Global Atomic Announces Q1 2025 Results
NEWS RELEASE
Global Atomic Announces Q1 2025 Results
Toronto, ON, May 13, 2025: Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX: GLO,
OTCQX: GLATF, FRANKFURT: G12) announced today its operating and financial results for the quarter
ended March 31, 2025. For more detail, please refer to the Condensed Interim Consolidated Financial
Statements and Management’s Discussion and Analysis for the quarter ended March 31, 2025, on the
Company’s website at www.globalatomiccorp.com.
Global Atomic President and CEO, Stephen G. Roman commented, “During the first quarter of 2025,
progress continued at the Dasa Project. Earthworks and civil works are advancing and large components
for the process plant are now arriv ing on site. Transport through Nigeria has proven to be an effective
alternative route, which gives us more flexibility in bringing materials and equipment to site.”
“In early May, we achieved a significant milestone of 1,000 days with no lost time injur y, which is a
testament to the strong safety culture that governs our operations in Niger.”
“Our Turkish zinc joint venture has returned to profitability, even though steel mills in the region who
supply our primary raw material, electric arc furnace dust, are operating at only 70% of their designed
capacity.”
“Financing arrangements for the Project continue and we expect to be in a position to provide further
announcements prior to the end of June as we previously indicated.”
OUTLOOK
Dasa Uranium Project
The Company is actively engaged with a U.S. Development Bank to establish a debt facility to finance
60% of Dasa’s development costs. The Bank has confirmed that their internal process to advance the
approval of a debt facility for our Dasa Project is proceeding and is expected to occur during Q2 2025.
Once approved by the Credit Committee, the Dasa Project loan will then move to the Investment
Committee and the Board of Directors for final approval.
While working toward completion of the debt facility, the Company has also been involved in
discussions with parties regarding a minority project level investment, representing potential
alternatives to finance the Dasa Project. Any investment would be based on the intrinsic value of the
Dasa Project as per the Company’s most current Feasibility Study plus investments made by the
Company to advance the Project since that date, and not the current price of the Company’s shares.
The Company is also in discussions with a well- known uranium industry group regarding a limited,
non-equity investment.
These potential transactions could eliminate the need for a near term equity financing, allowing the
Bank and any other project level investors sufficient time to complete their approval processes and
commit funds for the Dasa Project.
The Company continues to manage its spending to provide additional time to finalize project financing
on terms best suited to the Company and its shareholders, without coming back to the equity market
in the near term.
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Uranium Prices
During Q1 2025, spot Uranium prices traded down from near $75/pound U 3O8 to slightly below
$65/pound U3O8, still well above Dasa’s AISC of $35.70/pound, as per the 2024 Feasibility Study.
Since quarter end, spot uranium prices have risen to approximately $70 per pound U3O8.
Long-term contract prices have remained steady at $80 per pound U3O8.
The fundamentals and dynamics that affect the spot and long- term prices are different. In the spot
market, the current price is the result of several factors including utilities waiting to assess the
ramifications of U.S. imposed tariffs, financial players stepping in and out of the spot market and the
outsized effect on often small volume trades by traders on prices.
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, including small
nuclear reactors (SMRs) as well as growing demand for energy to power data centers and artificial
intelligence (“AI”) systems.
Turkish Zinc Joint-Venture
The Company anticipates its Turkish JV will perform strongly in 2025 as area steel mill activity has
returned to pre-Covid levels.
Better availability of this operation’s primary raw material, electric arc furnace dust (EAFD), from area
steel mills, and lower input costs are expected to contribute to profitable operations in 2025.
Zinc prices, like the price of many critical minerals, are expected to be volatile during the year amid
global tariff talks.
HIGHLIGHTS
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 medium grade (3,000 to 5,000 ppm), low grade
(1,300 to 3,000 ppm) and mineralized waste (240 to 1,300 ppm), all of which can be processed during
the commissioning of the plant.
Recently, paving of 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 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.
On May 6, 2025, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation,
achieved and celebrated 1,000 days with no Lost Time Injury (“LTI”).
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Dasa Uranium Project – Plant Construction
Procurement of long-lead equipment is complete. Manufacturing of many of these components has
been completed and have been delivered to the Dasa site.
Our Engineering, Procurement and Contract Management (“EPCM”) contractors are completing the
final detailed engineering and ordering the remaining components for the Processing Plant.
The Company continued earthworks in Q1 2025 to prepare the site for construction of the Processing
Plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over
to the civil works contractors to prepare foundations prior to equipment installation.
The Company is completing additional housing for employees and construction crews including a new
260-person housing facility that includes recreation facilities.
Dasa Uranium Project – Niger Government Support
During a recent trip to Niger, President & CEO Stephen G. Roman met with Mines Minister Abarchi
and also U.S. Ambassador Kathleen FitzGibbon both of whom continue to strongly support Global
Atomic, SOMIDA and the Dasa Project.
Turkish Zinc Joint Venture
The Turkish JV processed 18,608 tonnes EAFD and sold 6.5 million pounds of zinc in concentrate in Q1
2025.
The average monthly LME zinc price in Q1 2025 was US$1.29/pound compared to US$1.11/pound in
the same quarter of 2024.
The Company’s share of EBITDA was $1.5 million in Q1 2025 ($0.7 million in Q1 2024) and the
Company’s equity share of net income was $0.3 million ($0.3 million in Q1 2024).
The cash balance of the Turkish JV was US$0.4 million at the end of Q1 2025 (end of 2024 - US$4.4
million).
The revolving credit facility of the Turkish JV was US$3.8 million at the end of Q1 2025 (Global Atomic
share – US$1.9 million) down from US$6.5 million at the end of 2024 (Global Atomic share – US$3.2
million).
Corporate
On January 31, 2025, Global Atomic closed a 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. Net
proceeds from this financing are being used for development of the Dasa Project and general working
capital purposes.
During Q1 2025, Global Atomic received management fees and monthly sales commissions from the
Turkish JV ($0.3 million in Q1 2025 compared to $0.3 million in Q1 2024).
The Company’s cash balance as of March 31, 2025 was $21.4 million.
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COMPARATIVE RESULTS
The following table summarizes comparative results of operations of the Company:
(all amounts in C$) 2025 2024
Revenues 286,757$ 271,463$
General and administration 1,777,749 2,199,221
Share of net gain from joint venture (271,105) (333,686)
Finance income (160,650) (241,631)
Foreign exchange (gain) loss 2,933,523 (3,750,362)
Net income (loss) (3,992,760)$ 2,397,921$
Net income (loss) attributable to:
Shareholders of the Company (3,893,773) 2,383,178
Non-controlling interests (98,987) 14,743
Other comprehensive income 2,860,742$ 685,111$
Comprehensive income (loss) (1,132,018)$ 3,083,032$
Comprehensive income (loss) attributable to:
Shareholders of the Company (1,032,092) 3,047,947
Non-controlling interests (99,926) 35,085
Basic net income (loss) per share ($0.01) $0.01
Diluted net income (loss) per share ($0.01) $0.01
Basic weighted-average
number of shares outstanding 293,105,017 208,080,080
Diluted weighted-average
number of shares outstanding 293,105,017 213,208,175
March 31, December 31,
2025 2024
Cash and cash equivalents 21,433,936$ 18,673,229$
Property, plant and equipment 260,720,305 233,611,803
Investment in joint venture 18,946,663 18,114,403
Other assets 3,864,412 3,483,137
Total assets 304,965,316$ 273,882,572$
Total liabilities 24,949,295$ 26,764,526$
Total equity 280,016,021$ 247,118,046$
Three months ended March 31,
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The condensed interim 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. Waste development tonnes brought to surface include
medium grade (3,000 to 5,000 ppm), low grade (1,300 to 3,000 ppm) and mineralized waste (240 to 1,300
ppm), all of which can be processed during the commissioning of the plant. Recently, paving of 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. As of the date hereof, the Dasa Mine, operated by SOMIDA
and overseen by Global Atomic Corporation, has achieved 1,000 days with no Lost Time Injury (“LTI”).
Plant Construction
The Company continued earthworks in Q1 2025 to prepare the site for construction of the Dasa processing
plant. To date, multi-tiered earthworks for the acid plant are complete and have been handed over to the
civil works contractors to prepare the foundati ons. The Company is preparing the mine camp for
additional housing for employees and construction crews and an additional 260-person housing facility is
close to completion. 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 completing the final detailed engineering and ordering the remaining components
for the Processing Plant.
Offtake Agreements
In 2023, the Company executed three uranium offtake agreements for sales to North American utilities.
These agreements total between 6.9 and 8.8 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 Niger government remains supportive of Global Atomic, SOMIDA and the Dasa Project. A site visit on
May 3, 2024, by Mines Minister Abarchi noted that the Dasa Project, is strongly supported by the Niger
Government, and is progressing well with high mora le 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
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by forming a dedicated Government Committee, comprised of representatives from all relevant ministries
to streamline decision-making related to operations, logistics, and taxation. Logistical constraints, such as
border closures, are being actively address ed 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 earni ngs is shown
as a single line in its Consolidated Statements of Income (Loss).
The following table summarizes comparative results for Q1 2025 and 2024 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.
In Q1 2025, the Turkish JV sold 6.5 million pounds of zinc concentrate compared with 9.3 million pounds
sold in the corresponding period last year. Despite lower volume of sales, EBITDA margin increased
primarily due to higher average monthly LME zinc price, which increased to US$1.29 per pound in Q1 2025
from US$1.11 per pound in Q1 2024.
The cash balance of the Turkish Zinc JV was US$0.4 million at March 31, 2025 (December 31, 2024 - US$4.4
million).
2025
100%
2024
100%
Revenues 8,735,678$ 9,508,298$
Cost of sales 6 ,042,555$ 8,415,706$
Foreign exchange gain 339,198$ 240,854$
EBITDA (1)
3,032,321$ 1,333,446$
Management fees and sales commissions 624,855$ 767,865$
Depreciation 3 27,098$ 552,362$
Interest expense 209,096$ 564,683$
Foreign exchange loss 339,902$ 1,143,712$
Monetary loss (gain) 712,806$ (1,373,721)$
Tax expense (recovery) 265,289$ (1,002,446)$
Net income 553,275$ 680,991$
Global Atomic's equity share 271,105$ 333,686$
Global Atomic's share of EBITDA 1,485,837$ 653,389$
Three months ended March 31,
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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
Blast Ceremony” occurred on November 5, 2022, and commissioning of the processing plant is scheduled
for Q2 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be
advanced with further assessment work.
Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint
Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers
zinc from Electric Arc Furnace Dust (EAFD) to produce a high -grade zinc oxide concentrate which is sold
to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. (Befesa) holds
a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling,
with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and
the United States of America.
2025 2024
100% 100%
Exchange rate (C$/TL, average) 25.29 22.95
Exchange rate (US$/C$, average) 1.44 1.35
Exchange rate (C$/TL, period-end) 26.39 23.87
Exchange rate (US$/C$, period-end) 1.44 1.36
Average monthly LME zinc price (US$/lb) 1.29 1.11
EAFD processed (DMT) 18,608 19,990
Production (DMT) 6,440 6,251
Shipments (DMT) 4,338 6,477
Shipments (zinc content '000 lb.) 6,464 9,271
Three months ended March 31,
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Key contacts:
Stephen G. Roman
Chairman, President and CEO
Tel: +1 (416) 368-3949
Email: [email protected]
Bob Tait
VP Investor Relations
Tel: +1 (416) 558-3858
Email: [email protected]
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
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 pot ential 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; curr ency 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”, variat ions
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 differ ent 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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of
this news release.