, and taxation. Logistical
Page 7 of 9
constraints, such as border closures, are being actively addressed at the highest levels of government,
with alternative shipping routes being secured via Algeria, Nigeria, and Togo/Burkina Faso.
This continued government support ensures that the project will not face regulatory hurdles or material
operational delays, limiting the risks due to external geopolitical factors.
Turkish Zinc JV EAFD Operations
Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST” or the “Turkish JV”) which owns
and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes EAFD containing 25%
to 30% zinc that is obtained from electric arc steel mills, and produces a zinc concentrate grading 65% to
68% zinc that is then sold to zinc smelters. The Company’s investment is accounted for using the equity
basis of accounting. Under this basis of accounting, the Company’s share of the BST’s earnings is shown
as a single line in its Consolidated Statements of Income (Loss).
The following table summarizes comparative results for 2024, 2023 and 2022 of the Turkish JV at 100%:
(1) EBITDA is a non- IFRS measure, does not have a standardized meaning prescribed by IFRS and may not be comparable to
similar terms and measures presented by other issuers. EBITDA comprises earnings before income taxes, interest expense
(income), foreign exchange loss (gain) on debt and bank, depreciation, management fees, sales commissions, losses (gains)
on sale of property, plant and equipment.
The Turkish Zinc JV realized significant growth in revenues in 2024 amounting to $44 million compared to
2023 of $30 million. This mainly indicates an improvement in zinc sales and higher production output. The
growth in 2024 is mainly due to higher EAFD volumes, lower input costs, increased shipments and higher
zinc prices as compared to 2023.
2024 2023 2022
100% 100% 100%
Net sales revenues 44,044,627$ 30,169,363$ 59,692,797$
Cost of sales 31,694,403 36,191,503 53,305,420
Foreign exchange gain 521,132 1,044,080 2,125,012
EBITDA(1)
12,871,356$ (4,978,060)$ 8,512,389$
Management fees & sales commissions 1,820,693 1,340,722 2,351,031
Depreciation 4,716,336 4,212,207 3,542,154
Interest expense 1,993,552 1,871,300 1,367,379
Foreign exchange loss 2,112,144 6,338,816 3,790,623
Monetary (loss) gain (371,461) 1,479,549 398,798
Tax recovery (874,019) (8,836,717) 1,552,695
Net income (loss) 2,731,189$ (8,424,839)$ (587,305)$
Global Atomic's equity share 1,338,283$ (4,128,171)$ (287,779)$
Global Atomic's share of EBITDA 6,306,964$ (2,439,249)$ 4,171,071$
Year ended December 31,
Page 8 of 9
Operations for the year ended 2023 were adversely affected by significant earthquakes in Türkiye. In the
year ended December 31, 2024, the Turkish JV sold 30.9 million pounds of zinc concentrate, an increase
of 13.7% from the 27.3 million pounds sold in the corresponding period last year.
During 2024, production increased by 10.7% to 21 million dry metric tonnes (DMT) after a 19.1% drop in
2023 amounting to 18.9 million DMT, reflecting a recovery in operational performance. Sales volumes
followed a similar trend, increasing by 11.5% in 2024 up to 21.4 million DMT.
The average LME zinc price increased year over year by 5%, from US$1.20/lb in 2023 to US$1.26/lb in
2024. Cost of sales decreased by 12.4% in 2024, from $36.1 million incurred in 2023 to $31.6 million in
2024, due to operational efficiencies and reduced input costs such as coking coal, resulting in EBITDA of
$12.9 million.
The cash balance of the Turkish Zinc JV was US$4.4 million at December 31, 2024 (US$1.2 million at
December 31, 2023).
The following table summarizes comparative operational metrics of the Iskenderun facility.
Qualified Person
The scientific and technical disclosures in this Management’s Discussion and Analysis have been extracted
from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel, M.Sc., MAIG, John
Edwards, B.Sc. Hons., FSAIMM, Andrew Pooley, B. Eng (Hons)., FSAIMM who are “qualified persons” under
National Instrument 43-101 – Standards of Disclosure for Mineral Properties.
About Global Atomic
Global Atomic Corporation ( www.globalatomiccorp.com) is a publicly listed company that provides a
unique combination of high -grade uranium mine development and cash -flowing zinc concentrate
production.
The Company’s Uranium Division is currently developing the fully permitted, large, high grade Dasa
Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The “First
2024 2023 2022
100% 100% 100%
Exchange rate (C$/TL, average) 23.97 17.60 12.71
Exchange rate (US$/C$, average) 1.37 1.35 1.30
Exchange rate (C$/TL, period-end) 24.57 22.32 13.81
Exchange rate (US$/C$, period-end) 1.44 1.32 1.35
Average monthly LME zinc price (US$/lb) 1.26 1.20 1.58
EAFD processed (DMT) 63,702 66,264 76,738
Production (DMT) 21,039 18,999 23,486
Sales (DMT) 21,356 19,145 24,116
Sales (zinc content '000 lbs) 30,989 27,245 35,159
Year ended December 31,